Canyon’s new director, Traditional Chief Nfon Ekoko Mukete, backs bauxite project
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African bauxite player Canyon Resources has named a new director to subsidiary Camalco Cameroon in Nfon Ekoko Mukete – the Traditional Chief of Kumba and Paramount Ruler of the Bafaw tribe.
And he has one hell of a resume, holding extensive business positions in Cameroon, including:
Plus, the Nfon’s family has also made substantial private investments in Cameroon, including interests in MTN Cameroon – the country’s largest mobile phone network provider.
Canyon Resources (ASX:CAY) is planning to release the bankable feasibility study for its Minim Martap bauxite project in the coming weeks and MD Phillip Gallagher said the appointment will help guide development of the project.
“The Nfon will provide valuable insight and access to high levels of Government and business in Cameroon and across Africa, as well as guidance and advice for Camalco as we progress the permitting and development of the project,” he said.
“In addition to this, the Nfon’s long-term experience as chairman of a major financial institution in Cameroon will help guide Canyon and the Camalco board through the local financial landscape as well as contact with African focused funding groups.”
The project has an ore reserve of 99 million tonnes grading 51.6% aluminium oxide and 2.4% silica dioxide within a broader resource of 1bn tonnes at 45.3% aluminium oxide and 2.7% silica dioxide.
Canyon is planning a two-stage, two-port project with initial production exported through Douala using existing rail and port infrastructure.
And Nfon Mukete says he can see the enormous benefits for the country by having the project come into production.
“As a traditional ruler in Cameroon and having extensive business experience in the public and private sectors, I believe that I will add a unique perspective to Camalco as the company looks to fast track its development,” he said.
This article was developed in collaboration with Canyon Resources Limited, 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.