MONROVIA: The Government of Liberia has signed a Letter of Intent with US-based High Power Exploration (“HPX”), and Guma Africa Group, to enter into negotiations over the Joint Development of the Liberty Corridor, connecting Guinea and Liberia.
Bronwyn Barnes, President and Chief Executive Officer (CEO) of the United States (US) company, High Power Exploration (“HPX”), announced the signing of the Letter of Intent with the Government of Liberia and the Guma Aftrica Group Ltd to enter into negotiations to own, design, finance, develop and operate the Liberty Corridor-a brand new multi-user infrastructure corridor connecting Guinea and Liberia.
The Liberty Corridor will comprise a brand-new World-class rail system connecting Guinea to a brand-new deep-water Port at Didia, Liberia, an extension of the existing Hydropower Network from Ivory Coast into the Nimba districts of Liberia and Guinea, an upgrade of existing road networks in Nimba district to all-weather roads and the implementation of fibre optic telecommunications cable, connecting Liberia to the Nimba district and potentially beyond.
The Liberty Corridor would be a Joint Development between the Government of Liberia, HPX and the Guma Africa Group, with the three parties who entered into an exclusive 30-day period (which can be extended) during which the final framework agreement will be negotiated. On completion of the final agreement, the document will be presented to the Liberian Legislature for ratification.
A Liberia-Guinea multi-user infrastructure corridor has the potential to transform the mineral-rich Nimba region, and for the projects along the railway and roads corridor in Liberia.
The Liberty Corridor will stimulate economic activity in mining, as well as agriculture, manufacturing, health and education.
The corridor will dramatically improve the quality of life for millions of people living in the region and create sustainable regional employment.
The President of Liberia, Joseph Nyuma Boakai Sr., indicated his delight in having this major project with the potential for profound positive impact on the Liberian economy and the region.
Furthermore, the project is consistent with the Boakai administration ARREST (Agriculture, Road, Rule of Law, Education, Sanitation, and Tourism) agenda which will positively impact those sectors including electricity, telecommunications and the movement of goods and services.
President Boakai noted that the project comes less than a month into his term which potent good news for the country, especially for young people, which will provide jobs opportunities.
“We are happy with the relationship with our American and South African counterparts, especially seeing this project coming in less than a month into my new administration.
“We have to prove to our partners that we are serious, accountable and honest, and that corruption will not be a hindrance to this administration,” stated President Boakai.
The President also thanked HPX management for the determination expressed to operate in Liberia, to provide employment opportunities for Liberians and to contribute to the economic viability of the country.
HPX Chief Executive Officer (CEO), Bronyn Barnes said, “HPX is delighted to have formed this partnership with the Government of Liberia and the Guma Africa Group to develop the Liberty Corridor in Guinea and Liberia.”
“President Joseph Boakai has started his Presidency on a strong footing, engaging with industry to build Liberia’s economy.
” We are delighted to have signed this Letter of Intent with the Government of Liberia as we seek to build Liberia’s mining sector in an open and transparent relationship that also delivers benefits to broader industry and community,” said CEO Barnes.
CEO Barnes noted that “HPX looks forward to being part of the growth of Liberia’s mining industry and working collaboratively with the Government of Liberia to expand both the mining sector and multi-user infrastructure opportunities entered around the Liberty Corridor.”
Guma Africa Group’s serial entrepreneur and philanthropist, Robert Gumede, said “I am delighted to partner with HPX as we pool our resources to transform both Guinea and Liberia’s economies through the development of the Liberty Corridor that can un-lock mining, agriculture and industrialization of the two countries and the creation of sustainable jobs.
The time for lip services is gone. Our joint partnership with HPX will support Liberia’s long-term investment policies,” Mr. Gumede added.
HPX Chairman, Retired Ambassador J. Peter Pham, also commented when he said, “The U.S. Government’s consideration of the potential for Liberia-Guinea Corridor is extremely encouraging. Ambassador Pham emphasized that this project has the potential to transform the mineral rich Nimba region, and for projects along the railway in Liberia, stimulating further economic activity not only in mining, but also agriculture, manufacturing, health, education aimed at enhancing the quality of life for the citizens of both countries through improved access to the opportunities that a new, world-class infrastructure corridor will offer.
He stressed that the projects are in line with the objectives of the United States Government Strategy towards Sub-Sahara Africa, and the commitment given by President Joseph Biden and the G7 in a flagship infrastructure initiative-the Partnership for Global Infrastructure and Investment (“PGI”).
HPX is a US-based mining development company currently focused on expanding production at its high-grade, long-life iron ore mines in the Lola region of Southeastern Guinea.
The company says that the Liberty Corridor, including a new multi-user heavy haul railway, will involve investment estimated at US$ 3-5 billion.
