Dual-listed, Africa-focused Altus Strategies has signed a joint venture (JV) termination agreement and a sale and purchase agreement with its JV partner in Cameroon, ASX-listed Canyon Resources.
Under the terms of the agreements, Canyon will take ownership of Altus’ Aucam Resources subsidiary, which holds the Birsok and Mandoum licences in Cameroon.
The licences are located in central Cameroon and are contiguous to exploration licences owned by Canyon, covering the potentially substantial Minim Martap bauxite deposit.
In exchange, Altus will receive up to 30-million Canyon shares, valued at about C$5.8-million.
Altus will also receive a $1.50 /t royalty on bauxite ore mined and sold from the licences.
“We are delighted to reach this deal with Canyon, which is designed to monetise our bauxite projects in Cameroon,” commented Altus CE Steven Poulton in a statement on Monday.