Mining tycoon Robert Friedland is spending more time in Canada these days, and last week Vancouver promoter Tommy Humphreys interviewed him in Toronto and wrote it up here at CEO.ca. The older Friedland brother was in full rhetorical flight – call it “the full Friedland” – as he riffed on metals including copper and platinum and reminded readers how undervalued IVN is.
“You will need a telescope to see how high the price of platinum will go.”
Obviously, statements such as these need to be taken with a few grains – or shakers – of salt (Friedland will probably sell you the salt). And that quote isn’t the only zinger. But Robert Friedland’s track record as an explorationist and mine builder means the man must be taken seriously, even if Ivanhoe Mines has dropped to $2 from its IPO price of $5.
Rhetorical flights of fancy aside, I always find some kernels of truth or valuable insights in a Friedland interview. This interview is no exception. The well-travelled Friedland is very familiar with both China and Africa, giving his observations some heft, and platinum’s scarcity and environmental qualities make it an intriguing precious metal.
World of Mining has some Friedland exposure through Peregrine Diamonds, which is run by Robert’s younger brother Eric Friedland. Robert owns about 15% of Peregrine’s outstanding shares (Eric owns 14%).
Disclosure: I own shares of Peregrine Diamonds. Please read my disclaimer.