Rédaction Africa Links 24 with New Dawn
Published on 2024-04-18 01:24:00
HPX, a US company, has recently completed technical due diligence on the St. John River iron ore licenses in Liberia. This diligence was part of an acquisition agreement with Intra Ferrous Pte. Ltd. signed in December 2023. The technical team visited the site in early February and identified significant showings of Banded Iron Formations (BIF), indicating the licenses’ productivity.
The St. John River licenses are located within the proposed Liberty Corridor and have a potential exploration target of 650 million tonnes of up to 58% Fe. HPX, with its extensive exploration experience, is optimistic about the prospects of these licenses and plans to implement an active exploration program to further develop the projects.
Aside from the St. John River assets, HPX has been working on advancing the Liberty Corridor Development Agreement with the Liberty Corridor Steering Committee. The company has made progress in streamlining the Nimba Project, reducing capital requirements, and increasing available resources. This includes starting the Environmental and Social Impact Assessment for Phase 1 mine development, tendering contracts for mining and processing, and updating feasibility studies.
Moreover, HPX has identified a super high-grade zone in Phase 1 of the project, simplifying the mining flowsheet, and projecting a mine life of over 25 years with improved mine planning. The company anticipates an initial capex of around US$100 million to bring Phase 1 into full production and aims to increase project resources by 300 million tonnes across Phase 1 and 2.
Bronwyn Barnes, the President and CEO of HPX, expressed satisfaction with completing the technical due diligence on the St. John River licenses and moving towards the financial close of the acquisition. HPX is also focused on the Nimba Iron Ore Project in Guinea, planning to export ore through Liberia.
The St. John River iron ore licenses cover a significant area in Liberia and, with historical mapping data showing promising signs of BIF, present a compelling opportunity for resource exploration. HPX’s experienced team is now strategizing an accelerated exploration plan to identify potential resources quickly.
In summary, HPX’s recent activities in Liberia and Guinea demonstrate the company’s commitment to expanding its presence in West Africa. With a focus on efficient, low-capital-intensive development, HPX aims to maximize the potential of the St. John River and Nimba projects while contributing to the economic development of the region.
Read the original article on The Newdawn Liberia
