Delays Loom? Canyon’s Minim Martap Faces Pending Approvals Amid Tight Timelines
Canyon Resources confirms steady progress on its Minim Martap Bauxite Project in Cameroon, with mining set to start in early 2026 and the first bauxite shipment planned for June. Key infrastructure and equipment deliveries remain on schedule amid ongoing equity funding efforts.
- Mining commencement scheduled for February 2026
- First bauxite shipment targeted for June 2026
- Ore haulage road and rail infrastructure construction progressing
- Equity raise of A$170 million underway, pending approvals
- Plans to increase stake in Camrail to de-risk logistics
Project Progress and Infrastructure Development
Canyon Resources Limited (ASX, CAY) has provided a comprehensive update on the development of its Minim Martap Bauxite Project in Cameroon, underscoring steady advancement across key construction and operational milestones. The company reports that construction of the ore haulage access road is ongoing, with clearing fully completed and focus now shifting to access routes for the Inland Rail Facility (IRF) and the Danielle plateau.
Engineering designs for the IRF have been finalized, and critical components such as switchgear, tracks, and sleepers have been ordered with delivery expected in February 2026. The IRF itself remains on track for completion by May 2026. Meanwhile, fabrication of locomotives and wagons is nearing completion, scheduled for shipment in January and delivery during the first quarter of 2026.
Operational Timelines and Logistics Strategy
The company is targeting the commencement of mining operations in February 2026, with the first surface mining equipment due to arrive on site in January. Road haulage of ore from the mine to the IRF is planned for March, followed by rail transport of ore to the port stockpile starting early in the second quarter. Approval for port access dredging has been secured, with construction of the port stockpile area set to begin in January 2026.
Canyon aims to ship its maiden bauxite cargo by June 2026, marking a significant milestone in the project’s development. The rail access from the IRF to the Port of Douala will initially support a transport capacity of 2 million tonnes per annum (Mtpa), with plans to scale up to 10 Mtpa following the PQ2 rail upgrade. Discussions are underway to increase Canyon’s investment in Camrail from 9.1% to approximately 35%, a move designed to deepen involvement in infrastructure upgrades and mitigate logistics risks.
Funding and Stakeholder Confidence
On the financing front, Canyon’s shareholders recently approved a ~A$70 million tranche of equity funding to Afriland Bourse & Investissement, with regulatory approvals pending from regional financial and governmental authorities. A further A$100 million tranche to Eagle Eye Asset Holdings Pte. Ltd is subject to shareholder approval at a general meeting scheduled for January 2026, with completion expected in the first quarter of next year.
Executive Chairman Mark Hohnen has personally exercised options to acquire 3 million shares, injecting approximately A$0.4 million and signaling strong insider confidence. CEO Peter Secker highlighted the return to political stability in Cameroon following recent elections, which has allowed uninterrupted progress on the project. He also emphasized the importance of the Camrail investment strategy in securing the mine-to-port logistics chain.
Looking Ahead
With full financing secured to Stage 1 production through a combination of debt and equity, and strong backing from both domestic and international investors, Canyon Resources is positioning Minim Martap as a tier-one bauxite operation. The company’s ability to meet upcoming milestones will be critical to maintaining momentum and investor confidence as it moves toward production and export.
Bottom Line?
As Canyon Resources approaches key operational and funding milestones, the next few months will be pivotal in validating its path to becoming a major bauxite exporter from Cameroon.
Questions in the middle?
- Will shareholder approval for the remaining A$100 million equity tranche be secured in January 2026?
- How will increased investment in Camrail impact the project's logistics efficiency and cost structure?
- What contingencies are in place should political or operational delays arise despite current stability?
