On my recent site visit to Minim Martap, my presence as a representative of numerous share holders was the catalyst for a barbecue and musical performance by a local band at evening. The local band is of course one small way that the local community is benefiting economically from the presence of the Canyon project. While I do not believe the following outcome was expected, what happened was that the Elders from Martap village came across to visit and welcome 'the investor"., yours truly.
At first, the Elders arrived and introductions/greetings were exchanged with the senior Canyon management team and myself. After the Elders were seated the other men from the village arrived and took up discrete vantage point to view the band and dancer's performance. They were then followed by the children and discretely by the women of the village. So, ultimately, following their own customs and hierarchy, the entire village of Martap arrived for the performance.
I felt that this event was an example of he enthusiasm for the upcoming development of the bauxite deposit by the local people and another piece of the building of a win-win relationship between Cameroon and Canyon resources. It's also worth noting that drilling and geo teams include staff members from the local community. The geo is a well experienced professional but the drilling crews that are being trained up are once again taking valuable benefits back to their local communities as well as developing a skill set and experience that will likely see them employed on these deposits for life. I have no doubt that over time the Minim Martap deposits will prove to be multi billion tonne resources that are developed for decades to come.
If you read my earlier posts in the other threads etc you will get a picture of my opinion at least. I'm very comfortable that Cameroon, on all levels including at government level, want and need this resource developed. Cameroon, is very poorly developed and is in need of projects like this to lift their standard of living.
The government in Cameroon is the product of a uniquely African democratic process. 70% of the population voted for the current government. They may have voted along ethnic or tribal lines but that is their cultural setting. Of course the parties that lost will call it rigged and incite opposition as much as possible. That seems to be an African process as well. You will then see a series of social media reports from apparently legitimate media representing all sides with their relevant biases being expressed. Whether pro or con, sift the biases as well as the reports. I'd also say again, in all the areas in Cameroon I visited, and I saw a lot of the country (went most places except the small corner of Anglo-Francophile dissent) the place was peaceful and friendly. I had numerous meetings that left me with the distinct view that the local people and the government want the project developed at a speedy rate.
PS My holding is large and I sleep well at night. I expect the resource to grow very quickly now that the process for getting samples out for assays has been resolved. They started drilling earlier in December so there will be a lot of data to come. In the meantime if you look at the quality of the resource you should be happy. 50% plus bauxite is a very good bauxite, sub 2% reactive silica is extraordinary and adds tens of dollars per tonne to the bauxite when compared to another bauxite of 50% bauxite but 6% plus Reactive silica (eg the Weipa deposits).
I also have no doubt the PFS will include studies for 10, 20, 30 etc million tonnes per annum. That is what a PFS does. If Canyon attract a large wealthy offtake partner then those higher rates of production come into play. If they do it all by themselves we are more likely looking at 10 million tonnes per annum or thereabouts. Those studies would make interesting reading. If potential offtake partners see the details, which I imagine they would if assessing the deal, they could get over excited and who knows where that will lead. IMO, the PFS will be completed this calendar year and open up many opportunities.
CAY Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
