Government expresses support of 1BN tonne bauxite project
Late last week our bauxite Investment Canyon Resources (ASX: CAY) updated the market on the permitting status of the ground that holds its 1 billion tonne bauxite JORC resource.
CAY confirmed that CEO Jean Sebastien Boutet “had the opportunity to meet with the Prime Minister of Cameroon, Mr Joseph Ngute”.
And that “Prime Minister Ngute personally expressed his support for the project during the meeting”.
Alongside the PM’s support, CAY has secures the support of an important community figure and local leader, Tibati Lamido, who also formally expressed his support for the Minim Martap Bauxite Project.
This is all important news for CAY given that the signing of the mining convention agreement is the precursor for a mining permit for CAY’s project. It remains one of the final permitting road blocks before CAY can start working on financing and offtakes.
Mining convention agreement 🔃 The Mining Convention is the key agreement with the State of Cameroon that sets out fiscal and legal right on the project. Once formally signed, this agreement will allow CAY to begin negotiating offtake agreements and development financing partnerships.
This is also key objective #1 of our CAY Investment Memo and is the primary thing we want to see CAY achieve this year.