The Rise of Mining Magnate Robert Friedland: What You Need to Know
Robert Friedland, an American-Canadian mining magnate, is known for his high-risk appetite and making big bets on mineral discoveries. He is popularly known as the “Midas Touch Man” for his exceptional track record in discovering world-class mines. He has created billions of dollars in wealth for himself and his investors.
In this blog post, we’ll take a closer look at Robert Friedland’s career, his contribution to the mining industry, and what you need to know about him.
Early Career and Education
Robert Friedland was born in Chicago, Illinois, in 1950. He graduated from Reed College in Oregon and went on to study Mandarin at the University of Oregon. He became an intern for the U.S. Senate Subcommittee on Monopoly and Antitrust, which sparked his interest in international trade.
First foray into mining
In the early 1980s, Friedland made his first foray into mining, creating a company called Galactic Resources. He focused on acquiring underexplored mineral properties and turning them into giant mines. The company gained recognition for discovering and developing the Voisey’s Bay nickel deposit in Newfoundland, Canada.
Success with Ivanhoe Mines
Friedland’s biggest success came with the creation of Ivanhoe Mines in 1993. The company’s initial focus was on gold exploration in Mongolia. In 2000, Ivanhoe discovered the Oyu Tolgoi copper-gold deposit, which has since become the world’s third-largest copper mine. The company was later sold to Rio Tinto for $4.4 billion in 2012.
Current Projects
Robert Friedland currently heads up several mining projects, including the Kamoa-Kakula copper project in the Democratic Republic of Congo, the Platreef platinum mine in South Africa, and a nickel-copper-platinum group metals project in Nunavut, Canada.
Investment Philosophy
Friedland is known for his unconventional investment philosophy. His focus is on discovering world-class mines rather than prioritizing short-term profits. He believes in the transformative power of innovation and technology in the mining industry.
Controversies
Robert Friedland has faced several controversies throughout his career. He was accused of insider trading in 1994 and was later fined $675,000. In 2003, he was convicted of bribing a Mongolian government official. He was sentenced to 21 months in prison, which was later reduced to probation.
Philanthropy
Friedland has also made substantial donations to philanthropic causes. He has donated to universities, healthcare organizations, and environmental organizations. He created the Friedland Global Innovation Initiative, which supports interdisciplinary research and collaboration at the University of British Columbia.
Conclusion
Robert Friedland has made significant contributions to the mining industry throughout his career. He is known for his bold investment philosophy and his exceptional talent in discovering world-class mines. His career has not been without controversy, but his philanthropic efforts have also gained recognition.
FAQs
1. How did Robert Friedland get into the mining industry?
Robert Friedland got into the mining industry in the early 1980s when he founded a company called Galactic Resources, which focused on acquiring underexplored mineral properties.
2. What is Robert Friedland’s biggest success?
Robert Friedland’s biggest success came with the creation of Ivanhoe Mines, which discovered the Oyu Tolgoi copper-gold deposit and was later sold to Rio Tinto for $4.4 billion in 2012.
3. What is Robert Friedland’s investment philosophy?
Robert Friedland’s investment philosophy is focused on discovering world-class mines rather than prioritizing short-term profits. He believes in the transformative power of innovation and technology.
4. Has Robert Friedland been involved in any controversies?
Robert Friedland has faced several controversies throughout his career. He was accused of insider trading in 1994 and was later fined $675,000. In 2003, he was convicted of bribing a Mongolian government official.
5. What philanthropic efforts has Robert Friedland made?
Robert Friedland has made substantial donations to philanthropic causes. He has donated to universities, healthcare organizations, and environmental organizations. He created the Friedland Global Innovation Initiative, which supports interdisciplinary research and collaboration at the University of British Columbia.
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