Genmin Accelerates Baniaka Project with New CEO and Sinohydro Deal

Leadership and Strategic Partnerships

Genmin Limited (ASX: GEN) has entered a transformative phase with the recent appointment of Andrew Taplin as CEO. Taplin’s first visit to the Baniaka iron ore project in Gabon underscores his commitment to steering the company through critical development milestones. This leadership change coincides with the formal signing of the Baniaka Mining Convention, a significant de-risking event that secures important fiscal and legal protections for the project under Gabon’s 2019 Mining Code.

Further bolstering Genmin’s development strategy, the company has inked a binding Memorandum of Understanding with Sinohydro Corporation Limited. This partnership leverages Sinohydro’s extensive regional experience and engineering, procurement, and construction (EPC) capabilities, while also tapping into their network to assist with project financing. Sinohydro’s decade-long presence in Gabon and involvement in major infrastructure projects, including hydropower plants, positions it as a strategic collaborator for Baniaka’s construction phase.

Project Development and Infrastructure Progress

Baniaka is poised to become Gabon’s first commercial iron ore mine, with an initial production target of 5 million tonnes per annum, scalable to at least 10Mtpa. The project benefits from full environmental approvals, a 20-year mining permit, and long-term agreements securing renewable hydropower, rail, and port infrastructure. During the quarter, Genmin commenced early works focused on constructing a dedicated 60km haul road, establishing laterite quarries, and building a mine village, foundational steps that will support future mining operations.

Genmin’s iron ore products, marketed under the trademark Baniaka Green®, emphasize greener steelmaking inputs, aligning with global decarbonization trends and appealing to environmentally conscious markets, particularly in China. The company has also secured non-binding offtake MoUs with four major Chinese steel and trading companies for a combined potential of 19 million tonnes over two to three years, reflecting strong market interest.

Financial and Political Stability

To support ongoing development and early works, Genmin secured a A$3 million unsecured loan facility from major shareholder Tembo Capital. This funding will provide working capital as the company advances discussions with potential project financiers, including Sinohydro and other Asian partners. The next critical milestone remains locking in project-build financing to enable first commercial production targeted for late 2026.

Political stability in Gabon has been reinforced by a peaceful presidential election, with incumbent Brice Clotaire Oligui Nguema winning over 90% of the vote. The President personally officiated the signing of the Mining Convention, signaling strong government support for the project. Gabon’s commitment to transparency in its extractive sector, demonstrated by its adherence to the Extractive Industries Transparency Initiative (EITI), further enhances the investment climate.

ESG and Community Commitments

Genmin’s subsidiary REMINAC is bound by comprehensive community and social responsibility obligations under the Mining Convention. These include prioritizing Gabonese employment and training, engaging local businesses, implementing environmental management frameworks, and supporting community development initiatives such as access to water, health, education, and sustainable income projects. This ESG focus aligns with Genmin’s corporate values and is critical for maintaining its social license to operate.

Exploration activities continue at Genmin’s broader Gabon portfolio, including the polymetallic Bitam project in the northwest and the Baniaka Hub in the southeast, which holds significant resource upside potential. Ongoing metallurgical test work on magnetite samples aims to optimize product quality and market positioning.