From Money to Metals

From Finance Institutions in Mining

The Good Campaigners’ Guide to Questionable Funder$

A Project in Progress

Nostromo Research, London

Updated: 17 March 2010

Copyright in this paper is held by Nostromo Research, London; first rights to publication are with the Heinrich-Böll-Stiftung, Germany. The content may be freely reproduced, with full acknowledgment to Nostromo Research, the Heinrich-Böll-Stiftung, and to sources quoted. Contact Nostromo Research at info@minesandcommunities.org

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Contents 1 Introduction 1.1 Far from secure metal futures 1.2 Chinese syndromes 1.3 The future role of private capital? 1.4 Unanswered questions 1.5 Peoples’ strategies for the coming decade 1.6 Content of this report 1.7 When funders won’t come clean 1.8 Limitations to this research – and challenges ahead 1.9 Drawing lines between the money and the miners 1.10 Campaigning for disinvestment 1.11 Pensioned off 1.12 Inviting your collaboration 2 Part One 2.1 Main types of mining-related investment 2.1.1 Table 1: Rankings of major mining groups (in US$) 2.1.2 Table 2: Value of Top mining M&A’s (above US$ 3 billion) 2001-2007 (in $US) 2.2 Loan Rangers 2.2.1 Table 3: Largest lenders to mining, 2000 - 2006 (in US$ million) 2.2.2 Table 4: Top Mining Loan deals (above $US 3 billion) 2000-2006 2.3 A view to a kill: the Bond market 2.3.1 Table 5: Global Mining Bond issues, 2000-2006 (in US$) 2.4 “Project finance remains a key” 2.4.1 Table 6: Mine Project Finance between 2000 and 2006 (in US$) 3 Part Two: a data base 3.1 Minding the Miners: Who finances What & for Whom 3.1.1 A 3.1.2 B 3.1.3 C 3.1.4 D 3.1.5 E 3.1.6 F 3.1.7 G 3.1.8 H 3.1.9 I 3.1.10 J 3.1.11 K 3.1.12 L 3.1.13 M 3.1.14 N 3.1.15 O 3.1.16 P 3.1.17 Q 3.1.18 R 3.1.19 S 3.1.20 T 3.1.21 U 3.1.22 V 3.1.23 W 3.1.24 XYZ 4 Notes 4.1 Footnote 1 4.2 Footnote 2 4.3 Footnote 3 4.4 Footnote 4 4.5 Footnote 5 4.6 Footnote 6 4.7 Footnote 7 4.8 Footnote 8 5 Glossary 6 Sources

Introduction

Launched in late 2007, the “From Money to Metals” documentation project was intended as a preliminary essay at gathering together disparate data on institutions (both commercial and private) which aim to profit from mineral extraction and processing.

Thanks to invaluable support from the Heinrich-Böll-Stiftung of Germany, it has now been possible to update the database and analysis of mining-related investment, and to continue improving these over coming months.

Readers will be well aware that, during the period between September 2008 and the first eight months of last year (2009), the so-called “credit crisis” resulted in a virtually unprecedented meltdown for many banks and associated fiscal players. While the earliest victims of this were poorer mortgage borrowers (sacrificed in the “sub prime” market) few people have remained immune to the failure of banks to fulfil their basic commitments to customers; and the near-criminal extent to which some financiers have salted or frittered away our individual and collective wealth.

Whether, as a result of this gargantuan financial disarray, the mining and minerals industry has been fatally impacted is highly debatable. Up until the end of 2009, mining companies suffered a worse reduction in their stock value than any other industrial sector represented on the London Stock Exchange (LSE) - the single most important source of mining capital [Russ Mould, editor, Shares Magazine, in presentation to LSE seminar, London, 17 February 2009]. Almost every mining company listed on other stock exchanges has also experienced a fall in its market capitalisation, while mineral commodities were trading at lower prices or volumes than at any time for 10 or even -20 years.

The only exceptions have been gold and silver – the former sustaining its historical role as a “store of value” and “safe haven” in hard times or during dramatic fluctuations in dollar exchange rates. [See: Lawrence Williams:” Is gold the only salvation from this financial Armageddon? Mine web, 16 February 2009; also: Barry Sergeant: “Warm bullion, hot stocks”, Mineweb 21 January 2009]. Barry Sergeant, of Mineweb, commented on February 25th 2009 that: “While the rest of the investment world continues to anticipate the next disaster or scandal, trembling in fear, gold stocks are having a fine time of it, underpinned by the world's best performing commodity.”

