Mining royalty company Altus Strategies has received ten-million fully paid ordinary shares in ASX-listed Canyon Resources, with a current market value of £640 000.
This is the final tranche of shares to be issued to Altus in accordance with a previously announced joint venture (JV) termination agreement between Altus and Canyon regarding the Birsok bauxite JV project in Cameroon.
Altus retains a $1.50/t royalty on Birsok and a 4.25% equity interest in Canyon.
Birsok is contiguous with Canyon's Minim Martap project and is within 10 km of a rail line.
Canyon has announced a Joint Ore Reserves Committee-compliant mineral resource estimate at the Minim Martap project of 892-million tonnes.
Under the terms of the termination agreement, Canyon has issued 25-million Canyon shares to Altus in two tranches.