Qatar Investment Purchasing $500 Million Equity in Billionaire Robert Friedland's Ivanhoe Mining Venture
Ivanhoe Mines, a Toronto Stock Exchange-listed company controlled by billionaire Robert Friedland, has agreed to sell C$690 million worth of its shares to the Qatar Investment Authority (QIA). The shares will be sold at C$12 apiece in a private placement.
The investment, announced by Ivanhoe Mines on Wednesday, marks a significant endorsement of the company's vision to be a leading supplier of critical metals. After the completion of the investment, QIA will own approximately 4% of Ivanhoe Mines' issued and outstanding common shares.
Robert Friedland, based in Singapore, has made his fortune from Canadian nickel and is behind massive copper discoveries in Mongolia and the Democratic Republic of Congo (DRC). The largest investor behind Ivanhoe Mines is QIA, which has invested $500 million for strategic growth plans.
Mohammed Saif Al-Sowaidi, CEO of QIA, stated that the investment reflects QIA's conviction in Ivanhoe Mines' world-class portfolio of tier-one assets. He also expressed QIA's support for Ivanhoe Mines' team in finding, developing, and sustainably supplying critical minerals essential to the global energy transition and advanced technology applications.
Ivanhoe Mines operates the Kamoa-Kakula mining complex in the DRC, one of the world's biggest copper producers. The company also operates two other sites in South Africa. It is exploring for new copper deposits in Angola, in the DRC's Western Forelands, Kazakhstan, and Zambia.
The company plans to use the investment for growing its business in exploring, developing, and mining critical minerals. Ivanhoe Mines seeks to expand its copper output amid rising demand for the metals needed for electric vehicles and data centers.
Ivanhoe Mines' biggest investors include China's Citic Metal and Zijin Mining. The transaction is subject to regulatory approvals.
This investment by QIA is part of Ivanhoe Atlantic's $5 billion plan to invest in infrastructure projects in Africa's Liberty Corridor. The company, led by Robert Friedland, aims to create Africa's next major mining district.
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