(Business in Cameroon) – Eagle Eye Asset Holdings Pte Ltd, a Singapore-based investment vehicle, has significantly increased its ownership in Australian junior mining company Canyon Resources, which is developing the Minim Martap bauxite project in northern Cameroon. A new $24.7 millions (approximately 14.2 billion CFA francs) investment will see Eagle Eye receive 350 million new unlisted shares in Canyon Resources, elevating its total ownership stake to 54.7% and solidifying its position as the majority shareholder, according to an official statement.
Canyon Resources confirmed that this investment was contingent upon obtaining the exploitation license for the Minim Martap bauxite deposit and securing binding agreements for port and rail infrastructure access. The mining permit was granted in September 2024 to Camalco, Canyon’s Cameroonian subsidiary. Further advancing its logistics strategy, Canyon announced on March 7, 2025, it had acquired a 9.1% stake in Camrail, the national rail concessionaire, a move designed to facilitate the efficient rail transport of bauxite to the port of Douala, Cameroon’s economic capital.
“This investment provides Canyon with critical funding to support the Project’s initial construction works, optimize critical infrastructure as part of our Mine-to-Port strategy, and advance the DFS [Definitive Feasibility Study] towards completion later this year,” stated Mark Hohnen, Executive Chairman of Canyon Resources. “Canyon is in a strong position to deliver on major work programs scheduled for the rest of the year with the goal of achieving first bauxite shipment in 2026.“
Investor confidence in the Minim Martap project continues to mount. On May 26, 2025, Canyon announced it had secured a $140 million credit line (approximately 80.6 billion CFA francs) from AFG Bank, the financial conglomerate led by Ivorian billionaire Kone Dossongui. Disbursements from this facility are expected to commence in Q3 2025 via AFG Bank’s Cameroonian subsidiary, earmarked to finance Phase 1 of the Minim Martap project. This initial phase will encompass the acquisition of locomotives and wagons, alongside the development of essential rail and port facilities, all vital to unlocking the region’s vast bauxite reserves.
Canyon Resources’ most recent analysis of the Minim Martap deposit reveals a resource of 892 million tons identified across just 16 of the 79 bauxite plateaus. This includes 250 million tons of very high-grade ore, ideal for aluminum production. According to James Durrant, who was then Project Manager at Canyon, ongoing assessment of the remaining 63 plateaus could potentially increase the deposit’s total estimated reserves to around 2 billion tonnes of bauxite. He noted that this would likely make it probably the largest bauxite deposit in the world, in both quantity and quality.
With secured investment, established infrastructure access, and a highly promising geological profile, Canyon Resources is now strategically positioned to propel Minim Martap toward full-scale production, poised to establish Cameroon as a significant player in the global bauxite and aluminum supply chain.
Brice R. Mbodiam
