Canyon Resources Advances Cameroon Bauxite Project with Mining Set to Begin by March
Canyon Resources has mobilized a surface miner to its Minim Martap bauxite project in Cameroon, with mining operations expected to start by the end of March. The company targets first bauxite production in early Q2 2026. Despite shareholders rejecting a private placement for funding, Canyon confirmed that Stage 1 is fully funded through its current credit facility and cash position. The company aims for first ore shipment in Q3 2026, while logistics discussions and offtake agreements are progressing.
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Canyon Resources has mobilized a surface miner to its Minim Martap bauxite project in Cameroon, targeting mining operations to begin before March ends and first bauxite production in early Q2 2026. An extraordinary general meeting on March 9 did not approve a private placement for A$70 million or A$100 million, yet Canyon stated that Stage 1 remains fully funded through a $140 million credit facility and its cash position of about $43 million as of February 28.
The company is on track for its first ore shipment in Q3 2026. Ongoing logistics arrangements include discussions with CRRC Ziyang Co for locomotive arrivals at the Port of Douala in Q2 2026 and potential increased equity interest in Camrail to enhance logistics. Offtake agreements are also being finalized.
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