Cameroon bauxite project awaits CFA36.5 billion loan
AFG Bank Cameroon will inspect the Minim-Martap bauxite site in November before deciding on CFA36.5 billion loan release.
Canyon Resources has not yet secured CFA36.5 billion in bank financing for its Minim-Martap bauxite project in Cameroon's Adamawa region. AFG Bank Cameroon scheduled a site inspection for November 2026 before deciding whether to resume disbursements under the syndicated loan. The bank suspended further withdrawals more than two months after the inspection was originally due.
The bank is awaiting the site visit and a review of the project's development schedule and financial model. Canyon submitted requested documents in the third quarter, but the review is ongoing. Lenders must still approve the project's requirements before releasing additional funds. As of September 30, 2026, Canyon's Cameroon subsidiary, Camalco, had drawn CFA45.5 billion of the CFA82 billion loan.
The syndicated loan was for a total of CFA82 billion. Camalco had drawn 55.5% of the loan as of September 30, 2026. The bank's decision on resuming disbursements is pending the site inspection and review outcomes.