Canyon Resources extends research permits in Cameroon adjoining Minim-Martap Bauxite Project
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Two-year extensions have been granted for Canyon’s Makan and Ngaoundal bauxite research permits, which adjoin the Minim-Martap Project in Central Cameroon, Africa.
Canyon’s (ASX:CAY) subsidiary Camalco is still awaiting the grant of an exploitation licence over the Minim-Martap research permit but expects this is imminent, as is the entry by Camalco and the Government of Cameroon into the Mining Convention for the project.
On February 18, La Société Nationale des Mines (Sonamines) and China Railway No. 5 Engineering Group (CREC 5) announced their entry into a MoU to carry out research work on the area of the Makan and Ngaoundal research permits.
Camalco was not a party to the MOU, nor was it aware of Sonamines and CREC 5 negotiating an agreement with respect to the area of the research permits.
The Minister for Mines, Industry and Technological Development decided the actions of Sonamines and CREC 5 were void and that those actions were not in accordance with the Mining Code of Cameroon.
CAY managing director Phillip Gallagher said the company was delighted that the granting of the extensions removed the uncertainty created by the actions of Sonamines and CREC 5.
“We would like to publicly acknowledge the swift action of the Minister in addressing the issue. It gives investors great confidence that the State of Cameroon acts swiftly and in the manner which ensures its laws are respected,” he said.
“Canyon is also pleased to have recently received the signatures of over 15 relevant Ministries in Cameroon approving the terms of the negotiated Mining Convention for the Minim Martap Permit.
“We look forward to executing the Mining Convention with the State of Cameroon in the near future.”
This article was developed in collaboration with Canyon Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.