Canyon Resources Limited has made public that it has executed a Cahier de Charges, with the State of Cameroon (“Agreement”), in regards to the development of the Company’s Minim Martap Project.
The Agreement, which was originally proposed by the Ministry of Mines in Cameroon and following negotiation over several crucial points, was finally executed on 17th May 2021, with the Company and the Minister of Mines in Yaounde, the capital of Cameroon.
Phillip Gallagher, Canyon’s Managing Director, said: “We are very pleased to have executed the Cahier de Charges with the State of Cameroon. This agreement gives us the confidence of the positive intentions of the Government of Cameroon and provides security and clarity as the Company takes the Minim Martap Project to the next phase.”
The key terms of the agreement:
“Confirmation of the rights and obligations of the Minim Martap, Makan and Ngaoundal exploration permits regarding the financial commitments, work requirements and reporting requirements etc. All the requirements are consistent with the Cameroon Mining Code and the obligations within the permit granting documents.
Stability of legal regime during the exploration phase until the signing of the Mining Convention and stability of the fiscal, customs and foreign exchange regulations during the exploration and exploitation phases concerning the Project and Canyon’s work on the Project.
A commitment by Canyon to present one or more technical and financial partners to the State of Cameroon before the execution of the Mining Convention.
An agreement between Canyon and the State of Cameroon to negotiate an agreed amount as a payment to the State for the value of the previous studies completed on the Project, which payment will be subject to the creation of a law to enable Canyon to make that payment. The amount and terms of the payment are to be included in the Mining Convention.
Both parties have the right to call Force Majeure and claim extended time to fulfil obligations if required.
The parties have agreed that if a dispute cannot be solved amicably, the parties will refer the dispute to the International Centre for the Settlement of Investment Disputes (ICSID).”
The execution of the agreement was held at the Ministry of Mines, Yaounde, Cameroon in the presence of the Minister of Mines, Industry and Technological Development, His Excellency Gabrielle Nodoke and the Managing Director of Canyon Resources Mr Phillip Gallagher and also in the presence of the Secretary-General and the Director of Mines from Ministry of Mines, Industry and Technological Development, and the Director-General of Calmalco Cameroon.
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