Latest news with #CanyonResources
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
Associated Press
26-05-2025
- Business
- Associated Press
~US$140M Credit Facility Secured for the Minim Martap Bauxite Project
PERTH, Australia, May 25, 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 signed a binding agreement with AFG Bank Cameroon ('AFG Bank CM') for a medium-term syndicated credit facility of XAF 82,000,000,000 (~US$140M) ('Credit Facility'). Canyon will use the credit facility for the acquisition of locomotives, wagons, the development of rail, ore transport infrastructure and the port facility for the flagship Minim Martap Bauxite Project ('Minim Martap' or 'the Project'), located in Cameroon. Importantly, the ~US$140 million Credit Facility, along with the Company's major shareholder and long-term supporter Eagle Eye Asset Holdings Pte Ltd advising its intention to exercise 350 million options for AU$24.5 million, to fund Stage One operations at Minim Martap. The key terms for the credit facility are summarised in Schedule 1. Canyon anticipates drawdown on the Credit Facility occurring in Q3, 2025. AFG Bank CM is the banking subsidiary in Cameroon of Atlantic Group, the conglomerate founded by the successful Ivorian businessman Mr. KONE DOSSONGUI. This subsidiary is among the top three banks in Cameroon in terms of deposits collected from customers and loans granted to customers. This realization demonstrates its expertise in the field of structured financing. The main architects of this operation are Mr. Léon KOFFI KONAN, Chairman of the Board of Directors of AFG Holding (the company in charge of the supervision of the banking companies of the group), and AFG Bank Cameroon team, led by its Managing Director, Mr. Eric Valery ZOA. Established in 2008 in Douala under the initial name of 'Banque Atlantique Cameroun', AFG Bank CM is committed to providing innovative financial solutions tailored to the needs of its clients, leveraging its deep understanding of both local and international markets. Since receiving the Mining Licence for Minim Martap in September 2024, Canyon has successfully and rapidly developed Minim Martap, achieving critical key milestones, including securing key port and inland rail facility land. The Company is now focused now on making a Final Investment Decision for the Project and completing the Definitive Feasibility Study, which is assessing a two-stage development pathway aimed at expediting operations, which would see Canyon make its first shipment of bauxite from Minim Martap in the 1H 2026. Mr Mark Hohnen, Canyon Executive Chairman commented: '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 ~US$140 million credit facility in place, along with the AU$24.5 million 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. 'Importantly, the potential and world-class nature of Minim Martap is now being recognised across key stakeholder groups and market participants. We will continue to move at pace, deliver on our strategy and execute on a busy 12-month program as we work towards first shipment and growing the Company in size, scale and valuation.' This announcement has been approved for release by the Canyon's Board of Directors. 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. Schedule 1 – Key Terms
Yahoo
26-05-2025
- Business
- Yahoo
~US$140M Credit Facility Secured for the Minim Martap Bauxite Project
Project Credit Facility through AFG Bank Cameroon, along with Option Exercise by Eagle Eye Asset Holdings to Fund Stage One Operations PERTH, Australia, May 25, 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 signed a binding agreement with AFG Bank Cameroon ('AFG Bank CM') for a medium-term syndicated credit facility of XAF 82,000,000,000 (~US$140M) ('Credit Facility'). Canyon will use the credit facility for the acquisition of locomotives, wagons, the development of rail, ore transport infrastructure and the port facility for the flagship Minim Martap Bauxite Project ('Minim Martap' or 'the Project'), located in Cameroon. Importantly, the ~US$140 million Credit Facility, along with the Company's major shareholder and long-term supporter Eagle Eye Asset Holdings Pte Ltd advising its intention to exercise 350 million options for AU$24.5 million, to fund Stage One operations at Minim Martap. The key terms for the credit facility are summarised in Schedule 1. Canyon anticipates drawdown on the Credit Facility occurring in Q3, 2025. AFG Bank CM is the banking subsidiary in Cameroon of Atlantic Group, the conglomerate founded by the successful Ivorian businessman Mr. KONE DOSSONGUI. This subsidiary is among the top three banks in Cameroon in terms of deposits collected from customers and loans granted to customers. This realization demonstrates its expertise in the field of structured financing. The main architects of this operation are Mr. Léon KOFFI KONAN, Chairman