Ivanhoe Mines—controlled by billionaire Robert Friedland—has agreed to sell C$690 million ($500 million) of its shares to Qatar Investment Authority (QIA) as the company seeks to expands its copper output amid rising demand for the metals needed for electric vehicles and data centers.

Under the deal, the Toronto-listed company will sell 57.5 million shares at C$12 apiece to Qatar’s sovereign wealth fund via a private placement, Ivanhoe Mines said in a

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