Name of the Project
Minim Martap bauxite project.

Location
Central Cameroon.

Project Owner/s
ASX-listed exploration and development company Canyon Resources.

Project Description
A definitive feasibility study (DFS) has confirmed the project’s strong economics and has outlined a pathway for the phased development of what is planned to be a major new bauxite producer.

The ore reserve estimate has been increased by one-third, to 144-million tonnes of direct shipping ore-grade ore at 51.2% alumina and 1.7% silicone dioxide, which will underpin the long-term future of the project. The current 20-year mine plan and production schedule are based solely on the proved ore reserve. Canyon has reported that the overall project lifespan can be increased beyond 20 years. Pending mine plans being completed for the Makan and Ngoundal deposits, the overall project life span could be increased beyond 20 years.

Mining operations are proposed to be undertaken at three plateaus – Danielle, Beatrice and Raymonde – using surface miners. Stage 1 involves production of 1.2-million wet metric tonnes, which could be expanded to two-million tonnes a year and then 6.5-million tonnes a year before peaking at 10-million tonnes a year by Year 7 of operations.

Production will be ramped up in line with rail network operator Camrail’s PQ2 rail upgrade initiative, in Cameroon, which will result in existing rail capacity being upgraded.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at 6% discount rate, of $835-million and an internal rate of return of 29%, with a payback of 4.1 years.

Capital Expenditure
Total project capital expenditure (capex) is estimated at $446-millon.

Stage 1 capex to first ore shipment is estimated at $96-million. Total capex to two-million tonnes a year is estimated at $158-million, to 6.5-million tonnes a year at $345-million, and to 10-million tonnes a year at $101-million.

Planned Start/End Date
Project construction started in July 2025. First ore production is planned for the first quarter of 2026 and the first bauxite shipment for the first half of 2026.

Latest Developments
Canyon Resources has further strengthened the logistics platform, with subsidiary Camalco Cameroon increasing its stake in rail operator Camrail from 9.1% to 26.9% for about A$23.8-million. The investment is expected to improve Canyon’s visibility and influence over the PQ2 rail upgrade and help secure bauxite transport capacity.

Camalco has also invested about A$800 000 for a 42.8% interest in Terminal Bois du Port de Douala, complementing Canyon’s existing port access agreement and supporting the optimisation of mine-to-port logistics ahead of production.

At Minim Martap, a surface miner was mobilised to the Daniel Plateau in April for trial mining, allowing for bauxite stockpiles to be built at the mine, an inland rail facility and the Port of Douala ahead of the first shipment, planned for late September. 

Haul-road upgrades, tracklaying at the inland rail facility and bulk earthworks at the port have started, while the first seven locomotives are expected to arrive at the Port of Douala late in the second quarter, followed by rail wagons in July.

Canyon continues to engage potential offtake partners and expects to finalise agreements after initial shipments, which will enable it to demonstrate the quality of Minim Martap’s ore. A feasibility study for a proposed alumina refinery is scheduled for completion in the third quarter.

Key Contracts, Suppliers and Consultants
SRK Consulting (Australasia) (study on geology, mineral resource estimation, geotechnical analysis, mining and ore reserve estimation); Bhygraph Engineering Sarl (design of haul road from mine to the IRF); MR Technofin Consultants (IRF design); SYSTRA (rail capacity studies); Grafix Engineering Consultant (port studies: planning and design); Geostratum (hydrogeology study); CM Group (bauxite marketing studies); Golder Associates-Africa, Rainbow Environment Consultant (Cameroon), ESS-Senegal (environment- and social-impact studies, or ESIA – mine); Andal & Synergy Engineering (ESIA updates – IRF and road); Glonar (ESIA update – port); and CRRC Ziyang (locomotives).

Contact Details for Project Information
Canyon Resources, tel +61 8 6382 3342 or email info@canyonresources.com.au.