Canyon Resources (ASX:CAY) said Wednesday that its wholly-owned unit, Camalco Cameroon, received approval from the Port Authority of Douala to secure access to the land at the Port of Douala in Cameroon.
Detailed design for bauxite port loading infrastructure has now started, according to a statement.
The agreement allows Canyon to transport and store up to 6 million tonnes per annum of bauxite ore, and the design work currently being developed aims to expand production in phases up to 10 million tonnes per annum.
Securing access to the port area is the final condition precedent for the firm's major and long-term shareholder Eagle Eye Asset Holdings to exercise its 500 million options, which are priced at AU$0.07. It expects Eagle Eye to exercise these options in May.
The final investment decision for the firm's Minim Martap bauxite project is for the June quarter.
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