Robert Friedland to take US-focused Ivanhoe Electric public

Billionaire mining entrepreneur Robert Friedland has revealed plans to take his latest venture – Ivanhoe Electric – public, with a listing on either the New York or Toronto stock exchanges.

The company, which focuses on developing predominantly US-based mines that will support the development of a domestic critical minerals supply chain – will list under the ticker symbol IE, according to a regulatory filing that was published yesterday.

With Friedland as CEO, Ivanhoe Electric already has interests in mines producing copper, gold and silver and it owns a battery-based energy storage business. The Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah resemble the company’s two main projects.

“We believe the United States is significantly underexplored and has the potential to yield major new discoveries of these metals,” read the company’s IPO prospectus document.

The news comes at a time when security of supply of a number of critical minerals, such as copper and battery metals lithium, cobalt and nickel, is becoming an issue of increasing importance as the US attempts to electrify key areas of its economy, chiefly transport.

The underwriters of Ivanhoe Electric’s IPO are BMO Capital Markets and Jefferies.