The financing plan for the Minim Martap bauxite project in Cameroon faced a setback after shareholders of Canyon Resources rejected part of the company’s capital-raising proposal.

The company said that on a special general meeting held on March 9, shareholders rejected the second tranche of a placement. This tranche included an equity raising of about AUD 70 million (USD 50 million) from Afriland Bourse & Investissement and a separate AUD 100 million (USD 71 million)  placement for Eagle Eye Asset Holdings. The vote temporarily blocks the plan to open the company’s capital to these investors.

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Despite this decision, the company confirmed that the initial phase of the project remains funded. It reported about USD 95 million still available from a USD 140 million credit facility provided by AFG Bank Cameroon, along with approximately USD 43 million in unaudited cash reserves as of February 28, 2026.

The company’s available funds and the remaining credit facility should be sufficient to cover capital expenditure until the first shipment of ore. Canyon expects the first shipment of bauxite in the third quarter of 2026.

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Operational plans remain unchanged as Canyon reported that its surface miner has arrived and mining operations are to begin before the end of March. Bauxite production is planned for early in the second quarter of 2026. Chief Executive Officer Peter Secker said the arrival of the surface miner marks an important step toward production, and the current financing arrangements support the project until the first shipment.

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Logistics preparations are also continuing. Discussions with CRRC remain ongoing, and the first locomotives are to arrive at Douala port between mid- and late second quarter of 2026. These locomotives will transport bauxite from the inland rail terminal to the port for export.

The company also said about the discussions with Camrail about increasing its current 9.1 per cent stake, already included in the updated financial projections. Negotiations with potential buyers are also progressing. The company expects to finalise offtake agreements after the first shipments, allowing customers to confirm the ore quality, which contains about 51 per cent alumina and 2 per cent silica.

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The Minim Martap project contains more than 1.1 billion tonnes of bauxite resources, including ore reserves of 144 million tonnes. In the near term, project progress will depend on meeting operational targets like the start of mining, the functioning of the transport system, and the conversion of commercial discussions into formal contracts.

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