Posted on 27 Mar 2025
Genmin Limited, an Australian iron ore producer listed on Australian Securities Exchange (ASX), has signed a mining convention for its 100% owned Baniaka iron ore project in the Republic of Gabon, West Africa, with the country's government on March 20, obtaining the essential document required to secure the development capital for the project, according to the company's announcement released on ASX on Monday.
The Baniaka iron ore project, located in southeast Gabon, is expected to be the country's first commercial iron ore mine, boasting a JORC iron ore resource estimate of 760 million tonnes with an average Fe grade of 36.7%, Genmin states on its official website.
Baniaka project location
Source: Genmin website
Genmin received a certificate of environmental conformance for the project in 2023 and in January last year, a 20-year mining permit from the government, which provided regulatory approval for the company to build and operate in the area, Genmin disclosed.
The newly signed mining agreement allows Genmin to operate within a 548.5 square kilometer area in the Baniaka hub, covering activities such as exploration, exploitation, transportation, storage, and sales of iron ore, according to the announcement.
Genmin proposes to develop Baniaka at an initial rate of 5 million tonnes/year of iron ore and to increase the scale over time to at least 10 million t/y. The commencement of commercial production is targeted for late 2026, with the iron ore products mainly consisting of high-grade lump, fines, and pellet, the company projects.
Baniaka Production schedule
Source: Genmin AXG announcement
Although this project has yet to commence production, some iron ore users across the world, including large Chinese steel producers, have already secured access to its resources in advance, Mysteel Global learned.
China's Baowu Resources, Jianlong Group, Minmetals Corporation, and Hunan Iron & Steel have all signed non-binding offtake Memorandums of Understanding over iron ore supply with Genmin, according to the company's announcements released during the past two years.
Genmin's Non-binding offtake MoUs with Chinese counterparties
Source: Genmin AXG announcement
Besides Baniaka, Genmin is working to develop the Bakoumba iron ore project, also in southeast Gabon, and the Bitam polymetallic project in the northwest, both under its 100% ownership and in the initial exploration stage, Mysteel Global noted.
Source:Mysteel Global
