Why it Matters
Canyon’s increased stake in Camrail and investment in Terminal Bois du Port de Douala S.A. place rail and port control at the centre of the Minim Martap ramp-up. With the first shipment targeted for late Q3 2026, production readiness will depend on the reliability of the mine-to-port logistics chain.
For Cameroon, the update highlights the increasing commercial significance of rail-linked mineral exports, where the development of mines, inland handling, port capacity, and rolling stock availability must be aligned.
Canyon Resources Limited has provided an update on development activities at its Minim Martap Bauxite Project in Cameroon, as the company progresses towards first production and initial shipments.
Key developments include Canyon materially increasing its strategic stake in Camrail from 9.1% to 26.9%, securing greater influence over critical rail infrastructure; completion of a strategic 42.8% investment in Terminal Bois du Port de Douala S.A., operator of the Port of Douala, strengthening control over export logistics; preparation for tracklaying at both the Inland Rail Facility and Port of Douala, advancing the integrated logistics network; and the first bauxite shipment from Minim Martap remaining on schedule for late Q3 2026, with first production imminent.
Canyon advised that its in-country subsidiary, Camalco Cameroon S.A., has paid a cash consideration of XAF 9.852 billion, approximately A$23.8 million, to increase its equity holding in Camrail from 9.1% to 26.9%. This represents a significant strategic investment in Cameroon’s primary rail transportation company.
The enhanced stake is expected to strengthen Canyon’s ability to remain closely informed and actively engaged in developments relating to the PQ2 upgrade, while also securing timely bauxite transportation slots with Camrail. The increased involvement is expected to enhance oversight, coordination and strategic alignment with the Minim Martap Project, further de-risking the company’s mine-to-port logistics chain as it advances toward production.
The increased investment in Camrail follows Canyon’s initial investment in Cameroon’s rail network operator in the first quarter of 2025 and is expected to be completed in Q2 2026, following in-country administrative registration of the newly acquired shares in Cameroon.
To further de-risk logistics, Canyon, through Camalco, has completed a CFA 347.447 million, approximately A$0.8 million, strategic investment in Terminal Bois du Port de Douala S.A. to obtain a 42.8% stake in the operator of the Port of Douala.
The agreement complements Canyon’s existing Port Access Agreement, which grants the company the right to export bauxite and alumina, as well as import raw materials essential for mining operations at Minim Martap.
The Port Access Agreement also provides Canyon with access to the Bois du Port de Douala to evaluate and optimise key logistical solutions in relation to site layout plans, construction requirements and anticipated production metrics, to support a seamless infrastructure network from mine to port.
Canyon said the increased stake in Camrail and the strategic investment in Terminal Bois du Port de Douala S.A. are intended to secure direct influence over critical rail and port infrastructure underpinning its operations. The company said the initiatives are expected to enhance coordination, improve operational certainty and materially de-risk mine-to-port logistics as it moves towards production.
At Minim Martap, the surface miner was mobilised to site at the Daniel Plateau in April for the commencement of trial mining in mid-Q2 2026, allowing bauxite stockpiles to be built up at the mine, Inland Rail Facility and port before the first bauxite ore shipment in late Q3 2026.
Initial production will be a major milestone for the Minim Martap Bauxite Project and coincides with upgrade works on the haul road that connects the Daniel Plateau to the Inland Rail Facility.
Tracklaying at the Inland Rail Facility and bulk earthworks at the Port of Douala have commenced in preparation for rail operations, allowing storage of bauxite ore at the port before the first shipment.
The first seven locomotives are expected to arrive at the Port of Douala in late Q2 2026, followed by the rail wagons in July 2026, ahead of the first shipment of bauxite ore in late September 2026.
Canyon continues to engage with several potential offtake partners, with the company aiming to finalise agreements following the completion of initial bauxite shipments. This would allow Canyon to demonstrate the high-grade, high-purity nature of the Minim Martap ore reserve, which comprises 51% alumina and approximately 2% silica.
The Feasibility Study for the proposed value-adding alumina refinery is scheduled to be completed by Q3.
