Canyon advances early works on now-permitted Minim Martap bauxite project
ASX-listed bauxite miner Canyon Resources and its subsidiary Camalco have been granted a mining licence for the Minim Martap project in Cameroon.
The 20-year licence is conditional upon the companies starting development work on the project within two years and producing bauxite and alumina within five years.
Canyon says the award of the licence, as well as a mining convention, follows an extensive approval process and is testament to the strong levels of support from the Cameroon authorities for the project.
The mining licence can be reviewed for one or more periods not exceeding ten years each.
The company has a strong pipeline of activities planned for the next 12 months, including the development of infrastructure for port and rail access and a revised bankable feasibility study (BFS).
Canyon is also progressing discussions with various potential offtakers and financiers.
Meanwhile, Canyon continues to progress a drilling programme on the Makan and Ngaoundal prospects within the Minim Martap project, with results expected before the end of the year. The company aims to update the mineral resource estimate of the project and work the results into the revised BFS.
Minim Martap contains more than one-billion tonnes of high-grade bauxite with more exploration upside. The current 20-year mining schedule of the project represents only 10.6% of the current resource.
The company had A$20.3-million of cash on hand at the end of September.
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