LONDON: US Company Ivanhoe Atlantic Inc. announced today it has confirmed its name change from High Power Exploration Inc. The name change reflects the Company’s continued evolution to producer with the planned commencement of construction at the Kon Kweni iron ore project in Guinea, the Company’s commitment to the Liberty Corridor multi-user infrastructure project in Liberia and its focus on growing its asset portfolio.
Company Comment: President and CEO, Bronwyn Barnes
“We are delighted to transition to our new Ivanhoe Atlantic name and branding, which reflects our inclusion into the Ivanhoe group of companies which include Ivanhoe Mines Ltd., TSX:IVN and Ivanhoe Electric Inc., TSX:IE, NYSE:IE.
As we continue our path to construction at Kon Kweni in Guinea and advance our exploration plans at St John River in Liberia, it gives the Board great pleasure to join the Ivanhoe group of Companies operating in multiple international jurisdictions.”
Our name change is symbolic of our focused growth over the last two years that has been supported by our committed shareholders, which are majority US domiciled. We are well funded to move to a final investment decision in 2025 and our shareholder base and project ownership remains unchanged.
Our focus on including Atlantic in the new name reflects our strong roots in the United States and our vision to develop this important mineral trade route focused on the Atlantic.
Ivanhoe Atlantic is pleased to report the following key activities which are currently underway for Kon Kweni
- Definitive Feasibility Study (DFS) for Phase 1 of the Kon Kweni Iron Ore Project commenced in Q3 2024 and is expected to be completed by mid-2025
- The DFS will support the Final Investment Decision (FID) in H2 2025 by advancing key engineering and contracting workstreams to execution readiness
- Delivery of the DFS is planned to coincide with the completion of the Environmental and Social Impact Assessments (ESIA) by mid-2025
- The Project’s DFS will provide both a Capital Cost Estimate and Operating Cost Estimate to a ±15% accuracy, in alignment with AACE Class 3 (±15%) standards
- Multinational engineering and infrastructure advisory consulting group, Zutari, has been appointed as the lead consultant for the DFS
- Site visits have been completed and the DFS is progressing on track
About Zutari
Zutari has a 90-year history, operating extensively across Africa and the Middle East and specialises in infrastructure development on the African continent, with a particular focus on bulk logistics transport. Further information on Zutari can be found at https://www.zutari.com
Management Comment: Chief OperatingOfficer, Kevin McLean
“We are excited to partner with Zutari on the Kon Kweni DFS which will provide the final capital cost and operating estimates that will be essential for FID in 2025. Zutari’s expertise in bulk logistics transport infrastructure development will be instrumental in optimising and de-risking the project in advance of commencement of construction. Our focus is on ensuring the project’s infrastructure design enables the safe, reliable, and sustainable delivery of Kon Kweni’s high-grade iron ore to international markets.”
About Ivanhoe Atlantic
Ivanhoe Atlantic is an American mining company focused on advancing its flagship high-grade long-life iron ore mine in Guinea and other projects in Liberia that meet the US and global critical mineral supply chain. We are rapidly progressing a number of corporate and project activities that include preparing for a listing on the Australian Stock Exchange in 2025.
Ivanhoe Atlantic’s major shareholder and technology provider is I-Pulse Inc, a US Company founded and chaired by Mr. Robert Friedland and has a number of high profile American institutional and private investors as shareholders.
For more information about Ivanhoe Atlantic and its projects, please contact:
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