PREVIEW
An agreement has been struck for US firm to transport iron ore from planned Kon Kweni mine in Guinea
Lawmakers have given the green light to Ivanhoe Atlantic’s 25-year concession to transport iron ore from the Kon Kweni deposit in neighbouring Guinea via a 243-kilometre railroad to Liberia’s port of Buchanan (Dispatches, 17/11/25, Simandou finally opens).
The deal with the United States company is the latest in a series of mining-related agreements by President Joseph Boakai’s government (Dispatches, 22/11/23, After narrow victory, Boakai set to review resource contracts). In October, he signed an executive order setting out plans to appoint an independent operator and introduce ‘equitable multi-user access to national rail corridors’.
Ivanhoe intends to start constructing Kon Kweni in early 2026. The agreement is designed to give the US a reliable supply of iron ore that will reduce its reliance on China. Shipments of up to 5 million tonnes of iron ore are expected in 2027.
Ivanhoe has paid US$37 million upfront to the Boakai administration, and the agreement forecasts future payments of $1.4 billion in rail user fees and $600m in other taxes and charges.
But, as with related agreements with TotalEnergies and Oranto, its passage through parliament was not smooth. Montserrado County Senator Saah Joseph, who initially presided over deliberations on the deal, was among several senators to complain that promised government documents on the agreement had not been provided and that the fees to be paid by Ivanhoe are too low. The Boakai government has offered a series of tax and other incentives to US mining firms.
Those allegations tie in with the stance of former Mining Minister Wilmot Paye who was dismissed in October after reportedly advising Boakai against the Ivanhoe and Oranto agreements (Dispatches, 3/11/25, Mining minister sacked as Boakai cosies up to Washington).
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