Canyon Continues to Advance its Mine-to-Port Logistics Strategy, as it Develops the Minim Martap Bauxite Project Toward Production
Canyon Resources Limited (ASX: CAY) (‘Canyon’ or the ‘Company’) is pleased to announce that its wholly owned in-country subsidiary, Camalco Cameroon SA (‘Camalco’), has acquired the 5.3% equity interest in CAMRAIL SA (‘Camrail’) from Total Energies Marketing Cameroun SA (‘Total Cameroon’). Refer to the Company’s ASX announcement dated 7 March 2025 for further information. The acquisition with Total Cameroon was finalised on 14 March 2025, following the internal approval by the Apex Committee of Total Cameroon.
Camalco has now successfully secured a strategic 9.1% holding in Camrail, having previously completed the acquisition of a 3.8% interest from Societe d’Exploitation des Bois du Cameroun (‘SEBC’) on 28 February 2025.
The total consideration for the combined acquisitions amounted to XAF 1,388,550,000 (approximately A$3.4 million), funded from the Company’s existing cash reserves.
Completion of these strategic transactions with Total Cameroon and SEBC provides Camalco a direct stake in Cameroon’s rail infrastructure operator and, importantly, secures the Company a seat on the Camrail Board.
This strategic investment is a critical step in Canyon’s broader objective of establishing an efficient transport and logistics network to support the development of its world-class Minim Martap Bauxite Project.
Minim Martap ranks among the world’s richest bauxite deposits, with an Ore Reserve of 109Mt at 51.1% Al2O3 and 2.0% SiO2 and a JORC Mineral Resource Estimate of 1,027Mt at 45.3% Al2O3.
Mr Jean-Sebastien Boutet, Canyon Chief Executive Officer commented: "We are pleased to have successfully completed our 9.1% acquisition in Camrail and to now be working alongside its existing shareholders, the State of Cameroon and Africa Global Logistics. This investment is a major step forward in de-risking the logistics pathway for Minim Martap, and I want to acknowledge the continued dedication of the Canyon and Camalco team as we push towards first production in 2026.
"Minim Martap is a world-class, tier-one bauxite project, with the 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.
"Importantly, we are also advancing discussions regarding delivery schedules 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. We remain focused on securing the remaining rail and port agreements and look forward to providing further updates as we continue to execute on our strategy.”
