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HPX successfully closes MIGA PRI cover and raises $200m to fast-track its world class Nimba iron ore project
March 9, 2021
Mount Nimba Strict Nature Reserve (Photo by Guy Debonnet | UNESCO.)
HCF congratulates its client High Power Exploration (HPX) on obtaining a political risk insurance from the Multilateral Investment Guarantee Agency (MIGA, a World Bank subsidiary), which HCF has advised HPX on, and separately on completing a $200m funding that will allow to progress the development of the Nimba Iron Ore project.
Extract from the FT:
A company controlled by billionaire mining investor Robert Friedland has raised $200m for the development of a large iron ore deposit in an environmentally sensitive part of Guinea.
The funds received from a sale of convertible preference shares will help High Power Exploration, a private US company run by Friedland, accelerate work on the Nimba project, where it is targeting initial production of 15m tonnes a year.
“Nimba will be the first major iron ore exporter from Guinea,” said Guy de Selliers, chairman of the Société des Mines de Fer de Guinée, the entity that owns Nimba, in an interview with the Financial Times. “This is the caviar of iron ore,” said de Selliers. SMFG is 85 per cent owned by HPX and 15 per cent by the government of Guinea.
The World Bank’s insurance arm, known as the Multilateral Investment Guarantee Agency, has provided the project with political risk cover.
“It is a strong endorsement of our environmental approach. They would not approve the risk insurance if they felt we were cowboys,” de Selliers said. “Hardly any junior mining company has a MIGA policy.”
Iron ore soared in the past year on the back of strong demand from China, the world’s biggest consumer of raw materials. It has doubled to a 10-year high of $175 a tonne.
Read the full article in the FT https://on.ft.com/3rr69GY