Canyon Resources announced an investment of 96 million US dollars, planning to put Cameroon's first bauxite mine into operation in 2026
September 9, 2025
The website "AgenceEcofin" reported on September 1 that Canyon Resources plans to start shipping bauxite from its Minim Martap project in Cameroon in 2026. To achieve this goal, the company has accelerated the pace of raising the necessary funds in recent months for the construction of the infrastructure of the future mine.
Canyon Resources plans to invest 96 million US dollars to start bauxite production at its Minim Martap project in Cameroon in January 2026. This is the result of the preliminary feasibility study released by this Australian mining company on September 1st, which positioned Minim Martap as the first bauxite mine to be put into operation in Cameroon.
To complete this investment, Canyon relied on a $140 million loan it obtained from the African Financial Bank of Cameroon in May last year, as well as equity in a $25.4 million ($16.5 million) financing round supported by its major shareholder, Hawkeye Asset Holdings (EEA). The objective of this project is to initially achieve an annual output of 1.2 million tons of bauxite starting from 2026.
This milestone actually only corresponds to the first stage of Minim Martap's operation, and it is expected that its output will increase year by year. The feasibility study predicts that based on a total budget of 446 million US dollars throughout the project's entire life cycle, the mine will start producing 10 million tons of bauxite from 2032. In contrast, this target exceeds the maximum of 6.4 million tons per year set by Canyon Company in its feasibility study released in 2022.
Although the company looks forward to the long-term support of the EEA, it has not detailed the financing plan it plans to cover the additional costs expected to result from the increased production of the Minim Martap mine. While awaiting further information, the company expects to make progress in negotiations by the end of 2025 to ensure the commercialization of the first batch of products planned for the mine.
The expected lifespan of the Minim Martap mine is 20 years, and it is expected to bring new public revenue to Cameroon after its commissioning. According to the mining agreement signed with Canyon Company in July 2024, Yaounde is expected to obtain a 10% free stake in the project and a 5% royalty for the mining rights.
