Canyon Resources has announced that its subsidiary Camalco Cameroon has secured a syndicated credit facility of approximately $140m from AFG Bank Cameroon for the Minim Martap Bauxite Project in Cameroon.
This funding is earmarked for the acquisition of locomotives, wagons, and the development of rail and port facilities, propelling the project towards the operational phase.
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The syndicated medium-term credit facility, coupled with the commitment from major shareholder Eagle Eye Asset Holdings to exercise options worth A$24.5m ($15.9m), will underpin Stage One operations at the Minim Martap Project.
Canyon has achieved key milestones at the project since being granted the mining licence in September 2024, such as securing land for the key port and inland rail facilities.
The inland rail facility’s location was approved by the Government of Cameroon in February.
Positioned near the existing Makor Railway Station, the approved facility is set to integrate smoothly with the existing local infrastructure, enhancing the project’s efficiency.
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By GlobalDataWith the financial backing in place, Canyon’s focus will now shift to finalising the definitive feasibility study (DFS) and making a final investment decision (FID).
The DFS is exploring a two-stage development pathway to fast-track operations and ship the first bauxite from Minim Martap in the first half of 2026.
Canyon Resources executive chairman Mark Hohnen said: “The progress the team has made since we received our Mining License in September 2024 is truly impressive and I would like to thank the Canyon team, Eagle Eye and our key stakeholders for their continued efforts, advice and support in placing Canyon in the position we are today.
“AFG Bank Cameroon is an excellent partner for Canyon and through the $140m credit facility in place, along with the A$24.5m in funds to be received from the option exercise by Eagle Eye, Canyon is now in a strong financial position to fund Stage One operations at Minim Martap.”
