【SMM Aluminum Flash News】Canyon Resources’ Minim Martap project faces uncertainty over funding and first shipment
Canyon Resources’ plans to bring its Minim Martap bauxite project in Cameroon into production, have been thrown into fresh uncertainty after AFG Bank Cameroon suspended further drawdowns from the project’s syndicated financing facility. The bank suspended access to the remaining funds on August 24, 2026, pending a review of the project’s development schedule, financial model and underlying economic assumptions. The move comes as Canyon acknowledges that it will not meet its Phase 1 development timetable and has removed its previous first-shipment target without setting a new date. For a project that had been targeting its first bauxite shipment in the fourth quarter of 2026, the change is significant. Canyon has also moved to reduce non-essential spending while it works through the funding review.