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Genmin Ltd. ( (AU:GEN) ) has shared an announcement.
Genmin Limited announced the completion of tranche 1 of its placement, issuing over 131 million new shares to raise A$1.32 million. This move is part of Genmin’s strategy to secure financing for its Baniaka project, which is poised to be Gabon’s first commercial iron ore mine. The completion of tranche 2 is pending shareholder approval, reflecting the company’s ongoing efforts to strengthen its financial position and advance its mining operations in Gabon.
More about Genmin Ltd.
Genmin Limited is an ASX-listed emerging African iron ore producer with projects in the Republic of Gabon, West Central Africa. The company holds 100% interests in three projects, including the flagship Baniaka and Bakoumba iron ore projects in southeast Gabon. These projects are strategically located near existing transport and renewable energy infrastructure, and Baniaka is set to become Gabon’s first commercial iron ore mine. Genmin aims to develop Baniaka initially at a rate of 5Mtpa, with plans to scale up to at least 10Mtpa, targeting commercial production by late 2026.
Average Trading Volume: 1,886,471
Technical Sentiment Signal: Sell
Current Market Cap: A$8.87M
Find detailed analytics on GEN stock on TipRanks’ Stock Analysis page.