Middle Eastern consortium offers $200mn to finance Genmin's Gabon iron ore project via JV

/ bne IntelliNewsFacebook

TelegramFeedly

By Brian Kenety May 14, 2026

Genmin Limited (ASX:GEN) said it had received strong interest from international investors and commodities traders to help finance development of its Baniaka iron ore project in Gabon, as the company seeks to secure about $200mn in project funding ahead of a final investment decision.

The Australia-listed mining company said several parties had conducted recent site visits to the Baniaka project as part of due diligence processes linked to potential financing and strategic investment proposals.

Genmin disclosed that proposals received included an unsolicited non-binding offer from a Middle Eastern consortium to provide the full $200mn required to develop the project through a new joint venture structure. The company also received an expression of interest from a Shanghai-listed Chinese entity seeking at least a 51% project stake alongside support for construction financing and technical development.

Additional proposals included a draft term sheet from a global commodities trader for a prepayment facility of up to $50mn against future offtake and a non-binding $10mn pre-construction bridge financing offer from a specialist mining investment fund.

Executive chair Greg Lilleyman said the company remained confident it could finalise agreements with one or more financing partners.

“It has been pleasing to receive genuine interest from a number of strategic international investors, financiers and global commodities traders to fund and/or partner with Genmin to develop Baniaka, our flagship project,” Lilleyman said.

“At this stage, we remain confident that we will be able to negotiate and finalise terms with one or more parties, which will allow the Board to make a final investment decision,” he added.

Genmin said discussions were continuing with advisers, including Azure Capital, Vermilion Partners and Oval Advisory, as it works to conclude financing negotiations.

Government backing and project scale

The company also held meetings in Gabon with Mines Minister Sosthène Nguema Nguema, during which potential investors were introduced to the government, and updates were provided on financing progress for the Baniaka project.

According to Genmin, the Gabonese government reaffirmed strong support for the development, including access to state-owned infrastructure needed for the project’s initial 5mn-tonnes-per-year phase. The company said the government had indicated Baniaka remained its “number one priority project for development”.

Genmin describes itself as an emerging African iron ore producer with projects in Gabon. Its flagship Baniaka project holds a 20-year mining permit and environmental approvals, with the company targeting initial production of 5mn tonnes per year before expanding capacity to at least 10mn tonnes annually.

Once developed, Baniaka will involve conventional open pit mining and iron ore processing methods to produce Lump, Fines and Pellet Feed products, which will initially be delivered via a 60km dedicated haul road to a Company-owned rail terminal connected to the existing Trans-Gabon Railway infrastructure and shipped to export markets from the Owendo Mineral Port.

Africa iron ore regains strategic importance

Africa’s iron ore sector has attracted renewed investor interest in recent years as global steelmakers seek to diversify supply chains beyond dominant producers Australia and Brazil, while securing higher-grade ore suitable for lower-emissions steel production.

Major African iron ore projects are advancing in countries including Guinea, Gabon, Liberia and Sierra Leone. Guinea’s giant Simandou project, backed by a consortium including Rio Tinto Group (LSE:RIO, ASX:RIO, NYSE:RIO) and Chinese partners, is expected to become one of the world’s largest new iron ore developments, while Liberia and Sierra Leone continue efforts to expand exports through rehabilitation of rail and port infrastructure.

Gabon has historically been better known for manganese and oil production, but authorities are increasingly positioning iron ore as part of a broader mining diversification strategy aimed at attracting foreign investment, expanding infrastructure and increasing export revenues.

Chinese investors deepen African mining exposure

Chinese companies have emerged as some of the most important investors and strategic backers of African iron ore projects, reflecting China’s position as the world’s largest steel producer and iron ore consumer. Beijing-backed firms and Chinese steel groups have invested heavily in mining, rail and port infrastructure across Guinea, Sierra Leone and other African producers as part of broader efforts to secure long-term raw material supply.

Chinese involvement in African mining has increasingly combined project financing, engineering capability, construction support and long-term commodity offtake agreements, allowing Chinese groups to secure supply chains while helping host governments develop transport and export infrastructure.

