(Photo by Guy Debonnet | UNESCO.)
High Power Exploration (HPX) raised $200 million for its proposed Nimba iron ore mine in the Guinean Nimba Mountains, classified as a strict nature reserve in 1944 and then as a World Heritage Site in 1981-82 for being home to globally threatened and endemic species.
The boundary of the reserve and World Heritage Site was modified in 1993 to exclude a keyhole-shaped area to allow mining in the proposed project area.
HFX will only be able to secure the environmental permits needed to start construction if the World Heritage Committee approves it.
HFX will only be able to secure the environmental permits needed to start construction if the World Heritage Committee approves it.
Friedland has already taken provisions to cover himself from the underlying political risks: HFX said that the World Bank’s insurance arm, known as the Multilateral Investment Guarantee Agency (MIGA), has provided the project with political risk cover!
