Robert Friedland to invest $25 million in latest round

Robert Friedland to invest $25 million in latest round

Ivanhoe Mines (IVN:TSX) intends to raise up to $108 million for the development of its Kamoa copper discovery and Kipushi copper-zinc project, both located in the Democratic Republic of Congo's Katanga province.  The raise is comprised of 50 million Class A common shares at a price of $2.00 per share.  Billionaire founder and Chairman, Robert Friedland, will subscribe for $25 million of the offering.  This could be a positioning round for a strategic investor(s) which the company admits it is in advanced talks with.

Ivanhoe President and CEO, Lars Eric-Johansson said: "ongoing talks could lead to the formation of a significant strategic corporate partnership or syndicate for continued exploration and development of the company's discoveries and associated infrastructure.”

Here’s today's news release: Ivanhoe Announces Non-Brokered Private Placement

Ivanhoe Mines still has over $100 million left in its treasury for development at its Platreef platinum project in South Africa (Related: This is how Robert Friedland thinks he will Finance a mine at Platreef in South Africa).

In other news, Mr. Friedland's former Tourqoise Hill (TRQ:TSX) announced this morning its concentrator at the Oyu Tolgoi mine has reached its full capacity of 100,000 tonnes of ore processed per day (see that news here).

As Mr. Friedland said last week on TRQ: “consider picking up a few shares as a speculation… Pack them away for your favourite nephew.”

Also read: Billionaire Miner Robert Friedland Sounds Off