Name of the Project
Nimba iron-ore project.

Location
Guinean Nimba mountains, in south-eastern Guinea, adjacent to the Liberian and Côte d’Ivoire borders.

The proposed mine will be adjacent to a United Nations Educational, Scientific and Cultural Organization World Heritage site, in an area that has been set aside for mine development by the Guinea government in a formal agreement approved by the World Heritage Committee in 1993.

Project Owner/s
Société des Mines de Fer de Guinée (SMFG), which is 85% owned by High Power Exploration (HPX). HPX owns a 100% of Ivanhoe Liberia, the sister company to SMFG.

Project Description
The Nimba project is a Tier 1 deposit containing extremely high-grade, low-impurity, direct shipping ore (DSO) and is considered one of the best undeveloped iron-ore resources in the world.

The project proposes the construction of a mine, rail and port infrastructure to export up to 30-million tonnes a year of DSO by rail from the Nimba project site, in Guinea, to the Port of Buchanan, in Liberia.

Under the development plan described in the 2021 prefeasibility study (PFS), significant additional infrastructure investment will be made in Liberia by Ivanhoe Liberia to facilitate the transportation of ore to the port from the mine site. This includes the expansion of the capacity of the existing rail infrastructure between Tokadeh, in Liberia, and the Buchanan port, which spans about 243 km.

The expansion includes the rehabilitation of rail infrastructure alongside an abandoned rail right-of-way from Tokadeh to Yekepa, as well as a significant expansion of the Port of Buchanan through the construction of a new berth and bulk materials handling facilities.

This rehabilitation and expansion will also provide for passenger and light-freight rail access, which could contribute significantly to regional trade and economic development.

Potential Job Creation
The project is forecast to create 2 000 direct permanent jobs, of which about 1 500 will be in Guinea and 500 in Liberia, which will help support indirect secondary employment in both countries.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Total project development costs are estimated at $2.77-billion.

Direct capital costs for rail and port development in Liberia is estimated at more than $600-million.

Planned Start/End Date
Construction is proposed to start in 2023.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Hatch, including SRK Consulting, Fluor Corporation, Golder Associates, China Harbour Engineering Company, China Railway Liuyuan Group C and CCCC First Harbour Consultants (PFS).

Contact Details for Project Information
HPX, tel +1 604 689 8765 or email info@hpxploration.com.