Announcement Date: 2022-05-25
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Genmin Ltd.
Project name: Baniaka
Location: Gabon
Commodities: Iron,Sulphur,Alumina,Silica,Phosphorous
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: African iron ore explorer and developer, Genmin Limited (Genmin or Company) (ASX: GEN), is pleased to report a significant increase to the Mineral Resource Estimate (MRE) for its 100% owned Baniaka iron ore project (Baniaka), located in the Republic of Gabon, Central West Africa (Figure 1). The 168% increase of the Baniaka MRE to 700 million tonnes (Mt) results from the inclusion of a Maiden, Inferred Oxide and Primary MRE for the Bandjougoy prospect (Figure 2). Managing Director and Chief Executive Officer, Joe Ariti commented: “At 700 million tonnes, Baniaka is now by a large margin the biggest JORC mineral resource in Gabon for any commodity. We are starting to build a substantial magnetite inventory, which has significant intrinsic value with our locked-in, renewable, low-cost hydropower supply and increasing market demand for high grade pellets to support decarbonisation of the iron making process. As we saw a few weeks ago, immediately north of Gabon in Cameroon, and within 200km of our Minvoul/Bitam project, Sinosteel committed more than US$700 million to develop its Lobé (Mamelles) magnetite project to produce 4 million tonnes per annum of concentrate. This speaks to two narratives in terms of the increasing importance of magnetite products in the market, and China’s stated policy of developing/procuring African sources of supply”.
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