Ivanhoe and HPX abandon “$5 billion Liberty Corridor” vision

Monrovia, May 12, 2025: High Power Exploration (HPX) and its Liberian subsidiary, Ivanhoe Liberia, once captured the attention of the nation with a bold announcement about a $5 billion Liberty Corridor. That project, widely publicized in 2023, promised a new railway from Guinea through Liberia, a modern deep-sea port, and a regional economic corridor to rival any on the continent. The proposed investment was described as transformational for cross-border infrastructure and regional trade.

In early 2024, High Power Exploration (HPX), the Government of Liberia, and Guma Africa Group announced plans to develop the Liberty Corridor, a proposed infrastructure project estimated to cost between $3 billion and $5 billion. The corridor aims to connect the Nimba District of Guinea to a new deep-water port in Didia, Liberia, via a new heavy-duty railroad. Additional components include upgrades to existing road networks, the expansion of renewable power systems, and the implementation of high-speed telecommunications infrastructure.

The project was envisioned as a multi-user, independently operated, open-access infrastructure corridor intended to support economic development in the West African region. It was expected to stimulate activities in mining, agriculture, manufacturing, health, and education, thereby improving the quality of life for millions in the region

Today, that entire vision has collapsed into silence. No feasibility study. No rail construction has started. No port site has been cleared. There has been no environmental assessment, no government permits, and no community engagement. Most notably, Guma Group, once introduced as HPX’s key development partner, has vanished from the public discussion. There is no evidence that any part of the Liberty Corridor is moving forward.

Instead, HPX and Ivanhoe have now shifted their entire focus to a political and commercial fight against ArcelorMittal Liberia (AML). Their demand is simple but deeply troubling. They want the Government of Liberia to remove AML as the operator of the Yekepa to Buchanan railway. This is the same rail line AML has rebuilt and modernized through more than 800 million US dollars in private investment. HPX has contributed absolutely nothing to this infrastructure but wants full access and control.

This demand is not only unfair. It is deeply irresponsible and expensive for Liberia.

The Liberty Corridor was initially pitched as an independent infrastructure route that would allow HPX to transport iron ore from its Guinean mine to the Liberian coast without relying on existing systems. That plan would have created jobs, generated tax revenue, and demonstrated HPX’s capacity to deliver long-term development. But nothing has materialized. Two years later, the grand project exists only in news archives and abandoned promises.

In the absence of real progress, HPX is now attempting to gain control of a rail corridor that belongs to another investor. They are not just asking for access, which is already guaranteed under the terms of AML’s amended Mineral Development Agreement. They are demanding that AML be stripped of the operator role, despite AML having designed, financed, and maintained the infrastructure.

The Hidden Cost of an Independent Operator

HPX argues that Liberia should appoint an independent operator to manage the railway. But what they are not saying is that this would impose new financial and institutional burdens on a country already managing a constrained national budget.

An independent operator would require:

•           Funding from the national treasury or external donors

•           A new regulatory framework and monitoring agency

•           Rail equipment, traffic management systems, and emergency protocols

•           Risk of disputes over safety, scheduling, and operational standards

•           Delays in onboarding users and revenue generation

Liberia would be forced to spend money it does not have, only to replace a functioning and fully funded operator with an untested and unnecessary structure. This is not a neutral solution. It is a high-cost experiment that Liberia cannot afford.

Where is Guma Group?

Guma Group was publicly identified as HPX’s strategic partner in developing the Liberty Corridor. However, there has been no update from Guma on the status of the partnership or whether it still holds. The group’s silence raises serious questions. Was the Liberty Corridor ever a viable project? Has Guma withdrawn from the plan? If so, why has there been no official explanation?

The lack of answers undermines the credibility of HPX’s broader infrastructure agenda. It suggests that HPX may never have been committed to building new assets and is instead focused only on extracting short-term advantage from infrastructure it did not create.

By entertaining HPX’s demands, Liberia risks sacrificing real, long-term gains for empty lobbying pressure. AML’s Phase II expansion project is valued at 1.2 billion US dollars. It promises over 2,000 direct jobs, expanded local supply chains, vocational training programs, and a massive boost in tax revenue and community development. All of this depends on AML being allowed to continue operating the rail it built.

Removing AML as rail operator would not only delay or cancel this investment. It would also:

•           Undermine Liberia’s reputation as a reliable partner for foreign investment

•           Send a negative signal to current and future investors

•           Reward entities that have made no meaningful contribution to national development

Liberia must make a clear choice. Will it stand with companies that build, hire, invest, and commit to the country’s future? Or will it surrender its infrastructure and sovereignty to firms that deliver press releases but no progress?

HPX and Ivanhoe have walked away from their own $5 billion promise. They have chosen to disrupt what others have built instead of fulfilling what they once pledged to create.

The Government of Liberia must not let this happen. The country cannot afford another illusion disguised as an investment. It must protect what has already been built and demand real commitment from those who claim to serve Liberia’s development goals.