Genmin raises cash for Gabon work
PERTH (miningweekly.com) – Junior iron-ore explorer Genmin will raise A$7.9-million in a share placement to institutional, sophisticated and professional investors to fund pre-development work at its Baniaka project, in Gabon.
The company on Wednesday said it would issue 39.5-million new ordinary shares under its existing placement capacity, priced at 20c each, representing a 16% discount to its 20-day volume weighted average share price.
Genmin MD and CEO Joe Ariti told shareholders that the placement would allow the company to maintain its current momentum as it fast-tracked the development of the Banakia project, with the aim of starting production in mid-2024.
“To achieve our target production date, over the next three months we expect to sign the long form rail, port, and power agreements, lodge the social and environmental impact assessment with the environmental administration, and submit a mining licence application; all significant near-term milestones informing our final investment decision in mid-2023.”
A recently completed prefeasibility study for the project estimated that it would require a capital investment of around $200-million for a five-million-tonne-a-year project. The study estimated a post-tax net present value of $391-million and an internal rate of return of 38%, with a pay-back period of 2.7 years.
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