Denham Mining finances and supports management and mining projects in metals and minerals that play a critical role in decarbonization, energy transition, supply chain security and in the increasing technological footprint of society

Denham Mining pursues a flexible investment strategy. We partner with best in class management teams to help them acquire or earn into projects, or to develop mines into production. Our preferred entry point are projects that are at maximum two years from first production, or already in construction, ramp up or in production, and require capital for expansion and other value accretive activities. Denham Mining can invest anywhere on the capital stack, ranging from ordinary equity, to preferred equity and subordinated or senior debt.

Corporate and Social Responsibilities

Denham Mining’s investment strategy focuses on metals and minerals that assist in decarbonization and the energy transition. Denham believes a strong correlation exists between ESG and highly marketable projects.

Denham Mining seeks out projects that deliver tangible benefits to local communities such as jobs and associated business opportunities. At the same time Denham Mining also strives to minimize adverse environmental impacts of the projects it finances, and where possible and practicable, also seeks to implement proactive protection of flora and fauna in the vicinity of its projects.

Denham Capital Mining Fund (the Fund) recognizes that successful management of environmental, social and governance (ESG) considerations related to the Fund’s mining investments are essential in making a more positive contribution to the world we live in.

Demonstration of our responsible mining initiatives can be found across the Fund’s listed and privately owned Portfolio Companies. They are the norm, not the exception. Doing the right thing for the environment and the community constitutes the social operating licence for a mining project, without which a project cannot succeed.

The Fund manages its mining investments to seek the best long-term, risk-adjusted portfolio returns for its limited partners. We use our influence as an investor to promote the responsible management of ESG risks in order to protect the long-term value of investments, and enable improvements of the overall wellbeing and development of our host communities and countries. We also seek to minimize our environmental impact, and in situations, where appropriate and possible, to use our influence to proactively protect the environment around our projects.


Denham Mining conducts business in a sustainable and responsible manner and takes into account the impact our investments have on affected people and communities. We respect human rights and support the responsible sourcing of minerals. We are committed to ensuring that our projects deliver tangible benefit to local communities.

For example, the Alphamin operation positively benefits 90,000 local residences in the North Kivu region of Democratic Republic of Congo. Our Olive Downs project in the Bowen Basin in Australia will also create up to 1,300 jobs and help Queensland recover from the economic consequences of Covid-19.

Environmental Stewardship

We recognise that mines must co-exist with alternative livelihoods that rely upon the availability of land and water and aim to ensure that our investments seek to minimize the use of such resources. We strive for best-in-class environmental protection at our projects.

Health and Safety

The health and safety of our people and the communities in which we operate takes precedence over all other objectives. Our approach to health and safety is to be proactive in identifying potential risks and implementing the necessary controls.

Select Portfolio Companies

Our investment effort spans the mining value chain and encompasses a wide range of business types, strategies and geographies.


INCOA Performance Minerals is a vertically integrated producer of fine, ultrafine and treated ground calcium carbonate for North American markets. The company’s high-quality ground calcium carbonate can be used as a functional filler in a variety of end-products including film, fiber, pipe, conduit, vinyl profile used in construction, paint, sealant, caulk, adhesive, and rubber.

  • Headquarters

    Mobile, Alabama
  • Website
  • Sector

  • Exit Description



Pangea Exploration targets resources throughout Africa and is engaged in the acquisition of mining assets across all stages of the project life cycle.

  • Headquarters

    Johannesburg, South Africa
  • Website

  • Sector

  • Exit Description


Pembroke Resources

Pembroke Resources is an Australia-based company focused on the acquisition and development of a portfolio of high quality, metallurgical coal assets in the Asia-Pacific region.

Serra Verde

Serra Verde is advancing the world’s largest known ionic clay rare earths deposit outside of China, Serra Verde, through construction and into production. The Serra Verde project, located in Brazil, contains the four key elements – neodymium, praseodymium, terbium and dysprosium – required to make permanent magnets used in wind turbines and electric vehicle motors.

Sector Team

Stuart Porter

CEO and Partner

Stuart Porter is a Founder, Managing Partner and serves as the firm’s Chief Executive Officer and Chief Investment Officer. Stu brings over 30 years of senior investment experience to Denham. Stu serves on the Investment Committee and Valuation Committee.

