Australian mining company Genmin Limited has secured 1 million Australian dollars — roughly 400 million FCFA — in financing to sustain its operations in Gabon, as the firm faces growing uncertainty over its ability to continue without fresh capital.
The funding package, largely underwritten by Genmin’s chairman of the board, will be directed toward maintaining ongoing activities at its exploration sites and meeting key financial obligations in the country.
Genmin, which holds multiple iron exploration permits in Gabon, including its flagship Baniaka and Bakoumba projects, confirmed the capital injection will help preserve momentum on critical feasibility studies while supporting local commitments tied to its operations.
The company acknowledged that the financing was essential to keep projects on track, amid wider concerns over its cash flow and operational sustainability. “This support provides Genmin with the means to continue advancing its portfolio of projects in Gabon,” the firm said in a statement.
The Baniaka and Bakoumba sites, situated in mineral-rich regions, are central to Genmin’s strategy of developing iron ore resources in the Central African nation. Both projects are seen as pivotal to boosting Gabon’s mining sector, which has increasingly sought foreign investment to diversify the country’s economy beyond oil.
The 400 million FCFA infusion will ensure that on-the-ground exploration, local staffing commitments and technical assessments move forward as planned, despite market and financial headwinds.
Genmin has yet to disclose whether additional financing rounds are planned but said it remains committed to long-term operations in Gabon as it advances feasibility studies aimed at unlocking the commercial potential of its iron ore assets.
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