(Business in Cameroon) – Canyon Resources, the Australian mining company developing the Minim Martap bauxite deposit in Cameroon through its subsidiary Camalco, announced on May 26, 2025, it has secured a $140 million line of credit, equivalent to 80.6 billion CFA francs,from AFG Bank, the financial conglomerate led by Ivorian billionaire Kone Dossongui.
According to the Australian firm, drawdowns on this credit facility will begin in the third quarter of 2025 via AFG Bank Cameroon. “AFG Bank Cameroon is an excellent partner for Canyon and through the ~$140 million credit facility in place, along with the AU$24.5 million in funds to be received from the option exercise by Eagle Eye, Canyon is now in a strong financial position to fund Stage One operations at Minim Martap,” said Mark Hohnen, Executive Chairman of Canyon Resources.
This initial phase of the project involves acquiring locomotives and wagons, as well as developing crucial rail and port infrastructure.
In anticipation of upgrading existing rail infrastructure between Makor, located about 20 km from the bauxite deposit, and the Port of Douala, Canyon Resources, through Camalco, also announced on March 7, 2025, the acquisition of a 9.1% stake in Camrail, Cameroon’s railway concessionaire. The mining company invested 1.4 billion CFA francs to acquire the assets formerly held in Camrail by Total Energy and Société d’exploitation des bois du Cameroun (SEBC).
A World-Class Deposit
“The progress the team has made since we received our Mining License in September 2024 is truly impressive and I would like to thank the Canyon team, Eagle Eye and our key stakeholders for their continued efforts, advice and support in placing Canyon in the position we are today,” Hohnen added.
After missing its initial 2022 deadline for the start of bauxite mining at Minim Martap, Canyon Resources now anticipates its first mineral exports in 2026. However, railway experts have expressed skepticism regarding this timeline, primarily citing constraints related to mineral transport given the characteristics and current condition of Cameroon’s rail network and Douala’s port infrastructure.
According to Canyon Resources’ latest analyses of the Minim Martap bauxite deposit, 16 of the 79 identified bauxite plateaus show a potential of 892 million tons, including 250 million tons of “high grade” ore ideal for aluminum production. James Durrant, then project manager at Canyon Resources, stated that analysis of the remaining 63 plateaus is expected to bring the deposit’s potential to around 2 billion tons of bauxite. This would make it “probably the largest deposit in the world, in both quantity and quality,” he said.
Brice R. Mbodiam
