Canyon to acquire stake in Camrail to progress logistics for Cameroon project
The board of Cameroon rail network operator Camrail has given approval for Total Energies Marketing Cameroun and Societe d’Exploitation des Bois du Cameroun (SEBC) to enter into share sale agreements with ASX-listed Canyon Resources’ wholly owned in-country subsidiary Camalco Cameroon, which will acquire a strategic 9.1% investment in Camrail, as well as secure a position on the Camrail board upon the completion of the two acquisitions. The execution of these agreements and investment in Camrail further de-risks the company’s position in securing and optimising the logistics solution for Canyon’s flagship Minim Martap bauxite project in Cameroon, the company posits.
The board of Cameroon rail network operator Camrail has given approval for Total Energies Marketing Cameroun and Societe d’Exploitation des Bois du Cameroun (SEBC) to enter into share sale agreements with ASX-listed Canyon Resources’ wholly owned in-country subsidiary Camalco Cameroon, which will acquire a strategic 9.1% investment in Camrail, as well as secure a position on the Camrail board upon the completion of the two acquisitions. The execution of these agreements and investment in Camrail further de-risks the company’s position in securing and optimising the logistics solution for Canyon’s flagship Minim Martap bauxite project in Cameroon, the company posits.
