Conakry, Guinea – (African Boulevard News) – Robert Friedland, the American-Canadian mining magnate, has announced a reorganisation of the Nimba iron ore project that is being carried out by his High Power Exploration (HPX) group and local partners in Guinea. This move has been taken ahead of a possible sale to the Indian corporation, Jindal. The project is a crucial one for Guinea and has been the subject of intense speculation since its inception.
Friedland took the decision to reorganise the project as he no longer believes that he can complete it. He said, “We have accomplished a great deal, but the time has come to hand over the baton to a company that has the financial and technical capacity to take the project to the next level.” Friedland and HPX are now reported to be in advanced talks with Jindal aimed at securing a deal that will keep the project on track.
The Nimba project, which is located in the south of Guinea close to the Liberian border, is a significant development for the country and the region as a whole. The project aims to extract and process iron ore from an open pit mine, which will be transported to a coastal port for export. The project has a potential capacity to produce up to 20 million tonnes of iron ore per year, which equates to around 7% of global iron ore supply and could be worth up to $4 billion per year.
The project has seen a number of setbacks, including legal disputes with rival companies, financing difficulties, and delays in securing necessary permits. Despite this, the project has been supported by the government of Guinea, and Friedland’s decision to reorganise the project will be seen as a vote of confidence in its potential.
Commenting on the development, a spokesperson for Jindal said, “We are pleased to be in discussions with HPX and local partners in Guinea regarding the Nimba project. We believe that the project has significant potential, and we are confident that we can bring the necessary expertise and resources to take it forward.”
The Nimba project is set to become a major player in the global iron ore market and will be watched closely by investors and analysts. The reorganisation of the project and the possible sale to Jindal are significant developments that will have a major impact on the future of mining in Guinea.