Altus to transfer Cameroon licences to Canyon
Aim- and TSX-V-listed Altus Strategies has signed a letter of intent with ASX-listed Canyon Resources to terminate its existing bauxite joint venture agreement with Canyon and to transfer 100% of Altus’ interest in the Birsok and Mandoum licences to Canyon.
In return, Altus will receive up to 30-million new shares in Canyon and a royalty of $1.50/t on ore mined and sold from the Birsok project.
Altus already holds eight-million Canyon shares under the existing agreement, which it will retain under the new agreement.
Canyon previously had a right to earn up to 75% interest in the Birsok project.
The Birsok project is located in central Cameroon and is contiguous with exploration licences covering the potentially substantial Minim Martap bauxite deposit, which is owned by Canyon.
“The Minim Martap and Birsok projects are potentially very substantial, having high grades, low impurities and being strategically located adjacent to an operating rail line that runs to the coast.
“We believe that significant potential exists for Canyon to fast-track the mining and export of a premium-grade bauxite product,” said Altus CE Steven Poulton.
He added that Altus’ agreement with Canyon further validates Altus’ project generator business model, generating returns from exploration, while growing a portfolio of potentially high-value royalty income streams.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation