Genmin acquires 20-year permit for Baniaka iron ore project
Genmin, has been granted a 20-year permit by through a Presidential Decree signed by Gabon’s President Général Brice Clotaire Oligui Nguema.
The permit allows the company to further exploration activities on its wholly owned Baniaka iron ore project in Gabon, West Central Africa and complete a planned capital raise for general working capital and getting its shares back on the Australian Securities Exchange (ASX).
Baniaka iron ore project
Within the next two quarters, Genmin plans to conclude negotiations with potential project-build financiers to move forward with the Baniaka iron ore project. The project is located in the south-eastern part of Gabon and covers a total area of 881km².
Genmin has been exploring the Baniaka project since 2013 and has defined a cumulative strike length of 85km of iron mineralization in 12 prospect areas. In November 2022, Genmin released a Pre-Feasibility Study (PFS) for the Baniaka project, which outlines the development of a scalable open-pit mine with a production capacity of five million tonnes per annum.
Genmin’s operation is designed to produce high-value iron ore products with a lower environmental impact. The beneficiation process involves a simple, low-risk wet ore treatment flowsheet that does not require a wet tailings storage facility, aligning with the company’s environmental, social, and governance goals.
With the mining permit in place, Genmin aims to commence production by the end of Q2-2025. The decision is influenced by a favorable iron ore price environment, with prices ranging between US$105 to US$144 per tonne over the past six months.
