Friedland’s Ivanhoe Atlantic urges US to list iron ore as critical mineral

Mining billionaire Robert Friedland’s latest venture, Ivanhoe Atlantic, is reportedly lobbying the U.S. government to add high-grade iron ore to the country’s list of critical minerals.

The move aims to align with Washington’s broader push to secure materials essential for military manufacturing as part of a national strategy to boost defence capabilities. Ivanhoe Atlantic’s main project is Nimba in Guinea, slated for first-stage output of 2 million to 5 million tonnes of high-grade iron ore late this year. It’s planned to ramp up to 25 million tonnes annually within seven years. 

“You can’t build battleships without high-grade, high-tensile steel, so there is going to come a point where it goes on the critical minerals supply list in the U.S.,” Ivanhoe Atlantic president and CEO Bronwyn Barnes told an industry event Wednesday in Australia. 

“The U.S. critical mineral supply list is dominated by materials that are required for the defence sector,” Barnes said. “Not having high-grade iron ore on that critical mineral supply list is a shortcoming.”

The company began lobbying the White House two years ago and has continued those efforts under the current administration, according to the Australian Financial Review,

Guinea projects

High-purity iron ore plays a crucial role in producing so-called green steel, which uses less energy and emits fewer greenhouse gases during production. Ivanhoe Atlantic’s Nimba, known for its ore grading at 68% iron when more than 65% is ranked premium, contains the Kon Kweni project as its first stage. 

The U.S. lacks domestic sources of high-grade iron ore and currently relies on recycled materials and lower-grade inputs, leaving its steel industry vulnerable.

Ivanhoe’s push comes as Rio Tinto’s giant Simandou iron ore mine in Guinea is expected to begin production by the end of 2025. Once fully operational, Simandou could deliver up to 120 million tonnes of premium ore annually. With a Chinese consortium controlling blocks one and two of the project, some analysts have said U.S. interest in that supply will be limited due to ongoing trade tensions with Beijing.

ASX listing

Ivanhoe Atlantic, which is not connected with Friedland’s Toronto-listed Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF), is finalizing its initial public offering on the Australian Securities Exchange. The company selected Sydney for its listing to tap into a mining-savvy investment community familiar with iron ore, Australia’s largest export.

Friedland, one of the mining industry’s most prominent dealmakers, made a name for himself by selling the Canadian copper-nickel project Voisey’s Bay in 1996, later developing Mongolia’s massive Oyu Tolgoi copper deposit, now owned by Rio Tinto (NYSE, LSE, ASX: RIO) .

He secured rights to the Kon Kweni project in 2019, taking over from a consortium led by BHP (NYSE, LSE, ASX: BHP) after years of inactivity.