Minim Martap bauxite project: Afriland First Bank awaits regulatory approval to invest.

The statement indicates that Afriland First Bank, is waiting for okays from the Bank of Central African States, BEAC, and the Central African Financial Supervisory Commission, COSUMAF and the government.

The project which authorities say is programmed to result in the export of bauxite by the first quarter of 2026 is still in need of funding. 

Canyon is said to be in search of 170 million Australian dollars (approximately 62 billion FCFA) to finance the investment.

Canyong Resources, according to media reports, is counting on the entry of Afriland First Bank, a major financial power house to strengthen local ownership in the venture.

In the November 7 public statement, the Company referenced its September 2025 announcement that touched on accelerating fundraising to fast-track works.

The total estimate cost of the project put at 215 Australian Dollars, (85.3 billion FCFA), officials had noted, was going to be raised in two phases. To note that the main shareholder in the project, Eagle Eye Assets EEA, holds 56.5% of the capital.

The first tranche, amounting to 36 million, Australian Dollars (about 13.3 billion FCFA), had already been finalized, officials stated.

Afriland First Bank is expected to pumped in over 25 billion FCFA of the over 62 billion FCFA to advance the development of the deposit. 

This is expected to be done through its investment arm, Afriland Bourse and Investment. If the approval comes through, Afriland First Bank, will hold over 10.1% of the shares in the investment.

Meantime, shareholders of Crayon are expected to meet on November 25 and take decisions regarding the next phase of the investment. Ahead of the meeting, EEA which is the major shareholder is said to have restated its support. 

“We look forward to maintaining our strong partnership with Canyon as it continues to advance key short-term project milestones and finalize the next A$100 million equity financing phase under Tranche II,” the company is said to have noted.

The Chief Executive Officer, CEO, of EEA, Peter Secker, is also quoted as having noted that: “Canyon is well-funded following recent capital raises, which have enabled us to secure key items with long lead times, such as locomotives and railcars, which will be delivered on time in the first quarter of 2026,”.

The equipment is said to have been ordered from China with delivery expected in the first three months of next year.

The respect of the equipment delivery deadline, officials have said, remains key in meeting the projected start of bauxite export in the first quarter of 2026.

EEA is said to have corroborated the point stating that: “Following the recent presidential election in Cameroon, work on the company's Minim Martap project has continued without significant disruption”.

This article was first published in The Guardian Post Edition No:3623 of Thursday November 13, 2025