Key points
- First 60 rail wagons scheduled to arrive in Douala over the next 8 weeks
- Haulage road to rail terminal nearing completion
- AFG Bank Cameroon suspends further disbursements under loan facility
- Company seeking alternative funding options
- Previously announced development schedule withdrawn
Full summary
Canyon Resources Limited provides an update on the Minim Martap Bauxite Project, highlighting recent developments and challenges. The company reports that the first 60 out of 160 rail wagons ordered for the project are scheduled to arrive in Douala, Cameroon over the next 8 weeks, enabling combined locomotive and wagon trials to commence in Q4, 2026. The haulage road connecting the mine to the rail terminal is nearing completion, expected to be completed within the next two weeks. AFG Bank Cameroon has suspended further disbursements under the existing loan facility, pending a review of the project's development schedule and financial model. The company is actively seeking alternative funding options to support the project's ramp-up to 2 Mtpa. Due to funding uncertainties and the impact of the A2MP Takeover Bid, Canyon Resources has withdrawn its previously announced development schedule, including the target of achieving first bauxite shipment in Q4 2026.