Altus Strategies PLC signed a letter of intent with Canyon Resources Ltd. to terminate the companies' bauxite joint venture agreement, according to an Oct. 10 release.

Under the terms, Altus will receive up to 30 million shares of Canyon and a US$1.50-per-tonne royalty on the Birsok bauxite project in Cameroon. Altus will transfer Birsok to Canyon.

Altus holds 8 million shares of Canyon from the existing joint venture.