Perth-based mineral miner Canyon Resources Limited announced yesterday the execution of a Strategic Partnership Agreement and a Memorandum of Understanding with China’s Zhongye Changtian International Engineering Corporation of MCC (MCC-CIE) to develop its Minim Martap Bauxite Project in Cameroon.
According to a filing made with Australia’s stock exchange, MCC-CIE will increase its involvement in the project and provide support to Canyon where needed in areas including financing, off-take, technical and business issues.
Canyon has been working with MCC-CIE for some time prior to this new agreement. It began working with the division of Metallurgical Corporation of China in 2020 on the feasibility study contract that set up Stage 1 of the operations at Minim Martap.
Canyon Managing Director Phillip Gallagher said in the filing that the new agreement bodes well for the Cameroonian project.
“Canyon has worked with MCC-CIE since late 2020 on the BFS for the Minim Martap Project and the signing of this Strategic Partnership and MOU is a very positive next step. Executing the MOU with MCC-CIE is a testament to the sound relationship Canyon and MCC-CIE have established in a relatively short space of time, and MCC-CIE will introduce real options for project financing and off-take. It is a great benefit to Canyon to have a Strategic Partner with extensive experience in building and operating mining projects in Africa.”
“MCC-CIE is part of the MCC and Minmetals group of companies that own and operate mines across various commodities, alumina refineries and aluminium smelters,” he continued. “They know the Minim Martap Project very well due to their ongoing involvement with the BFS. It is exciting to have a technical and financial partner of the scale and calibre of MCC-CIE offering to substantially increase its involvement in the Project, thereby confirming MCC-CIE’s endorsement of the Minim Martap Project and Cameroon as a whole.”