Prior to founding Denham, Stu was a founding partner of Sowood Capital Management LP and, prior thereto, was employed as a Vice President and Portfolio Manager at Harvard Management Company, Inc. where he focused on public and private transactions in the energy and commodities sectors. Stu previously worked for Bacon Investments and at J. Aron, a division of Goldman Sachs. While at J. Aron, he worked on the Goldman Sachs Commodity Index desk. Prior to joining J. Aron, Stu was a self-employed trader at the Chicago Board of Trade and was employed by Cargill Incorporated in Minnetonka, Minnesota in the Financial Markets Division.

Stu received a Bachelor of Arts from the University of Michigan and a Master of Business Administration degree from the University of Chicago Booth School of Business.

Carl Tricoli


Carl Tricoli is a Founder and Partner of Denham Capital Management LP and has over 40 years of experience in resource related investing. He is responsible for the firm’s mining investments and is a member of the Investment Committee and the Valuation Committee. Denham Capital is a global resources, energy and sustainable infrastructure focused investment firm with more than $12 billion of invested and committed capital across multiple fund vehicles since inception. Specializing in private equity, infrastructure and debt, we invest in sectors that are central to the economic and energy transitions happening globally.  We deliver the mineral resources, energy and sustainable infrastructure needed for today and tomorrow.  Denham has offices located in Boston, Jersey City, Toronto, London, and Perth.

Prior to forming Denham, Mr. Tricoli occupied various positions in the resource investing area including President of GeosCapital, a resource focused investment firm, Managing Director of Koch Industries where he led the principal investing activities for natural resources, President of Black Hawk Resources, an independent exploration and production company with activities focused in the Northern Rockies and Managing Director and Head of Energy Corporate Finance for NationsBank Capital Markets (now Bank of America). Mr. Tricoli is a member of the board of directors of Mid LA Mining Holdings LLC., Tremont Master Holdings, Ltd., Pembroke Resources and Santiago Metals LLC.  He is also a member of the Advisory Board of the University of Texas at Austin College of Liberal Arts.

Mr. Tricoli received a Bachelor of Arts from the University of Texas at Austin and a Master of Business Administration from Bayes Business School, City University in London.

Bert Koth


Bert Koth is a Partner in the Mining Fund of Denham Capital. Bert is responsible for origination, analysis, structuring and execution of investments for the Mining Deal Team. He brings 21 years of experience to the firm and is a member of the Fund Investment Committee and the Valuation Committee. He speaks English, German, Spanish, French and Russian.

Prior to joining Denham, Bert worked at BHP Billiton, ING Barings, and Deutsche Bank. He currently serves on the Board of Directors of Tremont Master Holdings Ltd. and Pembroke Resources.

Bert received a graduate degree and a PhD in Business Administration from the Vienna University of Economics, Austria.

Rob Still


Rob Still is currently Chairman of Pangea Exploration (Proprietary), Ltd., which provides information and analysis to Denham’s African mining platform. He brings 28 years of mining experience to the firm and is a member of the Fund Investment Committee and the Valuation Committee.

Prior to Pangea Exploration, Rob has been involved in the mining industry worldwide, from discovery to production, and has held executive and non-executive directorships in companies listed in South Africa, Australia, Canada and the United Kingdom. He has participated in the evaluation and/or development of several new mining projects and companies including Rhovan (vanadium – discovery to production), Ticor (mineral sands – discovery and evaluation), Pangea GoldFields (exploration and discovery), Southern Mining Corporation Limited (mineral sands – Corridor Sands), Metorex Ltd (copper – turnaround) and Zimplats (platinum – discovery to production). Rob began his mining career in 1987 when he co-founded Rhombus Exploration, a JSE junior. Prior to 1987, he was a Partner at Ernst & Whinney (now Ernst & Young).

Rob holds a Bachelor of Commerce degree from the University of Witwatersrand, a Bachelor of Commerce (Hons) degree from the University of Cape Town and a Certificate of Theory of Accounting from the University of Witwatersrand. It is expected that Mr. Still’s services in respect of the Fund will be procured via the Sub-Advisory Agreement with the Sub-Advisor.

