Change in Ownership and Relaunch of Project Development

On 5th September 2019, the search for new investors concluded with High Power Exploration’s acquisition of all of the shares of Euronimba Limited.

On the same day, the Government of Guinea, SMFG and Euronimba Limited signed an amended mining convention. Since that date, SMFG restarted technical studies to refine the proposed Project’s design. The company also relaunched the environmental and social impact assessment (ESIA) by completing targeted field studies to update the Project’s baseline conditions. SMFG’s engineering and environmental personnel has worked closely to achieve a design that wherever possible avoids or otherwise minimises impacts. Thanks to the extensive drilling and environmental and social data collection from 2006, little further fieldwork is required in 2020. A targeted geotechnical study programme is being undertaken in the first half of 2021 to permit defining the final locations for the future mine’s infrastructure, a joint effort of the design engineers and the ESIA specialists. In parallel, a highly trained workforce of more than three hundred continue to work diligently to maintain current infrastructure, carry out environmental monitoring, and continue public engagement and support to local development and conservation.

MIGA Guarantee

MIGA Guarantee

In February 2021, HPX obtained on behalf of SMFG, for the duration of the current study phase, a political risk insurance guarantee, for example for breach of contract, expropriation, war and civil conflict, from the Multilateral Investment Guarantee Association (MIGA) of the World Bank Group.