US mining company High Power Exploration (HPX) will enter negotiations with the Government of Liberia and the Guma Africa Group on the design and construction of the Liberty Corridor, a multi-use infrastructure corridor including a rail system connecting Guinea to a new port in Liberia.
The letter of intent signed between the three parties will see negotiations begin on design, financing, development and operations of the corridor, which will also include upgrades for existing road networks and an extension of an existing hydropower network and is expected to cost between $3bn and $5bn.
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HPX CEO Bronwyn Barnes said: “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.”
“HPX looks forward to being part of the growth of Liberia’s mining industry and working collaboratively with the government of Liberia.”
The heavy rail system for the Liberty Corridor will be constructed within the existing Yekepa to Buchanan infrastructure corridor according to HPX and will connect to the new deep-water port in Didia, Liberia.
HPX, the Government of Liberia, and Guma, an African investment group, will form the Liberty Corridor Project Steering Committee as a result of the new agreement to communicate with stakeholders and explore potential international financing opportunities.
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By GlobalDataThe corridor would be the latest example of US and foreign investment into Africa’s rail infrastructure through the mining sector and the news comes shortly after US energy envoy Amos Hochstein said that Washington would increase investment funds for the 1,700km Lobito Corridor, a rail line for the export of metals to central Africa’s Copperbelt region.
