The Canadian-based metals-focused company, High Power Exploration (HPX), has completed the acquisition of the St. John River iron ore licenses, which were previously owned by BHP Billiton.
The St. John River licenses, previously owned by BHP Billiton, cover a combined area of almost 250 km² adjacent to the existing Yekapa-Buchanan Rail Corridor. These licenses offer highly prospective assets, with historical mapping by the United States Geological Survey (“USGS”), indicating potential resources of over 650 million tons of iron ore, with grades up to 58% Fe.
Ongoing arrangements are being finalized regarding an access and concession agreement to transport iron ore from Liberia through Nimba amid allegations of manipulating established statutes and project failures in other areas.
Following the completion of technical due diligence in February 2024, HPX’s geological team confirmed the significant prospectivity of the licenses, including observations of hematitic Banded Iron Formation (BIF) outcrops.
Meetings are ongoing with the Liberian Inter-Ministerial Concessions Committee to finalize the Access & Concession Agreement for the transport of Nimba iron ore through Liberia.
HPX’s continued demonstrable progress supports the mining investment potential of Liberia and highlights its commitment to the Nimba Development pathway.
HPX received approval from the Ministry of Mines & Energy of Liberia on August 6, 2024, for the change of effective control of the Liberian incorporated company “Atlantic Iron Limited,” which holds the St. John River licenses.
This approval marks a crucial step in solidifying HPX’s presence in Liberia and advancing its operations in the region.
No material exploration work has been conducted on these properties since the original mapping work in the 1960s.
HPX has in place a well-credentialed and experienced exploration and development team and is now developing High Power Exploration Inc., a Delaware Corporation, No. 5012509. Registered office: 251 Little Falls Drive, Wilmington, Delaware 19808, USA.
Correspondence address: c/o HPX Mines UK Ltd, 245 Hammersmith Rd, London W6 BPW United Kingdom.
The strategic positioning of the properties along the proposed Liberty multi-user infrastructure corridor, based around the existing Yekapa-Buchanan rail line, makes the St. John River licenses key growth assets for HPX, and they are expected to provide economic benefits to Liberia through regional industry growth and commodity revenue.
HPX President and CEO Bronwyn Barnes stated that the acquisition represents a strategic expansion of HPX’s asset base in West Africa.
HPX’s CEO emphasized: “This acquisition represents a strategic expansion of HPX’s asset base in West Africa, positioning us to become a leading operator in the region. The St. John River licenses are a key addition to our portfolio, complementing our Nimba Lola iron ore project in Guinea and aligning with our commitment to leverage existing infrastructure to maximize value for both our company and the people of Liberia,” highlighted Barnes in a release issued by the company.
HPX’s CEO further emphasized that this acquisition is geared towards advancing infrastructure access agreements with the Government of Liberia.
He noted that, in addition to completing the acquisition of St. John River, HPX continues to advance discussions with the Government of Liberia on access agreements for the transportation of iron ore from its Nimba Project in Guinea through Liberia.
“HPX remains fully committed to investing in Liberia and supporting the Government’s efforts to establish a multi-user rail system that ensures fairness and accessibility for all users. HPX supports the Government’s goal of transitioning to an independent network manager and transparent rail management system,” he emphasized.
Continuing, HPX CEO Bronwyn Barnes said: “We are very pleased to have completed our acquisition of the St. John River licenses and look forward to commencing exploration activities on this exciting asset. We are committed to finalizing our access agreement with the Government of Liberia, which will allow us to commence construction at Nimba this year. HPX has also made an offer of financial support for the establishment and initial operations of the National Rail Authority, underscoring our commitment to the long-term success of Liberia’s multi-user infrastructure.”
He highlighted that as a U.S.-based company, they have actively supported dialogue with senior executive officials from the White House and the State Department in Washington for the proposed Liberia-Guinea multi-user infrastructure corridor, which has the potential to transform the mineral-rich Nimba and Lola regions.
He disclosed that HPX considers its initial access to the existing infrastructure as the first step in the development of the Liberty Corridor, which will stimulate further economic activity not only in mining but also in agriculture, manufacturing, health, and education, significantly improving the quality of life.
