Cameroon Bauxite Project Minim-Martap Faces Funding and Viability Concerns

Africa Minerals and Metals Processing Platform (A2MP), the largest shareholder of Canyon Resources, has warned that cash flows from the Minim‑Martap bauxite project are unlikely to cover the CFA 82 billion (about $140 million) syndicated loan from AFG Bank Cameroon. Approximately $57 million of the facility has already been drawn, and A2MP says the project’s economics are weaker than projected, citing a lower bauxite price premium and higher logistics and tax costs.

A2MP’s assessment, filed with the Australian Securities Exchange on 29 July, accompanies its bid to acquire the remaining shares of Canyon Resources. The investor already controls about 55.6 % of the company and is offering AUD 0.05 per share, while Canyon’s stock fell 31 % on the day. The project, slated to become Cameroon’s first bauxite mine, was expected to start production in early 2026 but has been pushed to the third quarter of this year. A2MP cautioned that it cannot guarantee additional funding if its takeover bid fails, adding further uncertainty to the venture’s future.