Gulf states expand resource investments

Middle Eastern investors have also expanded their presence in Africa’s mining sector as Gulf states seek greater resource security and downstream industrial diversification. Investors from the United Arab Emirates, Saudi Arabia and Qatar have increased investments in African minerals, logistics and energy infrastructure, targeting commodities linked to steelmaking, energy transition supply chains and food security.

The United Arab Emirates has emerged as one of the largest Gulf investors in African mining and commodity logistics through groups such as DP World and International Resources Holding, which have pursued investments in ports, critical minerals and metals trading networks across the continent. UAE-linked entities have shown growing interest in iron ore, copper and battery metals projects tied to industrial supply chains and export infrastructure.

Saudi Arabia has also accelerated mining investments abroad as part of its Vision 2030 economic diversification strategy. Saudi state-backed mining company Saudi Arabian Mining Company and affiliated investment vehicles have explored opportunities in African minerals including iron ore, lithium, copper and phosphate, while the kingdom has sought to strengthen access to raw materials needed for construction, manufacturing and clean energy industries.

Qatari investors and sovereign-linked funds have meanwhile increased exposure to African infrastructure, logistics and natural resources, often through partnerships linked to transport corridors, ports and energy-intensive industries. Gulf investors are increasingly combining financing with long-term commodity supply agreements and trading arrangements, mirroring strategies previously deployed by Chinese resource investors.

The growing Gulf presence reflects intensifying global competition for strategic minerals and industrial commodities as countries seek to secure supply chains amid geopolitical tensions, energy transition policies and rising demand from Asian manufacturing markets.

Poland to advance 3% digital tax despite US criticism

Facebook

TwitterLinkedInTelegramFlipboardFeedly

By bne IntelliNews May 14, 2026

Poland’s Ministry of Finance will work on a proposed 3% digital tax submitted by the Ministry of Digital Affairs, Finance Minister Andrzej Domański said on May 13, as Warsaw moves ahead with plans that have drawn criticism from the US administration.

The Polish government expects to adopt the draft legislation by the end of September. The measure would introduce a compensatory tax on selected digital services provided by the largest global companies operating in Poland.

Asked about possible objections from Washington, Domański said Poland would decide its own tax policy.

“Poland determines what taxes apply in Poland. Companies in the new technology sector must pay taxes in Poland, just like everyone else,” Domański told journalists, according to PAP.

The plan builds on an earlier proposal announced in 2025, when the Ministry of Digital Affairs outlined a framework aimed at large multinational technology companies, mostly US ones.

The levy would apply to activities including personalised advertising, online marketplaces and the sale of user data, while excluding digital content streaming, telecommunications and financial services.

Digital services taxes have been introduced in several European countries, including the United Kingdom at 2% and France, Italy and Spain at 3%. 

Such measures have repeatedly drawn criticism from Washington because they often affect large US-based groups, including Alphabet, which operates Google, Meta, which operates Facebook and Instagram, as well as Apple and Amazon.

The issue has been a longstanding source of friction in transatlantic trade relations. When Poland first outlined its plans in 2025, US Ambassador to Poland Tom Rose described the proposal as “self-destructive” and warned that it could damage bilateral ties.

The initiative comes as Poland separately considers restrictions on social media access for children under 15, potentially increasing regulatory pressure on global technology companies operating in the country. 

USAID FOR FASCIST REGIME

Lukashenko praises US as Belarus receives two-thirds of humanitarian aid from Washington

Franklin Graham and Alexander Lukashenko (Photo: Press Service of the President of the Republic of Belarus) / bne IntelliNewsFacebook

TwitterLinkedInTelegramFlipboardFeedly

By bne IntelliNews May 15, 2026

Belarusian President Alexander Lukashenko has praised the United States as a leading source of humanitarian assistance for his country despite the sanctions regime, Russian outlet RBC reported on May 15.

Speaking at a meeting with Franklin Graham, president and chief executive of the Billy Graham Evangelistic Association, Lukashenko said the United States had supplied two-thirds of the humanitarian aid received by Belarus in the past year.

Belarus has been under successive rounds of Western sanctions since the 2020 disputed presidential election and the violent crackdown on the protest movement that followed, with measures expanded after Minsk allowed Russian forces to use Belarusian territory to launch the invasion of Ukraine in February 2022.

