Announcement Date: 2022-11-16
Announcement Type: Pre-Feasibility Study
Announcement Code: JORC
Company name: Genmin Ltd.
Project name: Baniaka
Location: Gabon
Commodities: Iron,Sulphur,Alumina,Silica,Phosphorous
Highlight: Pre-Feasibility Study result incl. Post Tax NPV (8%) of USD $391M & IRR of 38%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: African iron ore explorer and developer Genmin Limited (Genmin or the Company) (ASX: GEN), is pleased to advise the market of outstanding results from the Preliminary Feasibility Study (PFS) for the Company’s 100% owned Baniaka iron ore project (Baniaka) located in Gabon, west Central Africa (Figure 1). Genmin’s Managing Director and CEO, Joe Ariti, commented: “I am delighted with the outcome of the PFS, which shows significant shareholder and stakeholder value can be realised with the development of a scalable 5 million tonne per annum mining operation at Baniaka whilst maintaining a strong focus on ESG. The financial metrics are compelling and with a modest initial capital investment, and operating hydroelectricity, rail and port infrastructure, this initial phase of monetising the province scale Baniaka asset is highly feasible.” “Pivoting from the PFS, our target is to achieve first production in mid-2024. To this end, we will be supporting Anglo American in finalising its due diligence and negotiating documentation in respect of debt financing and offtake, completing the social and environmental impact assessment by the end of the year, and lodging a large-scale mining permit application. Concurrently, we also plan to complete several pre-d
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