Canyon Resources secures mining convention for Minim-Martap Bauxite Project in Cameroon

Canyon Resources Limited has formally signed a mining convention for the Minim-Martap Bauxite Project in Cameroon. This pivotal agreement grants Canyon's subsidiary, Camalco Cameroun SA, the right to mine and export bauxite contingent upon the issuing of a mining permit for the project area.

The mining convention was officially executed at a signing ceremony attended by Camalco's Chief Executive Officer, Rana Pratap Singh, and the Interim Minister of Mines, Fuh Calistus Gentry. This agreement, a testament to the extensive approval process, signifies a robust and strengthened partnership between Canyon and the Government of Cameroon, a partnership that will be instrumental in the project's success.

The completion of the Mining Convention enables Canyon Resources to advance its development plans for Minim-Martap, as detailed in the Bankable Feasibility Study released on June 21, 2022. The agreement also assures the company that critical infrastructure workstreams related to rail and port access will progress, which are essential for transitioning the project into production.

This milestone marks a significant step forward for Canyon Resources. It underscores the collaborative efforts between the company and Cameroon's government to realise the immense potential of the Minim-Martap Bauxite Project. This potential promises a bright future for all involved.

Jean-Sebastien Boutet, Chief Executive Officer of Canyon, commented, “The execution of the mining convention is an important step for our Minim-Martap Bauxite Project. Canyon can now look to progress key workstreams required to advance the project, including progressing discussions with potential offtake and funding partners.”

"There remains a lot of work to be done to progress the project from here, including sourcing funding for development and concluding outstanding issues in relation to port and rail access."

"I would like to thank the Government of Cameroon for its ongoing support of Minim-Martap, and we look forward to working closely with them and our partners as we progress Minim Martap towards production and unlock the significant value on behalf of both Canyon shareholders and the people of Cameroon.”

In recent months, the company has been actively developing local site infrastructure and laying the foundational groundwork in anticipation of signing the Mining Convention. Canyon has collaborated with local communities and transport authorities to establish a clear project framework, ensuring lasting positive impacts and benefits for all stakeholders.