Genmin (ASX: GEN), an emerging force in the African iron ore sector, bolstered its market position by securing an 18-month extension on its memoranda of understanding with three of China's most influential steel producers.
Following a high-level strategic visit to mainland China and Hong Kong by Executive Chair Greg Lilleyman and CEO Andrew Taplin, the company reconfirmed the strong demand for its flagship Baniaka Green iron ore products.
The extensions, which now run through June 30, 2027, involve major industry players: China Minmetals Corporation, a Fortune Global 500 state-owned enterprise; Jianlong Group, the top-tier private steel producer from Hebei Province; and Hunan-Valin Iron & Steel Group, a global top-15 steel manufacturer.
The agreements are central to the development of the 100% owned Baniaka iron ore project.
CEO Andrew Taplin noted that the sustained interest from these diversified Chinese giants provides a solid foundation as the company transitions toward its next phase.
The extension of these MoUs serves as a critical bridge, allowing Genmin to negotiate and formalise binding sales agreements while simultaneously securing project financing.
At the time of reporting, Genmin's share price was $0.0070.