of the Board of Directors of AFG Holding (the company in charge of the supervision of the banking companies of the group), and AFG Bank Cameroon team, led by its Managing Director, Mr. Eric Valery ZOA. Established in 2008 in Douala under the initial name of 'Banque Atlantique Cameroun', AFG Bank CM is committed to providing innovative financial solutions tailored to the needs of its clients, leveraging its deep understanding of both local and international markets. Since receiving the Mining Licence for Minim Martap in September 2024, Canyon has successfully and rapidly developed Minim Martap, achieving critical key milestones, including securing key port and inland rail facility land. The Company is now focused now on making a Final Investment Decision for the Project and completing the Definitive Feasibility Study, which is assessing a two-stage development pathway aimed at expediting operations, which would see Canyon make its first shipment of bauxite from Minim Martap in the 1H 2026. Mr Mark Hohnen, Canyon Executive Chairman commented: '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 ~US$140 million credit facility in place, along with the AU$24.5 million 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. 'Importantly, the potential and world-class nature of Minim Martap is now being recognised across key stakeholder groups and market participants. We will continue to move at pace, deliver on our strategy and execute on a busy 12-month program as we work towards first shipment and growing the Company in size, scale and valuation.' 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 GilenkoInvestor Relations & MediaSodali & CoT +61 6160 4909E: 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. Schedule 1 – Key Terms Loan Amount XAF 82,000,000,000 (~US$140 million) Type Syndicated medium-term credit facility Borrower Camalco Cameroon SA, a wholly-owned subsidiary of Canyon Resources Limited Lenders AFG Bank Cameroon and other financial institutions under Risk Sharing Agreements Interest Rate Fixed 8.00% per annum + VAT Loan Term Repayable 8 years from first Period for drawdown of facility is 24 months from agreement signing. Drawdown Conditions Conditions precedent to drawdown of the facility, including: The opening of all project accounts pledged for the benefit of the Lenders Parent company guarantee from Canyon Resources Limited Guarantee from Africa Minerals and Processing Platform (A2MP) ESIA and licenses in place No ongoing default or material adverse change Security Pledge of: First-ranking mortgage over the Minim Martap mining concessions. All project-related bank accounts Equipment (locomotives, wagons, infrastructure) Future receivables from off-take contracts Insurance proceeds Parent company guarantee from Canyon Resources Limited Guarantee from Africa Minerals and Processing Platform (A2MP) Use of Proceeds Exclusively for the designated mining rail and transport infrastructure Other Customary representations, fees, undertakings, review events, and events of default for a debt facility of this nature, and certain other ongoing covenants, including: Maintain debt service reserve equal to 2 principal + 3 interest payments. No sale of significant assets without consent. No new debt or change of control without lender in to access your portfolio
News.com.au
13-05-2025
- Business
- News.com.au
Resources Top 5: Sierra Nevada soars after locking in New Pass gold mine
Sierra Nevada secures full control over New Pass to assess the potential for trial mining Canyon Resources recently secured port access approval, the final hurdle to FID for its Minim Martap bauxite project Codrus has identified priority gold drilling targets at its Bull Run project in Oregon Your standout resources stocks for Tuesday, May 13, 2025 Sierra Nevada Gold (ASX:SNX) Sierra Nevada has secured full control over the New Pass gold mine in Nevada, allowing it to further exploration work and assess the potential to resume mining operations. The historical New Pass mining centre has a long and varied history dating back to its discovery in the 1860s. It produced gold intermittently at a reported average recovered grade of 17g/t gold from two parallel, steeply dipping north-south striking quartz veins – the eastern Superior Vein and the western Thomas W Vein – until 2012. The company has initiated government permitting to start operations with awards expected within six months. This will enable it to start development from the Superior Level 4 and establish five drill positions to carry out drill testing to delineate the vein directly below the current workings. SNX aims to assess the potential for re-establishing gold production from existing underground workings. Up on no news Shares in Canyon Resources gained today despite no fresh announcements from the company. The gain might be due to expectations that the Canyon will