Mining magnate Robert Friedland, the esteemed founder of Ivanhoe Mines (TSX: IVN) and Ivanhoe Electric (TSX: IE), has received official recognition from the government of Mongolia for his invaluable contributions to the nation’s mining industry.
On October 9, 2023, Mongolian President Ukhnaagiin Khürelsükh bestowed upon Friedland the prestigious Order of the Polar Star, the highest civilian honor awarded to a foreign national, in recognition of his leadership in the exploration and development of Oyu Tolgoi. This remarkable site is renowned as one of the largest copper and gold deposits ever discovered.
The Order of the Polar Star, established in 1936, has been previously bestowed upon illustrious figures such as former US President Barack Obama, former US Secretary of State Hillary Clinton, and former US Senator John McCain.
Expressing his gratitude, Friedland remarked in a press release on Monday, “We extend our heartfelt appreciation to the government and people of Mongolia for this exceptional accolade. Our experiences in the country, including the discovery and development of the extraordinary Oyu Tolgoi copper-gold deposit, will forever hold a special place in our hearts.”
Between 1996 and 2012, Friedland’s original Ivanhoe Mines group conducted mining operations across Mongolia, Australia, China, Myanmar, South Korea, and Fiji. Initially established in 1994 as Indochina Goldfields with a focus on mining endeavors in the Asia Pacific region, the company later adopted the more encompassing name Ivanhoe Mines in 1999.
Friedland served as the founding president and CEO of the original Ivanhoe Mines from June 1996 to May 2006 and again from October 2010 to April 2012. He also held the esteemed positions of executive chairman and chairman for a remarkable 17 years until May 2011.
In 2000, the original Ivanhoe Mines commenced exploration activities in Mongolia, leading to a decade of discoveries that unveiled a 12.4-kilometer-long chain of first-rate copper and gold deposits in the South Gobi region, now famously known as Oyu Tolgoi.
Open pit mining operations commenced in 2011, and the copper concentrator, the largest industrial complex ever constructed in Mongolia, began processing mined ore into copper concentrate in 2013.
During this period, the Australian mining giant Rio Tinto gained control of the original Ivanhoe Mines and, as per the agreement with Friedland, relinquished the Ivanhoe identity and rebranded the company as Turquoise Hill Resources, marking yet another chapter in the ongoing saga of Ivanhoe Mines.
In 2015, Oyu Tolgoi secured a noteworthy $4.4 billion finance facility from a syndicate of 20 international financial institutions, one of the largest project finance arrangements ever arranged in the global mining industry. The deal included agencies representing the governments of Canada, the US, and Australia, who collectively agreed to a total debt capacity of $6 billion.
Between 2014 and 2017, the Oyu Tolgoi mine produced an impressive reported output of 780,000 tonnes of copper, 1.8 million ounces of gold, and 4.5 million ounces of silver, generating $2.1 billion in operating cash flow (before interest and taxes).
However, the majority of Oyu Tolgoi’s vast mineral wealth lies beneath the surface, where copper grades are 360% higher compared to those found in the open pit. In January 2022, Oyu Tolgoi received approval to commence underground operations, with sustainable underground production anticipated in the first half of 2023.
According to Rio Tinto, Oyu Tolgoi is projected to produce an average of approximately 500,000 tonnes of copper per year from 2028 to 2036, from both open pit and underground sources. This substantial output is sufficient to support the production of around 6 million electric vehicles annually and an average of approximately 290,000 tonnes of copper over the mine’s estimated 30-year lifespan.
Friedland’s receipt of the award from Mongolia adds to his extensive list of accolades garnered over his illustrious career spanning nearly three decades in the mining industry.
In 1996, when Friedland served as co-chairman of Diamond Fields Resources, he was recognized as Developer of the Year by the Prospectors and Developers Association of Canada (PDAC) for his remarkable contributions to establishing and financing mineral exploration and development companies worldwide. This honor was, in part, a testament to his leadership role in the development of the Voisey’s Bay nickel mine in Labrador, Canada.
In August 2011, Friedland was bestowed with the Dealmaker of the Year Award for the original Ivanhoe Mines (later renamed Turquoise Hill Resources in 2012) by Australia’s Diggers and Dealers Mining Forum. This esteemed recognition acknowledged his exceptional aptitude in managing the intricate logistical aspects of asset development, which had captivated the industry for many years.