"You are doing well, thank you for this help and support. In general, two-thirds of all humanitarian aid we receive in Belarus is provided by the United States of America. Surprisingly enough. They say 'sanctions, sanctions', but the Americans are doing well. Your share is in this US humanitarian aid," Lukashenko said, in remarks carried by the Pul Pervogo Telegram channel, which is close to the Belarusian presidential press service.

The Belarusian leader asked Graham to convey to US President Donald Trump that "in Belarus he has reliable friends and supporters".

The comments come amid a marked thaw in relations between Minsk and Washington that has gathered pace through 2026. On March 19, Lukashenko hosted an American delegation led by US special envoy for Belarus John Cole at the Palace of Independence in Minsk.

On the same day, Belarus announced the pardon of 250 individuals convicted on extremism-related charges, while Cole confirmed the lifting of US sanctions on Belinvestbank, the Development Bank of the Republic of Belarus and the Belarusian Finance Ministry. Two Belarusian potash producers, the Belarusian Potash Company and Belaruskali, were also removed from US sanctions lists.

Trump subsequently thanked Lukashenko for the prisoner pardons.

On April 19, the Belarusian leader said he was ready for a "big deal" with the United States, provided any agreement reflected the interests of both sides. Lukashenko said dialogue with Washington was not directed against Russia or China, and called on the United States to reach an understanding with Moscow.

Belaruskali and the Belarusian Potash Company are among the country's largest hard currency earners, with Belarus historically one of the world's top three potash exporters alongside Canada and Russia.

Trump eats humble pie in Beijing

US President Trump was forced to eat humble pie in Beijing as he looks for help with ending the Iran war and boost the economy by opening access to the Chinese market. Chinese president Xi was the one holding all the cards this time. / bne IntelliNewsFacebook

TwitterLinkedInTelegramFlipboardFeedly

By Ben Aris in Berlin May 15, 2026

US President Donald Trump’s trip to Beijing ends today and he has been forced to eat humble pie after coming out of the gate last year with an extremely aggressive policy on China.

If you remember in the heady days of Trump's first term in office we still lived under the pax Americana. Trump launched a trade war with Beijing back then but since he took over just over a year ago, he became a lot more aggressive. Liberation Day tariffs were primarily aimed at Beijing and ended in a nasty showdown that saw Beijing throttle America's supply to critical minerals and rare earth metals. Trump was forced into a humiliating climb down and an agreement to suspend hostilities for a year – a deal that is about to expire.

However, the war in Iran has changed everything. The emperor's clothes have been stripped away, and the myth of US military supremacy has been debunked. Trump cannot win his war in Iran and was in Beijing partly to ask for Xi Jinping's help -- that will almost certainly not be forthcoming, as why should the Chinese help the Americans out of their self-inflicted imbroglio? For his part Xi has been remarkably consistent in his message. He has called for competitive cooperation and an end to the instabilities caused by America's incessant warmongering. The US tone has changed dramatically. Under the Biden administration both former Secretary of State Anthony Blinken and US Treasury Secretary Janet Yellen were in Beijing rudely lecturing Xi on the needs to end state subsidies to companies and to open the Chinese market to American goods. The former German Foreign Minister Annalena Baerbock went even further by lecturing China on its human rights record at the lectern in Beijing with no regards to diplomacy whatsoever. She ended up being rebuked by the foreign minister in public for her total lack of diplomacy.

That's what makes the tone of Trump's trip to Beijing so remarkable. It's a complete about face. He talked about “my great friends” and the “great nation of China” as he sought commercial deals and help with the Gulf war. For me all this highlights the end of the pax Americana and looking at previous transitions between empires we are now in at least a decade-long period of confusion and instability while we transition to a new regime. A Pax Sinica? “All under heaven” as the Chinese would say? Not necessarily.

Xi is clearly acutely aware of what is going on. He put his finger on it in his opening remarks, telling Trump to his face that he should not fall into the “Thucydides Trap" – a concept in international relations that says when a rising power threatens to displace an established dominant power, the likelihood of conflict between the two increases significantly.

That should be pretty shocking. What Xi just did was openly threaten the US with war if it tries to interfere with China’s reunification with Taiwan. There is no other interpretation of this.

