U.S.-based miner High Power Exploration (HPX) has secured US$200 million in equity financing of convertible preferred shares to fund the development of its Nimba iron ore project in Guinea, among others.
The project has a “target production of an initial 15 million tonnes per an-num, increasing to 30 million tonnes per annum, of high-grade direct ship-ping iron ore,” the miner said in a statement.
The subscribers of the latest institutional equity financing round included a number of new institutional investors from the U.S. and Canada, ac-cording to HPX.
The company acquired the Nimba project in September 2019.
HPX says that in addition to Nimba, it owns a portfolio comprising “high-potential minerals projects and highly disruptive metals-based technolo-gies” which include porphyry copper-gold projects in the U.S., among oth-ers.