Canyon Resources Limited Acquires 9.1% Stake in Camrail SA to Boost Logistics
Canyon Resources Limited is set to acquire a 9.1% stake in Camrail SA, enhancing its logistics for the Minimap bauxite deposit. The deal includes purchases from SEBC and Total Energies Marketing Cameroon SA, aiming to improve transportation efficiency to ports.
Canyon Resources Limited, an American mining enterprise, has announced through its subsidiary Camalco Cameroon SA, its intention to acquire a 9.1% ownership in Camrail SA, the operator of Cameroon’s railway system. This advancement is aimed at optimizing logistics routes concerning the development of the highly profitable bauxite deposit known as Minimap, which consists of 109 million tons of bauxite ore.
The acquisition comprises a 3.8% share purchase from Société d’exploitation des Bois du Cameroun (SEBC) for 576 CFA BEAC, which translates to approximately 1.4 million Australian dollars. Furthermore, Camalco plans to procure a 5.3% stake from Total Energies Marketing Cameroon SA for 813 CFA BEAC, equating to around 2 million Australian dollars, contingent upon regulatory approval.
Canyon Resources’ notable investors include Paramount BioCapital Asset Management, Hedgehog Capital, Cantara, Heller Capital Partners, Milfam, and Iroquois Capital. The company is based in Golden, Colorado, specializing in metallurgical and mining operations.
Established in 1999, Camrail SA is responsible for both passenger and freight services within Cameroon under a 20-year concession from the government. It is part of the French investment group Bolloré, which also operates the railway through its subsidiary Comazar, with its headquarters located in Douala, Cameroon.
The acquisition of a 9.1% stake in Camrail SA by Canyon Resources Limited represents a strategic move to enhance logistics for bauxite extraction in Cameroon. By engaging with notable entities and securing crucial shares, Canyon Resources is poised to mitigate transportation efficiencies from mining sites to ports. This initiative underscores the company’s growth objectives within the region’s mining sector.
Original Source: www.akm.ru
