High Power Exploration (HPX) has raised $200mn through a financing deal to accelerate the development of the Nimba iron ore project in Guinea.
At the Nimba iron ore project, which is based in a region that boasts some of the highest-graded iron ore deposits including the Simandou mine, HPX plans to initially target an output of 15mn mt per year and then double it to 30mn mt, the company said in a statement on Monday. HPX plans to begin shipments over the next four to five years.
The Canadian miner also indicated that part of the proceeds will be used towards funding some of its other high potential mineral projects and technologies such as the copper-gold projects in the US.