Genmin chair provides company with A$2m loan
ASX-listed emerging iron-ore producer Genmin has executed a A$2-million loan with an entity related to its nonexecutive chairperson Greg Lilleyman.
Genmin can draw down the funds immediately and use it for general working capital, while it progresses project funding for the Baniaka iron-ore project, in Gabon.
Lilleyman’s loan is a clear vote of confidence in both Genmin and Baniaka, says CEO Andrew Taplin.
The loan is unsecured and was negotiated on an arm’s length basis, with interest accruing at 12% a year and is repayable by June 30, 2026.
Genmin may agree with Lilleyman to extend the repayment date or enter into a further agreement to repay the loan through the issue of new equity.
Genmin has 100% interests in three projects in Gabon, comprising one granted mining licence (Baniaka) and four granted exploration licences covering just under 4 500 km2, which comprises the Bakoumba and Bitam projects.
The flagship Bianaka project in south-east Gabon is favourably situated near existing bulk commodity transport and renewable-energy infrastructure, to which Baniaka has secured long-term access for commercial operations.
The company intends to develop Baniaka to process an initial five-million tonnes a year and to increase scale over time to at least ten-million tonnes a year.
Commercial production is targeted for late 2026, with construction due to start as soon as project-build financing has been secured.
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