Friedland’s Iron Ore Miner Seeks Up to $190 Million in May IPO

Mining billionaire Robert Friedland’s latest venture, iron ore producer Ivanhoe Atlantic Inc., is seeking to raise as much as A$300 million ($190 million) from an initial public offering in Australia, people familiar with the matter said.

Proceeds will be used to fund the development of the Kon Kweni project in Guinea, a major undeveloped iron ore deposit in West Africa previously known as Nimba. Rio Tinto Group’s giant Simandou iron ore project, also in Guinea, is expected to begin production this year.

The listing, expected in May, aims to raise A$200 to A$300 million, the people said, asking ...