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Friedland: Ivanhoe Mines is in talks with sovereign funds after Qatar investment

Friedland: Ivanhoe Mines is in talks with sovereign funds after Qatar investment

Robert Friedland, co-chairman of Ivanhoe Mines, said on Wednesday that the company is constantly in contact with sovereign wealth funds to discuss potential investments. These are meant to support Ivanhoe Mines' efforts to increase production of copper and critical minerals.

Vancouver-based Ivanhoe announced earlier on Wednesday that Qatar’s sovereign wealth fund will invest $500 million in order to achieve what Qatari officials described as a goal: "finding and developing critical minerals essential for global energy transition and advanced technologies applications."

Ivanhoe operates in South Africa and the Democratic Republic of Congo, while exploration projects are underway in Angola. Friedland, Ivanhoe’s third largest shareholder, expressed an interest in expanding elsewhere in Africa and Asia.

Friedland believes that Qatar's investment will open doors in many countries, particularly those with a majority of Muslims, where he thinks there are vast mineral deposits. Qatar has a population of 65% Muslims and a large part of its wealth is derived from the production of natural gas.

Ivanhoe has used advanced imaging, artificial Intelligence and other high-tech methods for better finding geological deposits.

Friedland responded: "We are in constant communication with sovereign partners." They want more. We want to make Ivanhoe Mines a leading mining company in the world.

Friedland refused to provide details but said that Ivanhoe wasn't interested in partnering up with hedge funds.

He said without naming any specific investors, "We're allergic to hedge fund names that are named after Greek Gods." Their investment horizon can be measured to the millionth of a millisecond.

He said that the rush to find critical minerals around the world and the possibility of finding new deposits is similar to the west U.S. gold rush in the late 19th Century. In my 40 years of working in the industry, he said he had never seen such a rush for critical raw materials.

Ivanhoe is interested in developing titanium projects in Ukraine but not while that country is at war with Russia, he said. He added that the company is not interested in deep-sea mine projects.

Friedland also is the largest shareholder in Sunrise Energy Metals. The company said Tuesday that it was being considered for funding by the U.S. Export-Import Bank to fund its Australian scandium projects. (Reporting and editing by Veronica Brown, Jamie Freed and Ernest Scheyder)

(source: Reuters)