The Minim Martap bauxite project, developed in Cameroon by Australian company Canyon Resources, has encountered a financial setback. According to an update on March 11, 2026, shareholders rejected the second tranche of the company's placement during the extraordinary general meeting on March 9, 2026.
This tranche included a capital raising of approximately A$70 million (approximately CFA27.6 billion) from Afriland Bourse & Investissement, as well as a placement of A$100 million (approximately CFA39.5 billion) to Eagle Eye Asset Holdings. The negative vote therefore blocks the entry of these two investors into the capital, at least for the time being.
Canyon Resources specifies that this setback does not affect the continuation of the initial phase of the project. The company states that Phase 1 of the Minim Martap development remains fully funded thanks to the unused portion of a US$140 million credit facility granted by AFG Bank Cameroon, as well as unaudited cash of approximately US$43 million as of February 28, 2026.
According to updated cash flow projections, the current cash position and the unused balance of bank debt should be sufficient to cover investment needs until the first shipment, without additional funding from Afriland or Eagle Eye Asset Holdings. The company is therefore maintaining its target of a first ore shipment in the third quarter of 2026.
Operationally, Canyon is maintaining its schedule. The surface mining machine has arrived on site, and mining operations are expected to begin before the end of March. The first bauxite production is scheduled for the beginning of the second quarter of 2026. The current cash position, combined with bank financing from AFG, should cover the CAPEX requirements for Phase 1 until the first shipments.
Canyon's Managing Director Peter Secker emphasizes that the mobilization of the surface mining machine is an important step towards production. He adds that the secured financing up to the first shipment makes it possible to stay on course for a first cargo in the third quarter of 2026.
Discussions with manufacturer CRRC are continuing, and the first locomotives are expected at the port of Douala between mid- and late-second quarter 2026 to transport the ore. Canyon is also continuing to discuss with Camrail about a possible increase in its stake beyond 9.1%.
Canyon Resources indicates that commercial discussions are progressing and plans to finalize removal agreements after the first bauxite shipments. The company highlights the characteristics of the Minim Martap ore, with approximately 51% alumina and almost 2% silica. The flagship project in Cameroon holds more than 1.1 billion tonnes of bauxite, with ore reserves of 144 million tonnes at 51.2% Al2O3 and 1.7% SiO2.
The focus is now on Canyon Resources' ability to meet its industrial and logistical deadlines. The project's credibility will depend on the effective launch of operations, the fluidity of the transport chain and the transformation of commercial discussions into firm commitments.
