DY6 Metals (ASX: DY6) has entered into a binding agreement to acquire 100% interest in two significant rutile and heavy mineral sands (HMS) projects located in Cameroon, Central Africa. The acquisition encompasses Aardvark Minerals and EKOM Metals, securing five exploration permits under application for the Central project and three exploration licenses along with three pending permit applications for the Douala project. These projects collectively cover an area exceeding 4,500 square kilometers.
According to DY6, Cameroon is becoming a prime region for rutile discoveries. The company aims to leverage this acquisition to become a leading force in the rutile sector, complementing its existing heavy rare earths and critical metals projects in Malawi. The company has engaged mining executive Cliff Fitzhenry as a technical consultant to oversee exploration.
The rutile market is experiencing substantial growth, valued at $8.4 billion in 2023, and projected to reach $18 billion by 2032, growing at an annual rate of 5.2%. This surge is driven by rutile’s high demand as the purest form of titanium and increasing scarcity due to reserve depletion and declining ore grades.
Following the acquisition’s completion, DY6 intends to conduct thorough due diligence, encompassing historical data analysis and preliminary reconnaissance work, preceding the launch of an initial exploration program. The first phase will prioritize geological mapping and hand auger drilling across identified exploration targets.
