Metals & Mining

Mining entrepreneurs often require access to capital to derisk projects before they are ready for the capital markets, and to acquire, develop or earn into assets. While there are many sources of funding (capital markets, offtakers, large mining houses), most of them are not genuinely aligned with an entrepreneur's objective to maximize the value of assets through a liquidity event. Premature listings on the capital markets also come with considerable disadvantages including market uncertainty and time distraction due to the need to promote the equity story. At Denham we back experienced management teams and entrepreneurs with private capital to execute their business plans with a view to materially increasing the value of mining assets and to ultimately monetizing them in a value optimal manner (trade sale, IPO). We regard ourselves as sector knowledgeable capital partners of management and seek to transact with like minded partners whose objective is value creation.

In metals & mining, we focus on steelmaking materials (iron ore, coking coal, manganese, chrome), seaborne thermal coal, copper, zinc, PGMs, gold and silver. We invest globally and in all stages across the project life cycle. Asset selection criteria include scale or scalability, and a competitive position on the cost curve. With our capital, mining ventures are developed further, thus ultimately providing economic benefits not only to management teams and us as investors, but also to the countries and communities where projects are located. We will only back projects and management teams that display a high degree of capability and sensitivity to manage projects to high environmental standards and where local communities also see benefit.

Our global team comprises professionals with combined operational and finance expertise who have an in-depth understanding of risks, execution realities and the upside potential of investing in mining assets. In addition to proving capital, we seek to add value to teams and companies we invest in through our own expertise and network.