A Review of Robert Friedland
Based on Forbes.com, he is #831 in the World Billionaires List (#546 in 2012), #279 in America, and #347 in the Forbes 400 List. National authorities detained him for the possession of an estimated $100,000 worth of LSD. He served two years in federal prison. In 1974, he graduated with a degree in political science from Reed College in Oregon.
Friedland began earning his fortune after he stumbled on a big deposit at Voisey’s Bay in Canada. In 1996, he sold the nickel-rich property to Canadian miner Inco for a reported $3.1 billion. Friedland is the founder of Ivanhoe Mines. In 2009, Friedland sold the Ivanhoe Energy’s oil and gas businesses to STurqoiueneca Resources Corporation for $40 million. After he lost Ivanhoe Mines, he has shown interest in the international business setting. In 2012, Rio Tinto, a mining group, took majority control of the firm. He was forced to step down as CEO in April. By August, the business’s name was changed to Turquoise Hill Resources.
He has raised more than $300 million.
Robert Martin Friedland (August 18, 1950) is an international financier and important player in the junior mining business. Because the early 1980s, he’s specialized in securing funds for the exploration and development of mineral and energy resources and advanced technology enterprises. He is the founder and Chairman of his private, family-owned business, Ivanhoe Capital Corporation, which will be active in international capital markets and has an established focus on emerging markets.
Friedland operates Ivanhoe Capital from its corporate headquarters in Singapore — a location that’s facilitated his predominant company focus on the Asia Pacific area during the past 20 years. He served as Chairman, and later as Executive Chairman, until 2011. Exploration by Ivanhoe Mines since 2000 has found a chain of copper, gold and silver deposits at Oyu Tolgoi (Turquoise Hill) in Mongolia’s South Gobi region. The first period of what’s independently projected to be among the planet ‘s largest porphyry copper and gold mines is under construction at Oyu Tolgoi and is likely to start commercial production in 2013. Ivanhoe Mines also has considerable interests in SouthGobi Resources, Ivanhoe Australia and Altynalmas Gold. Friedland was chairman of Galactic Resources which operated Summitville mine, the site of the United States’ worst cyanide release and mine bankruptcy and Superfund site. This mine closed in 1990 but continues to influence the region. It is projected that at least $120 million will be asked to clean up the bankrupt Galactic Resources mining site, which has damaged 17 miles of river. The former environmental manager of the facility was indicted for deliberately dumping lead and cyanide directly into streams. Copper mines managed by Ivanhoe in Myanmar have lately come under scrutiny as environmental degradation, illegal business practices, together with inside dealings with the ruling military junta have created ethical concerns.