The US$2.8 billion Ivanhoe Atlantic/HPX concession agreement is facing major setbacks following the absence of formal recognition from the Government of Guinea and unresolved concerns over third-party rail access, particularly involving ArcelorMittal Liberia (AML).
The issues were highlighted during a December 15, 2025 hearing before the Liberian Senate Joint Committee on Concession and Investment, Transport, and Judiciary, where lawmakers questioned the legal and operational foundations of the agreement.
Committee Chair Senator Saah H. Joseph disclosed that the only Guinean government document on record is a 2020 letter issued under former President Alpha Condé, raising concerns about the agreement’s validity under Guinea’s current administration.
“The document before us is a 2020 communication from the former Guinean president,” Senator Joseph said. “Do you have any updated correspondence from the current Guinean government? If so, this committee needs to see it.”
Responding to the inquiry, National Investment Commission (NIC) Chief Executive Officer Jeff B. Blibo told the committee that repeated attempts were made to secure formal confirmation from Guinea through diplomatic channels, but without success.
“The NIC wrote the Guinean government through its ambassador accredited near Monrovia and followed up several times, including through the embassy here, but we received no response during the negotiation period,” Blibo explained.
Despite the lack of official approval, Transport Minister Sirleaf R. Tyler assured senators that all required documents had been submitted and expressed confidence that Guinea remains supportive of the project. He noted that Guinea holds a 15 percent stake in the venture and stands to benefit from access fees and plans for a steel facility, signaling continued mutual interest.
Lawmakers also raised concerns about rail governance, with Senators Alex J. Taylor and Samuel Kogar questioning whether AML—currently controlling the rail system—was adequately engaged in discussions to prevent future operational conflicts with Ivanhoe/HPX.
In October 2024, President Joseph N. Boakai issued an Executive Order mandating the establishment of a National Road Authority. Under the government’s post-2030 infrastructure policy, a National Rail Authority will also be created to oversee rail operations, grant third-party access, and transition control from AML to an independent, government-appointed operator.
Officials disclosed that negotiations are ongoing to develop a Standard Operating Principle to regulate multi-user rail access, aimed at balancing AML’s existing rights with the country’s broader plan to open the rail system to future concessionaires.
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