Globe says Brascan's Flatt cold on Ivanhoe's Friedland
2004-09-30 05:44 ET - In the News
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The Globe and Mail reports in its Thursday edition that unnamed sources say Bruce Flatt, the Brascan honcho who is delivering Noranda and Falconbridge to the Chinese, gets visibly agitated when he hears the name Robert Friedland, chairman of Ivanhoe Mines. The Globe's Feed The Goat column reports that Ivanhoe Mines has ambitious plans to develop the Turquoise Hill copper and gold deposit in southern Mongolia. The Goat column explains that the Flatt-Friedland relationship turned loveless when some time last year, Noranda -- 41 per cent owned by Brascan -- offered to buy 40 per cent of Turquoise Hill at what an unnamed source described as a "stink bid" price. Mr. Friedland told Noranda to take a long march. Their relationship went further south last June, when Noranda chief executive officer Derek Pannell appeared to diss the Turquoise Hill endeavour. "My experience in dealing with situations where you have one customer and one supplier means one's ability to optimize returns is restricted," Mr. Pannell said, implying that it was captive to one market, China. Mr. Friedland apparently did not appreciate the comment and communicated his sensitivities to the Brascan-Noranda fraternity.
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