How Canyon Resources Is Racing to Ship Bauxite by Mid-2026
Canyon Resources has secured a significant credit facility and advanced key contracts, setting the stage for production and first bauxite shipments from its Minim Martap project in early 2026.
- US$140 million credit facility secured from AFG Bank Cameroon
- A$15.8 million raised via Eagle Eye Asset Holdings option exercise
- Locomotive order placed with CRRC Ziyang for Q1 2026 delivery
- Groundbreaking for Inland Rail Facility scheduled for July 2025
- Mining and haulage contractors appointed, production to start Q1 2026
Financing and Strategic Backing
Canyon Resources Limited has taken a major step forward in developing its flagship Minim Martap Bauxite Project in Cameroon by securing a medium-term syndicated credit facility of approximately US$140 million from AFG Bank Cameroon. This financial backing, combined with A$15.8 million raised through the recent exercise of options by major shareholder Eagle Eye Asset Holdings, has enabled the company to move decisively into the construction and operational phase.
Advancing Infrastructure and Contracts
With funding in place, Canyon has placed an order for 22 locomotives with CRRC Ziyang Co. Ltd, with the first deliveries expected in the first quarter of 2026. This is a critical component of the company’s logistics chain, facilitating the transport of bauxite ore from the mine site to the port. Additionally, the company has appointed contractors for road construction, mining, and ore haulage, all scheduled to mobilize by the end of 2025 to support production commencement in early 2026.
Infrastructure Milestones and Production Outlook
Groundbreaking for the Inland Rail Facility (IRF) near Ngaoundal is slated for July 2025. This facility will serve as a pivotal loading station, linking the haulage road from Minim Martap to the railway network leading to the Port of Douala. The coordinated development of these transport assets is designed to ensure a seamless supply chain for the first bauxite shipments, targeted for the first half of 2026.
Resource Updates and Strategic Vision
Canyon plans to release updated JORC-compliant Mineral Resource and Reserve estimates by the end of July 2025, which will provide further clarity on the project’s scale and potential. Executive Chairman Mark Hohnen highlighted the rapid progress since receiving the mining license in late 2024 and emphasized the company’s commitment to becoming a key supplier of high-quality bauxite to a market in urgent need of new sources.
Looking Ahead
The company’s focus now shifts to finalizing its Definitive Feasibility Study, which will outline a two-stage ramp-up strategy aimed at optimizing production and market entry. With critical contracts secured and infrastructure development underway, Canyon Resources is positioning itself to meet growing global demand for bauxite, a vital raw material for aluminium production.
Bottom Line?
Canyon’s secured financing and infrastructure contracts set a clear path to first shipments, but execution risks remain as 2026 approaches.
Questions in the middle?
- Will the updated Mineral Resource and Reserve estimates meet or exceed market expectations?
- How will global bauxite market conditions impact Canyon’s pricing and off-take agreements?
- What are the potential risks to the project timeline given regional infrastructure and logistical challenges?
