Australia-based Canyon Resources said its Minim Martap bauxite project in Cameroon has the potential to produce 6.4 million tons of high-grade bauxite each year for the aluminum industry, with an initial mine life of 20 years.

The Minim Martap bauxite project has a proven ore reserve of 108.91 million tons, at a grade of 51.1% alumina and 2% silica, with an estimated total mineral resource of more than one billion tons at 45.3% alumina and 2.7% silica.

Canyon Resources said that it will raise A$5 million to move forward with its Minim Martap project.