• Canyon Resources in $36M investment talks with Cameroon’s CNPS
• Local banks already committed $210M for Minim-Martap bauxite project
• World-class deposit projected at $835M value, exports start 2026

Canyon Resources Limited, the Australian developer behind the Minim-Martap bauxite project in Cameroon, is in advanced talks with Caisse Nationale de Prévoyance Sociale (CNPS), the country’s public pension fund. According to Business in Cameroon, these discussions center on a potential investment of nearly $36 million. Subject to regulatory approvals, these funds could be converted into equity in either Camalco Cameroun S.A., Canyon’s local subsidiary, or the parent company, which is listed on the Australian Stock Exchange.

As a public institutional investor subject to prudence regulations, the CNPS must clear several internal approvals. The pension fund is aiming to complete these stages by the end of 2025 to avoid delaying the project launch. This transaction will test the increasing maturity of Cameroonian public institutions in managing mining public-private partnerships and their capacity to overcome administrative hurdles.

The potential CNPS deal is part of Canyon Resources' larger initiative to mobilize local capital for the development of the Minim-Martap deposit. The company has already secured a $140 million loan from AFG Bank Cameroun to help finance necessary infrastructure.

Separately, Afriland Bourse & Investissement, a subsidiary of Cameroon’s Afriland First Bank, has subscribed to a $70 million Australian dollar fundraising round. This operation, still awaiting approval from the Bank of Central African States (BEAC), the Central African Financial Market Supervisory Commission (COSUMAF), and the Cameroonian government, is expected to give Afriland a roughly 10.1% stake in Canyon Resources. This places Afriland alongside majority shareholder Eagle Eye Assets, which controls 56.5% of the capital.

If the CNPS participation materializes, it would join those of Afriland and AFG Bank, signaling increasing interest from Cameroonian financial institutions in the Minim-Martap project. However, the structure of the CNPS investment remains crucial. Investing directly in Camalco Cameroun would give the institution direct exposure to local mining operations. Conversely, an investment in the listed parent company would expose it to current and future capital increases, carrying the risk of dilution against investors with greater financial resources.

Canyon’s documents present Minim-Martap as a world-class asset. The definitive feasibility study presented to investors on September 2, 2025, projected a net present value of $835 million, an average pre-tax return margin of 29%, and estimated annual cash flows of $174 million under stable operation. The quality of the proven ore reserves, featuring 51% alumina and 2% silica, is expected to secure a price premium of $10 to $15 per ton over the global benchmark.

These forecasts rely on an average annual growth in global bauxite demand of 3.5%, driven by the rising use of aluminum in electric vehicles and renewable energy. They are also supported by the existence of operational infrastructure, notably the railway line connecting Minim-Martap to the port of Douala.

The projections come with standard caveats. The mining company notes that forecasts rely on assumptions that could be affected by factors such as lower-than-estimated ore grades, environmental risks, or infrastructure constraints. The next steps for the project are imminent: the arrival of the first locomotives and ore transport wagons is expected in January 2026, with first production also slated for that month, first exports during the first half of 2026, and a feasibility study on alumina exploitation soon to follow.