【Ferro-alloys.com】：ASX-listed Canyon Resources’ Minim Martap bauxite project, in Cameroon, remains on schedule for first production and an initial bauxite shipment in late June, as mining, logistics, infrastructure, staffing and funding milestones continue to progress broadly in line with the project timetable.

In a development update on January 8, the company said site preparation and logistics works are advancing ahead of the planned start of mining in February. Road upgrade works are progressing after the road contractor mobilised additional equipment to site, with completion still targeted for the end of the first quarter.

Canyon confirmed that the surface miner required for operations arrived at the Port of Douala in December, supporting the planned mining start date.

Rail and port logistics remain aligned with the overall schedule, the company said. Delivery of rolling stock is expected in the first quarter of this year, with commissioning targeted for early in the second quarter.

Ore haulage from the inland rail facility to the Port of Douala is scheduled to begin in the second quarter. Canyon said this timeline supports its plan to ship its first bauxite cargo in late June.

At the port, Canyon said final tenders for dredging the access channel to the Port du Bois berth have been received, with works expected to start in the first quarter. All tenders for transshipping services have also been received, and the company expects to award the contract in the first quarter. Canyon said these steps keep the overall project timeline on track for the first shipment.

The company said discussions with rail operator Camrail are well progressed, with Canyon targeting an increase in its equity interest from 9.1% to about 35%.

Completion of the transaction is expected in the first quarter of this year, subject to final agreements. Canyon said a higher stake would allow greater participation in the PQ2 rail upgrade and further reduce logistical risk between the mine and port.

Canyon also provided an update on its proposed downstream development. The feasibility study for a value-adding alumina refinery is about 45% complete, with completion targeted for the third quarter.

The company said the study is based on operating cost advantages in Cameroon and the project’s low-silica, high-grade bauxite, and forms part of its longer-term strategy to participate further along the aluminium value chain.

Operational readiness has been strengthened through senior appointments, according to the company. Canyon said it has recruited a mine director with more than 15 years of experience in Africa and Asia, including prior work in bauxite operations in Guinea, and a port manager with more than 15 years of experience in port operations in Asia and Guinea, including bulk ore shipments, port handling, and offshore transhipping. Both executives are scheduled to be in Cameroon this month as the company transitions from development to operations.

On funding, Canyon noted that shareholders approved an equity raise of about A$70-million at the annual general meeting held on November 25, 2025. This approval relates to Tranche 2 of a placement announced on September 25 last year to Afriland Bourse & Investissement.

Following shareholder approval, the placement is now subject to regulatory approvals from the Banque des États de l'Afrique Centrale, the Commission de Surveillance du marché financier de l’Afrique Centrale and the government of Cameroon, which the company said are progressing.

The remainder of Tranche 2, comprising a placement of A$100-million to Eagle Eye Asset Holdings, remains subject to shareholder approval. Canyon said documentation to convene a general meeting has been completed, with the meeting expected to be held in early March. Subject to approval, settlement of this tranche is expected in the second quarter.

Afriland said it remained fully supportive of Canyon and the advancement of the Minim Martap bauxite project.

“We continue to work closely with the company and the relevant authorities to progress the remaining regulatory approvals to raise funds and look forward to supporting Canyon as it moves toward the next phase of project development,” Afriland said.

Eagle Eye Asset Holdings also voiced its support.

“Canyon continues to make strong progress across key project milestones and we are pleased with the momentum being demonstrated as the company advances toward production.

“We look forward to further strengthening our partnership with Canyon and reaffirm our commitment to completing the A$100-million Tranche 2 equity funding under the announced terms of the placement, subject to shareholder approval anticipated in early March,” the company said.

Canyon CEO Peter Secker said operational and funding milestones continue to be met as the company moves toward production.

“Following the arrival of the surface miner in Cameroon as well as confirmation of the delivery of the rolling stock scheduled in quarter one, the key operational milestones continue to be achieved across mining, logistics and infrastructure workstreams.

“Project readiness continues to be strengthened, with key senior leadership appointments now completed [and] both executives scheduled to be on the ground this month to support the ramp-up to first production,” he said.

Secker said downstream value creation remained a key focus, with the alumina refinery feasibility study advancing well.

“Discussions with Camrail regarding an increased equity interest are nearing completion and are expected to support greater involvement in critical rail infrastructure upgrades, further derisking the company’s mine-to-port logistics pathway,” he said.

“Canyon is fully funded through Stage 1 production through a balanced mix of debt and equity, underpinned by strong support from domestic and international investors and key in-country stakeholders, as the company remains firmly on track toward first production,” Secker said.

• [Editor:Alakay]