The company anticipates reaching a final investment decision for the project by the second quarter of 2023, setting the stage for the commencement of its first production in mid-2024.
Genmin's strategic vision for the Baniaka project places a strong emphasis on environmental, social, and governance (ESG) considerations. The company is committed to employing clean and renewable hydroelectricity, eschewing the use of tailings dams, and allocating up to 0.5% of gross revenue towards community development initiatives.
According to the PFS, the projected initial capital investment for establishing a 5-million-ton-per-annum nameplate capacity, along with the necessary infrastructure, is estimated at approximately US$200 million. Furthermore, the study indicates the potential for the operation's nameplate capacity to increase from 5Mtpa to 10Mtpa, underscoring Genmin's ambitions for growth and expansion.
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