Genmin Extends Offtake MoUs with Three Major Chinese Steelmakers for Baniaka Green Iron Ore Products

Genmin Limited has strengthened the commercial foundations of its Baniaka iron ore project in Gabon after securing extensions to offtake Memoranda of Understanding with three major Chinese steel producers. The updated agreements reaffirm long standing interest in the company’s Baniaka Green iron ore products and extend the MoU terms for a further eighteen months to the end of June 2027.

Executive Chair Greg Lilleyman and Chief Executive Andrew Taplin met with senior representatives from China Minmetals Corporation and Hunan Valin Iron and Steel Group during a recent visit to mainland China and Hong Kong. Earlier meetings were held with Jianlong Group in late 2025. The discussions concluded with all three groups re signing the current MoUs and confirming their continued engagement with Genmin as the company advances toward a final investment decision for Baniaka.

The three steelmakers represent a powerful coalition of institutional demand. Minmetals is a state owned enterprise ranked number eighty six on the Fortune Global five hundred list with revenue above one hundred and fifteen billion United States dollars and is one of the world’s largest steel producers and metal traders. Jianlong is the largest private enterprise in the Hebei Province and ranks among the top ten steel producers globally. Hunan Valin is also a major state owned enterprise and sits within the world’s top fifteen steel producers while holding a place in the Fortune Global five hundred.

Under the extended MoUs the parties will work toward binding offtake agreements by June 2027. Any final agreement will be based on pricing linked to the Platts Iron Ore Index or another mutually agreed benchmark. The agreements will also include customary conditions precedent, including required government approvals and the commencement of commercial production at Baniaka. These terms mirror the commercial settings outlined in Genmin’s previous announcements regarding earlier MoUs with the same counterparties dating back to 2021, 2022 and 2023.

Genmin noted that the extensions demonstrate continuing demand for Baniaka Green products which are central to the company’s strategy of supplying premium iron ore to established and emerging markets. Baniaka itself is positioned as a potential new iron ore hub in south east Gabon with access to bulk commodity transport infrastructure and renewable energy. The project holds a large scale mining permit and an environmental conformity certificate, providing the regulatory foundations for development. A final investment decision is targeted for the middle of 2026.

Chief Executive Andrew Taplin said the strengthened relationships with Minmetals, Jianlong and Hunan Valin support ongoing discussions around both product sales and project financing. He added that he expects the company will negotiate binding sales agreements alongside funding arrangements as Genmin progresses toward its next development milestone.

The update reinforces that Baniaka continues to attract interest from major global steelmakers at a time when steel production centres are looking to diversify supply chains and secure long term access to higher quality iron ore products.