Canyon Resources Takeover Fight Reaches Australian Regulator, Impacts Cameroon Bauxite Pro

The fight for control of Canyon Resources, the Australian company developing Cameroon’s Minim-Martap bauxite deposit through its Camalco subsidiary, has moved into Australia’s takeover dispute system, adding another layer of uncertainty around a project already facing a funding setback. Australia’s Takeovers Panel said on Aug. 26 that it had received an application from Jeremy Raper, a minority Canyon shareholder challenging several aspects of the takeover offer launched by Dubai-based mining investment group A2MP Investments. A2MP and its associates already control 55.56% of Canyon’s voting rights. Since July 29, the group has offered A$0.05 a share for the stock it does not already own. The offer is conditional, among other things, on A2MP reaching at least 75% ownership and has been extended through Sept. 21. The shareholder dispute has direct implications for Minim-Martap. Canyon owns the project through Camalco Cameroon, while A2MP is also a guarantor of the CFA82 billion credit facility provided by AFG Bank Cameroon in 2025 to finance its development. <span ...