Canyon Says Unit Secures $140 Million Loan for Africa Project

MT Newswires Live

2025/05/26

Canyon Resources (ASX:CAY) said its Camalco unit secured a $140 million credit facility from AFG Bank Cameroon for its Minim Martap bauxite project in Africa, according to a Monday filing with the Australian bourse.

The loan will be used to acquire locomotives and wagons, and develop rail lines, ore transport systems, and port infrastructure, with drawdown expected in the third quarter of fiscal 2025, the filing said.

Major shareholder Eagle Eye Asset Holdings also plans to contribute AU$24.5 million via option exercise to help fund stage one operations, the filing added.

First bauxite shipments are targeted for the first half of fiscal 2026, the company said.

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