African iron ore producer Genmin (ASX:GEN) is working to finalise discussions with potential project financiers over H1 2024 as it embarks on a proposed capital raise.
The company says a capital raise is being undertaken to provide general working capital for its wholly owned Baniaka Iron Ore Project in Gabon, west Central Africa.
The capital raise comes following the receipt of a 20-year mining permit for Baniaka.
The company notes the permit, in conjunction with a Certificate of Environmental Conformance received in August 2023, provides regulatory approval for the company to build and operate Baniaka.
The permit was rewarded as part of a Presidential Decree signed by President and Head of State of the Republic of Gabon Général Brice Clotaire Ologui Nguema.
Genmin Managing Director and Chief Executive Officer (CEO) Joe Ariti says the permit makes way for the company to set a target date for the start of production by the end of Q2 2025.
Genmin currently holds a pipeline of projects in the Republic of Gabon.
The company has a 100% interest in 3 projects comprising 6 granted exploration licences covering about 5,064km-square.
Write to Adam Drought at Mining.com.au
Images: Genmin
