Latest news with #MinimMartap
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
Yahoo
21-05-2025
- Business
- Yahoo
Canyon to Receive Significant Capital Injection to Support Rapid Development of Minim Martap
Major Shareholder and Long-Term Supporter Eagle Eye Asset Holdings elects to exercise 350 million options for $24.5m PERTH, Australia, May 20, 2025 (GLOBE NEWSWIRE) -- Canyon Resources Limited (ASX: CAY) ('Canyon' or the 'Company') is pleased to advise that it has received an option exercise notice to exercise 350 million options for $24.5m from its major shareholder, Eagle Eye Asset Holdings Pte Ltd ('EEA' or 'Eagle Eye'). The Company will issue of 350 million fully paid ordinary shares (New Shares) to Eagle Eye following the exercise of the 350 million unquoted options at an exercise price of $0.07 each and after the receipt of $24.5 million expected by the end of May 2025. Upon the resulting issue following the exercise of the 350 million options, EEA's total holding in Canyon will increase to 54.7% and the Company's cash reserves will increase by $24.5m. On 27 December 2023, EEA were issued 500 million options exercisable at $0.07 each and expiring 26 December 2026, following the completion of a strategic investment of $24.7 million by EEA in December 2023 and approved by shareholders at the Company's AGM held on 29 November 2023. Exercising the options was conditional on the granting of the Mining Licence for the Minim Martap Bauxite Project ('Minim Martap' or 'the Project'), and the Company entering into binding contracts for port access and rail transportation of product on terms relevant to the Project and customary in the Central African market by the Company and counterparties. The final condition was satisfied on 28 April 2025. This investment comes at a pivotal time for the Company as it continues to successfully advance its world class flagship Minim Martap Project, toward production. Eagle Eye will retain 150 million unlisted options, each with an exercise price of $0.07 and expiring on 26 December 2026, representing a potential further capital investment of $10.5m in the Company. The commitment of capital by Eagle Eye follows the critical underwriting agreement to finance the purchase of rolling stock signed in February, reflecting their strong financial and long-term support of the Company, the leadership team and the development of Minim Martap. Funds to be received from the exercised options will strengthen Canyon's balance sheet, offering optionality and flexibility in predevelopment workstreams necessary for the development of Minim Martap. Proceeds from the exercised options will be used to fund the Definitive Feasibility Study (DFS) which is on schedule for completion in Q3 2025 and complete additional key development activities ahead of FID and construction at Minim Martap. Mr Mark Hohnen, Canyon Executive Chairman commented: 'Since receiving the critical Mining Licence in September 2024, we have worked extremely hard to complete and progress key workstreams to rapidly develop our flagship Minim Martap Bauxite Project. The exercise of 350m options for $24.5m by our highly supportive major shareholder, Eagle Eye Asset Holding, which were based on several key conditions, highlights the growth we have achieved and the ongoing execution of our growth strategy at Minim Martap. 'The substantial investments into Canyon and long-term support of EEA reflects the strong relationship we've built with them as a major shareholder and appreciative of the important role they continue to play in supporting the Company's growth and development. 'This investment provides Canyon with critical funding to support the Project's initial construction works, optimise critical infrastructure as part of our Mine-to-Port strategy, and advance the DFS towards completion later this year. 'Canyon is in a strong position to deliver on major work programs scheduled for the rest of the year with the goal of achieving first bauxite shipment in 2026. Importantly, our Board, management team, and Eagle Eye, are united with a common goal of establishing Minim Martap as a sustainable, long-term operation that unlocks significant value to the Company, Cameroon's economy, and shareholders alike.' 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 4909 E: 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.
Yahoo
21-05-2025
- Business
- Yahoo
Canyon to Receive Significant Capital Injection to Support Rapid Development of Minim Martap
Major Shareholder and Long-Term Supporter Eagle Eye Asset Holdings elects to exercise 350 million options for $24.5m PERTH, Australia, May 20, 2025 (GLOBE NEWSWIRE) -- Canyon Resources Limited (ASX: CAY) ('Canyon' or the 'Company') is pleased to advise that it has received an option exercise notice to exercise 350 million options for $24.5m from its major shareholder, Eagle Eye Asset Holdings Pte Ltd ('EEA' or 'Eagle Eye'). The Company will issue of 350 million fully paid ordinary shares (New Shares) to Eagle Eye following the exercise of the 350 million unquoted options at an exercise price of $0.07 each and after the receipt of $24.5 million expected by the end of May 2025. Upon the resulting issue following the exercise of the 350 million options, EEA's total holding in Canyon will increase to 54.7% and the Company's cash reserves will increase by $24.5m. On 27 December 2023, EEA were issued 500 million options exercisable at $0.07 each and expiring 26 December 2026, following the completion of a strategic investment of $24.7 million by EEA in December 2023 and approved by shareholders at the Company's AGM held on 29 November 2023. Exercising the options was conditional on the granting of the Mining Licence for the Minim Martap Bauxite Project ('Minim Martap' or 'the Project'), and the Company entering into binding contracts for port access and rail transportation of product on terms relevant to the Project and customary in the Central African market by the Company and counterparties. The final condition was satisfied on 28 April 2025. This investment comes at a pivotal time for the Company as it continues to successfully advance its world class flagship Minim Martap Project, toward production. Eagle Eye will retain 150 million unlisted options, each with an exercise price of $0.07 and expiring on 26 December 2026, representing a potential further capital investment of $10.5m in the Company. The commitment of capital by Eagle Eye follows the critical underwriting agreement to finance the purchase of rolling stock signed in February, reflecting their strong financial and long-term support of the Company, the leadership team and the development of Minim Martap. Funds to be received from the exercised options will strengthen Canyon's balance sheet, offering optionality and flexibility in predevelopment workstreams necessary for the development of Minim Martap. Proceeds from the exercised options will be used to fund the Definitive Feasibility Study (DFS) which is on schedule for completion in Q3 2025 and complete additional key development activities ahead of FID and construction at Minim Martap. Mr Mark Hohnen, Canyon Executive Chairman commented: 'Since receiving the critical Mining Licence in September 2024, we have worked extremely hard to complete and progress key workstreams to rapidly develop our flagship Minim Martap Bauxite Project. The exercise of 350m options for $24.5m by our highly supportive major shareholder, Eagle Eye Asset Holding, which were based on several key conditions, highlights the growth we have achieved and the ongoing execution of our growth strategy at Minim Martap. 'The substantial investments into Canyon and long-term support of EEA reflects the strong relationship we've built with them as a major shareholder and appreciative of the important role they continue to play in supporting the Company's growth and development. 'This investment provides Canyon with critical funding to support the Project's initial construction works, optimise critical infrastructure as part of our Mine-to-Port strategy, and advance the DFS towards completion later this year. 'Canyon is in a strong position to deliver on major work programs scheduled for the rest of the year with the goal of achieving first bauxite shipment in 2026. Importantly, our Board, management team, and Eagle Eye, are united with a common goal of establishing Minim Martap as a sustainable, long-term operation that unlocks significant value to the Company, Cameroon's economy, and shareholders alike.' 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 4909 E: 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 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
