Setback for Cameroon’s mining ambition. Canyon Resources abandons its production target for Q4 2026. The cause: the freezing of 82 billion FCFA (140 M$) by AFG Bank, a hostile takeover bid at 0.05 Australian dollars for 55.56% of the capital already held, while the 1.1 billion ton deposit is ready with 60 wagons en route.
It is a dramatic turn in Adamaoua. While the country was expecting its first bauxite exports at the end of 2026, Canyon Resources has indefinitely postponed the Minim-Martap project.
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The blow fell on Monday, August 24, 2026, via an official statement. The CEO, Peter Secker, will leave his position by the end of August, a sign of a deep governance crisis.
The blockage is primarily financial. AFG Bank Cameroon has frozen its credit line of 82 billion FCFA, or 140 million dollars, essential for the start-up.
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This freeze coincides with an aggressive stock market maneuver. The main shareholder, A2MP Investments of businessman Gagan Gupta, who already holds 55.56% of the capital, launched a hostile takeover bid to gain full control at a bargain price: 0.05 Australian dollars per share. His argument: the project would no longer be profitable given the explosion of logistical costs.
The paradox is total on the ground. The mining road is completed and the first 60 wagons ordered in China are due to dock in Douala in October. The deposit, one of the richest in the world with 1.1 billion tons of resources, is ready.
For the State, which was counting on Minim-Martap to offset the oil decline, the wait continues. Verdict on September 21, 2026, the closing date of the takeover bid.