Name of the Project
Nimba iron project.

Location
The Guinean Nimba mountains, in south-eastern Guinea, adjacent to the Liberia and Côte d’Ivoire borders.

Project Owner/s
Ivanhoe Liberia a subsidiary company of the Société des Mines de Fer de Guinée (SMFG), which, in turn, is an 85%-owned subsidiary of High Power Exploration.

Project Description
Nimba is considered one of the best undeveloped iron-ore resources in the world.

The Tier 1 deposit contains extremely high-grade, low-impurity, direct shipping ore.

The prefeasibility study (PFS) proposes the development of a mine, rail and port infrastructure to export up to 30-million tonnes a year of direct shipping ore by rail from the Nimba project site, in Guinea, through Liberia to the Port of Buchanan.

Under the development plan set forth in the 2021 PFS, announced in November 2021, significant additional infrastructure investment will be made in Liberia by subsidiary company Ivanhoe Liberia to facilitate the transportation of ore to the Buchanan port from the mine site.

This includes the expansion of existing rail infrastructure capacity between Tokadeh, in Liberia, and the Port of Buchanan, which spans about 243 km.

This will also include the rehabilitation of rail infrastructure alongside an abandoned rail right-of-way from Tokadeh to Yekepa, as well as a significant expansion of the Port of Buchanan through the construction of a new berth and bulk materials handling facilities. This rehabilitation and expansion will also provide for passenger and light freight rail access.

Potential Job Creation
The development of the Nimba project is estimated to create 2 000 direct permanent jobs, of which about 1 500 would be in Guinea and 500 in Liberia.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Total project development costs are estimated at $2.77-billion, including direct capital costs, as well as all engineering and owners costs, contingencies and taxes.

Planned Start/End Date
The PFS assumes that construction will start in 2023.

Latest Developments
The feasibility study is expected to be completed in early 2023.

Key Contracts, Suppliers and Consultants
Hatch (PFS).

Contact Details for Project Information
SFMG, tel +224 628 60 69 88.