It was only our second ever Mining Capital Event, but it was buzzing as if it was already a well-established affair.
Which of course, it actually is, having directly superseded the old Minesite Forums of days of yore.
Now though, under the Mining Capital brand, there’s been a new injection of enthusiasm and energy, and a resurgence in attendee numbers as new owners Proactive Investors bring to bear the full weight of its influence across the small company space.
This new found pep fed through into the presentations, the first of which was given by seasoned analyst John Meyer of SP Angel.
He referenced Glencore’s (LON:GLEN) recent spectacular fall from grace more than once in a wide ranging presentation that made reference to the supply demand position of all the major commodities in the context of quantitative easing, currency shifts and other major macro developments such as further potential developments in electric cars.
That, he reckoned, would lead to an increase in copper demand long-term, which in part may be why in passing he also stated that he believes Glencore will now “bounce”.
Alberto Lavandeira of EMED Mining (LON:EMED) then took the stage and gave an assured presentation about progress at the Rio Tinto copper project in Spain.
This project was once mired in bureaucratic delays.
Now though, following Lavandeira’s appointment at the helm, the logjams have cleared – to the point where first concentrate has already been produced and the ramp-up is underway.
Considering, as Lavandeira said in his presentation, that at the beginning of the year EMED wasn’t even to pay company salaries, this is quite some transformation, and the company is expected to turn cash-positive fairly soon.
After the coffee break Jeremy Martin from Horizonte Minerals (LON:HZM) took to the podium to talk about the deal his company concluded with Glencore on Monday.
This deal, Martin was at pains to point out, was 12 months in the making, so those who have been quick to throw stones at Glencore for cutting desperate deals in desperate times aren’t being quite fair.
Even so, Jeremy did point out that the total spend undertaken by the former owners of the property Horizonte is acquiring amounts to some US$70mln or more, so there’s no question that for Horizonte the deal is transformative.
Its nickel resource base is more than doubled, and more than that, the grade that it will be able to mine in the first 10 years rises to 2%.
That ought to pull the economics of the combined projects up by their bootstraps and give Horizonte a fighting chance of raising development finance when the next window opens.
Finally, Roland Phelps from Galantas Gold (LON:GAL) stood up to talk about the latest exploration upside at the Omagh gold mine in Northern Ireland, relations with near-neighbour Dalradian Resources (LON:DALR), and the new investment from serial mining entrepreneur Ross Beaty.
All the speakers fielded intelligent and searching questions from a crowd that at times numbered upwards of 100 people.
Afterwards presenters and attendees alike repaired for lunch of a mild curry, a modicum of wine and plenty of networking.
The sector may be down, but its participants are alive and kicking and as active as ever, attending our Mining Capital Events.