The reporting has all focused on Trump in Beijing (including what sounds like a very yummy Chinese version of humble pie including lobster soup and Beijing roast duck), but putting this story in a wider context, Russian Foreign Minister Sergei Lavrov was also in New Delhi to meet with Prime Minister Narendra Modi on the same day. They talked about trade. It’s pretty obvious this was timed to highlight the strength of the BRICS alliance and the weakness of the US position.

And equally poignant, the Kremlin just announced that Russian President Vladimir Putin will be in Beijing too, his first foreign visit this year, maybe next week, to meet with Xi and reaffirm their Friendship pact signed in 2001. The Kremlin and Beijing are ostentatiously rubbing the White House nose in the weakness of its position and the strength of the growing Global South alliance opposing it.

There were other subtle slights. Trump’s visit was reportedly downgraded to a working visit, although its being reported as a more important state visit and there is some confusion over what the official status was. Xi also didn’t come to meet Trump at the airport when he arrived, which is not a slight, but nevertheless, was an honour Xi chose not to confer.

What is interesting diplomatically about the Putin visit is that Russian and Chinese sources are still referring to it as an official visit rather than a full “state visit”, which is still higher than just a working visit. But as Xi and Putin have met 40 times already – by far the most of either’s meetings – protocol nuances have become a little blurry. The last time Putin was in Beijing, Xi didn’t meet him at the airport either, but that meeting was classed as a state visit – the most important category.

The Taiwan war threat should be taken very seriously. While this week was all about diplomacy and trade, in the background is the growing militarisation of the CRINK alliance (China, Russia, Iran and North Korea) and their cooperation to make sure that Iran doesn’t lose its war with America – basically the same set up as Nato’s support of Ukraine against Russia, another war by proxy. The main take out, and what is new, is if the US goes to war with China it will lose.

Happily, despite his tough talk, it appears increasingly clear that Xi is sincere about his talk of “competitive cooperation” and also that he has little intention of forcing the reunification with Taiwan militarily; he wants a peaceful solution by referendum and is prepared to take his time to get there. Nevertheless, like Putin’s insistence of no-Nato for Ukraine, and the decision to invade when he was rebuffed, Xi also just made it clear that he will use the increasingly powerful PLA to force the issue if he has too.

Underwhelming summit outcome in China brings Trump back to reality

Copyright AP Photo

By Stefan Grobe

Published on 15/05/2026 - EURONEWS

After raising high expectations ahead of his trip to Beijing, the U.S president leaves with little to show for it, disappointing investors. On key flashpoints such as Iran and Taiwan, China didn't give any ground.

Before his trip to China, Donald Trump faced outsized expectations – largely nurtured by himself

But the reality of a complex and challenging relationship caught up with him.

And that includes the fact that China has the upper hand right now.

From a US perspective, the immediate outcome of his summit with Chinese President Xi Jinping was meagre: no grand breakthrough, but a mere stabilization of relations and a broad effort to prevent the superpower rivalry from spiralling further out of control.

“You don't get the sense that much has been accomplished,” said Helmut Brandstätter, a liberal Member of the European Parliament from Austria who is well connected with Chinese diplomats.

“Trump hasn't achieved anything economically for himself, nor has he done anything for the rest of the world,” he added.

In the run-up to the summit, Trump gave the impression that, with his large entourage of top American CEOs, he would bring home major contracts for the American economy. But that wasn't the case.

Members of the US delegation, including top CEOs, stand at the Great Hall of the People in Beijing, May 14, 2026. (Maxim Shemetov/Pool Photo via AP) AP Photo

Although Xi agreed to purchase 200 Boeing jets, that number was much lower than the 500 that Trump had floated before.

Consequently, investors in the US were disappointed, with Boeing shares falling 4% on Wall Street.

The US president’s comment was vintage Trump: Xi “is going to order 200 jets...200 big ones.”

A large Boeing order was one of many ⁠business deals expected to come out of the closely watched talks. Yet by the time Trump left China on Friday, it was the only major deal that was announced.

The country's last big order with Boeing was during Trump's November 2017 trip to Beijing, when China agreed to buy 300 Boeing planes.

Relations between the two countries soured after that, ​and Boeing orders from China dried up.

