On July 30, Canyon Resources’ Australia-based subsidiary Camalco inked a bauxite mining agreement with Cameroon.

Under the deal, which is worth at least US$2 billion, Camalco will mine the proven reserves of 99.1 million tons of bauxite, which contains 51.6% alumina and 2.4% silica, in the north of the country.

According to the agreement, the Cameroonian government will have a 10% share of the bauxite mining, and the mining code ruled that 15% of the share must be supplied to the local market.