• Canyon Resources gets CFA82 billion in financing from AFG Bank Cameroon.

• Funds will cover rail, port, and transport needs for the Minim Martap bauxite project.

• The company aims to begin bauxite exports from Cameroon by 2026.

Canyon Resources, an Australian mining company, has secured a loan facility worth CFA82 billion, or approximately $140 million, from AFG Bank Cameroon. The agreement, announced on Monday, May 26, is a binding deal and marks a major step forward for the company’s Minim Martap bauxite project in central Cameroon.

In a statement, the company said the funds will be used to finance rail infrastructure, including the purchase of locomotives and wagons, as well as ore transport systems and port facilities linked to the project.

Canyon plans to begin bauxite exports in 2026, and the railway is a key part of its logistics strategy. Earlier this year, in March, the company acquired a 9.1% stake in Camrail, Cameroon’s national railway operator. In April, Canyon also received regulatory approval to access the port of Douala, one of the country’s main export hubs. This new $140 million loan strengthens its position as it prepares to launch operations.

This development also pushes the project closer to its final investment decision (FID), which is expected by the end of 2025. The FID will officially trigger the financing and construction phase of the mining operation. For now, Canyon has not disclosed the full cost of the project or how it plans to raise all the required capital. Those details are likely to be included in the final definitive feasibility study, which is still in progress.

According to a feasibility study published in 2022, the Minim Martap mine has the potential to produce 6.4 million tons of high-grade bauxite per year, with an initial lifespan of 20 years. Once developed, the project could position Cameroon as a new bauxite-producing nation in Africa, alongside established players like Guinea, Sierra Leone, and Ghana.