Australia's Canyon Resources gains most in 3 weeks on mining convention progress

Canyon Resources

08/12/2021 03:43

** Shares of Canyon Resources Ltd  CAY.AX  rise as much as
8.4% to A$0.084, post their sharpest intraday pct jump since Nov
15
    ** The bauxite and gold producer says through its unit it
has completed four formal rounds of negotiations with the
Cameroon govt to set the terms of mining convention for the
Minim Martap bauxite project in Adamoua Region in Central Africa
 urn:newsml:reuters.com:*:nASX7Hsq4Y
    ** Says in the final round of discussions the project was
presented to local communities nearby Minim Martap project and
determined requirements of community engagement as project
progresses into production 
    ** Adds that co will work closely with the State of Cameroon
to finalise matters relevant to mining convention, aiming to
conduct formal signing in early 2022
    ** Shares touch their highest level since Dec 1 
    ** Stock on track to snap three days of losses
    ** Stock down 22.5% this year, as of last close

 (Reporting by Roushni Nair in Bangalore)
 ((Roushni.Nair@thomsonreuters.com))