Boeing 737 MAX airplanes fuselages are seen on the final assembly line at Boeing's factoryApril 15, 2026, in Renton, Washington. (AP Photo/Lindsey Wasson) AP Photo

According to US officials, both sides had agreed to sell farm goods, but only scant details were available, and no ​signs of a breakthrough on selling Nvidia chips to China, despite CEO Jensen Huang's dramatic last-minute addition to the trip.

On a positive note, both sides agreed to work to preserve and extend the fragile “trade truce” reached after the tariff war of last year.

They discussed mechanisms to manage future tariff disputes and export controls rather than allowing tensions to escalate immediately.

For European leaders nervously watching the summit, the underwhelming outcome should be a reason for relief, as nothing was said that would sideline the EU economically, according to Ling Chen, an associate professor at the Johns Hopkins University School of Advanced International Studies (SAIS).

“The EU is not economically marginalized because it is an important economic partner to both the U.S. and China, especially as the two great powers compete strategically,” she added. “The EU is also an essential market for China's green energy products.”

While Trump and Xi may have stabilized their economic and trade relations, geopolitical security differences were barely papered over, at least in public.

President Donald Trump, right, seats beside and Chinese President Xi Jinping, center, during a state dinner at the Great Hall of the People. (AP Photo/Mark Schiefelbein) AP Photo

At a banquet filed with pageantry, both leaders praised the other lavishly.

Xi described the get-together as a “milestone visit”, while Trump spoke of a “great couple of days” during which “fantastic trade deals” were made.

Yet, the commonality seemed to end there.

Just before the final Trump-Xi meeting on Friday, China’s foreign minister issued a blunt statement outlining its frustration with the US and Israel’s war with Iran.

"This conflict, which should never have happened, has no reason to continue," the ministry said, adding that China was supporting efforts to reach a ⁠peace deal in a war that had severely affected energy supplies and the global economy.

On Thursday, Trump said in an interview with Fox News that Xi offered “to be of help” to re-open the Strait of Hormuz and pledged not to send military equipment to Iran, yet the Chinese side did not comment.

Before the summit, Trump was hoping for Chinese pressure on its Iranian ally to find a solution to end the conflict, but that did not materialize – maybe not yet.

“It is quite possible that the Chinese will exercise subtle influence on the Iranians in the weeks to come, but little of it will likely be visible,” said Ian Lesser, distinguished fellow at The German Marshall Fund.

The other big geopolitical issue, central to Chinese politics, is Taiwan – a topic that the American readout of the talks didn’t mention at all.

A view of the Taipei skyline with the iconic Taipei 101 skyscraper, the tallest building in Taiwan (AP Photo/Chiang Ying-ying) AP Photo

Yet, the Chinese issued a statement saying that Xi “stressed to President Trump that the Taiwan question is the most important issue in China-US relations” and could lead to clashes and even conflict if not handled properly.

A stark, if not unprecedented warning.

Taiwan, just 80 kilometres off China's coast, has long ​been a flashpoint in Sino-American ties, with Beijing refusing to rule out use of military force to gain control of the island and the US bound by law ​to provide it the means of ⁠self-defence.

US Secretary of State Marco Rubio who was part of the delegation later tried to downplay the significance of the Chinese warning on Taiwan.

"US policy on the issue of Taiwan is unchanged as of today," he told NBC News. The Chinese "always raise it...we always make clear our position and we move on," he added.

A remark Rubio was thanked for on Friday by Taiwan Foreign Minister Lin Chia-lung.

Others compared Beijing’s posturing on Taiwan to some sort of shadow-boxing.

“When it comes to Taiwan, the big question is: will Xi take the plunge, or won't he?”, Brandstätter said.

“As long as the Chinese continue to buy chips manufactured in Taiwan, they won’t attack,” he added. “Moreover, the Taiwanese are very well-equipped militarily and would be anything but easy prey for Beijing.”

Trump's independence warning prompts response from Taiwan

Copyright Copyright 2026 The Associated Press. All rights reserved.

By Nathan Rennolds

Published on 16/05/2026 - EURONEWS

Taiwan's foreign ministry said in a statement following Trump's comments that "Beijing has no right to claim jurisdiction over Taiwan."

US President Donald Trump's warning to Taiwan against formally declaring independence from China has prompted a response from the island's foreign ministry, which reasserted that it's a "sovereign democratic country."

