Genmin, an African explorer and developer, showed a positive pre-feasibility study (PFS) for its 100% owned Baniaka iron ore project in Gabon.

The final investment decision for the project was expected in the second quarter of 2023. Genmin planned to have its first production in mid-2024.

The company targeted to maintain a strong focus on environmental, social, and governance with clean, renewable hydroelectricity, no tailings dam and up to 0.5% of gross revenue spent on community development.

The PFS estimated that the initial capital investment would be around US$200 million for a 5Mt-per-annum nameplate capacity and associated infrastructure. In addition, the study also showed the nameplate capacity of the operation has the potential to rise to 10Mtpa from 5Mtpa.