How Canyon Resources Is Steering Minim Martap Toward Q2 2026 Bauxite Shipment
Canyon Resources confirms steady progress at its Minim Martap bauxite project in Cameroon, with mining set to start in early 2026 and first shipments expected by mid-year, supported by secured financing and key equipment deliveries.
- Mining development to commence in Q1 2026
- Locomotives and rail wagons delivery scheduled for Q1 2026
- Project fully financed to Stage 1 production with debt and equity
- Minor construction delays but overall timeline unchanged
- Political stability maintained following President Paul Biya’s re-election
Project Progress Amid Political Stability
Canyon Resources Limited (ASX, CAY) has provided a reassuring update on its Minim Martap bauxite project in Cameroon, confirming that despite some minor construction delays, the project remains on track for its first bauxite shipment in the second quarter of 2026. This progress comes in the wake of President Paul Biya’s recent re-election, which has helped maintain a stable political environment crucial for ongoing development activities.
The company reported that construction work continues on critical infrastructure, including the ore haulage access road, the Intermediate Rail Facility (IRF), and site access routes. While some delays have been experienced, these have not impacted the overall project timeline, which remains unchanged.
Key Equipment Deliveries and Mining Start
Locomotives ordered from CRRC Ziyan Co. Ltd in China are on schedule for delivery in the first quarter of 2026, alongside rail wagons essential for transporting bauxite ore. The appointed mining contractor has already visited the site and confirmed readiness to commence mining operations in the same quarter, setting the stage for the first shipment of bauxite ore in Q2 2026.
Robust Financing Secures Stage 1 Production
Financially, the project is well supported. Canyon has secured approximately US$140 million in debt financing from AFG Bank Cameroon, complemented by a recent A$35.6 million equity raise. Notably, major shareholder Eagle Eye Assets (EEA) has committed to exercising options to raise an additional A$10 million. A second tranche of equity funding, totaling A$170 million, remains conditional on shareholder and regulatory approvals, including from regional financial authorities and the Cameroonian government.
EEA expressed confidence in the partnership, emphasizing its commitment to supporting Canyon through upcoming project milestones and the completion of the next funding phase.
Looking Ahead
CEO Peter Secker highlighted that the company’s ability to secure key long-lead items and maintain momentum despite regional unrest reports underscores the resilience of the project. With the Annual General Meeting scheduled for late November 2025, investors will be watching closely for the approval of the conditional funding tranche and any further updates on project execution.
Bottom Line?
With financing largely secured and key milestones approaching, Canyon’s Minim Martap project is poised to deliver its first bauxite shipment in mid-2026, though regulatory approvals remain a watchpoint.
Questions in the middle?
- Will shareholder and regulatory approvals for the second tranche of equity funding be secured on schedule?
- How might any unforeseen political or social unrest in Cameroon impact the project’s timeline?
- What are the contingency plans if equipment deliveries face delays beyond Q1 2026?
