【Ferro-alloys.com】: ASX-listed Canyon Resources has completed the first drawdown from its $140-million credit facility with AFG Bank Cameroon after satisfying the required drawdown conditions, with the initial drawdown of CFAfr15-billion (about $26-million) before fees, used to secure the buying of rolling stock for Canyon’s flagship Minim Martap bauxite project, in Cameroon.

Canyon recently placed orders for locomotives from CRRC Ziyang and wagons from Texmaco Rail & Engineering.

The initial payments secure commitment of the key long lead items with CRRC and Texmaco, with first deliveries expected in the first quarter of 2026 in line with the scheduled first bauxite shipment in the first half of 2026.

The drawdown will also be used by Canyon to progress key mine, haul road, rail and port infrastructure works, as the company continues to work towards production start in early 2026.

Looking ahead, the company expects to complete an updated definitive feasibility study during this month.

Canyon says that, importantly, it continues to execute on its busy work programme and strategic objectives at Minim Martap, with a focus on ensuring the company becomes a near-term, key and reliable supplier of high-quality bauxite ore to a growing international market.

“This drawdown enables us to move from planning into execution and is an exciting turning point for the project, as we work towards the start of production in early 2026.

“With funding secured and procurement under way for locomotives and wagons, we’re now advancing the infrastructure that will underpin long-term production at Minim Martap,” CEO Peter Secker highlights.

“This milestone is a strong vote of confidence in our team and project and importantly represents a tangible demonstration of our commitment to delivering a world-class bauxite project that brings lasting value to Cameroon and our shareholders,” he adds.

• [Editor:Alakay]