Canyon Resources (ASX: CAY) has significantly advanced the de-risking of its Minim Martap bauxite project's logistics by increasing its stakes in key infrastructure operators and progressing trial mining, targeting its first bauxite shipment for late Q3 2026.
Canyon’s in-country subsidiary, Camalco, has boosted its stake in rail operator Camrail from 9.1% to 26.9% following a payment of XAF 9.852 billion.
The company has also secured a 42.8% stake in Port of Douala operator Terminal Bois du Port de Douala S.A. through an investment of CFA 347.447 million, approximately A$0.8 million.
These strategic investments are expected to strengthen coordination for the PQ2 rail upgrade and secure timely bauxite transportation slots.
The completion of the increased Camrail stake is targeted for Q2 2026 after administrative registration.
Mine-to-Port Operations Progress
Surface mining equipment was mobilised to the Daniel Plateau in April.
Trial mining is set to commence in mid-Q2 2026 to build bauxite stockpiles at the mine, Inland Rail Facility (IRF), and port.
Tracklaying at the IRF and bulk earthworks at the Port of Douala have begun in preparation for rail operations and port storage, crucial steps before the first shipment.
The first seven locomotives are expected to arrive at the Port of Douala in late Q2 2026, with rail wagons following in July 2026.
These arrivals are critical to support operations ahead of the first bauxite shipment targeted for late September 2026.
Project Development Milestones
A feasibility study for a proposed value-adding alumina refinery is on track for completion by Q3 2026.
Discussions with potential offtake partners are ongoing.
Canyon aims to finalise these agreements after initial shipments have demonstrated the ore’s quality.
The Minim Martap ore reserve comprises 51% alumina and approximately 2% silica.
Previous coverage has highlighted a “world class” high-grade bauxite zone within the project.
Previous Updates & Funding
Previous updates confirmed that Stage 1 capital requirements, through to the first ore shipment, are fully supported.
This is backed by the company's current cash and existing US$140 million AFG Bank Cameroon debt facility.
Canyon had previously been in discussions to increase its Camrail equity interest from 9.1% to above 20%.
A corporate update in April 2026 noted the resignation of CEO Peter Secker and Non-Executive Director Scott Phegan.
Outlook and Risks
Canyon Resources has made significant strides in de-risking the logistics chain for its Minim Martap bauxite project through strategic infrastructure investments and operational progress.
However, execution risks related to logistics, finalising offtake agreements, and potential funding or regulatory hurdles remain key areas for investor focus.
