U.S.-Canadian billionaire Robert Friedland considers partner for DRC copper assets

U.S.-Canadian billionaire Robert Friedland has announced that he is exploring the possibility of partnering with a minority investor to advance the sustainable development of the Kamoa-Kakula mine in the copper-rich Democratic Republic of the Congo (DRC).

Friedland, the founder and chairman of Ivanhoe Mines, a leading player in the mining and precious metals sectors listed on the Toronto Stock Exchange, announced on Wednesday that the company is engaging in talks with potential partners, including sovereign investors, as a response to the growing need for stable and reliable supplies of the valuable metal.

The recent search for new partners, which is in line with the group’s energy transition initiatives, will enable the Vancouver-based company to forge alliances that will enhance the growth prospects of its flagship Kamoa-Kakula mine in the DRC and support its mission towards a sustainable future.

“We’re in all kinds of strategic discussions, and you know, most of the most interesting investors tend to be sovereign investors,” Friedland said on Wednesday. “We only want to do things that help it grow.”

Friedland highlighted the fact that larger mining companies must not only observe a successful case but also comprehend the significance of fostering positive relationships with African countries and their communities in order to secure reliable sources of metal. He also emphasized the potential benefit of having major producers as valuable minority shareholders.

The announcement of these plans elicited a positive response from investors, as Ivanhoe Mines’ shares on the Toronto Stock Exchange saw a boost of more than 1.5 percent, further propelling the group’s market capitalization to surpass CAD14.7 billion ($11 billion).

With the recent surge in Ivanhoe Mines’ share price, Robert Friedland’s net worth has skyrocketed by a whopping $17 million in just 24 hours, bringing his total wealth to a staggering $2.9 billion.

The substantial increase further cements Friedland’s status as one of the world’s wealthiest and most influential billionaires.