Ivanhoe Atlantic Inc., a U.S.-based mining company backed by billionaire Robert Friedland, has taken a major step toward developing an iron ore mine in Guinea after Liberia’s lawmakers approved an agreement granting the firm access to an export railway.
The Liberian Senate ratified the deal on Thursday, following approval by the House of Representatives last week. The agreement, concluded earlier this year after five years of negotiations, allows Ivanhoe Atlantic to transport iron ore from the Kon Kweni deposit in Guinea via a 243-kilometer railway to the port of Buchanan in Liberia.
The route is the shortest and most efficient export corridor for the project, which the company says will strengthen U.S. iron ore supply and reduce reliance on China.
ArcelorMittal SA, which operates its own iron ore mines in Liberia, currently holds rights to the railway until 2030. In October, Liberian President Joseph Boakai signed an executive order endorsing the appointment of an independent operator and guaranteeing “equitable multi-user access to national rail corridors.”
Ivanhoe Atlantic plans to begin construction of the Kon Kweni mine in early 2026, with shipments expected to start the following year. Initial production is targeted at 5 million tons of high-grade iron ore annually, with a second phase aiming for 30 million tons per year. This expansion would require approximately $850 million in investment to upgrade Liberia’s export infrastructure.
Over the 25-year concession, Ivanhoe Atlantic estimates it will pay Liberia about $1.4 billion in rail user fees and $600 million in other taxes and charges. “Having a confirmed logistics route with a clear technical and financial framework brings Kon Kweni a step closer to construction,” the company said, noting that the arrangement could also benefit other regional users, including U.S.-aligned companies.
ArcelorMittal is ramping up production from its Liberian mines to 20 million tons annually and has invested roughly $800 million to rehabilitate the railway. The company indicated it supports third-party use of the tracks provided additional investment expands capacity.
Ivanhoe Atlantic is majority-owned by I-Pulse Inc., founded and chaired by Robert Friedland. Friedland also co-chairs Ivanhoe Mines Ltd., a Canadian company partnered with China’s Zijin Mining Group to operate one of the world’s largest copper mines in the Democratic Republic of Congo.
To fund the Kon Kweni project, Ivanhoe Atlantic plans an initial public offering in Australia, although no timeline has been announced.
The Liberian rail agreement guarantees “unimpeded legal and physical access” to critical infrastructure, which the company says will be essential for future fundraising.
Guinea is emerging as a key player in the global iron ore market, following the recent commissioning of the Simandou project. Operated mainly by Chinese and Singaporean firms, including China Baowu Steel Group and Rio Tinto Plc, Simandou is expected to reach annual production of 120 million tons, exporting ore via a 600-kilometer railway to a port near Conakry.
