Canyon invests a further $5.6 million into its Minim Martap bauxite project after completing the first phase of its $6.2 million placement.
The company has announced it has raised more than $5.6 million from the issue of 70.48 million new shares.
Besides funding the feasibility study, canyon recourses have announced it will also use the proceeds to advance strategic projects and offtake discussions.
The Minim Martap project in central Cameroon has a resource of 1 billion tonnes grading 45.3% aluminium oxide and 2.7% silica dioxide that includes an ore reserve of 99Mt at 51.6% aluminium oxide and 2.4% silica dioxide.
It is currently envisaged as a two-stage, two-port project with initial production exported through the port of Douala using existing rail and port infrastructure. The second stage unlocks more tonnes and reduces costs by utilising the planned rail extension to access the deep-water port of Kribi.
The high-grade nature of the Minim Martap resource is expected to require less caustic soda consumption and lower red mud disposal costs, which it claims will reduce its environmental footprint.
Energy requirements are also expected to be lower, a combination that will likely improve the project’s standing with investors interested in environmental, social and governance issues.
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