Canyon Pays Cameroon CFA4.4 Billion Upfront for Rail Upgrades to Serve Minim-Martap Bauxite

Australian mining company Canyon Resources has already paid the Cameroonian government an advance of A$11.12 million, or about CFA4.4 billion, to improve the railway network that is expected to carry bauxite from Minim-Martap in the Adamawa region to the port of Douala. The payment appears in the group’s consolidated financial statements for the year ended June 30, 2026, published on September 30. On page 47 of its annual report, Canyon records precisely A$11,116,304 under long-term advances. No amount appeared under that item a year earlier. The company expects to recover the money through deductions from the rail tariffs it will pay to use the network. In practical terms, Canyon is providing upfront financing for infrastructure improvements and plans to deduct that expenditure from its future transport bills. The accounting entry provides financial confirmation of an investment first announced in 2025. In its feasibility study published in September that year, Canyon, through its Cameroonian subsidiary Camalco, planned to allocate CFA4.5 billion to rehabilitate the existing railway. The company also envisaged an additional investment of about CFA54 billion to increase the network’s capacity, notably through the construction of new passing loops ...
2026-10-08 08:10:12