Canyon Resources inks MoU with the Port Authority of Douala to modernize infrastructure

On January 9, 2023, the developer of the world-class Minim Martap bauxite project in Cameroon, Canyon Resources, announced the signing of a Memorandum of Understanding (‘MoU’) that outlines a declaration of intent with the Port Authority of Douala (‘PAD’) regarding the development of infrastructure at the Port of Douala-Bonabéri.

The Port Authority of Douala is responsible for developing and controlling port security and operations. It is acknowledged that the expansion of the Port of Douala, one of Cameroon's primary port operations, is a catalyst for raising the competitiveness of the country's economy. The PAD's main objective is to provide an effective operation that serves the area by serving as a Gulf of Guinea logistical centre.

The Memorandum of Understanding establishes a framework for PAD and Canyon to understand and collaborate on the future development and upgrade of the existing Industrial Port area on the right bank of the Wouri River. However, this includes feasibility studies, which Canyon will coordinate. Future feasibility studies will look into the design, financing, construction, operation, and maintenance of a mineral terminal at the Port of Douala-Bonabéri for the transport, storage, handling, and export of bauxite from the Minim Martap Project.

Jean-Sebastien Boutet, the Chief Executive Officer of Canyon Resources, said: “We are pleased to announce this MOU with the Port of Douala after a detailed and collaborative negotiation. The Port of Douala is embarking on a significant program of modernisation of its infrastructure, and this MOU is an important step to align with this program.”

 “Discussions with government officials in Cameroon continue to be conducted in a positive manner. We will update shareholders as further milestones are reached regarding these discussions.”