Billionaire Robert Friedland is eyeing the Australian Securities Exchange to float his privately-owned African iron ore company next year. The mining magnate is planning to list Ivanhoe Atlantic before June, and according to the Australian Financial Review, Friedland will use funds raised to acquire local critical minerals projects.
American-Canadian Friedland is looking to capitalise on Australia’s expertise in the iron ore and critical minerals space, amid the industry’s recent downturn.
Ivanhoe Atlantic chief executive Bronwyn Barnes said: “The Australian market has a really strong understanding of the iron ore industry.”
Barnes explained that iron ore will be the company’s initial focus, but said the IPO will also support investments in critical minerals, citing nickel, cobalt and scandium.
The IPO will offer Australian investors exposure to the Nimba iron ore project in Guinea.
The timing of the listing coincides with Rio Tinto’s nearby Simandou project, which was granted approval in July from the Guinean and Chinese governments.
Rio’s $34.3 billion iron ore project is the world’s largest untapped high-grade iron ore deposit and first production from its Simfer mine is expected in 2025.
Nimba has logistical advantages with relatively short distances to port which uses an existing line across the Liberian border.
According to Mining.com, Ivanhoe Atlantic acquired the iron ore deposit in September 2019, and at full-tilt, the mine is expected to produce 30 million tons of high-grade iron ore a year.
Friedland’s mining expertise in developing major mining projects include Oyu Tolgoi in Mongolia, Voisey’s Bay nickel mine in Canada and the Kamoa-Kakula copper mine.