Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
US firm High Power Exploration Inc (HPX), founded by mining billionaire Robert Friedland, said on Monday it had signed a letter of intent with Liberia’s government and Guma Africa Group to develop rail and road projects linking it with Guinea.
The infrastructure projects, known as the Liberty Corridor, are expected to support the West African region’s connection to world markets and are estimated to cost between $3 billion to $5 billion, HPX said in a statement.
Guma Africa is led by South African businessman Robert Gumede.
The planned corridor will have a new heavy duty railroad connecting the Nimba district of Guinea to a new Liberian deep water port.
The statement did not give timelines for the projects.
HPX and Guma Africa entered into negotiations with Liberia’s government to agree on a framework granting exclusive rights to develop, finance and grant operating rights to the Liberty Corridor, HPX said.
The project will also upgrade an existing road and expand renewable power systems from Liberia to Guinea as well as high-speed telecoms infrastructure.
The Liberia-Guinea infrastructure link could potentially transform the mineral-rich Nimba region, as well as projects along the railway and road corridor in Liberia, HPX said.
(By Felix Njini and Anait Miridzhanian; Editing by Jason Neely and Kirsten Donovan)
Comments
G. Glomah Taylor
I want to know did donate 285 pieces of machines to Liberia