MONROVIA – “A careful review of the draft access agreement between the Government of Liberia and HPX reveals an undeniable truth: HPX is not truly interested in using the Yekepa-Buchanan railway for its own iron ore shipments,” a pundit closely familiar with the deal said in a critique. He added: “Instead, the company’s primary objective is to ensure that ArcelorMittal is removed as the rail operator, paving the way for HPX to install its own handpicked entity under the guise of the so-called National Rail Authority (NRA). This is a blatant attempt at manipulating Liberia’s infrastructure for HPX’s private gain, while setting the stage for exorbitant rail access fees that could cripple the mining industry.”
HPX’s Dwindling Prospects in Guinea
HPX now faces the stark reality that Guinea’s military government will not allow its iron ore to be evacuated through Liberia. For decades, Guinean authorities have maintained a clear policy: any company seeking to exploit Guinea’s mineral resources must invest in domestic infrastructure. This policy is rooted in national development strategy—after all, once the resources are depleted, only the infrastructure remains to benefit Guinea.
HPX once had privileged access to the previous Guinean administration under Alpha Condé, but that era is long gone. With the current military government refusing to engage on the bi-lateral agreement signed under Condé, HPX finds itself shut out of Guinea’s decision-making circles. This has forced HPX to shift its focus to Liberia, where it believes it can manipulate government officials into reshaping the rail access landscape in its favor.
The Manufactured “National Rail Authority”
HPX has methodically positioned itself to take over Liberia’s railway operations by engineering the creation of the National Rail Authority (NRA). This entity, introduced by HPX in October 2022 through a hastily written Executive Order 122, was pushed through the Weah administration with little transparency. The order was so poorly conceived that it was effectively abandoned. However, HPX reintroduced it under the Boakai administration, using close political connections to get it signed.
A simple reading of the Executive Order reveals HPX’s true intentions. If the NRA were genuinely a national rail authority, it would oversee all existing and future railroads in Liberia. Instead, its sole mandate is the Yekepa-Buchanan railway—coincidentally, the same rail HPX is targeting. This is not about national infrastructure management; this is about HPX capturing a key asset and installing an operator of its choosing.
HPX’s Endgame: Control and Financial Gain
HPX’s real play is to remove ArcelorMittal as the rail operator and replace it with an entity it can control. Once this is achieved, HPX will:
1. Install its own handpicked rail operator – Under the guise of “independent” management, HPX will introduce a company that serves its interests.
2. Jack up rail access fees – Once AML is no longer the operator, HPX’s chosen entity will impose exorbitant fees on the company, undermining its operations.
3. Use Liberia as a pawn in its MIGA insurance scheme – HPX is positioning itself to claim $200 million under the World Bank’s MIGA political risk insurance if Guinea refuses to let its iron ore be transported through Liberia. This means HPX will extract financial compensation without even using the rail it claims to need access to.
This strategy has been unfolding for years. During the Weah administration, HPX attempted to push through a U.S.-backed rail operator via former U.S. Ambassador Michael McCarthy, who aggressively lobbied Liberian authorities on HPX’s behalf. Now, HPX is already preparing legislation to cement its control—just as it ghostwrote the Executive Order for the NRA, it is now looking for legal experts to draft an Act of Legislature to formally establish its authority over Liberia’s rail network.
The Cost to Liberia’s Mining Industry
If HPX succeeds in its scheme, Liberia’s mining industry could suffer devastating consequences.
• ArcelorMittal, Liberia’s largest investor, could be forced into an unsustainable cost structure that undermines its long-term operations.
• Future mining investments may be discouraged, as no credible investor will want to operate in a market where infrastructure is controlled by a manipulative third party.
• Liberia will be left holding the bag when HPX inevitably shifts its focus elsewhere, having extracted all it can from manipulating the system.
Liberia Must Resist HPX’s Deception
This is no longer just about rail access—it is about the integrity of Liberia’s governance and its ability to safeguard national assets from foreign manipulation. Guinea would never sacrifice its infrastructure control for a foreign company’s interests, and Liberia must take the same stance.
Does anyone truly believe that HPX will ship Guinean iron ore through Liberia once the Trans-Guinean railroad is completed? The answer is a resounding no. HPX is not investing in Liberia—it is setting up a financial trap, using Liberia as leverage in its dealings with Guinea and the World Bank.
It is time for Liberia’s leaders to pierce the corporate veil and recognize HPX for what it truly is: a dangerous actor seeking to hijack the nation’s rail infrastructure for its own gain.
The government must refuse to sign any access agreement that removes ArcelorMittal as the rail operator or grants HPX any undue influence over Liberia’s critical infrastructure. If HPX wants rail access, it should negotiate in good faith—not attempt to rewrite Liberia’s regulatory framework to serve its own ends.
Liberia’s future depends on resisting such corporate overreach. The only question that remains is whether our leaders will rise to the occasion and protect the nation’s interests—or allow HPX to play them like pawns in a dangerous and costly game.