Canyon Resources has signed a mining convention for the Minim-Martap Bauxite Project in Cameroon, a crucial step in advancing the project towards production.
This agreement, involving Canyon's subsidiary, Camalco Cameroun, is contingent on the issuance of a mining permit for the project area.
The formal execution of the mining convention, a prerequisite for the mining permit, was marked by a signing ceremony.
Camalco’s CEO, Rana Pratap Singh, and Cameroon’s Interim Minister of Mines, Fuh Calistus Gentry, were present at the event.
This signing represents the conclusion of an extensive approval process, enabling Canyon to move forward with the development plans outlined in the project's bankable feasibility study that was released to the Australian Securities Exchange on 21 June 2022.
The convention provides the company with additional certainty to advance critical workstreams, particularly those related to rail and port access, which are vital for the project's development before production can commence.
In recent months, Canyon has been proactively developing local site infrastructure and establishing foundational work in anticipation of the mining convention.
These efforts have been in collaboration with local communities and transport authorities, aiming to create a robust project framework that ensures sustainable benefits for all stakeholders.
Canyon CEO Jean-Sebastien Boutet said: “The execution of the mining convention is an important step for our Minim-Martap Bauxite Project. Canyon can now look to progress key workstreams required to advance the project including progressing discussions with potential offtake and funding partners.
“There remains a lot of work to be done to progress the project from here, including sourcing funding for development and concluding outstanding issues in relation to port and rail access.
“I would like to thank the Government of Cameroon for its ongoing support of Minim-Martap and we look forward to working closely with them and our partners as we progress Minim Martap towards production and unlock the significant value on behalf of both Canyon shareholders and the people of Cameroon.”
