Australian company Genmin has raised $AU10 million (around $US6.8 million) to support its Baniaka iron ore project in Gabon. The project is expected to produce 5 million tonnes of iron ore annually for at least ten years.
On October 4, 2024, Genmin announced the funding, which will primarily be used for general corporate purposes, including the operation of its representative office in Gabon. The company is working to secure additional financing to bring the mine into production by 2025.
Genmin aims to finalize a mining agreement with the Gabonese government after obtaining a 20-year mining permit in January. A pre-feasibility study conducted in 2022 indicated that an investment of USD 200 million is needed to start production by the second half of 2025.
The Baniaka project is central to Gabon's strategy to diversify its mining sector, particularly focusing on iron ore. The government is also looking at the Belinga iron ore deposit, managed by Australia's Fortescue.
Manganese holds a major share in Gabon's mining sector. The latter contributes about 6% of gross domestic product (GDP) and 9% of government revenue, according to 2021 data from the Extractive Industries Transparency Initiative.
Emiliano Tossou
China says Premier Li Qiang will attend instead of President Xi Jinping The U.S. and Russia also ...
DRC minister visited Huawei China center to boost AI training cooperation Talks focused on launch...
Powered exclusively by Rolls-Royce Trent 7000, delivering 14 % lower fuel burn per seat and f...
Nigeria’s NIP ranks among the world’s largest real-time payment platforms, underscoring its centra...
After two years of limited testing, WhatsApp will soon let users and businesses hide their phone num...
The NICTBB backbone already covers 78% of Tanzania and receives 73 billion TZS (≈ USD 30 million) for its next expansion phase. Tanzania is...
ECOWAS launched the second phase of PAMCIT to expand training in translation and conference interpreting. The global market for professional...
Germany, Norway and CAFI jointly committed $87 million to Canopy Trust as first-loss capital at COP30. The initiative aims to attract at...
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing package to Invictus Investment Company PLC (ADX:...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...
Singita will invest $60m to build a 60-bed lodge on Santa Carolina Island and $42m in projects across the Bazaruto Archipelago. The...