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Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Mining legend and Ivanplats (TSX:IVP) CEO, Robert Friedland, said he aims to have his African-focused mining company landing in the London stock exchange during the first half of next year.
Speaking at the Mines and Money conference in London, he said the company’s Kamoa project in the Democratic Republic of Congo has the potential to become the largest copper mine in the world, reports The MetalBulletin (subs. required).
“This is going to be a transformative copper mine for the DRC. By building a smelter and treating metal on site, we will produce sulphuric acid as a by-product, which is in desperate demand in [the country],” Friedland was quoted as saying.
“It will be bigger than Tenke Fungurume in measured, indicated and inferred resources. There’s nothing to compare to Kamoa,” he added.
Friedland is well known in the industry for his ability to spot some of the world’s largest mines when they are still in their preliminary stages.
Names such as the Voisey’s Bay nickel deposit in Eastern Canada and the Oyu Tolgoi copper and gold deposit in Mongolia are two of Friedland’s most touted findings.
Ivanplats, his latest venture, owns a platinum, gold and copper deposit in South Africa and two copper projects in the Democratic Republic of Congo. It also has other assets spread across South Africa, Gabon and Australia.
Friedland, 62, sits at #546 on Forbes Billionaires list.
Image: Friedland speaking at Mines and Money 2012.
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