Canyon Resources Signs MOU With Port Authority Of Douala On Development Of Infrastructure

Canyon Resources Signs MOU With Port Authority Of Douala On Development Of Infrastructure

Perth-based mineral miner Canyon Resources Limited signed a memorandum of understanding (MOU) with Port Authority of Douala this week to develop infrastructure at Port of Douala-Bonabéri in the African country of Cameroon.

Per Canyon Resources, the MOU lays out the groundwork upon which Canyon Resources and the Port Authority may partner on developing and upgrading the current port facilities on the right bank of the Wouri River. Development in the area would be done with an eye towards designing, financing, constructing, operating, and maintaining facilities for exporting bauxite from Canyon’s Minim Martap Project via the port.

As the port authority is responsible for developing and controlling port operations and security, an agreement with that body is critical to any future plans at the site. Not only would building up infrastructure at the site benefit Canyon Resources and its Minim Martap Project, improvements at the port would also give a significant boost to Cameroon’s economy, as the port could potentially become a major logistics hub for the Gulf of Guinea.

Canyon Resources Chief Executive Officer Jean-Sebastien Boutet said in a press release that the agreement is critical for taking the next step in developing the Port of Douala-Bonabéri.

“We are pleased to announce this MOU with the Port of Douala after a detailed and collaborative negotiation. The Port of Douala is embarking on a significant program of modernisation of its infrastructure and this MOU is an important step to align with this program.”

“Discussions with government officials in Cameroon continue to be conducted in a positive manner,” Boutet continued. “As further milestones are reached regarding these discussions, we will update shareholders.”

The MOU will run for one year with the possibility of a six-month renewal period.