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Genmin Limited (ASX:GEN)

ALERT: Price-sensitive ASX Announcement for GEN
Current share price for GEN : $0.008 -0.011 (-57.89%)+
Announcement
Release
23 Sep 2025 10:39AM
Price at Release
$0.019
Full Release
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Summary
Genmin Limited is advancing the development of its Baniaka iron ore project in Gabon, having received necessary environmental and mining permits, and entering into a Mining Convention with the Gabon Government. The project aims to be Gabon's first commercial iron mine with an initial production target of 5 million tonnes per annum, scaling to 10 million tonnes. Genmin is engaged in securing project financing, facilitated by strategic partner PowerChina, who has introduced potential Chinese funding partners. Sinohydro, another partner, has provided engineering, procurement, and construction proposals that could reduce capital costs. The target for commencing commercial production is set for late 2026.
Key Points
  • Baniaka has received environmental approval and a 20-year mining permit.
  • A Mining Convention has been signed with the Gabon Government.
  • Baniaka is expected to be Gabon’s first commercial iron ore mine.
  • Genmin proposes an initial production rate of 5Mtpa, scaling to 10Mtpa.
  • Commercial production at Baniaka is targeted for late 2026.
  • Genmin is in discussions with potential financing partners.
  • Sinohydro has submitted EPC proposals for Baniaka infrastructure.
  • Genmin received proposals for a haul road, power line, and accommodation village.
  • Potential reductions in capital costs are expected from these proposals.
  • PowerChina supports Genmin in securing project funding.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.