• Canyon seeks A$215M to fund Cameroon’s first bauxite mine
• Backed by Afriland, Eagle Eye; mine launch set for 2026
• Plans stake boost in Camrail to secure transport logistics

Canyon Resources announced it has secured A$215 million ((about $141 million U.S.)) to accelerate development of its Minim Martap bauxite project in Cameroon. The financing package combines a two-tranche institutional placement and the exercise of options by its largest shareholder, Eagle Eye Asset Holdings (EEA).

The total funding consists of A$205 million via the two-tranche placement and A$10 million from the exercise of options by EEA.

Tranche 1, which has closed, raised A$36 million from institutional and sophisticated investors. Tranche 2 is subject to shareholder approval at a general meeting in November and is worth A$170 million. EEA will contribute A$100 million of the second tranche, while Afriland Bourse & Investissement, a subsidiary of the Afriland First Bank group, will invest up to A$70 million.

Following the operation, EEA will retain a 56.5% stake in the company. Afriland will become a new cornerstone investor with a 10.1% holding.

The company plans to deploy the funds across three priorities: A$206 million for the Minim Martap project development, A$46 million to increase investment in Camrail (the concessionaire of the Douala–Ngaoundéré railway), and A$14 million for general and administrative expenses.

“This funding will enable us to accelerate the development of Minim Martap and increase our strategic investment in Camrail, providing greater control and certainty over the transport and logistics network that underpins the Project, while also positioning us to expand operations in line with future rail capacity,” said Peter Secker, CEO of Canyon.

The first bauxite shipments are expected to occur in the first half of 2026. The financial deal underscores the strategic role of logistics and local participation. The entry of Afriland, Cameroon’s largest financial services group, into the capital strengthens Canyon's legitimacy. The company noted that the local investment "demonstrates the confidence of the Cameroon government and major institutions in the company, and their strong support for the Minim Martap project."

A key focus for Canyon is securing bauxite transport via the rail network. By increasing its investment in Camrail, Canyon aims to ensure a reliable link between the Ngaoundéré loading site and the Port of Douala, a critical component of the project's profitability.

Project Value and Market Context

The funding follows a final feasibility study that increased Minim Martap's reserves by 33% to 144 million tonnes. The project is valued at $835 million, with an internal rate of return (IRR) of 29%.

Canyon anticipates an additional $96 million investment to begin production by January 2026. The latest plan targets a ramp-up to 10 million tonnes per annum by 2032, significantly higher than the initial 6.4 million tonnes. This scale positions Minim Martap as a major player amid growing global aluminum demand.

In 2024, Cameroon and Camalco, a Canyon subsidiary, signed a concession protocol that granted the state a 10% free carried interest and a 5% revenue royalty, aligning the project with standard African mining benefit-sharing models.

The diversified capital base, split between Australian and Cameroonian investors, places Minim Martap at the center of Cameroon's economic future. However, the project's success will depend on rigorous management of the rail and port logistics, mitigation of financial risks, and maintaining strong dialogue with regulatory authorities and local communities.