Canyon Resources’ Minim Martap bauxite project in Cameroon faces fresh uncertainty after AFG Bank Cameroon suspended further drawdowns from the project’s syndicated financing facility on August 24, pending a review of its development schedule, financial model and economic assumptions. Canyon has confirmed that Phase 1 will not meet its previous timetable and has withdrawn its Q4 2026 first-shipment target, with no new date announced.
Minim Martap has a mineral resource of around 1.1 billion tonnes and an ore reserve of 144 million tonnes, averaging approximately 51% alumina and 2% silica. Canyon held around AUD 31 million in cash at the end of July, while approximately $75 million had already been drawn from the CFA 82 billion syndicated facility. The company is reducing non-essential spending while reassessing the project’s development and funding pathway.
