ASX-listed Canyon Resources, through its wholly owned subsidiary Camalco Cameroon, has acquired a 5.3% equity stake in Cameroon’s rail network operator, Camrail, from TotalEnergies Marketing Cameroun (Total Cameroon).
The transaction was finalized on March 14, following internal approval from Total Cameroon’s Apex Committee.
With this latest acquisition, Camalco now holds a strategic 9.1% stake in Camrail, having previously secured a 3.8% interest from Société d’Exploitation des Bois du Cameroun (SEBC) on February 28.
The combined acquisitions amounted to approximately A$3.4 million, funded from Canyon’s existing cash reserves.
Securing a direct stake in Cameroon’s rail infrastructure grants Camalco a seat on Camrail’s board, reinforcing its strategic position in the country’s transport sector.
This investment is a key milestone in Canyon’s broader objective of developing an efficient logistics network to support its Minim Martap bauxite project.
“We are pleased to have completed our 9.1% acquisition in Camrail and to now be working alongside the State of Cameroon and Africa Global Logistics,” said Canyon CEO Jean-Sébastien Boutet.
“This investment is a significant step in de-risking the logistics pathway for Minim Martap, and I commend the dedication of the Canyon and Camalco teams as we progress toward first production in 2026.”
Minim Martap is a world-class, Tier 1 bauxite project with the potential to become a long-term, low-cost supplier to a growing, supply-constrained market.
Canyon remains on track to complete its definitive feasibility study in the third quarter of this year, with mine planning and integrated rail facility engineering progressing as scheduled.
Additionally, the company is advancing discussions on rolling stock delivery schedules and negotiating port facility agreements.
“The initial phase of our two-stage ramp-up has successfully commenced, underscoring our commitment to a structured and efficient development pathway,” Boutet added.
“We remain focused on securing the remaining rail and port agreements and look forward to providing further updates as we execute our strategy.”
