Minim Martap
One of the Most Promising Bauxite Projects Globally
Minim Martap ranks among the world’s richest bauxite deposits, with an Ore Reserve of 144Mt at 51.2% Al2O3 and 2% SiO2 + a JORC Mineral Resource Estimate of 1,102Mt at 45.3% Al2O3.
The Project is situated in the commune of Martap, in the Adamawa Region of Cameroon near the main rail line linking the region to the Atlantic port of Douala.
Minim Martap will produce high-grade bauxite and low reactive silica, which is suitable for both low and high-temperature alumina refinery technologies.
The Definitive Feasibility Study completed in September 2025 generated strong outcomes which included: Initial capex of US$96M, NPV of US$835M, IRR of 29%, DSO grade of 51% Al2O3 and 2% Si, and annual cashflow at 10Mtpa will be US$174M/year.
Definitive Feasibility Study
Results Available
Independent Expert Report Highlights
Minim Martap has been independently assessed by ERM Australia Consultants (technical specialist) as part of the Independent Expert’s Report prepared by BDO Corporate Finance (August 2026). Key findings include:
- Quality: ERM ranks the bauxite among the highest-quality known.
- Scale: the 1,102Mt Resource and 144Mt Reserve.
- Mine plan: 20-year initial mine plan.
- Product: simple direct-shipping product (surface mining, no processing at site).
- Pricing: the 16% to 17% price premium to GBIX (the benchmark bauxite price).
- Development stage: advanced development status.
- Logistics: the existing rail route to Douala.
- Growth: the phased growth path.
- Upside: resource upside outside the current mine plan.
Movement in Project post-tax net present value since the DFS
The figure above sets out the movement in the Project’s post-tax net present value between the DFS and the updated model.
Prime Location
At the core of development for Minim Martap is the execution of the Company’s mine-to-port logistics strategy.
Access to large-scale logistics infrastructure enables cost effective and reliable transport of product from Minim Martap. Canyon has continued to progress plans for a secure and reliable supply chain for Minim Martap including:
- The use of existing rail corridor to Douala port (800 km)
- An increased equity stake in Camrail, Cameroon's national rail operator, to 26.9%, strengthening Canyon's oversight of the PQ2 rail upgrade
- Rail upgrades on junction to be partly funded by the World Bank & European Investment Bank
- The procurement of own locomotives and wagons, which have partially arrived in country to ensure control over logistics, cost efficiency and reliability
- A dedicated terminal is designated by The Port Authority of Douala that will offer bauxite-specific unloading, stockpiling, and barge-loading facilities. The terminal is to be established on the banks of the Wouri River near Dibamba
- A 42.8% strategic investment in Terminal Bois du Port de Douala S.A., operator of the Port of Douala, securing export rights for bauxite and alumina and import rights for raw materials
Progressing to Production
Camalco is the in-country subsidiary of Canyon Resources through which Canyon holds its interest in the Minim Martap Project.