MINIM MARTAP BAUXITE (Cameroon) : Canyon Resources awaits Beac approval to finalize financing

(LVDE) – This crucial step could accelerate the project’s progress and facilitate the entry of a new Cameroonian investor into the group’s capital structure.

At Minim Martap, in Cameroon’s Adamaoua region, Canyon Resources stands at a decisive juncture as it seeks to secure the necessary funding to advance its bauxite project. Although the Australian company has already achieved several major milestones, it must first obtain approval from the Bank of Central African States (Beac), the Central African Financial Market Supervisory Commission (Cosumaf), and the Cameroonian government. Since September 2025, a key portion of its financing has come from regional investors, including Afriland Bourse & Investissement, and cannot be finalized without authorization from the relevant regulatory bodies.

According to sikafinances.com, on September 25, 2025, Canyon Resources announced it had raised a total of USD 140.4 million, including USD 134 million through a two-tranche institutional placement. The first tranche, already completed, amounts to USD 23.5 million. The second, much larger tranche of USD 111.07 million, is still pending regulatory validation before it can be released. This tranche includes a USD 65.5 million contribution from the main shareholder, Eagle Eye Asset (EEA), and up to USD 45.7 million from Afriland Bourse & Investissement. The latter amount is structured as equity capital for investors within the Cemac region, in compliance with local regulatory requirements.

In a statement dated November 7, 2025, Canyon Resources highlighted the importance of these authorizations, noting that if granted, Afriland Bourse & Investissement could acquire 10.1% of the company’s capital. The ongoing wait for this validation underscores the regulatory hurdles investors face in the region.

Despite these administrative challenges, Canyon Resources remains optimistic about the project’s progress on the ground. Development work continues without major disruptions, even amid political tensions following Cameroon’s presidential elections. “Operations at the Minim Martap project are advancing without significant interruptions,” the company reported. It also reaffirmed its target of completing the first bauxite shipment by the second quarter of next year, demonstrating its commitment to meeting established timelines.

The company further revealed that locomotives and freight wagons ordered from the Chinese manufacturer CRRC Ziyang are expected to arrive in the first quarter of 2026. This equipment is vital to the project’s operational efficiency, and the designated mining contractor is scheduled to begin activities within the same timeframe.

Canyon Resources emphasized that the Minim Martap project is fully funded through Phase 1 production. This financial security comes from a USD 140 million loan granted by AFG Bank Cameroon, along with several fundraising rounds — including AUD 35.6 million raised in September and 137 million options exercised by EEA, generating an additional AUD 10 million.

The Minim Martap bauxite project represents a major opportunity not only for Canyon Resources but also for the Cameroonian economy. Once operational, the project could create local jobs, enhance infrastructure, and attract further foreign investment to the region. As the company awaits regulatory approval, the project’s outlook remains promising — a testament to Canyon’s long-term commitment to building a strong and sustainable presence in Cameroon’s mining sector.

Esther Grace