Justin Machin

Managing Director

Justin Machin is a Managing Director, responsible for origination, analysis, structuring and execution of investments for the Mining Deal Team. He rejoined Denham in 2018.

In addition to his prior experience in Mining Private Equity at Denham, Justin spent several years with Waterton Global Resource Management in Toronto. Previously, he also spent a number of years in Mining Investment Banking, working as an Associate in the Global Mining Mergers & Acquisitions Team at Standard Chartered and as an Analyst in the Global Mining Corporate Finance Team at National Bank Financial. He currently serves on the Board of Directors of Serra Verde Rare Earths, Incoa Performance Minerals, Santiago Metals I & II and Camino Minerals.

Justin holds an Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.

Alex Deng


Alex Deng is a Director of the Denham Capital Mining team. He is responsible for origination, execution and monitor of investments in Africa, Asia and Australia. He provides capital markets and project management expertise for real asset investments in both private and publicly listed investment opportunities, with focus on energy transition commodity sectors. Alex has accumulated more than 10 years of experience in the natural resources and M&A space. Prior to joining Denham, Alex spent number of years with the Mining Investment Banking group at CIBC World Markets in Vancouver and Sydney.

He holds a Bachelor of Commerce Honors degree in Finance and Real Estate from the Sauder School of Business at the University of British Columbia.

Herculus Jacobs

Chief Technical Officer - Mining

Herculus Jacobs is the Chief Technical Officer – Mining for Denham Capital, responsible for technical due diligence, assessment and monitoring of its Mining investments. He has worked with Denham since 2016 and brings 24 years of experience to the firm. Herculus grew up on a large mine in South Africa and started his career as technical manager at Anglo-American’s Gold and Base Metal divisions. Herculus also held senior positions at UraniumOne, Pangea and Rand Uranium prior to joining Denham Capital. Of special note is his involvement in the development of Skorpion zinc, Bisie tin, Dominium Reefs and Cooke uranium as well as Panda Hill niobium.

Herculus’s experience spans across a diverse range of commodities, geological settings, mining, processing and marketing requirements. Herculus has led and participated in project development, building mines, providing technical oversight, performing techno-economic due diligence and advising on minerals and metals projects and operations globally.

Herculus holds a Bachelor Degree in Metallurgical Engineering, is a Registered Professional Engineer with the Engineering Council of South Africa, Fellow of the Southern African Institute of Mining and Metallurgy and Member of the American Society for Mining, Metallurgy and Exploration.  Mr. Jacobs’ services are procured via a Sub-Advisory Agreement with Denham.

Trevor Anderson

Vice President

Trevor Anderson is a Vice President, responsible for financial modeling, execution and monitoring of investments. He joined Denham in 2021.

Prior to joining Denham, Trevor was an Analyst on the Resource Streaming & Royalty Team at Sprott. Prior to joining Sprott, he was an Investment Banking Analyst on the Mining & Metals Team at PI Financial in Vancouver. Trevor earned a Bachelor of Commerce from the University of British Columbia.

Jackson Wood

Vice President

Jackson Wood is a Vice President, responsible for financial modelling, execution and monitoring of investments. He brings over three years of experience to the firm.

Prior to Joining Denham in 2020, Jackson was an Analyst in the Mergers & Acquisitions team at IGO Limited, an ASX listed nickel and gold producer.

He holds a Bachelor of Commerce degree majoring in Finance and Economics from The University of Western Australia.

Ziad Saliba


Ziad Saliba is an Associate, responsible for financial modeling, execution and monitoring of investments. He joined Denham in 2022.

Prior to joining Denham, Ziad was an Investment Banking Analyst on the Global Mining Team at TD Securities. Prior to joining TD Securities, he was an Investment Banking Analyst at Desjardins Securities. Ziad earned a Bachelor of Engineering in Mining Engineering and Master of Engineering in Mining and Materials Engineering from McGill University.

Recent Sector News

  • Serra Verde and Denham Investment Announcement

    Read article
  • Denham Capital to Deploy More than $550 Million  into Global Mining Sector

    Read article
  • Denham Capital Announces Agreement to Sell JDS Silver’s Silvertip Mine to Coeur Mining

    Read article
All Mining News Articles