Canyon's bauxite project further measures up

CANYON Resources’ year of bauxite development milestones in Cameroon has begun with a “high-grade” measured resource of 268 million tonnes grading 49.7% alumina estimated within the overall 1 billion tonne resource at Minim Martap.
Canyon's bauxite project further measures up Canyon's bauxite project further measures up Canyon's bauxite project further measures up Canyon's bauxite project further measures up Canyon's bauxite project further measures up

Canyon keeps heading down the road to development in Cameroon

Overall measured resources total 382Mt at 47.3% alumina, with ongoing metallurgical testing also said to be positive.

"Canyon has now defined many operational decades of measured resources that are all very high-grade and with very low silica," the company said.

"As the global bauxite market has a lot of new lower quality bauxite projects commence production in the past few years, such a potentially consistent long-term supply of such high quality bauxite is quite unique."

Canyon is working towards completing a bankable feasibility study and being issued a mining permit next quarter, with financing targeted for the fourth quarter.

Prefeasibility work completed in mid-2020 outlined a 5Mt per annum stage one development costing an initial US$120 million and having a net present value of nearly $300 million.

Canyon started the current quarter with A$4.8 million cash.

Shares in Canyon were trading at 12c Monday, capitalising the company at $75 million.

The stock is little changed from 12 months ago.

Canyon raised $10 million last August by issuing new shares priced at 10c each.