ASX-listed Canyon Resources’ wholly-owned subsidiary, Camalco Cameroon, has acquired the 5.3% equity interest in Cameroon rail network operator Camrail from TotalEnergies Marketing Cameroun (Total Cameroon).

The acquisition from Total Cameroon was finalised on March 14, following the internal approval by the Apex Committee of Total Cameroon.

Camalco has now successfully secured a strategic 9.1% holding in Camrail, having completed the acquisition of a 3.8% interest from Societe d’Exploitation des Bois du Cameroun (SEBC) on February 28.

The total consideration for the combined acquisitions amounted to about A$3.4-million, funded from the company’s existing cash reserves.

Completion of these strategic transactions with Total Cameroon and SEBC provides Camalco a direct stake in Cameroon’s rail infrastructure operator and secures the company a seat on the Camrail board.

This strategic investment is a critical step in Canyon’s broader objective of establishing an efficient transport and logistics network to support the development of its Minim Martap bauxite project, the company says.

“We are pleased to have successfully completed our 9.1% acquisition in Camrail and to now be working alongside its existing shareholders, the State of Cameroon and Africa Global Logistics. This investment is a major step forward in de-risking the logistics pathway for Minim Martap, and I want to acknowledge the continued dedication of the Canyon and Camalco team as we push towards first production in 2026,” Canyon CEO Jean-Sebastien Boutet says.

Minim Martap is a world-class, Tier 1 bauxite project, with the potential to become a long-term, low-cost supplier into a growing and supply-constrained market. With our definitive feasibility study on track for completion in third quarter [of this year], mine planning progressing as scheduled, and integrated rail facility engineering under way, we are making tangible strides toward project execution,” he adds.

“Importantly, we are also advancing discussions regarding delivery schedules for rolling stock and progressing negotiations on port facilities.

“In addition, the initial phase of our two-stage ramp-up has successfully commenced, reflecting our commitment to ensuring a structured and efficient development pathway for the project. We remain focused on securing the remaining rail and port agreements and look forward to providing further updates as we continue to execute on our strategy,” Boutet highlights.