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Genmin secures 20-year power supply

for Banaika iron-ore project in Gabon

GABON GENMIN, an ASX-listed Australian iron ore
producer, has secured a 20-year power supply
agreement for its Baniaka project in Gabon with
a state-owned power utility SdP.
The power supply agreement covers an
initial 30 MW of electricity, with the poten-
tial to increase reserved capacity to 50 MW
for future expansion of the iron-ore mine.
It follows a memorandum of understanding
(MoU) signed in April 2022. The 30MWsup-
plied by SdP will provide all Baniaka’s initial
electricity requirements and negate the need
for Genmin to build and maintain an onsite
power station.
To ensure a steady supply of renewable
energy, Genmin will construct, own, and operate
a 35-km overhead transmission line from Grand
Poubara to Baniaka.
According to Genmin CEO Joe Ariti, the deal
is a significant milestone in the project’s devel- From the Baniaka project, Genmin aims to
opment and aligns with the company’s mission export 5mn tonnes of iron ore per year initially,
of delivering eco-friendly iron ore products to with plans to increase to 10mn tonnes per year
global markets while reducing carbon emissions during Stage 2. The company targets first iron-
in iron-making. ore production in mid-2024.™

RENEWABLES

KenGen to build geothermal power plants

KENYA KENYAN state-owned power producer Ken- Currently, KenGen generates about 799MW
Gen plans to set up new geothermal power from geothermal sources and spends some KES-
plants after having secured first-refusal rights 3.5bn ($29mn) on steam purchases from GDC’s
on existing and new geothermal wells drilled by Olkaria wells.
parastatal Geothermal Development Company Olkaria wells are used to run KenGen’s Olka-
(GDC). ria I additional units four and five and Olkaria
GDC, founded in 2008, is mandated to exe- IV, which have a combined installed capacity of
cute surface geothermal development, including 320MW, and also wellhead plants.™
prospecting for, drilling, harnessing and selling
geothermal energy to electricity-generating
companies for energy production and sale to the
national grid.
Last year, the two companies signed a memo-
randum of understanding that gives KenGen the
first opportunity for utilisation of GDC’s exist-
ing and new geothermal wells, Business Daily
reports.
GDC, which has been drilling prospecting
wells at the Menengai site in Nakuru and Silali
in Baringo, developed wells in the Olkaria basin
from where it sells steam to KenGen.
In an interview with Business Daily last week,
KenGen managing director Abraham Serem
said that the companies will meet in relation to
new steam purchase agreements on the wells.

Week 06 08•February•2023 www. NEWSBASE .com P11