Why Genmin’s New Executive Chair Could Unlock Baniaka’s Potential
Genmin Limited has appointed Greg Lilleyman as Executive Chair to leverage his extensive iron ore expertise in driving the build-ready Baniaka project towards final investment decision and construction.
- Greg Lilleyman transitions from non-executive to Executive Chair
- Focus on securing project financing for Baniaka iron ore mine in Gabon
- Baniaka project is build-ready with environmental and mining approvals
- Lilleyman brings 37 years of iron ore project and operational experience
- Commercial production targeted for late 2026 at initial 5Mtpa capacity
Leadership Shift to Drive Project Momentum
Genmin Limited has announced a significant leadership change with Greg Lilleyman stepping up from non-executive Chair to Executive Chair, effective immediately. This move underscores the company’s commitment to fast-tracking its flagship Baniaka iron ore project in Gabon towards a final investment decision (FID) and subsequent construction phase. Lilleyman’s appointment is strategic, leveraging his deep industry experience to navigate the complex financing and development stages ahead.
Baniaka, A Build-Ready Iron Ore Venture
The Baniaka project, wholly owned by Genmin, is positioned as Gabon’s first commercial iron ore mine. It holds all necessary regulatory approvals, including a 20-year mining permit and environmental certification, and benefits from proximity to existing bulk commodity transport and renewable energy infrastructure. The project aims to commence commercial production by late 2026, initially targeting 5 million tonnes per annum (Mtpa) with plans to scale to at least 10 Mtpa.
Leveraging Industry Expertise
Greg Lilleyman brings a formidable 37-year track record in iron ore project financing, development, and operations. His previous roles include Chief Operating Officer at Fortescue Metals Group and senior leadership positions at Rio Tinto, where he oversaw one of the world’s largest iron ore operations. His appointment signals Genmin’s intent to efficiently secure the final project financing milestone, a critical step before construction can begin.
Terms and Commitment
Lilleyman’s engagement as Executive Chair is structured with an annual remuneration of US$240,000 and a time commitment averaging two and a half days per week, initially focused on achieving FID. The role will be reviewed by the board following this milestone, reflecting the company’s flexible approach to executive leadership during this pivotal phase.
Looking Ahead
With financing discussions underway and a build-ready project in hand, Genmin’s leadership reshuffle is a clear signal to the market that the company is gearing up for the next stage of growth. The success of the Baniaka project could establish a new iron ore hub in Gabon, enhancing the country’s mining profile and offering investors exposure to a promising African resource play.
Bottom Line?
Genmin’s leadership upgrade sets the stage for a decisive push towards financing and construction of its pioneering Gabon iron ore mine.
Questions in the middle?
- What is the timeline and certainty around securing project financing for Baniaka?
- How will Lilleyman’s executive role influence operational decisions beyond FID?
- What are the potential risks or delays that could impact the targeted late 2026 production start?
