Canyon Resources Limited ( (AU:CAY) ) has provided an update.
Canyon Resources Limited has received port access approval from the Port Authority of Douala, marking the final infrastructure agreement needed for the development of its Minim Martap Bauxite Project. This approval allows the company to transport and store up to 6 million tonnes of bauxite annually, with plans to expand to 10 million tonnes. The strategic location and existing infrastructure at the port reduce startup capital expenditures and facilitate the company’s logistics strategy, aiming for the first bauxite shipment by the first half of 2026. The approval also enables the exercise of 500 million options by its major shareholder, Eagle Eye Asset Holdings, further supporting the project’s development.
More about Canyon Resources Limited
Canyon Resources Limited is a company operating in the mining industry, primarily focused on the extraction and export of bauxite. The company is engaged in the development of the Minim Martap Bauxite Project in Cameroon, aiming to efficiently transport and store bauxite ore for export.
YTD Price Performance: 5.56%
Average Trading Volume: 761,607
Technical Sentiment Signal: Sell
Current Market Cap: A$270.2M
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