soon announce a final investment decision for its Minim Martap bauxite project in central Cameroon. In April 28, 2025, the company announced it had received port access approval, the last key item for a final investment decision. Canyon noted then that it had started detailed design for bauxite port loading infrastructure while final tenders were received for mine development and the road access upgrade to the Inland Rail Facility. It also said that engineering design of the IRF is about 50% completed while an evaluation takes place of the rail and port capacity upgrade from 6Mtpa to 10Mtpa. Notably, the company flagged that a final investment decision is scheduled to made in Q2 2025 with the first bauxite shipment expected in H1, 2026. Codrus Minerals (ASX:CDR) Codrus Minerals' induced polarisation survey has identified multiple new anomalies at its Bull Run project in Oregon, US, which overlap with promising geochemical and rock chip results. The company has highlighted six distinct zones with an emphasis on the Eldorado and Lady May zones. These target areas overlap with previously collected rock chip results of up to 28 g/t gold and 1.5% copper at Eldorado, and 60 g/t gold and 2.5% molybdenum at Lady May. Several IP zones also coincide with high-priority copper geochemical targets, adding to the evidence of potential mineralisation. Between these results and soil sampling that returned up to 27g/t gold in localised areas, Codrus has highlighted five priority gold targets of up to 500m in strike extent for testing by permitted drilling. Black Rock Mining (ASX:BKT) Up on no news Black Rock built on the momentum it gained yesterday after the Mining Commission of Tanzania lifted a notice of default on the special mining licence for its Mahenge graphite project. The Notice was one of 95 breach notices issued by the Mining Commission to large and medium-scale licence holders, leading the company to enter into suspension on April 16, 2025. It also signed two agreements with government-owned Tanzania Electric Supply Company (TANESCO) relating to the construction of a power line and substation. While Black Rock's 84%-owned subsidiary Faru Graphite will construct the infrastructure for an estimated cost of US$40m, it will recoup the capital cost of the power line from TANESCO over the first four years of mine production via a schedule of repayments. A new 220kV power line will connect Mahenge to competitively priced, high-voltage hydro-dominated power, enhancing the green credentials of its graphite products. These agreements with TANESCO are a key de-risking milestone for Black Rock that satisfies conditions precedent for project lenders. Up on no news While Ark had no news out today, it had reported last week that rock chip sampling at its Pluton gold project in North Queensland had returned assays of up to 25g/t gold and 34g/t silver. Its work also found the structural relationships with prospective lithologies show potential to extend the target area. Correlation analysis shows the gold mineralisation correlates with arsenic, copper, selenium, tellurium, bismuth and sulphur, and negatively correlates with tin, tungsten, lead and zinc. Meanwhile, silver mineralisation was found to be largely uncorrelated with gold, positively correlated with lead, zinc, mercury, selenium and sulphur and negatively correlated with tungsten. These relationships suggest overlapping or telescoped mineralisation styles that may be petrologically distinguishable with further field works. Ark's results also indicates there may be structural controls on mineralisation that expand the target and the potential for multigenerational overlap of different mineralisation styles. At Stockhead, we tell it like it is. While Sierra Nevada Mines, Codrus Minerals and Ark Mine are Stockhead advertisers, they did not sponsor this article.
Associated Press
25-02-2025
- Business
- Associated Press
Edison Issues Report on Canyon Resources (CAY)
London, United Kingdom--(Newsfile Corp. - February 25, 2025) - Edison issues report on Canyon Resources (ASX: CAY). Canyon Resources is an ASX-listed bauxite developer advancing its 100%-owned Minim Martap project in Cameroon. Minim Martap is a large-scale, high-grade, direct shipping ore bauxite deposit with a clear path to production. Having secured a mining licence and a significant portion of project funding, Canyon is gearing towards the initial production start in 2026, with subsequent ramp-up to full capacity once infrastructure upgrades are completed. This should allow it to capitalise on the favourable bauxite market fundamentals driven by strong underlying aluminium demand and supply constraints. We value Minim Martap at US$566m (A$877m) and see additional upside from the project's large resource base. Click here to read the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Connect with Edison on: LinkedIn