During a state visit to Beijing this week, Trump said that while his policy towards Taiwan had not changed, he was against the idea of it declaring independence from China and seemingly questioned why the US would send military support in the event of an invasion.

"I'm not looking to have somebody go independent and, you know, we're supposed to travel 9,500 miles to fight a war. I'm not looking for that," he told Fox News.

"I want them to cool down. I want China to cool down," he added.

On Saturday, Taiwan's foreign ministry responded to Trump's comments, thanking him for his support in peace efforts in the region but reasserting that it was a "sovereign democratic country."

"Beijing has no right to claim jurisdiction over Taiwan," its statement continued, adding that Taiwan's government would "continue to deepen cooperation with the United States, maintain peace through strength, and ensure that the security and stability of the Taiwan Strait are not threatened or undermined."

A spokesperson for Chinese President Xi Jinping said earlier this week that Taiwan was the "most important issue in China-U.S. relations" and key to the two nation's future dealings with each other.

China views Taiwan, which has its own democratically elected government, as a breakaway province that must be brought under the control of the mainland, and Xi has not ruled out the use of force.

Trump Says Tariffs Never Came Up During China Trip

 May 16, 2026 

The Center Square

By Brett Rowland

(The Center Square) – President Donald Trump said Friday that tariffs never came up during his two-day trip to China, even as his administration works to replace a tariff regime the U.S. Supreme Court struck down with a new one that could hit importers as early as July.

“We didn’t discuss tariffs,” Trump told reporters aboard Air Force One as the plane refueled in Anchorage, Alaska. Asked why, he responded: “Wasn’t brought up.”

Trump described the Beijing visit as “a very historic couple of days,” saying China agreed to purchase more than 200 Boeing aircraft – with a promise of up to 750 planes if the initial order goes well – along with about 400 to 450 General Electric engines.

He also said Chinese purchases of U.S. soybeans and agricultural products are forthcoming, telling reporters, “the farmers are going to be very happy.”

Although Trump didn’t talk about import taxes with China, his administration is working at home to rebuild the president’s tariff policy.

U.S. Trade Representative Jamieson Greer, who accompanied Trump on the trip, is leading that effort. Treasury Secretary Scott Bessent said in April that a new round of tariffs under Section 301 of the Trade Act of 1974, a separate legal authority, could take effect as early as July. The U.S. Trade Representative’s Office has opened investigations into 16 major U.S. trading partners, with hearings concluding last week.

Although Trump said tariffs didn’t come up while he was in China, the fight over import taxes has continued at home.

The U.S. Supreme Court struck down Trump’s earlier tariffs in February, ruling he exceeded his authority by using a 1977 emergency powers law to impose worldwide import taxes. Trump responded within hours by invoking a separate provision of the Trade Act of 1974 to impose a 10% global import duty.

That new tariff, known as the Section 122 tariff, is itself now being challenged in court. The U.S. Court of International Trade ruled 2-1 on May 7 that Trump again exceeded his authority. A federal appeals court has temporarily frozen that ruling while it considers the administration’s appeal.

The Yale Budget Lab projected the 150-day Section 122 tariff would generate about $30 billion in revenue for the federal government.

Greer warned in a May 11 court declaration that removing the tariffs during the appeal could derail ongoing trade negotiations. “If certain key trading partners walk away from the table now, these negotiations may never resume, even if higher courts conclude that the temporary import surcharge was lawful,” he wrote.

The U.S. Chamber of Commerce has urged the administration to prioritize tariff relief, warning that businesses, especially small businesses, face “growing costs and disruptions.”

Rep. Max Miller, R-Ohio, made a similar point directly to Greer at an April 22 House Ways and Means Committee hearing.

“This tariff policy, it isn’t working for them and it is not a net positive – it is a net negative,” Miller told Greer, asking him to open a waiver office for businesses that can’t pass tariff costs on to consumers.

Greer declined, saying Trump “personally has been very direct that he doesn’t want to do this.”

Multiple economic studies have concluded that U.S. businesses and consumers bear nearly the entire cost of tariffs. Analyses from the Federal Reserve Bank of New York, the Kiel Institute for the World Economy, and Duke University all reached that conclusion.

A The Center Square Voters’ Voice Poll conducted in March found that 42% of voters think U.S. consumers bear most tariff costs, while just 12% said foreign countries primarily pay them.