Ann: Minim Martap Project - Key Agreement Executed, page-34

Canyon moves closer to securing Minim Martap future

PERTH (miningweekly.com) – Bauxite developer Canyon Resources has inked a specifications agreement with the government of Cameroon in relation to its Minim Martap project.

Canyon on Monday told shareholders that the agreement was initially proposed by the Ministry of Mines, and following negotiations over a number of key points, the agreement was executed on May 17.

The agreement confirms Canyon’s obligation and rights in relation to the project’s exploration permits, and stabilises Canyon’s position in relation to the project, until the signing of a mining convention.

“We are very pleased to have executed the agreement with the State of Cameroon. This agreement gives us the confidence of the positive intentions of the government of Cameroon and provides security and clarity as the company takes the Minim Martap project to the next phase,” said MD Phillip Gallagher.

A 2020 prefeasibility study into the project estimated that it would cost some $120-million to develop.

The study reviewed the technical and commercial solutions for Stage 1 of a two-stage development plan, which consists of a mining and direct shipping ore export operation averaging some 5-million tonnes a year exporting through the existing Douala port.