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    Ivanhoe Atlantic US IPO pivot: Liberty rail deal and Kon Kweni export lens for engineers

    January 23, 2026|

    Reviewed by Tom Sullivan

    Ivanhoe Atlantic US IPO pivot: Liberty rail deal and Kon Kweni export lens for engineers

    First reported on MINING.com

    30 Second Briefing

    Ivanhoe Atlantic is pivoting to a US IPO after securing a $1.8 billion, 25‑year deal to rehabilitate and use Liberia’s rail network for exporting iron ore from its Kon Kweni project in Guinea via the “Liberty corridor”, with first shipments targeted for 2027. Kon Kweni’s initial phase is designed for 2–5 Mtpa at about 66.5% Fe, with a planned ramp‑up to 30 Mtpa requiring roughly $850 million in additional export infrastructure. Over the concession life, the company expects to pay Liberia about $1.4 billion in rail user fees and $600 million in other taxes and charges.

    Technical Brief

    • Ivanhoe Atlantic forecasts about $1.4 billion in rail user fees plus $600 million in other Liberian charges.
    • Kon Kweni rights were acquired in 2019 from a BHP‑led consortium, resetting project ownership and development strategy.
    • High‑grade ore from Kon Kweni and nearby Nimba is targeted at lower‑emissions steelmaking feedstock markets.
    • Majority owner I‑Pulse Inc. is chaired by Robert Friedland, linking the project to Kamoa‑Kakula and Oyu Tolgoi development experience.

    Our Take

    Within our 735 Mining stories, very few West Africa iron ore items combine a 25‑year rail concession with a US IPO angle, so Ivanhoe Atlantic’s move signals that Guinean–Liberian logistics plays are starting to be framed as equity stories rather than just infrastructure contracts.

    The step‑up from 2–5 Mt/y to a 30 Mt/y iron ore operation at Kon Kweni, backed by a planned US$850 million infrastructure phase, positions this more in line with the large‑scale export hubs seen in our coverage of Australian and Brazilian iron ore, rather than the smaller West African start‑ups that often stall at single‑digit Mt/y.

    Robert Friedland’s track record with Kamoa‑Kakula, Oyu Tolgoi and the 1996 Voisey’s Bay sale means US investors will likely benchmark Ivanhoe Atlantic against prior high‑capex copper builds in our database, which could support a premium valuation if the 2027 first‑shipment timetable holds.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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