Canyon will use the credit facility for the acquisition of locomotives, wagons, the development of rail, ore transport infrastructure and the port facility for the flagship Minim Martap Bauxite Project, located in Cameroon.
Project Credit Facility through AFG Bank Cameroon, along with Option Exercise by Eagle Eye Asset Holdings to Fund Stage One Operations
Canyon Resources Limited is pleased to announce that its wholly owned in-country subsidiary, Camalco Cameroon SA, has signed a binding agreement with AFG Bank Cameroon for a medium-term syndicated credit facility of XAF 82,000,000,000 (~US$140M).
Canyon will use the credit facility for the acquisition of locomotives, wagons, the development of rail, ore transport infrastructure and the port facility for the flagship Minim Martap Bauxite Project, located in Cameroon. Importantly, the ~US$140 million Credit Facility, along with the Company’s major shareholder and long-term supporter Eagle Eye Asset Holdings Pte Ltd, is advising its intention to exercise 350 million options for AU$24.5 million, to fund Stage One operations at Minim Martap.
Since receiving the Mining Licence for Minim Martap in September 2024, Canyon has successfully and rapidly developed Minim Martap, achieving critical key milestones, including securing key port and inland rail facility land. The Company is now focused on making a Final Investment Decision for the Project and completing the Definitive Feasibility Study, which is assessing a two-stage development pathway aimed at expediting operations, which would see Canyon make its first shipment of bauxite from Minim Martap in the 1H 2026.
