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Genmin in Gabon is WhyAfrica’s Pick Of The Week

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There were several highlights for ASX listed Genmin at its Baniaka iron ore project in Gabon this year. Image credit: Genmin

Genmin in Gabon is WhyAfrica’s Pick Of The Week

The period ended September 2022 was a landmark event for ASX listed Genmin, the iron ore exploration and development company with a pipeline of projects in the Republic of Gabon, central West Africa.

Significant milestone during the quarter was the receipt of USD10-million from Anglo American pursuant to a royalty agreement and an extension of the Baniaka and Bakoumba exploration licences for another six years until 2028.

Furthermore, the company’s Bitam exploration licence was extended for another three years to 2025, and the Ntem exploration licence granted for three years.

Genmin has a 100% interest in six exploration licences covering three projects and approximately 5,540km2 Gabon.

The company’s flagship asset is the feasibility-stage Baniaka Iron Ore Project, with a JORC compliant Mineral Resource of more than 260 Million tonnes (Mt) at an in-situ grade of 40.1% Iron Ore (Fe).

According to Genmin’s Managing Director and CEO Joe Ariti, the completion of all workstreams for the preliminary feasibility study, which was completed during the year, will enable results to be reported to the market in the near term.”

“We continue to maintain our commanding land position in Gabon. Gabon.  Gabon is a stable and investment friendly country with a mining and oil production history dating back to the early 1960s. It is currently the second largest producer of manganese ore in the world and eighth largest crude oil producer in Africa.

“We were delighted to welcome Gabon’s Minister of Mines Elvis Ossindji to Western Australia, and for him to attend and present at Africa Down Under with Genmin.

“The Minister’s visit to Perth facilitated a series of meetings to discuss Baniaka, and it presented the opportunity for us to introduce him directly to some of our key investors, and for them to hear first-hand from the Minister on Gabon as an attractive investment destination,” says Ariti.

Genmin in Gabon is WhyAfrica’s Pick Of The Week

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Genmin in Gabon is WhyAfrica’s Pick Of The Week

 

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