- Canyon Resources (CAY) has signed a key agreement with the Government of Cameroon for the Minim Martap bauxite project
- The agreement specifies some key obligations and rights in relation to the development of Minim, until the parties complete negotiations of the mining convention
- The mining convention is the definitive agreement between the parties regarding all the rights and obligations for the development of Minim
- On the market today, Canyon is down 10.3 per cent and is trading at 13 cents per share
Canyon Resources (CAY) has signed a key agreement with the Government of Cameroon for the Minim Martap bauxite project.
The agreement specifies some key obligations and rights in relation to the project, until the completion of the mining convention for Minim.
The mining convention is the definitive agreement between the parties regarding all the rights and obligations for the development of Minim, including taxation, legal, fiscal, social and environmental obligations.
Canyon says this agreement provides certainty for Canyon’s position during the negotiation of the mining convention.
“We are very pleased to have executed the Cahier de Charges with the State of Cameroon,” Managing Director Philip Gallagher said.
“This agreement gives us the confidence of the positive intentions of the Government of Cameroon and provides security and clarity as the company takes the Minim Martap Project to the next phase.”
On the market today, Canyon is down 10.3 per cent and is trading at 13 cents per share at 11:41 am AEST.