Canyon Resources’ Camalco Cameroon is set to acquire a 9.1% stake in Camrail, enhancing logistics for the Minim Martap bauxite mine. This includes a 3.8% stake from SEBC and a 5.3% stake from TotalEnergies, costing around A$3.4 million. The acquisition’s completion requires approval from Total Cameroon’s apex committee.
Canyon Resources’ subsidiary, Camalco Cameroon, has received authorization to acquire a 9.1% stake in Camrail, a railway transportation company. The acquisition includes a 3.8% stake purchased from Société d’Exploitation des Bois du Cameroun (SEBC) in February and a 5.3% stake from TotalEnergies, expected to finalize by the end of March. The total cost for these equity interests is approximately A$3.4 million.
Following these acquisitions, Camalco Cameroon will secure representation on the Camrail board. Canyon Resources stated that this investment aims to enhance the logistics for the Minim Martap bauxite mine, located in northern Cameroon’s Adamawa Region. This mine is considered vital for the company’s long-term operational strategy.
Jean-Sebastien Boutet, CEO of Canyon Resources, emphasized the potential of the Minim Martap bauxite project, describing it as a “standout, Tier 1 bauxite project” with the attributes necessary to establish a sustainable, low-cost operation that caters to an expanding market. The acquisition from TotalEnergies is pending approval from Total Cameroon’s apex committee, which is key for its completion.
Canyon Resources, through its subsidiary Camalco Cameroon, is strategically acquiring a 9.1% stake in Camrail to bolster its operational logistics for the Minim Martap bauxite mine. The dual acquisitions from SEBC and TotalEnergies, valued at A$3.4 million, will position Camalco on the Camrail board, facilitating enhanced logistical support. The CEO’s remarks underline the project’s long-term market potential and operational viability.
Original Source: energycapitalpower.com
