The agreement aims to prepare engineering, procurement and construction (EPC) bids and provide financing support for the project. The MoU includes information sharing for the preparation of technical and commercial proposals, a period of exclusivity for Sinohydro to prepare and negotiate the EPC contract, and the provision of project financing of at least $250 million.
The agreement, which is valid for three years, can be terminated early under certain special circumstances, such as legal restrictions, expiration of the authorization period, bankruptcy or rejection of the offer by Genmin.
Andrew Taplin, CEO of Genmin, stated that they are pleased with the cooperation with Sinohydro and stated:
“Sinohydro is building the Grand Poubara hydropower plant near Baniaka and has extensive experience in energy and transportation infrastructure, making this collaboration even more meaningful. The rapid progress of critical road construction activities at Baniaka will enable us to bring high quality, green iron ore to market sooner.”
The Baniaka project has been awarded a 20-year large-scale mining permit, a Certificate of Environmental Compliance and a Mining License signed with the Government of Gabon.
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