Canyon Resources, an Australia-based minerals miner, will invest US$96 million to start bauxite production in Cameroon by January 2026, launching the country's first bauxite mine at the Minim Martap project.

The initial phase aims for an annual output of 1.2 million tons. The company's definitive feasibility study, released on September 1, projects output to increase to 10 million tons annually by 2032.

Canyon is funding the first phase with a US$140 million loan from AFG Bank Cameroon and an equity raise. While the company has not yet outlined financing for future expansion, it is set to negotiate long-term sales agreements by the end of 2025.

The 20-year project is expected to generate significant revenue for Cameroon, which holds a 10% project stake and a 5% royalty on revenues.