Australia-listed Canyon Resources on Monday announced a $140-million credit facility to advance its Minim Martap bauxite project in Cameroon.

The funding, arranged through AFG Bank Cameroon, will support infrastructure development for Stage 1 operations, including the acquisition of locomotives and wagons, as well as the development of rail and port facilities.

In parallel, major shareholder Eagle Eye Asset Holdings has advised of its intention to exercise 350-million options, injecting a further A$24.5-million into the project.

“The progress the team has made since we received our mining licence in September 2024 is truly impressive and I would like to thank the Canyon team, Eagle Eye and our key stakeholders for their continued efforts, advice and support in placing Canyon in the position we are today,” said Canyon executive chairperson Mark Hohnen.

AFG Bank Cameroon, a top-three lender in the country by deposits and loans, is the banking arm of Atlantic Group, the West African conglomerate founded by Ivorian businessman Kone Dossongui. The agreement was led by Léon Koffi Konan, chair of AFG Holding, and AFG Bank Cameroon managing director Eric Valery Zoa.

“AFG Bank Cameroon is an excellent partner for Canyon and through the $140-million credit facility in place, along with the A$24.5-million in funds to be received from the option exercise by Eagle Eye, Canyon is now in a strong financial position to fund Stage 1 operations at Minim Martap,” Hohnen said.

Canyon has made rapid progress since obtaining its mining licence last September, securing land for key port and inland rail infrastructure. A final investment decision and completion of a definitive feasibility study remain on the near-term agenda.

“Importantly, the potential and world-class nature of Minim Martap is now being recognised across key stakeholder groups and market participants. We will continue to move at pace, deliver on our strategy and execute on a busy 12-month programme as we work towards first shipment and growing the company in size, scale and valuation,” Hohnen added.

Drawdown on the facility is expected in the third quarter of 2025.

The 2022 bankable feasibility study BFS for Minim Martap outlined an operation that will produce up to 6.4-million tonnes of high-grade bauxite a year.