Canyon Resources Limited
Canyon Resources Limited
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Developer Canyon Resources is confident Cameroon government approval of the mining commission for its 100%-owned Minim Martap bauxite project is imminent after a BFS confirmed it will be among the world’s highest-grade producers.
The study has lifted the project’s production forecast to 6.4Mtpa over an initial 20 years, 28% higher than in the 2020 preliminary study. It updates Minim Martap’s proved ore reserve to 108.91Mt @ 51.1% Al2O3 and 2% SiO2.
Chinese contractor MCC-CIE has strengthened its relationship with Canyon Resources, signing a strategic partnership agreement to facilitate technical, offtake and financing for its 100%-owned 1Bt Minim Martap DSO bauxite project in central Cameroon.
MCC-CIE, a wholly owned subsidiary of China’s Minmetals Corporation, has been leading contractor on the project bankable feasibility study since Dec 2020.
Western Australia-based Canyon Resources has received firm commitments for $A6.2M from a share placement to advance its 100% owned Minim-Martap DSO bauxite project in Cameroon.
The funds will primarily be used to deliver the Minim-Martap project feasibility study and progress agreements required with the Cameroon Govt and potential project partners. Minim Martap proven ore reserves were recently updated to 99.1Mt @ 51.6% total alumina and 2.4% total silica.
Canyon Resources has advanced a step towards negotiation of a mining convention with the Cameroon government over its Minim Martap bauxite project by executing a specifications agreement.
The agreement specifies both parties' key obligations over the proposed 4-5Mtpa, 20-year DSO development of Minim Martap’s 99.1Mt ore reserve. It includes legal and fiscal stability and dispute resolution measures.
Explorer Canyon Resources is confident it has largely de-risked the mining element of its 100%-owned Minim Martap DSO bauxite project in Cameroon with a proved ore reserves update to 99.1Mt @ 51.6% total alumina and 2.4% total silica.
The update, which follows detailed mine scheduling and mining costs calculations, represents over 97% of Minim Martap’s forecast production for 20 years at 4Mtpa for the first 2 years before rising to 5Mtpa.
Canyon Resources has engaged rail engineering firm Vecturis to optimise the technical and commercial rail solutions in the BFS for its 100%-owned Minim Martap DSO bauxite project in central Cameroon.
Projects director James Durrant says the privately owned Belgian company’s expertise in railway systems and experience in the West African bauxite market will ensure an optimal solution for the critical rail logistics.
Australian-based Canyon Resources has teamed with major Chinese engineer MCC-CIE to complete the BFS and explore funding options for the first stage of its 100%-owned, 1Bt Minim Martap DSO bauxite project in central Cameroon.
Canyon Resources is closer to a commercial freight solution for its 100%-owned Minim Martap bauxite project in Cameroon by executing a memorandum of understanding with national rail network operator Camrail.
The MoU points to a final technical and commercial solution for hauling 5Mtpa direct shipping ore over the existing, underutilised railway line to the port of Douala in the project’s first stage, to be followed in stage 2 by a higher-tonnage and lower-cost route to a new port facility at Kribi.
Density testing by Canyon Resources is reinforcing its 100%-owned Minim Martap project in Cameroon among the world’s largest and best bauxite projects, lifting its indicated and inferred resource to 1.002Bt @ 45.2% Al2O3 and 2.8% SiO2. The JORC-compliant resource estimate includes a contained high grade resource of 484Mt @ 48.8% Al2O3 and 2.6% SiO2.
MD Phillip Gallagher says the 1Bt resource still comes with significant upside potential, representing only 12 of the 74 bauxite plateaus at Minim Martap.
Western Australia-based Canyon Resources has raised $A10M and secured a new cornerstone investor to bring on its 100%-owned, $US120M development capex direct shipping ore Minim-Martap Bauxite project central Cameroon.
The $A0.10cps placement brings Perth-based strategic investor and bauxite/alumina focused Peter Su to the Canyon board with a $5.6M, 9.4% stake in the company.