In March 2012,Mining billionaire Robert Friedland, the founder of Ivanhoe Mines (TSX: IVN) and Ivanhoe Electric (TSX: IE), has been officially honored by the Mongolian government for his significant contributions to the country’s mining industry. On October 9, 2023, President Ukhnaagiin Khürelsükh presented Friedland with the Order of the Polar Star, Mongolia’s highest civilian award for a foreign citizen, recognizing his leadership in the discovery and development of Oyu Tolgoi, one of the world’s largest copper and gold deposits.
The Order of the Polar Star was established in 1936 and has previously been awarded to esteemed individuals such as former US President Barack Obama, former US Secretary of State Hillary Clinton, and former US Senator John McCain.
Expressing his gratitude, Friedland stated in a press release on Monday, “We would like to sincerely thank the government and people of Mongolia for this very special award. Our experiences in the country, including the discovery and development of the exceptional Oyu Tolgoi copper-gold deposit, will forever have a special place in our hearts.”
Between 1996 and 2012, Friedland’s original Ivanhoe Mines group conducted mining operations across Mongolia, Australia, China, Myanmar, South Korea, and Fiji. Initially known as Indochina Goldfields when it was founded in 1994, the company later adopted the more universal name Ivanhoe Mines in 1999.
Friedland served as the founding president and CEO of the original Ivanhoe Mines from June 1996 to May 2006, and again from October 2010 to April 2012. He also held the positions of executive chairman and chairman for a total of 17 years, until May 2011.
In 2000, the original Ivanhoe Mines began exploration in Mongolia, leading to a decade of discoveries that revealed a 12.4-kilometer-long chain of high-quality copper and gold deposits in the South Gobi region, now known as Oyu Tolgoi.
Open pit mining commenced in 2011, and the copper concentrator, the largest industrial complex ever built in Mongolia, started processing mined ore into copper concentrate in 2013.
During this time, Australian mining giant Rio Tinto gained control of the original Ivanhoe Mines and, as per an agreement with Friedland, relinquished the Ivanhoe identity and renamed the company Turquoise Hill Resources, marking another chapter in the ongoing Ivanhoe Mines story.
In 2015, Oyu Tolgoi secured a $4.4 billion finance facility with a syndicate of 20 international financial institutions, making it one of the largest project finance facilities ever arranged in the global mining industry. The agreement included agencies representing the governments of Canada, the US, and Australia, which also agreed to a total debt capacity of $6 billion.
From 2014 to 2017, the Oyu Tolgoi mine produced approximately 780,000 tonnes of copper, 1.8 million ounces of gold, and 4.5 million ounces of silver, generating $2.1 billion of operating cash flow (before interest and tax).
However, the majority of Oyu Tolgoi’s vast mineral wealth lies deeper underground, where copper grades are 360% higher than those found in the open pit. In January 2022, Oyu Tolgoi received approval to begin underground operations, with sustainable underground production expected in the first half of 2023.
According to Rio Tinto, Oyu Tolgoi is now projected to produce an average of around 500,000 tonnes of copper per year from 2028 to 2036, from both open pit and underground sources. This output is enough to produce approximately 6 million electric vehicles annually and an average of around 290,000 tonnes over the estimated 30-year lifespan of the mine.
Friedland’s recognition in Mongolia adds to the numerous accolades he has received throughout his nearly three-decade-long career in the mining industry.
In 1996, when Friedland was co-chairman of Diamond Fields Resources, he was named Developer of the Year by the Prospectors and Developers Association of Canada (PDAC) for his role in establishing and financing mineral exploration and development companies worldwide. This recognition acknowledged his leadership in the development of the Voisey’s Bay nickel mine in Labrador, Canada.
In August 2011, Friedland received the Dealmaker of the Year Award from Australia’s Diggers and Dealers Mining Forum for his success in managing complex asset development logistics. This award recognized his exceptional accomplishments in the industry.
In March 2012, Friedland was honored as Mining Personality of the Year at the inaugural Asia Mining Awards for his role in Mongolia’s emergence as a major mining investment destination. Ivanhoe’s Oyu Tolgoi copper-gold mining complex was also voted Project Development of the Year.
In January 2016, Friedland was inducted into the Canadian Mining Hall of Fame, acknowledging his transformative contributions to the Canadian and international mining industries
