Canyon Resources Limited acquires a 9.1% stake in Camrail SA, aimed at optimizing logistics for bauxite transportation in Cameroon. The purchase involves shares from SEBC and Total Energies and enhances operational efficiency for the company’s bauxite projects.
Canyon Resources Limited, an American mining company, acquired a 9.1% stake in Camrail SA, Cameroon’s railway operator, through its subsidiary Camalco Cameroon SA. This agreement signifies a crucial step in establishing an efficient logistics route aimed at developing the Minimap project, which has rich bauxite deposits estimated at 109 million tons. The acquisition will also reduce transportation risks from mining sites to ports.
As part of the deal, Camalco will purchase a 3.8% stake from Société d’exploitation des Bois du Cameroun (SEBC) for 576 CFA BEAC, amounting to about 1.4 million Australian dollars. Additionally, it plans to buy a 5.3% stake from Total Energies Marketing Cameroon SA for 813 CFA BEAC, which equals 2 million Australian dollars, dependent on regulatory approval.
Canyon Resources maintains a minor shareholder base including Paramount BioCapital Asset Management, Hedgehog Capital, Cantara, Heller Capital Partners, Milfam, and Iroquois Capital. The company is based in Golden, Colorado, and focuses on metallurgical and mining operations.
Camrail SA is involved in passenger and freight transportation within Cameroon and has operated the national railway under a 20-year concession since 1999. The company is part of the French investment group Bolloré and is headquartered in Douala, Cameroon, where its operations are managed by a subsidiary named Comazar.
Canyon Resources’ acquisition of a 9.1% stake in Camrail SA is aimed at enhancing logistics for its bauxite mining projects in Cameroon. The stakes, purchased from two companies, symbolize a strategic move to ensure efficient transportation from mines to ports, thereby reducing operational risks. The investment aligns with Canyon Resources’ focus on developing valuable mineral resources.
Original Source: www.akm.ru
