Canyon appoints Mr. Tolga Kumova as strategic advisor for its Minim Martap bauxite project

The Australia-based bauxite explorer Canyon Resources announced on November 5 that it appointed a leading mining entrepreneur Mr. Tolga Kumova, who ranked no. 26 on Financial Review’s Young Rich List this year, for the role of strategic advisor.

As per the job role assigned, Mr. Kumova will help with the development of Canyon’s bauxite project Minim Martap in Cameroon, by providing strategic direction and advice in relation to the project’s key development activities. Besides, he will be responsible for marketing, sales, and price strategies for bauxite.

Mr. Kumova’s appointment in Canyon Resources is intended to ramp up the development of Minim Martap project. In fact, the news of his appointment already moved up the shares by 2 per cent to 22c on Tuesday, November 6.

Mr. Kumova is well-known as former managing director and founding shareholder of Syrah Resources, overseeing the company from a tiddler through to a top 200 ASX-listed mining company. He had even created a record by raising more than $500 million for that company, most of which had projects in Africa.

Canyon boss Phillip Gallagher said, “Mr. Kumova will open doors to leading investment banks, funds, and off-take groups."

Mr. Kumova, in the meanwhile, also shared his kind words about the company and its project. He believes Canyon’s world-class Minim Martap project will attract significant interest from major aluminium industry participants globally.

As part consideration for his services, Mr Kumova will receive three tranches of 10 million options which will convert to shares once Canyon’s share price hits 35c, 60c and $1, respectively, within four years.