Genmin (ASX:GEN) signed a memorandum of understanding (MoU) with Sinohydro, a subsidiary of Power Construction Corporation of China, to develop its Baniaka project in Africa, according to a Thursday filing with the Australian bourse.
The MoU outlines the collaboration with Sinohydro for project development through the provision of an engineering, procurement, and construction proposal, aiding in procuring funding from financing institutions, investors, and iron ore buyers, the filing said.
The MoU is effective for three years, according to the filing.
Genmin shares rose 12% in afternoon trade Thursday.
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