Genmin, West Africa’s iron ore explorer and developer, signed an agreement with Anglo American’s subsidiary, Anglo American Marketing, for the Baniaka iron ore project in Gabon.

In the agreement, Anglo American will provide Genmin subsidiary, Gabon Iron Ore (GIOL), with US$10 million to obtain 1% sales royalty from the first 75 million tons of iron ore products from the Baniaka iron ore project.

Besides that, GIOL and Anglo American also discussed about US$75 million in financing for the offtake agreement for iron ore from Baniaka project.