At this price I have decided to buy in.
Unlike many juniors that have tried but failed due to the high capex needed for rail & port infrastructure (eg. SDL) I believe GEN will become a producer. Simple DSO project should keep the capex fairly low. I look forward to the completion of the PFS which shouldn't take too long as they have much of it already in place from 2014, just needing an update:
Mine site
https://www.srk.com/en/projects/genmin-iron-ore-exploration
Rail
https://www.systracanada.com/en-projet/railway-prefeasibility-study-for-the-baniaka-project
Port:
https://prdw.com/projects/**on-iron-ore-transhipment/
Management planning a 5 mtpa operation by 2024 & hopefully a 64% Fe product. If they can get OPEX down near US$30/t FOB Owendo plus US$20/t shipping **on to China (same Capesize rate as Brazil) then can do very well even with a much lower iron ore price.
Also plenty of resource there for future expansion.
From doing a bit of research it appears Genmin will become **on's first IO producer as Belinga project is still lacking railway.
I'm starting to see why Min Res CEO Chris Ellison invested $2.5 million in the IPO.
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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10.0¢ | 16700 | 1 |
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No. | Vol. | Price($) |
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2 | 110000 | 0.092 |
1 | 6000 | 0.091 |
1 | 6666 | 0.090 |
1 | 6000 | 0.087 |
Price($) | Vol. | No. |
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0.100 | 16700 | 1 |
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