Robert Friedland's High Power Exploration (HPX) has closed a US$88-million equity investment from an undisclosed U.S.-based institutional investor that will allow the privately held company to fast-track development of its Nimba iron-ore project in southeastern Guinea.
The company says it plans to bring Nimba into production as quickly as possible as a starter mine of one to five million tonnes per year of direct shipping ore, and is undertaking a feasibility study on expanding the operation to 20 million tonnes per year.
HPX acquired a 95% interest in the Nimba project in September from BHP (NYSE: BHP), Newmont Goldcorp (TSX: NGT, NYSE: NEM) and Orano, a nuclear utility owned by the French government.
Eric Finlayson, HPX's president, says the investment underscores the high quality of Nimba and other projects the company is working on, including San Matias in Colombia, Pinaya in Peru, Samapleu in Cote d'Ivoire and South Voisey's Bay in Labrador.
In April, HPX secured a US$50-million loan from Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF).
Friedland, HPX's chairman and CEO, is also the founder, executive chairman and a director of Ivanhoe Mines.