Billionaire mining tycoon Robert Friedland has launched Ivanhoe Pictures with Hollywood producer John Penotti and Beijing-based media executive Ray Chen.

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"Ivanhoe Pictures will finance and produce film and television projects that have broad appeal to a global audience," said Sunday's news release. "Initially, the company will bridge production opportunities in America and Asia, focusing on China, India, Korea and Japan. Beyond that, the company will pursue English and local language films in a variety of global markets."

Friedland cited a lifelong love of storytelling in the release. Read: Ivanhoe Pictures Launched as a New Finance and Production Company.

This is not Mr. Friedland's first foray into media. His Ivanhoe Capital also provided venture capital for Sirius Satellite Radio (SiriusXM).

Friedland

Friedland

Robert M. Friedland is best known for his work promoting mineral discoveries for which he is considered to be the best in the world (Rick Rule to CEO.CA). His Diamond Fields International and Ivanhoe Mines successes made him a billionaire (Forbes profile).

Related: We have been covering the current iteration of Friedland's Ivanhoe Mines.

Friedland is not the only mining financier to invest in the entertainment business. Fiore Financial's Frank Giustra co-founded and currently sits on the board of Lionsgate Films, the world's largest independent film studio.

Giustra, while CEO of stock brokerage Yorkton Securities, helped to finance many of Friedland's early endeavours in the 1980's and 1990's, including Diamond Fields.

Related: Frank Giustra's wisdom from the June 2013 BCBusiness Top 100 Event.