Emerging African iron-ore producer Genmin has achieved a significant milestone with the issuance of a 20-year mining permit for its Baniaka iron-ore project in Gabon. The permit, granted through a Presidential decree by Gabon’s transitional President Brice Clotaire Oligui Nguema, marks a crucial step forward for Genmin’s mining operations.
Libreville, Gabon: Genmin, a rising star in the African iron-ore mining scene, has reason to celebrate as it receives a 20-year mining permit for its Baniaka iron-ore project in Gabon. The permit, a result of a Presidential decree signed by Gabon’s transitional President Brice Clotaire Oligui Nguema, paves the way for Genmin to further develop its iron-ore operations in the region.
The official presentation of the decree took place in Libreville, with Genmin’s Managing Director and CEO, Joe Ariti, and France-based nonexecutive director, Pietro Amico, attending the ceremony.
This significant achievement comes after Genmin’s application for the large-scale Baniaka mining permit, which covers an initial 20-year term for a starter operation targeting five million tonnes of iron-ore per year.
To secure the permit, Genmin submitted a comprehensive mineral production agreement, supported by techno-economic studies based on approximately 47,000 meters of drilling. The company also conducted an extensive social and environmental impact assessment (SEIA), which received Ministerial approval through a Certificate of Environmental Conformance in August of the previous year.
With the mining permit in hand, Genmin can now proceed with the development and operation of the Baniaka project. The company’s focus will be on achieving production commencement by the end of the second quarter in 2025.
Commenting on this milestone, Joe Ariti expressed optimism about the future of Genmin and the iron-ore market. He highlighted the company’s target date for production commencement, which aligns with a favorable economic environment in Gabon, characterized by a new government actively promoting economic development and streamlined approval processes.
Ariti also acknowledged the contributions of Genmin’s partners, including WSP-Golder South Africa, which served as a global sustainability consultant, and local social and environmental consultant Terea. Their expertise and dedication were instrumental in navigating the SEIA process and achieving this timely outcome.
With the mining permit secured, Genmin now shifts its focus to a proposed capital raising initiative aimed at securing general working capital. Additionally, the company plans to return its shares to trading on the ASX and advance discussions with potential project build financiers over the next two quarters. The future looks promising for Genmin as it advances towards becoming a significant player in the iron-ore industry.
