Cameroon is on the brink of a significant economic milestone as Canyon Resources has unfolded its ambitious plan to raise A5 million (approximately 1 million USD) to kickstart the country’s first bauxite mine at the Minim Martap project. This endeavor promises not only to elevate Cameroon’s standing in the mining industry but also to create numerous job opportunities in the region.
With the support of Afriland and its majority shareholder, Eagle Eye Asset Holdings, Canyon’s funding strategy includes a two-tranche share placement: an initial fundraising of about A million, followed by a substantial A0 million. Eagle Eye is also putting its money where its mouth is with a commitment of around A million from an options exercise, further solidifying their faith in this project.
The funds raised will primarily be allocated toward the construction of the Minim Martap mine, allowing it to begin operations by 2026. Upon inception, the mine is expected to kick off with an annual production of 1.2 million tons of bauxite, with ambitions to ramp up to a remarkable 10 million tons by 2032. The project is projected to sustain operations for an impressive 20 years based on current resources, signaling a long-term commitment to bauxite mining in the region.
In a strategic move, Canyon Resources is also looking to enhance its stake in Camrail, the operator of Cameroon’s national railway network, where the company currently holds a 9.1% share. This increased investment will pave the way for improved control over the logistical frameworks essential for transporting bauxite from the mine to various markets. The railway will undoubtedly serve as a crucial conduit for the project’s success.
While Canyon works diligently to secure the necessary financing, it is simultaneously pursuing contracts for future bauxite sales. According to previous statements, the company aims to finalize these negotiations before the end of 2025, ensuring a vibrant market for its production.
Canyon Resources’ Minim Martap project is not just a beacon for the mining sector but represents a transformative opportunity for Cameroon and its economy. As the nation prepares for this new chapter, the expectations from local communities and investors alike are running high.
For those keeping an eye on African developments, this project symbolizes progress and an assertive push toward industrialization in the region. Stay tuned to Africazine for more updates on this promising venture.
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