Ivanhoe Mines is actively engaging with sovereign wealth funds to attract investments that would support its expansion in copper and other critical minerals, Co-Chairman Robert Friedland told Reuters. The company recently announced a $500 million investment from Qatar’s sovereign wealth fund, aimed at developing and sustainably supplying minerals essential for the global energy transition and advanced technology applications. Ivanhoe operates in the Democratic Republic of Congo and South Africa and has exploration projects in Angola, with ambitions to expand further across Africa and parts of Asia.
Friedland highlighted that Qatar’s investment creates new opportunities, particularly in predominantly Islamic countries with untapped mineral resources. With approximately 65% of Qatar’s population being Muslim and the country’s wealth largely derived from natural gas, the partnership is seen as strategically advantageous. Ivanhoe’s approach to mining emphasizes advanced technology, including high-tech imaging and artificial intelligence, to locate geological deposits more efficiently.
The company is in ongoing dialogue with other sovereign partners, seeking long-term investments rather than short-term hedge fund capital. Friedland emphasized Ivanhoe’s focus on patient, strategic growth, describing the global demand for critical minerals as comparable to the 19th-century mining rush in the western United States.
While exploring new opportunities, Ivanhoe is cautious about geopolitical risks and environmental concerns. The company is considering titanium projects in Ukraine but not while the country remains in conflict with Russia and has no plans for deep-sea mining. Friedland also has significant investments in Sunrise Energy Metals, which is being considered for potential funding from the U.S. Export-Import Bank for its Australian scandium project, reflecting his broader interest in critical mineral development.
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