Canyon Signs Mou With Camrail

Canyon Resources Limited (ASX: CAY) (Canyon, Company) is pleased to announce the execution of a Memorandum of Understanding (MOU) with Camrail, the Cameroon rail infrastructure operator, for the haulage of 5 million tonnes of bauxite per annum from Canyon’s Minim Martap Project (Project).

Canyon has been in discussions with Camrail and its parent company, Bolloré Africa Logistics, regarding the development of the Minim Martap Project as part of feasibility studies on the Project.

The MOU details the process of finalising the rail Concept of Operations into an agreed Plan of Operations. The Plan of Operations will conclude the key requirements of a final rail solution for the Project, for hauling 5 million tonnes of bauxite per annum.

As part of the MOU, Camrail agrees to assist Canyon in relation to the proposed technical and commercial logistics solutions, including supporting Canyon in its dealings with strategic Government representatives, key stakeholders, input into policy development, compliance and regulatory requirements, and funding options.

Canyon Director of Projects James Durrant said, “The finalisation of the MOU with Camrail is an important step forward as it details a pathway and timeline to complete commercial rail access and operational agreements for the Minim Martap Project. This is another key step in the development of the Project as it is forms the basis for securing rail haulage for our bauxite.” Canyon has a team of experts with prior detailed knowledge of the Camrail rail line and operation. It intends to have a team in-country to commence face-to-face discussions in January 2021 to establish binding commercial agreements with Camrail.

Canyon Signs Mou With Camrail

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