Ivanhoe Atlantic obtains Liberia rail access to export Guinea iron-ore 

The Liberian government ratified an agreement approving Ivanhoe Atlantic’s transport of ultra-high grade iron ore from the Kon Kweni project in Guinea to the Port of Buchanan using the existing Yekepa-Buchanan Heavy Rail Line.  

The project is part owned by the Government of Guinea and is expected to generate USD $16.7 billion for the Guinean government in its lifecycle in royalties, taxes and development fund contributions. 

This critical project milestone is the culmination of six years of work by Ivanhoe Atlantic and the Government of Liberia. This includes the 2019 Implementation Agreement between the Government of Guinea and the Government of Liberia which approved the legal and institutional framework for cross-border transport of minerals. 

Bronwyn Barnes, President & CEO, said “The ratification of our Agreement by the Liberian legislature is fully in line with President’s Boakai’s policy to transition existing Liberian rail infrastructure to multi-user, independently operated system and marks a significant milestone, not just for Ivanhoe Atlantic but for Liberia. 

“This opens up a valuable logistics chain to other users in Liberia and neighboring countries, including U.S. aligned companies looking to expand into the region.  After more than twenty years, Liberia stands to fully benefit from its own infrastructure, laying the foundations for an expanded critical independently operated multi-user infrastructure corridor connecting West Africa to the Atlantic Ocean.” 

“I am very grateful for President Boakai’s leadership and deep commitment to ensuring that Liberia realizes the full economic and social value of its infrastructure. I look forward to working in partnership with the Liberian Government, the soon to be enacted National Railway Authority, and the independent rail operator when they are selected by the Liberian Government. These strategic changes to the way that Liberia manages its critical national infrastructure will deliver generational benefits for the people of Liberia, and will clearly deliver strong financial benefits from multiple future rail-users.” 

Having in place a confirmed logistics route with a clear technical and financial operating framework brings Kon Kweni a step closer to construction. Ivanhoe Atlantic Inc. will now focus on the following steps to bring the Project into reality: 

• Finalize all remaining environmental approvals with both governments in Guinea and Liberia. 

• Continue engagement with the Government of Guinea, including through a jointly established Technical Committee, to oversee and advance the technical preparation for construction activities. 

• Support the Government of Liberia through the formation of the National Rail Authority (“NRA”), responsible for overseeing the Government appointment of an independent operator for the Yekepa – Buchanan railway. 

• Finalize arrangements with the current rail user/operator and the Government of Liberia to ensure smooth and efficient access to the rail and port infrastructure in the lead up to independent rail operatorship in 2030. 

• Begin hiring key operational personnel and collaborating with local service providers expand downstream partnerships involving local service providers to drive local content and economic growth.