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07 SEPTEMBER 2021 AL CIRCLE

Canyon Resources’ Minim Martap bauxite project draws attention following political unrest in Guinea

EDITED BY : RUPANKAR MAJUMDER 2MINS READ

The share prices of the world-class bauxite developer Canyon Resources have escalated after Guinea, the world-leading supplier of bauxite experienced its third coup in less than 40 years.

Minim Martap bauxite project draws attention following political unrest in Guinea

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The political unrest propelled prices for aluminium rise towering to 10-year highs on concerns that it will interrupt the global aluminium supply chain given that Guinea accounts for about 22% of the world’s production.

Vivek Dhar, analyst of CommBank (CommonWealth Bank) said: “If the political instability in Guinea disrupts its bauxite exports, we expect bauxite prices to lift.”

The political disruption in Guinea is positive news for Canyon, as it advancing the Minim Martap bauxite project in central Cameroon, with its shares up 8.25% to 10.5c on 7th September.

Minim Martap bauxite project in Cameroon has an ore reserve of 99 million tonnes grading 51.6% aluminium oxide and 2.4% silica dioxide within a broader resource of 1 billion tonnes at 45.3% aluminium oxide and 2.7% silica dioxide.

Outlook for the Indian Aluminium Industry

Presently, the bauxite project is anticipated as a two-stage, two-port project with initial production exported through the port of Douala using existing rail and port infrastructure.

Canyon Resources’ pre-feasibility study has demarcated the first stage as a 5 million tonne per annum direct shipping ore project with low development capital requirements of just $120 million.  


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EDITED BY : RUPANKAR MAJUMDER 2MINS READ

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