Canyon Resources (ASX:CAY) is advancing its mine-to-port logistics strategy after completing the acquisition of a 9.1% stake in Camrail.
Earlier this month, Canyon’s subsidiary Camalco Cameroon entered into agreements to acquire a 3.8% stake in Camrail from Societe d’Exploitation des Bois du Cameroun, as well as a further 5.3% interest from Total Energies Marketing Cameroun.
The acquisition with Total Energies was finalised on 14 March, following the internal approval by the Apex Committee of Total Cameroon.
Canyon, which has a market capitalisation of $312.22 million, says this investment is a critical step in its broader objective of establishing an efficient transport and logistics network to support the development of the Minim Martap Bauxite Project in Africa.
Minim Martap is considered to be among the richest bauxite deposits globally, with a reserve of 109 million tonnes @ 51.5% aluminium oxide and 2% silicon dioxide, as well as a resource of 1.027 billion tonnes @ 45.3% aluminium oxide.
CEO Jean-Sebastien Boutet says Minim Martap has potential to become a long-term, low-cost supplier into a growing and supply-constrained market.
“With our Definitive Feasibility Study on track for completion in Q3 2025, mine planning progressing as scheduled, and integrated rail facility engineering underway, we are making tangible strides toward project execution,” Boutet says.
“Importantly, we are also advancing discussions regarding delivery scheduled for rolling stock and progressing negotiations on port facilities.
“In addition, the initial phase of our two-stage ramp up has successfully commenced, reflecting our commitment to ensuring a structured and efficient development pathway for the project.”
Canyon Resources is a bauxite resource development and exploration company, focused on expediting the development of the high-grade Minim Martap Bauxite Project in central Cameroon, through its in-country subsidiary Camalco.
Write to Aaliyah Rogan at Mining.com.au
Images: Canyon Resources
