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AL CIRCLE

BFS confirms 20 years of mine life for the Minim Martap bauxite project in Cameroon

EDITED BY : 3MINS READ

The Minim Martap bauxite project in Cameroon has undergone a Bankable Feasibility Study (BFS), determining that it has a primary twenty-year mine life, with the endeavour estimated to produce high-grade bauxite worth 6.4 million tonnes per year.

BFS confirms 20 years of mine life for the Minim Martap bauxite project in Cameroon, Alcircle News

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The CEO of Canyon, Jean Sebastien Boutet exclaimed: “The BFS demonstrates that the Minim Martap bauxite project is a robust and profitable long-term mining project that will be exporting some of the world’s highest grade alumina combined with low silica for many years. Despite the difficulties of Covid-19 and current global inflationary pressures, the Canyon team along with our project partners have produced a study that has reduced the project risk and will increase the confidence of potential strategic partners looking to invest in the Minim Martap bauxite project.”

On Tuesday, ASX enlisted Canyon Resources let the shareholders know that the BFS depends on an upgraded ore inventory of 108.91 million tonnes, having a proven ratio of 51.1 per cent alumina and 2 per cent silica. The total mineral resource results in almost 1 billion tonnes, consisting of 45.3 per cent alumina and 2.7 per cent silica content. 

The BFS fathomed that the project would utilise a capital investment of US$253 million, requiring a C1 operating cost of US$23.95 per tonne for 51.1 per cent of export quality alumina, enabling Minim Martap to supply some of the Earth’s highest-grade bauxite.

The study also recorded that the project would yield a pre-tax net present value of US$ 452 million, having an internal 22 per cent rate of return and a payback duration of at least four years.

“Not only is this mine going to produce some of the highest-grade bauxite in the world for decades, but there is also potential to further increase the export tonnage from Minim Martap. The current mining plan mines only 10.6% of the total resource in the first 20 years and the total resource only represents 17 out of 62 bauxite plateaux in the total project area. To leverage this massive upside future potential of the project, we are already working closely with our logistics partners to fast-track and increase the capacity of the rail and port logistics for the project,” Boutet added.

On the other hand, on Tuesday, Canyon notified that it would haul US$5 million by a well-supported placement to sophisticated and organisational investors for the progression of the Minim Martap project.

Boutet commented: “To complete the placement within the current climate surrounding investment markets demonstrates the interest in the Minim Martap project and support for Canyon’s goal to become the preferred partner to the international bauxite market. The company also recognises the delay in the release of the BFS, but we believe that the extra time is taken to review resulted in an outcome that all shareholders and future business partners will be excited by.”

The company would administer almost 111.11 million shares at 4.5c each. With an exercise price of 7c and two-year expiry, each share will feature a free attaching one-for-one option.

A two-pronged policy has been adopted for offering the shares, with the first phase consisting of 103.4 million shares placed under Canyon’s existing placement scope and the second phase would be subject to shareholder consent at a general meeting scheduled late in July.

Work progress at Minim Martap will now utilise the funds from share placement.

“We are seeing persistent supply shocks and other geopolitical events impacting bauxite supply and, therefore, the aluminium industry. This presents additional justifications for new bauxite projects such as Minim Martap,” Boutet concluded.

Global Bauxite Industry Insights

The BFS ensures that the Minim Martap project has the potential and capacity to embrace long-term demand that will appear globally in the upcoming years.

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EDITED BY : 3MINS READ

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