LIBERIA: HPX TO INVEST 5 BILLION USD IN LIBERIA ON MULTI-USER RAILROAD

76

HPX has announced the signing of a letter of intent between the company, the Government of Liberia, and Gurma Africa Groups to develop The Liberty Corridor in Liberia.

According to a press release from HPX, the Liberty Corridor will contain a new heavy duty railroad connecting the Nimba district of Guinea to a new Liberian deep water port.

“The Liberty Corridor will be a leading African example of multi-user, independently operated, open access infrastructure that will support the economic opening of the West African region to World markets. An estimated investment of US$3 to $5 billion will enable sustainable mineral development and downstream value addition to regional economies. Guma Africa Group Ltd is led by global Pan-African entrepreneur Robert Gumede of South Africa. The Letter of Intent provides that HPX and Guma Africa Group will enter into negotiations with the Government of Liberia to agree the framework granting exclusive rights to develop, finance and grant operating rights to the Liberty Corridor,” The press release said.

According to Bronwyn Barnes, President and CEO of US Company High Power Exploration Inc (“HPX”), with the signing of this letter, HPX, the Government of Liberia and the Guma Africa Group Ltd will enter into negotiations to own, design, finance, develop and operate The Liberty Corridor – a brand new multi-user infrastructure corridor connecting Guinea and Liberia.

“Liberty Corridor would be a joint development between the Government of Liberia, HPX and the Guma Africa Group, with the three parties who today, entered into an exclusive 30 day period (which can be extended) during which the final framework agreement will be negotiated. On completion of the final agreement, the document will be presented to the Liberian legislature for ratification. A Liberia-Guinea multi-user infrastructure corridor has the potential to transform the mineral-rich Nimba region, and for projects along the railway and roads corridor in Liberia. The Liberty Corridor will stimulate economic activity in mining, as well as agriculture, manufacturing, health and education. The Liberty Corridor will dramatically improve the quality of life for the millions of people living in the region and create sustainable regional employment.” Bronwyn Barnes said.

According to the press release, the President of Liberia His Excellency Joseph Nyuma Boakai Sr., indicated his delight in having this major Project with the potential for profound positive impact on the Liberian economy and the region.

“Furthermore, the Project is consistent with the Boakai’s administration ARREST (Agriculture, Road, Rule of Law, Education, Sanitation, & Tourism) agenda which will positively impact those sectors including electricity, telecommunication and the movement of goods and services. He noted that the Project comes less than a month into his term which potents good news for the country especially for young people which will provide jobs opportunities. We are happy with the relationship with our American and South African counterparts, especially seeing this Project coming in less than a month into my new administration. We have to prove to our partners that we are serious, accountable and honest, and that corruption will not be a hindrance to this administration.” The press release quoted President Boakai.

According to the press release, the Liberian President also thanked HPX management for the determination expressed to operate in Liberia, to provide employment opportunities for Liberians and to contribute to the economic viability of the country. He also assured Liberians that there are prospects and good news on the horizon for the country.

“HPX is delighted to have formed this partnership with the Government of Liberia and the Guma Africa Group to develop The Liberty Corridor in Guinea and Liberia. President Joseph Boakai has started his Presidency on a strong footing, engaging with industry to build Liberia’s economy. We are delighted to have signed this Letter of Intent with the Government of Liberia as we seek to build Liberia’s mining sector in an open and transparent relationship that also delivers benefits to broader industry and community. HPX looks forward to being part of the growth of Liberia’s mining industry and working collaboratively with the Government of Liberia to expand both the mining sector and multiuser infrastructure opportunities centered on The Liberty Corridor.” Bronwyn Barnes said.

“I am delighted to partner with HPX as we pool our resources to transform both Guinea and Liberia’s economies through the development of the Liberty Corridor that can unlock mining, agriculture and industrialization of the two countries and the creation of sustainable jobs. The time for lip service is gone. Our joint partnership with HPX will support Liberia’s long term investments policies.” HPX Chairman Retired Ambassador J. Peter Pham also commented.

Comments are closed.