Friedland-backed HPX to fast-track Guinea iron ore project

Billionaire Robert Friedland-backed High Power Exploration (HPX) said on Monday it had raised $200 million for its proposed Nimba iron ore mine in southeastern Guinea, home to some of the world’s highest-grade deposits, including the giant Simandou.

The funds received will enable the Canadian company to fast-track development of the project, which is expected to produce an initial 15 million tonnes of iron ore a year, with exports starting by 2025-2026.

The proposed open-pit is located in the Guinean Nimba Mountains, classified as a strict nature reserve in 1944 and then as a World Heritage Site in 1981-82 for being home to globally threatened and endemic species.