Gold Telegraph
@GoldTelegraph
Robert Friedland’s wildest discovery story: Voisey’s Bay.
This is a story of the greatest deals in mining history.
Centred around EM anomalies, billion-dollar drill holes, and wealth creation that changed the lives of many…
In the early 1990s, Robert Friedland was chasing diamonds offshore in Africa. But a strange electromagnetic anomaly in the frozen wilderness of Labrador, Canada, c----t the attention of two geologists at his company, Diamond Fields.
They convinced him to take a look.
Labrador was not where mining dreams were made.
1. Remote.
2. Untouched.
3. Frozen.
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Even the Canadian government didn’t bother mapping it thoroughly. But clearly the data spoke to Friedland… So they drilled.
What they hit was nothing short of explosive. They struck ultra-high-grade nickel sulphides at shallow depths, with grades over 3% nickel, and rich copper and cobalt to boot.
In mining terms, it was like finding a buried treasure chest. The market didn’t miss it. Diamond Fields’ stock, trading below $1, began to SOAR.
Fast-forward: In less than two years, he company would go from a sub-$10M market cap to a $4.3 billion buyout by Inco
Let that sink in. The majors were blindsided. Inco and Falconbridge were c----t flat-footed. They fought for it, but Friedland with all the leverage and an incredible promoter, played the ultimate chess match. Inco won the bid. @robert_ivanhoe walked with nearly $600 million.
The Voisey’s Bay discovery reshaped the Canadian nickel industry and cemented Friedland’s reputation as the ultimate mining dealmaker. From an overlooked EM blip in the tundra… to one of the most profitable mining exits in history.
A few lessons from Voisey’s Bay:
• Trust your geologists
• Remote doesn’t mean worthless
• Grade still reigns supreme
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The big question is… Who is going to have a similar story during this cycle?
Mother Nature is the ultimate treasure chest; all you have to do is try to find the keys to open that box.
The picture?
Picture of Friedland (middle) at the Voisey’s Bay nickel project.
The Newfoundland and Labrador government estimated that the Voisey’s Bay project discovery would add approximately $20.7 billion to the province’s GDP over the mine’s 30-year lifespan.
I will build on this incredible story in the weeks ahead.
Source(s):
https://x.com/GoldTelegraph_/status/1951713999663337773
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