Canyon Resources Limited has signed a Memorandum of Understanding with the Port Authority of Douala to develop infrastructure at the Port of Douala-Bonabéri.

This partnership seeks to set up a terminal for the transport, storage, handling and export of bauxite from the Minim Martap Project.

Pre-feasibility studies will be carried out at Canyon's expense, and the MOU is set to last one year with a six-month renewable period.

Following the announcement, shares of Canyon Resources (ASX:CAY) were up 1.39%.