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- Canyon Resources (CAY) signs a new strategic partnership for its Minim Martap Bauxite Project in Cameroon, Central Africa
- The company signed the partnership with Zhongye Changtian International Engineering Corporation (MCC-CIE)
- MCC-CIE has been working with Canyon on this project since December and this new contract reaffirms their continued commitment
- Canyon is up 3.16 per cent to trade at 9.8 cents per share
Canyon Resources (CAY) has signed a strategic partnership and memorandum of understanding (MoU) for its Minim Martap Bauxite Project in Cameroon, Central Africa.
The company signed the deals with Zhongye Changtian International Engineering Corporation (MCC-CIE), the mining engineering division of Metallurgical Corporation of China.
MCC-CIE has been working with Canyon as a bankable feasibility study (BFS) contractor for stage one of this project since December and this new contract reaffirms their continued commitment.
Under the new partnership, MCC-CIE will increase its involvement in the project and will provide all necessary support to Canyon to assist with finance, offtakes, technical and business issues.
Canyon Managing Director, Phillip Gallagher, said this is a positive next step.
“Executing the MOU with MCC-CIE is a testament to the sound relationship Canyon and MCC-CIE have established in a relatively short space of time, and MCC-CIE will introduce real options for project financing and offtake,” he said.
“It is a great benefit to Canyon to have a strategic partner with extensive experience in building and operating mining projects in Africa.”
The deals will span until December 31 2022, unless extended.
Canyon was up 3.16 per cent and to trade at 9.8 cents per share at 12:16 pm AEST.
