The Minim-Martap bauxite project is caught up in a double turbulence. In Australia, the takeover bid by the Dubai-based group A2MP on Canyon Resources is being challenged before the Takeovers Panel, while in Cameroon, AFG Bank has suspended its disbursements on the 82 billion FCFA loan.
The battle for control of Canyon Resources, the Australian parent company of Camalco which holds the Minim-Martap bauxite deposit, is taking a judicial turn. On August 26, 2026, the Australian Takeovers Panel announced it had been seized by a minority shareholder, Jeremy Raper (0.10%). He contests the buyout offer launched on July 29 by A2MP Investments, a Dubai-based group that already controls 55.56% of the voting rights. A2MP offers 0.05 Australian dollars per share to reach 75% of the capital, an offer extended until September 21.
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The applicant accuses A2MP of spreading misleading information about the viability of Minim-Martap and creating conditions to force the sale. He specifically asks A2MP to confirm its guarantee on the financing from AFG Bank Cameroon. The Panel specifies that it has not yet ruled on the merits.
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A crucial request, as the financing is already under strain. On August 24, Canyon announced that AFG Bank has suspended all new disbursements on the 82 billion FCFA facility. The bank demands a review of the schedule, the financial model, and a site visit within 30 days.
Direct consequence: Camalco can no longer ensure its first export planned for the end of 2026. The target is removed, with no new date. As of July 31, 75 million dollars out of 140 million had already been drawn.
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