Ivanhoe Lobbies US to List Iron Ore as Critical Mineral

According to a report from Mining.com, Ivanhoe Atlantic (IA), the latest venture of mining magnate Robert Friedland, is reportedly lobbying the US government to include iron ore in the country's list of critical minerals.

This move is in response to the US government's plan to secure supplies of critical materials needed for military and industrial purposes, as part of the country's strategy to enhance its national defense capabilities.

The company's Nimba iron ore project in Guinea is expected to produce 2-5 million mt of high-grade iron ore later this year, with annual production capacity expected to expand to 25 million mt within seven years.

"You can't build warships without high-quality, high-strength steel, so I think it's time to include iron ore in the US list of critical mineral supplies," said Bronwyn Barnes, president and CEO of IA, at an industry conference on Wednesday.

"The US list of critical mineral supplies mainly includes materials needed for the defense industry... The omission of high-grade iron ore from the list is a significant gap," Barnes said.

According to the Australian Financial Review, IA began lobbying the White House two years ago and is now urgently seeking to persuade the authorities.

The company has been promoting high-purity iron ore, which plays a crucial role in the production of so-called green steel. IA is advancing two large iron ore projects in Guinea—Kon Kweni and Nimba—both renowned for their exceptionally high grades.

The US lacks domestic high-grade iron ore resources and currently relies on recycled materials and low-grade ores, resulting in a less competitive steel industry.

IA's move comes as Rio Tinto's Simandou iron ore project in Guinea is set to commence production by the end of 2025. Once fully operational, Simandou could produce 120 million mt of high-quality iron ore annually.

IA is currently finalizing preparations for listing on the Australian Securities Exchange (ASX). The company chose Sydney for its listing because Australia is one of the largest iron ore exporters and has a well-established capital market.

Friedland is one of the most renowned dealmakers in the global mining industry. In 1996, he sold the Voisey’s Bay copper-nickel mine in Canada and later developed the giant Oyu Tolgoi copper mine in Mongolia, which is now owned by Rio Tinto.

In 2019, he acquired the mining rights to the Kon Kweni project, which had remained dormant for years under a consortium led by BHP.

IA's planned IPO marks Friedland's latest move to expand his influence, this time leveraging Australia's expertise in iron ore and critical minerals.