True. But for those who really wants to know, the answer is in this article, underlined.
Canyon Resources and Cameroon set the rules of their agreement, until the signing of the Mining Agreement
(Ecofin Agency) - As it nears the start of production of the Minim Martap bauxite project, the company Canyon Resources is looking for guarantees to reassure its investors. In the absence of the Mining Agreement, the Specifications offer it the legal framework necessary to move forward peacefully.
Canyon Resources has signed an agreement with the Cameroonian State relating to its Specifications in the country, prior to the conclusion of a mining agreement between the two parties. This is the announcement made on May 31, 2021 by the Australian mining company, which specifies that the documents were initialed on May 17 by the Minister of Mines, **riel Dodo Ndoke, and the CEO of Canyon, Phillip Gallagher.
As its name suggests, the Specifications set in particular the obligations of the two parties as well as the rules that will govern their collaboration on the Minim Martap bauxite project, until the signing of the Mining Agreement. Thus, the Cameroonian State confirms the rights of Canyon and undertakes to maintain stable tax, customs and exchange regulations.
As for Canyon, it will continue to respect the obligations contained in its exploration license, in particular the financial commitments and the regular production of reports on the development of the project. The company also undertakes to pay an amount, which will be agreed by consensus, in compensation for the work carried out on the Minim Martap project before its arrival. Before signing the Mining Agreement, it will also have to present to the State the various technical and financial partners who will help it in the exploitation phase of the deposits.
Note that the two parties also undertake to submit to the International Center for the Settlement of Investment Disputes, any dispute not resolved amicably.
It should be noted that the terms of the agreement provide both Canyon Resources and the Cameroonian State with the necessary confidence to continue the collaboration. The first can assure its various partners of the legality and stability that surround its activity in Cameroon while the second has the necessary levers to ensure that Canyon conducts its operations correctly.
As a reminder, the Minim Martap project hosts more than one billion tonnes of bauxite resources, of which around 100 million tonnes are classified as proven reserves.
Emiliano Tossou
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