Latest news with #Camalco
Yahoo
26-05-2025
- Business
- Yahoo
Canyon Resources secures $140m for Minim Martap Bauxite Project in Cameroon
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. 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. With 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.' "Canyon Resources secures $140m for Minim Martap Bauxite Project in Cameroon" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-03-2025
- Business
- Yahoo
Acquisition Complete for 9.1% Stake in CAMRAIL S.A
Canyon Continues to Advance its Mine-to-Port Logistics Strategy, as it Develops the Minim Martap Bauxite Project Toward Production PERTH, Australia, March 18, 2025 (GLOBE NEWSWIRE) -- 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. Ore (MT) Alumina (Al2O3) Silica (SiO2) Total Mineral Reserves (Proved)1 109 51.1% 2.0% Total Mineral Resources2 1,027 45.3% 2.7% Measured 382 47.3% 2.7% Indicated 597 44.2% 2.7% Inferred 48 43.2% 3.7% (1) Mineral Reserves reported as per JORC Code(2) Mineral Resources reported as per JORC Code, at a cut-off grade of 35% Al2O3 - Makan & Ngaoundal tenements not included Minim Martap Ore Reserve Statement (2022 BFS) & Mineral Resources Estimate 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.' Camrail transport route (source: This announcement has been approved for release by the Canyon's Board of Directors. Enquiries: Jean-Sebastien BoutetChief Executive OfficerCanyon Resources LimitedT +61 8 6385 2263E: info@ Cameron Gilenko Investor Relations & Media Sodali & CoT +61 6160 Forward looking statements This announcement contains forward-looking statements. These statements can be identified by words such as 'anticipate', 'may', 'will', 'expect', 'intend', 'estimate', 'opportunity', 'plan', 'potential', 'project', 'seek', 'believe', 'could', 'future' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management that could cause the Company's actual results to differ materially from the results expressed or anticipated in these statements. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update or revise forward-looking statements, regardless of whether any new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and ASX requirements. Mineral Resources and Ore Reserves The information in this announcement that relates to the Mineral Resources and Ore Reserves at the Minim Martap Bauxite Project has been extracted from the ASX releases by Canyon entitled 'Minim Martap Mineral Resource Estimate upgrade adds Measured Resource' dated 11 May 2021, and 'Positive BFS for Canyon's Minim Martap Bauxite Project' dated 21 June 2022, available at and (Canyon Releases). Canyon confirms that it is not aware of any new information or data that materially affects the information included in the Canyon Releases and that all material assumptions and technical parameters underpinning the estimates in the Canyon Releases continue to apply and have not materially changed. A photo accompanying this announcement is available at in to access your portfolio
