Mining News

Genmin receives Anglo American royalty

Junior iron-ore explorer Genmin has received it’s $10-million cash royalty payment from mining major Anglo American after earlier striking a royalty agreement over the Baniaka iron-ore project, in Gabon.

Under the agreement, Anglo American paid $10-million to Genmin subsidiary Gabon Iron Ore (GIOL) in consideration for the grant of a royalty on sales revenue received from the sale of the first 75-million tonnes of iron-ore products produced and sold from Baniaka.

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