World-class iron ore project "Mining Agreement" approved by the Guinea Parliament

2019/12/0622:00:18 international 170

On December 3, the National Assembly of Guinea reviewed and approved the "Mining Agreement" for the world-class iron ore-Nimba iron ore project.

Nimba Iron Mine is located in a forested area in southeastern Guinea, close to the border area between Guinea and Côte d’Ivoire and Liberia. According to statistics, Nimba iron ore contains about one billion tons of high-grade iron ore with extremely low impurity content. Iron ore of this quality is essential to reduce energy use, greenhouse gas emissions and slag produced in the steelmaking process.

In 2008, a joint venture company consisting of France’s ORANO, Australia’s BHP Billiton Mining Group, and the United States’ Newmont Goldcorp won the right to mine Nimba iron ore. The joint venture company registered and established a Guinean corporation: Guinea Iron Ore Company. After the company obtained the right to mine the Nimba iron mine, it has been delayed for 11 years without substantial implementation.

In August 2019, ORANO, Billiton Mining Group, and Newmont Goldcorp completely withdrew from the Nimba iron ore project and sold all their shares to HPX Group. On September 5, 2019, the Ministry of Geology and Mines of Guinea and HPX signed the "Mining Agreement" for Nimba Iron Mine.

According to the newly revised "Mining Agreement", the government of Guinea obtains 10% of the shares of Nimba Iron Ore Company for free and shall not be diluted; the government of Guinea is in Nimba Iron Ore Company Two seats on the board of directors; Nimba iron ore is exported through the port of Liberia. As compensation, the government of Guinea will levy additional and supplementary mineral resource fees, ranging from US$0.825 to US$2 per ton of iron ore. The fee collection standard depends on the iron ore price in the international market.

HPX Chairman Robert Martin Friedland (Robert Martin Friedland) attended the signing ceremony. After the signing ceremony, Friedland spoke to reporters from Guinea media. Regarding the mining plan, he said that in view of the current high iron ore prices in the international market, HPX plans to seize the market opportunities where iron ore prices remain high, to extract the ore as soon as possible and obtain profits as soon as possible. Therefore, the first phase of the infrastructure of Nimba Iron Mine will adopt the "simplified version", and it is planned to complete the first phase of the simplified version of the infrastructure within 12 months after obtaining the "Mining Permit", put the ore into production, and realize the export of iron ore. The annual export volume will be 5 million tons. Then, the second phase will be constructed while mining.

Source: Ministry of Commerce of the People's Republic of China official website

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