(Business in Cameroon) - ASX-listed mining company Canyon Resources recently issued 100 million new ordinary shares to raise funds for the definitive feasibility studies of its Minim Martap bauxite project in Cameroon. In doing so, the company expects to raise $10 million (about XAF6 billion), including $5.6 million provided by Peter Su, a strategic investor with business interests in Australia and China.  

“I have invested in Canyon Resources as I believe the Minim Martap Project is the best bauxite opportunity in the world (…) My family has long been involved in bauxite mining and alumina refining in China and I am looking to leverage my high-level contacts in the bauxite and alumina industries in Australia and China to develop the project as quickly as possible,” the new investor who now holds 9.4% shares in Canyon Resources said.

The intended feasibility study will help fine-tune the results of the pre-feasibility study, which estimated the investment required for the implementation of the Minim Martap project (whose untapped reserves were recently evaluated at 97.3 million tons) at about $120 million (nearly XAF72 billion). With this new investment, Canyon Resources is getting closer to its goal of reaching the production phase in 2022.