Australian miner Genmin has signed a binding agreement with Chinese state-owned Sinohydro to accelerate the development of Gabon’s Baniaka Iron Ore Project, aiming to establish the country’s first iron ore operation. 

Under the deal, Sinohydro will create an engineering, procurement, and construction (EPC) plan and assist in securing over US$250 million in financing for the project. 

Genmin CEO Andrew Taplin emphasized Sinohydro’s regional expertise, including its hydropower projects in Gabon, as pivotal for fast-tracking production of high-grade, green iron ore. The partnership leverages Sinohydro’s decade-long presence in Gabon, notably its work on hydroelectric facilities like Kinguélé Aval and Grand Poubara. 

The Baniaka project is slated to begin production in 2026, targeting 5 million tons of annual iron ore output initially, with plans to double capacity to 10 million tons.