Ivanhoe Atlantic’s Guinea iron ore project moves closer to construction

Ivanhoe Atlantic has completed the necessary environmental and social impact studies (ESIA) for its Kon Kweni iron ore project in Guinea and submitted permit applications to begin construction early next year.

The ESIA submissions are a milestone advancing the Kon Kweni project closer to construction, which it aims to begin in the first quarter of 2026, the U.S.-based company said Oct. 23. Alongside Guinea, an application was also submitted to relevant authorities in neighbouring Liberia, where a rail infrastructure to export the iron ore would be built.

“The development of Kon Kweni is a significant contributor to both Guinean and Liberian economies,” Ivanhoe Atlantic President and CEO Bronwyn Barnes said in a release. The project “will provide a new high-grade iron ore export stream that is aligned with U.S. critical mineral supply chains,” Barnes added.

The Guinea ESIA pertains to stage one mining at Kon Kweni, while the Liberian ESIA relates to the infrastructure component of the stage one development.

In 2024, Ivanhoe Atlantic announced plans to build a multi-user infrastructure corridor connecting the two African nations. Known as the Liberty Corridor, the infrastructure project is to comprise a new rail system connecting Kon Kweni to a newly constructed deep-water port at Didia, Liberia. Earlier this year, the parties reached a $1.8-billion investment agreement for the rail project.

World-class

Kon Kweni — also known as Nimba — represents a shovel-ready world-class deposit featuring a total resource of 751.9 million tonnes of direct ship ore, of which 209 million tonnes is high-grade iron ore at 67.8%.

The project is 85% owned by Société des Mines de Fer de Guinée, Ivanhoe Atlantic’s subsidiary in Guinea. The Guinean government and Mifergui (a local partner) own the remaining interest in the project, with 10% and 5% respectively.

According to Ivanhoe, Kon Kweni’s first stage will target an initial production of 2 million tonnes per year, then ramping up to 5 million tonnes. The second stage development — which it aims to begin in 2029 and will be subject to a separate ESIA process — has a target production of 30 million tonnes a year with infrastructure upgrades.

As a first-in-a-generation cross-border project in the Mano River Union (MRU) – which includes Liberia, Guinea, Sierra Leone and the Ivory Coast – Kon Kweni is poised to generate long-term economic growth for the region, the company said.

Ivanhoe Atlantic is among companies founded by billionaire Robert Friedland who started Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) where he’s co-chair. Ivanhoe Atlantic has said it plans to list on the Australian Stock Exchange this year in a move that could raise as much as A$300 million (US$196 million).