Genmin, West Africa's iron ore explorer and developer, has signed an agreement with Anglo American's subsidiary Anglo American Marketing for the Baniaka iron ore project in Gabon.
Under the agreement, Anglo American will provide US$10 million to Genmin's subsidiary Gabon Iron Ore (GIOL) for a 1% royalty on the first 75 million tons of iron ore product from the Baniaka iron ore project.
In addition, GIOL and Anglo American have negotiated a US$75 million financing agreement for the purchase of iron ore from the Baniaka project.
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