HEAR IT FIRST WITH OUR DAILY NEWSLETTER



We don't spam. Learn more about our Privacy Policy

Junior bauxite explorer Canyon Resources has tapped well-known mining entrepreneur Tolga Kumova to help with the development of its Minim Martap project in Cameroon.

Canyon (ASX:CAY) told investors this morning that it had appointed Mr Kumova has a strategic advisor.

The news moved shares up 2 per cent to 22c on Tuesday morning.

Mr Kumova is the man best known as former managing director and founding shareholder of Syrah Resources (ASX:SYR), overseeing the company from a tiddler through to a top 200 ASX-listed mining company.

Syrah has an operational graphite mine in Mozambique. Mr Kumova led the company from resource-stage through to full funding through to development.

He has raised more than $500 million for his ASX-listed mining ventures, most of which had projects in Africa.

Mr Kumova ranked number 26 on Financial Review’s Young Rich List this year with a net worth of $104 million, up from $95 million in 2017.

Canyon Resources (ASX:CAY) shares gained ground on the news.
Canyon Resources (ASX:CAY) shares gained ground on the news.

His other mining interests include Alderan Resources (ASX:AL8), New Century Resources (ASX:NCZ), Pure Alumina (ASX:PUA), Meteoric Resources (ASX:MEI), Draig Resources (ASX:DRG), and European Cobalt (ASX:EUC).

Canyon boss Phillip Gallagher said Mr Kumova will “open doors to leading investment banks, funds and off-take groups”.

Mr Kumova, meanwhile, said he believes Canyon’s “world-class” Minim Martap project will “attract significant interest from major aluminium industry participants globally”.

As part consideration for his services, Mr Kumova will receive three tranches of 10 million options which will convert to shares once Canyon’s share price hits 35c, 60c and $1, respectively, within four years.