Robert Friedland aus x
Robert Friedland arrived in Vancouver in early 1982 as an obscure figure in the mining industry. He founded Galactic Resources, a penny stock company that went public on the Vancouver Stock Exchange at $0.50 per share. Galactic had little capital, no property, and no management, mirroring many other penny stocks on the VSE. However, it had Friedland as its founder and president, a charismatic entrepreneur determined to create a major mining organization.
Friedland's journey began in Massachusetts, where he chose to attend Reed College and later studied political science. He briefly pursued a medical career but shifted to business, entering the mining industry in his thirties.
The Summitville Mine, opened in 1986 with Friedland holding a 10% stake in Galactic, faced issues. Friedland's involvement diminished; he resigned as SCMCI President in 1987 and left Galactic's BoD in November 1990. Challenges included water management issues due to incorrect precipitation projections. Colorado imposed stringent water-quality standards to protect a non-existent fishery. A liner leak worsened the situation.
Soon after Friedland left Galactic, he became involved with a company called Diamond Fields, which was seeking diamonds in Arkansas, Saskatchewan, and the seabeds off Namibia. It was an inconspicuous player in the world of mining.
Two prospectors on a mission for Diamond Fields, Chris Verbiski and Albert Chislett, stumbled upon a rust-colored outcrop near Voisey's Bay. Breaking it open, they uncovered chalcopyrite veins, realizing the prospect's potential. Atop that hillside, they understood this was a target to follow up on. It was not easy to get budgets assigned to the project at first, but when the first drill results came in, the significance of the nickel discovery was obvious.
By mid-1995, Diamond Fields and Voisey's Bay had attracted substantial investments from major players. Teck demonstrated its confidence in the project with a $108 million investment, acquiring a 10.4% stake. Months later, Inco bolstered its faith by purchasing a 25% interest in Diamond Fields' Labrador claims for $550 million in cash and securities.
What followed was a fierce bidding war for Diamond Fields, a battle of titans between Inco and Falconbridge, the world's leading nickel producers. The stakes were high, and in the summer of the following year, Inco emerged victorious, acquiring Diamond Fields for a breathtaking $3.1 billion. For Friedland, this was a windfall of epic proportions. His 13% stake in the company translated into a staggering $400 million payout.
Rather than resting on his laurels, Friedland continued in the world of mining and saw major successes with Oyu Tolgoi in Mongolia, and the major copper discoveries Kamoa and Kakula in the DRC among other successes.
Because of these of successes, Friedland is now considered one of the key industry players, alongside individuals like Pierre Lassonde, Rob McEwen, Ross Beaty, and Andrew Forrest.
- Repost from October 2023 -
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