Canyon Resources Limited (ASX:CAY) Approves Inland Rail Facility in Cameroon
Approval of Inland Rail Facility
Canyon Resources Limited (ASX:CAY) announced the approval of its Inland Rail Facility (IRF) location by the Government of Cameroon, enhancing the Minim Martap Bauxite Project’s development.
Land Allocation
The company’s subsidiary, Camalco Cameroon SA, has been allocated 105 hectares by the Lamido of Ngaoundere for future IRF expansions and infrastructure.
Strategic Agreements
Following an underwriting agreement with Eagle Eye Asset Holdings Pte Ltd (EEA), financing for rolling stock purchase has been secured to support the Minim Martap Project.
Executive Comments
Mr Jean Sebastien Boutet, Chief Executive Officer, stated, “The approval for the location of the Inland Rail Facility is a timely achievement for the Company following the recently announced underwriting agreement with EEA to finance the purchase of rolling stock. Key details from these agreements are being factored into the ongoing Definitive Feasibility Study and the increased oversight of logistics provides Canyon stability in progressing our Project. I would like to extend my gratitude to his Excellency, Lamido of Ngaoundere, for his generous provision of land in the Makor region. Access to an additional 105 hectares surrounding the IRF site provides the Company with assurance to construct and develop the IRF and other critical infrastructure for Minim Martap, reinforcing the Project’s long-term viability. The past six months have been transformative for Canyon, with initial infrastructure solutions in place and strong support from strategic partners and government, we have rapidly derisked the Project’s development. The support we’ve received from EEA, the Government of Cameroon, and key stakeholders reflects the enormous opportunity that Minim Martap presents to Cameroon and local communities. The broader bauxite market remains in a highly resilient environment, and we look forward to becoming a key supplier of this critical mineral to future offtake partners.”
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