Canyon Resources Limited has agreed to acquire a 9.1% stake in Camrail SA to improve logistics for bauxite transportation from its Minimap deposit. The deal involves purchasing shares from SEBC and Total Energies, enhancing operational efficiencies and reducing transportation risks.
Canyon Resources Limited, an American mining firm, has announced through its subsidiary Camalco Cameroon SA that it will acquire a 9.1% interest in Camrail SA, the operator of Cameroon’s railway network. This acquisition aims to enhance logistics for one of the richest bauxite deposits in Minimap, which contains approximately 109 million tons of bauxite ore, thereby mitigating transportation risks from mines to ports.
The acquisition agreement details that Camalco will purchase 3.8% of Camrail shares from Société d’exploitation des Bois du Cameroun (SEBC) for a sum of 576 CFA BEAC, which is about 1.4 million Australian dollars. Additionally, Camalco intends to procure 5.3% of shares from Total Energies Marketing Cameroon SA at a cost of 813 CFA BEAC, or approximately 2 million Australian dollars, pending regulatory approval.
Canyon Resources boasts a diverse investor base including Paramount BioCapital Asset Management, Hedgehog Capital, Cantara, Heller Capital Partners, Milfam, and Iroquois Capital. Headquartered in Golden, Colorado, Canyon Resources specializes in metallurgy and mining operations.
Camrail SA, the company involved in passenger and freight transport, is a Cameroonian entity that obtained a 20-year concession to run the Cameroon National Railway in 1999. The company operates under the umbrella of the French investment group Bolloré, while the railway services are managed by Comazar, another subsidiary of Bolloré, with its headquarters situated in Douala, Cameroon.
In summary, Canyon Resources Limited’s acquisition of a 9.1% stake in Camrail SA represents a strategic effort to optimize transportation logistics for the Minimap bauxite deposit. The deal includes shares from both SEBC and Total Energies, highlighting a concerted approach to bolster its mining operations. This move may significantly enhance transportation efficiency between mining sites and ports.
Original Source: www.akm.ru
