Canyon Resources' Cameroon Unit Raising Stake in Local Rail Transportation Firm for AU$23.8 Million

MT Newswires Live

May 08

Canyon Resources' (ASX:CAY) Camalco Cameroon subsidiary is set to raise its stake in Camrail, the country's primary rail transportation firm, to 26.9% from 9.1% for consideration of about AU$23.8 million, according to a Friday filing with the Australian bourse.

The larger stake will help the company secure timely bauxite transportation slots with Camrail, and is also expected to de-risk its mine-to-port logistics chain as it nears first production at the Minim Martap bauxite project.

The deal is expected to close in the second quarter.

The Cameroon subsidiary has also completed a roughly AU$800,000 investment in Terminal Bois du Port de Douala for a 42.8% stake in the operator of the Port of Douala, boosting Canyon Resources' control over export logistics.

The company's shares fell 3% in recent Friday trade.

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