SYDNEY Feb 27 A move by Robert Friedland's High
Power Exploration to buy a stake in copper prospector Apollo
Minerals marks a further inroad by the mining
entrepreneur into Australia's small-cap resources sector.
U.S.-born billionaire Friedland is best known for his
discovery of the giant Voisey's Bay nickel deposit in Canada and
orchestrating the sale of Mongolia's massive Oyu Tolgoi copper
mine, with his investments closely followed by market
High Power Exploration will make an initial investment in
Apollo of A$1 million ($896,200) at 2 Australian cents per
share, with an option to subscribe for a further A$1.4 million
worth of shares, Apollo said on Thursday.
The two investments would give Friedland's company about a
20 percent stake in Apollo as its sets out to find large-sized
copper deposits in the Australian outback.
Last year, privately-held High Power Exploration agreed to
form a partnership with another Australian prospector, Clancy
Exploration Ltd, worth about A$1 million.