Minim Martap is being developed as a bauxite haul on Cameroon's national network, using the project's own locomotives and wagons, with the developer also holding a 26.9% stake in the operator, Camrail, and a 42.8% stake in the Port of Douala's operator.
Stage 1 rolling stock and most rail infrastructure spending are now committed, but the first shipment depends on funding and on port dredging and transhipment, and the larger Stage 2 rail programme depends on a further US$160 million.
- Canyon Resources has taken delivery of all seven Stage 1 locomotives for the rail haul from its Minim Martap bauxite project in Cameroon, according to its annual report for the year to 30 June 2026.
- The seven locomotives were ordered from CRRC Ziyang Co. Ltd and delivered to Canyon's Cameroonian subsidiary, Camalco Cameroon S.A., in June 2026.
- The first 60 of the 160 Stage 1 wagons, ordered from Texmaco Rail & Engineering Limited, left the manufacturer during the June 2026 quarter, with delivery to Cameroon scheduled for mid-August 2026.
- Canyon says the Stage 1 rail fleet is expected to provide transport capacity of about 35,000 wet metric tonnes a month.
- Stage 2, which is subject to Canyon obtaining a further US$160 million in funding, contemplates 15 more locomotives and 400 more wagons, raising capacity to about 105,000 wet metric tonnes a month.
- Camalco increased its interest in Camrail, Cameroon's national rail operator, from 9.1% to 26.9% for XAF 9.852 billion.
- AFG Bank Cameroon suspended further drawdowns under its US$140 million credit facility on 24 August 2026, pending a review of the project's development schedule and financial model.
Canyon Resources has taken delivery of all seven Stage 1 locomotives for the rail haul from its Minim Martap bauxite project in Cameroon, and the first of 160 Stage 1 wagons have left the manufacturer, according to the company's annual report for the year to 30 June 2026.
The locomotives, ordered from CRRC Ziyang Co. Ltd, were delivered to Canyon's Cameroonian subsidiary, Camalco Cameroon S.A., in June 2026, followed by a six-to-eight week commissioning, testing and operator training programme. By 30 June all seven had completed static and dynamic testing, and six had completed load testing. The wagons were ordered from Texmaco Rail & Engineering Limited. The first 60 left the manufacturing facility during the June 2026 quarter, with delivery to Cameroon scheduled for mid-August 2026.
Canyon says the Stage 1 rail fleet is expected to provide transport capacity of about 35,000 wet metric tonnes a month. Stage 2, which is subject to Canyon obtaining a further US$160 million in funding, contemplates upgrades to sections of the rail line and delivery of a further 15 locomotives and 400 wagons. That would increase rail capacity to about 105,000 wet metric tonnes a month and support a targeted production rate of 2.1 million wet metric tonnes a year by 2029.
Ground was broken on the project's Inland Rail Facility (IRF) in July 2025. Engineering designs for the IRF were completed in the December 2025 quarter, and switchgear, track and sleepers for the IRF, rail stations and the port were ordered, with delivery received in early 2026. The company says the majority of Stage 1 capital expenditure, including the locomotives, wagons, IRF, port works and the mine-to-rail haul road, has been incurred or contracted, leaving port dredging and transhipment capability as the principal remaining items before first shipment.
During the year Canyon, through Camalco, increased its interest in Camrail, Cameroon's national rail operator, from 9.1% to 26.9% for XAF 9.852 billion. The company says the larger holding strengthens its influence over bauxite transport arrangements and its oversight of the PQ2 rail upgrade. Camalco also acquired a 42.8% stake in Terminal Bois du Port de Douala S.A., the operator of the Port of Douala, for CFA 347.447 million. The accounts record a prepayment of about A$11.1 million to the Government of Cameroon as part of upgrading the railway network, to be offset against future rail tariffs payable by the group for the use of the network.
The project's timetable is now under review. In August 2026 Canyon withdrew its target of a first shipment in the December 2026 quarter, pending greater certainty on funding and transhipping arrangements. On 24 August 2026, the company advised that AFG Bank Cameroon had suspended further drawdowns under its US$140 million credit facility, on which about US$75 million had been drawn at 31 July 2026, pending a review of the project's development schedule and financial model. Canyon says no event of default has occurred and that its financial adviser, Jefferies, is progressing alternative funding initiatives.
The annual report also records a conditional takeover offer of A$0.05 per share from majority shareholder A2MP Investments FZCO, which the Independent Board Committee recommended shareholders reject, and the departure of Peter Secker as Chief Executive Officer on 30 August 2026.
