The agreement allows Ivanhoe Atlantic to transport ultra-high grade iron ore (over 67% Fe) from the Kon Kweni deposit in Guinea along a 243-kilometre rail route to the port of Buchanan.
Liberia’s legislature has ratified a long-awaited Concession and Access Agreement (CAA) with Ivanhoe Atlantic Inc., granting the U.S. backed miner guaranteed access to the Yekepa–Buchanan rail line and clearing a major regulatory hurdle for the proposed Kon Kweni iron ore project in neighboring Guinea.
The Senate approved the deal on Thursday after the House of Representatives cleared it last week. The Senate vote was recorded at 20 in favour, 1 opposed and 4 abstentions. The agreement allows Ivanhoe Atlantic to transport ultra-high grade iron ore (over 67% Fe) from the Kon Kweni deposit in Guinea along a 243-kilometre rail route to the Liberian port of Buchanan.
Ivanhoe Atlantic, whose majority shareholder is I Pulse Inc. chaired by mining entrepreneur Robert Friedland, says the Buchanan corridor is the shortest export route for Kon Kweni and would help boost supply to the United States.
The company plans to start construction in the first quarter of 2026 and aims to begin shipments in 2027, initially targeting up to 5 million tonnes a year. A second phase would scale production toward 30 million tonnes annually and requires an additional estimated $850 million to upgrade export infrastructure.
Financial terms include about $1.4 billion in rail user fees and roughly $600 million in other taxes and charges payable to Liberia over a 25-year concession.
The project is also expected to generate some $16.7 billion for the Guinean government in royalties, taxes and development contributions over its lifecycle, the company said.
ArcelorMittal Liberia currently holds operating rights over the railway until 2030 and is increasing output from its Liberian mines to 20 million tonnes a year. The steelmaker says it has invested about $800 million to rehabilitate the rail line and has indicated other users may access the tracks provided they invest in incremental capacity.
President Joseph Boakai issued an executive order in October endorsing a transition of Liberia’s rail network to an independently operated, multi-user model. Ivanhoe Atlantic said it will work with Liberian authorities on establishing a National Railway Authority to oversee an independent operator and to finalize arrangements for seamless access in the run-up to 203 independent operatorships.
Bronwyn Barnes, Ivanhoe Atlantic’s president and CEO, described the ratification as a “significant milestone” aligned with Liberia’s multi-user rail policy, saying the confirmed logistics route and legal framework will be critical to advancing the project and to future fundraising. The company is preparing an initial public offering in Australia to raise development capital, filings show.
Next steps for Ivanhoe Atlantic include finalizing outstanding environmental approvals in both countries, coordinating technical preparation through a jointly established committee with Guinea, and hiring operational staff and local contractors to build downstream economic benefits.
The move comes as Guinea emerges as a growing force in the global iron ore market following the commissioning of the large Simandou project, which is ramping toward 120 million tonnes a year and is being developed largely by Chinese and Singaporean interests. Analysts say Kon Kweni — using Liberia’s shorter export route — could diversify supply chains that have been heavily oriented toward China.
