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22/02/2024
Mining News

Genmin Secures Iron Ore Mining Permit in Gabon

Emerging African iron ore producer, Genmin Limited, has announced that a large-scale, twenty-year mining permit has now been issued for its 100% owned Baniaka iron ore project located in Gabon, west Central Africa.

The Mining Permit was issued through a Presidential Decree signed by His Excellence, Général Brice Clotaire Oligui Nguema, the President and Head of State of the Republic of Gabon. The Presidential Decree was presented to the Company by the Minister of Mines, Mr Hervé Patrick Opiangah at a ceremony at the Minister’s office in Libreville on 8 January 2024. The Company’s CEO, Mr Joe Ariti and France based non-executive director, Mr Pietro Amico attended the ceremony and received the Presidential Decree.

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Managing Director and CEO, Joe Ariti commented from Libreville: “Today is a momentous occasion for Genmin with the Minister of Mines presenting us with the signed Presidential Decree authorising the production of iron ore from Baniaka for an initial term of 20 years. It enables us to set a target date for the commencement of production of the end of 2Q25. In the next 6 months we will be able to finalise project build funding against a backdrop of a new government in Gabon actively promoting and streamlining timeframes for new economic development, and a strong iron ore price environment that has traded in the range of US$105 – US$144/t over the past six months and averaged US$136/t over the past 45 days.”

He added: “I would like to thank the President and Head of State of Gabon, His Excellence, Général Brice Clotaire Oligui Ngeuma and Minister Opiangah for their confidence and trust in Genmin to deliver Baniaka and the efficiency in which the Mining Permit was delivered. I would also like to thank our partners WSP-Golder South Africa, a global sustainability consultant, and local social and environmental consultant, TEREA. Without their respective efforts and expertise in navigating the social and environmental impact assessment process, this timely outcome in delivering the Mining Permit would not have been possible.”

 

Source: Global Mining Review

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