Genmin Secures A$2.0 Million Loan to Support Baniaka Project
Genmin Ltd. has secured a A$2.0 million unsecured loan from Injiview Pty Ltd to support its Baniaka iron ore project in Gabon. The loan, accruing 12% interest and repayable by June 2026, will aid in general working capital and project funding. Genmin aims to develop Baniaka into Gabon’s first commercial iron ore mine, with production expected to start by late 2026. The company holds 100% interests in three projects in Gabon and has a current market cap of A$30.17M.
An announcement from Genmin Ltd. ( (AU:GEN) ) is now available.
Genmin Limited has secured a A$2.0 million unsecured loan from Injiview Pty Ltd, an entity related to its non-executive Chair, Greg Lilleyman. The loan, which can be drawn immediately, will support Genmin’s general working capital as it seeks project funding for its Baniaka iron ore project in Gabon. This financial backing reflects confidence in Genmin’s operations and the recent democratic developments in Gabon. The loan is set to accrue interest at 12% per annum and is repayable by June 2026, with a potential for repayment through equity subject to approvals.
More about Genmin Ltd.
Genmin Limited (ASX: GEN) is an emerging African iron ore producer with a focus on projects in the Republic of Gabon, West Central Africa. The company holds 100% interests in three projects, including the flagship Baniaka and Bakoumba iron ore projects, which are strategically located near existing transport and energy infrastructure. Genmin aims to develop Baniaka into Gabon’s first commercial iron ore mine, with plans to commence production by late 2026 and scale operations over time.
Average Trading Volume: 613,624
Technical Sentiment Signal: Sell
Current Market Cap: A$30.17M
See more data about GEN stock on TipRanks’ Stock Analysis page.
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