Billionaire Friedland Wins Rights to Iron Ore Project in Guinea
- The Nimba deposit has been left undeveloped for years
- Friedland’s HPX group plans to begin with ‘starter mine’
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Billionaire mining investor Robert Friedland has won the rights to develop an iron ore deposit in Guinea that owners including BHP Group have left undeveloped for years.
Friedland has been in talks with BHP, Newmont Goldcorp Corp. and Orano for months to secure the right to develop the Nimba deposit on Guinea’s border with Liberia. Guinean president Alpha Conde attended a signing ceremony in the capital, Conakry, on Thursday to agree to Friedland’s High Power Exploration group buying 95% of the project.