Friedland considers floating African iron ore company on ASX
On 12 November. 2024 mining tycoon Robert Friedland is reportedly planning to list his iron ore company, Ivanhoe Atlantic, on the Australian Securities Exchange (ASX) by mid-2024. The IPO aims to raise capital for investments in Australia’s critical minerals projects, taking advantage of undervalued assets amid a downturn in lithium and other metal prices.
The listing will provide Australian investors access to Ivanhoe Atlantic’s Nimba iron ore project in Guinea, which plans to leverage an existing Liberian rail line for export, offering logistical advantages over neighboring projects. CEO Bronwyn Barnes noted Australia’s deep expertise in iron ore, making the ASX a prime choice for the offering. Funds raised will initially focus on iron ore while expanding into critical minerals like nickel, cobalt, and scandium.
This marks Friedland’s latest venture following successful projects like Kamoa-Kakula in the DRC and Mongolia’s Oyu Tolgoi. The IPO will align with Rio Tinto’s upcoming Simandou project, bringing new competition to the iron ore market.
Source: https://www.mining.com/friedland-mulling-to-float-african-iron-ore-company-on-asx/
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