Billionaire Friedland seeks Ivanhoe Electric listings

Mining billionaire Robert Friedland intends to list Ivanhoe Electric on the US NYSE and Toronto stock exchanges to raise over US$200 million for the development of copper and gold mines in the US.

 Robert Friedland eyes US copper

Robert Friedland eyes US copper

The planned dual listing was "in order to support American supply chain independence and to deliver the critical metals necessary for the electrification of the country," the firm said in a prospectus filed to the NYSE. 

Ivanhoe Electric owns the Santa Cruz copper project in Arizona which it says is the second-largest copper deposit in the US. 

It also holds rights to the Tintic gold-copper mine in Utah which in the filing prospectus it describes as having "the potential to host a world-class porphyry copper-gold deposit". 

The firm's assets also include the Hog Heaven silver-gold-copper project in Montana. 

Several copper mining projects in the US have been delayed or denied on environmental grounds by US regulators despite forecasts of a growing copper supply deficit in the US. 

Vancouver headquartered Northern Dynasty Minerals May 26 slammed a decision by the US Environmental Protection Agency (EPA) that it plans to veto the firm's copper-gold Pebble project in Alaska.

The most high-profile casualties of tough environmental oversight of US copper projects have been Antofagasta's Twin Metals and Hudbay Minerals' Rosemont copper projects.  

Ivanhoe Electric had US$29.8 million in cash and $130.5 million in liabilities at the end of the first quarter this year.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.


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