【SMM Aluminium Flash News】Canyon Resources’ bauxite project hits funding pause as first shipment timeline withdrawn

Published: Aug 26, 2026 17:25

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Canyon Resources’ Minim Martap bauxite project in Cameroon has hit a fresh financing hurdle after AFG Bank Cameroon suspended further drawdowns under the project’s loan facility, prompting the company to withdraw its previously announced first-shipment timeline. The development comes as Canyon also faces funding constraints linked to the takeover bid from A2MP Investments FZCO. Canyon said its Cameroon-based subsidiary, Camalco Cameroon, received formal notice from AFG Bank that further disbursements under the loan facility would be suspended. The lender wants to complete a review of the Minim Martap project development schedule, financial model and other financial inputs, as well as conduct a site visit, before releasing additional funds. The funding pause is significant because the project has been progressing towards mining and export infrastructure, with Canyon previously targeting its first bauxite shipment in the fourth quarter of 2026.

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