Genmin Limited, an African iron ore exploration company, has signed a non-binding memorandum of understanding (MoU) with China's Baosteel Resources for a potential offtake agreement. The two companies are expected to sign a legally binding offtake agreement by 31 December 2024.

As per the potential binding offtake agreement, GL will deliver 1.2 million tons per annum (Mtpa) of Fines, 0.5Mtpa of Lumps, and 0.4Mtpa of Pellet Feed products from Baniaka for a term of two years.

Genmin has now signed four non-binding MoUs, including a three-year agreement with international trading company Minmetals and a two-year MoU with three steelmakers, Jianlong, Hunan Valin, and Baowu.