IVANHOE Mines is in constant dialogue with sovereign wealth funds for potential investments to support expanded copper and critical minerals production, co-chairman Robert Friedland told Reuters on Wednesday.
The Vancouver-based miner said that Qatar’s sovereign wealth fund invested $500m as part of the Gulf state’s strategy for “finding, developing, and sustainably supplying the critical minerals essential to global energy transition”.
Friedland said Qatar’s investment opens doors particularly in predominantly Islamic countries where he believes large, untapped mineral deposits exist.
“We’re in constant dialogue with sovereign partners. They always want more,” he said. “We have ambitions to grow Ivanhoe Mines into a world-leading mining organisation.”
Ivanhoe operates in Democratic Republic of Congo and South Africa, with exploration projects underway in Angola. Friedland cited interest in expanding elsewhere across Africa and parts of Asia.
The company, which counts two Chinese firms as its largest investors, has pioneered advanced imaging, artificial intelligence and other high-tech methods for geological exploration, said Reuters.
Friedland declined to share details of ongoing discussions but ruled out partnerships with hedge funds. “We are kind of allergic to hedge funds named after Greek gods,” he said. “Their investment horizon is sometimes measured in a millionth of a second.”
He characterised the global rush for critical minerals as resembling the western US mining boom of the late 19th century. “In my 40 years in the industry, I’ve never seen so much interest in critical raw materials,” Friedland added.
Ivanhoe remains interested in developing titanium projects in Ukraine but not during the ongoing conflict with Russia, he said. The company has ruled out deep-sea mining ventures.
