West Africa-focused mining company Nimba Development Company (NDC) and the Government of Guinea have assumed full control of the Nimba Iron Ore Project in the country.
The move comes after NDC secured control over Société de Développement Nimba (SDN), the owner of the iron ore project.
SDN was previously known as Zali Mining and prior to that as West African Exploration.
NDC now holds an 85% shareholding in SDN while the remaining 15% is owned by the government. They have agreed to work together on the development of the Nimba project and associated transport infrastructure.
Nimba Development Company CEO Steven Din said: “Together, we have an opportunity to accelerate economic development in South-Eastern Guinea and develop an iron ore facility that will, for the first time from this region, export iron ores from Guinea through Liberia to the coast.”
The Nimba Iron Ore Project is situated in the Guinean Nimba Mountains near Liberian and Ivoirian borders.
The project involves recovering high-grade haematite from two open pits at high elevations within a 6.25km² concession.
Din added: “The next step in our journey is to work with our development and infrastructure partners to finalise the necessary feasibility studies and agree on detailed, future plans.
“I look forward to implementing NDC’s long-term strategy and helping catalyse the creation in West Africa of a third, global iron ore province.
“Alongside Western Australia and Brazil, West Africa can be a globally important iron ore producer, delivering long-overdue economic development for Guinea and Liberia.”