LONDON Dec 4 Mining entrepreneur Robert
Friedland said on Wednesday he would "fully" participate in a
rights offering next month by Turquoise Hill, owner of
the giant Oyu Tolgoi copper gold mine, which aims to raise up to
Turquoise Hill, majority owned by global miner Rio Tinto
, said last month it planned a January rights issue,
citing delays at Oyu Tolgoi in Mongolia that have stopped it
from financing the mine's next phase.
"I have arranged my affairs to participate fully," Friedland
said on the sidelines of a London mining conference.
Friedland made his name in 1996 by selling a
then-undeveloped Canadian nickel-copper project called Voisey's
Bay for C$4.3 billion ($4.2 billion).
He solidified his status within the mining industry with
Ivanhoe, a vehicle he used to promote and build the massive Oyu
Tolgoi copper-gold mine, one of the world's largest.
Last year, mining giant Rio took majority control
of Ivanhoe, and renamed it Turquoise Hill Resources.
Friedland resigned as chief executive of Turquoise Hill last
year and has since shifted his focus to a new, Africa-centred
venture, also Ivanhoe Mines.
He owns 9.8 percent of Turquoise Hill shares, according to
Thomson Reuters data.