Genmin Ltd. ( (AU:GEN) ) has provided an update.
Genmin Limited has commenced early works at its Baniaka iron ore project in Gabon, marking a significant step towards developing the site into a commercial mining operation. The project includes the construction of a 60km haul road to connect the mine to existing rail infrastructure, facilitating the transport of high-quality iron ore products. The company has engaged local contractors and secured long-term infrastructure agreements, including hydropower and rail access. To support project funding, Genmin has retained Oval Advisory to explore capital markets in India, the Middle East, and North Africa, complementing its existing efforts with Chinese partners. The company targets the start of commercial production by late 2026, with a focus on securing project financing as the next milestone.
More about Genmin Ltd.
Genmin Limited is an ASX-listed emerging African iron ore producer with a portfolio of projects in Gabon, west Central Africa. The company has 100% interests in three projects, including the flagship Baniaka and Bakoumba iron ore projects, which are strategically located near existing transport and renewable energy infrastructure. Genmin aims to develop Baniaka into Gabon’s first commercial iron ore mine, with plans to scale production from an initial 5 million tonnes per annum to at least 10 million tonnes per annum.
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Technical Sentiment Signal: Hold
Current Market Cap: A$39.04M
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