But this is not because the banks were committing substantial new capital to the sector. (Indeed, they are still having enough trouble trying to raise funds to bulwark their own collapsing balance sheets and pay off the vast debts they have accumulated.) Instead, it appears that gold miners are profiting from what is termed “bought deals” – and to a lesser extent the trading of stock via ETFs, or Exchange Traded Funds [see Footnote 4]. BBought deals occur when a small number of brokers buy an entire stock issue from a company, then on-sell the shares (or bonds, convertible into shares) to their own clients in what may then become a series of smaller transactions. By February 2009, such transactions had been valued at nearly US$ 4 billion since late 2008, including ones with Eldorado Gold, Great Basin Gold, Victoria Gold, Allied Gold and Gold Wheaton, as well as some silver producers [Barry Sergeant, Mineweb, 25 February 2009]. Nonetheless, although the gold market price shot to new heights during the rest of that year, as this update was being written the share prices of individual global gold mining companies had slipped (in one case, by nearly 50%) below their level a year earlier [Barry Sergeant, Mineweb, 24 February 2010]).

While gold prospectors (in both senses of the term) have certainly been riding fairly high, this is not the case for producers of base metals, ferrous metals, diamonds, and other minerals – not to mention their workforces. Toronto’s Stock Exchange recently reported that US$15. billion had been raised for mining equity in the nine months to November 2009 (three times the amount raised in the whole of 2008) [MJ, 6 November 2009]. But this doesn’t necessarily represent a bell-wether (an indication that the trend will continue improving) for the future). In fact, the market capitalisation (stock market value) of almost all mining companies is lower now than it was at the end of 2008.

Scores, if not hundreds, of thousands of jobs have been lost in the past eighteen months, not only at the pit face but also in construction and automobiles - two industries intrinsically dependent on processed minerals. This attrition was summed up by the global mineworkers federation, ICEM, at the dawn of the new decade: "From Russia to Chile, at Europe’s largest zinc deposits in Ireland’s County Meath, where 670 were retrenched by Tara Mines, to the hundreds of thousands of migrant miners across the world who are out of work with no place to go, it is workers who are paying the unjust price of capital’s failure." [ICEM, Brussels, 12 January 2010]

Numerous expansions of existing mines have been postponed, while some smaller companies have effectively been liquidated. The financial health of many junior miners – those mostly involved in exploration – continues to be grim, if not terminal. According to the Fraser Institute’s 2008-2009 survey of mining executives, at least 30% of these companies might be forced to fold in the near future. One respondent went so far as to declare that: “[J]uniors may never return to the market. The industry should prepare itself for a ‘paradigm shift' in how exploration is funded." [See: Fraser Institute Annual Survey of Mining Companies 2008-2009, Vancouver, February 2009]. (At the same time, it is important to recognise that Canada’s government is unique among its peers in the extent to which it underpins exploration expenditures of hundreds of its domestic mining outfits. The principal incentives for exploration are a 100% deduction from taxable income, accompanied by a 10% credit once mining is underway, and a system dubbed “Flow-Through Shares” (FTS). This allows an extractive company to “flow” its exploration expenses “through to their investors for deduction against their personal or corporate taxable income” [see: “Incentives for Mineral Exploration”, a power point presentation by Robert Clark, Natural Resources Canada, undated, 2010]. Given a perceptible recent expansion in use of these Flow-Through Shares, it is reasonable to suggest that much of the apparent improvement in some companies’ fortunes is stimulated by the use of FTS as a quasi-tax haven by individual investors. For further discussion of FT, see below under “Content of this Report”).

Most indicative of the nature of this global turmoil is that several major extractive companies which, not so long ago, appeared financially secure and with billions of dollars to spare, became saddled with massive indebtedness. On 31 December 2008, Rio Tinto, the world’s then-second largest mining company in mid-2008, acknowledged a debt of some US$ 39 billion – largely the result of its November 2007 acquisition of Canada’s Alcan alumininum conglomerate. Rio Tinto had also signed a deal with Chinalco, intended to see China’s state-owned aluminium giant acquiring nearly 20% of the legendary UK company [News services, 9-14 February 2009], by which point Chinalco was already the most significant shareholder in Rio Tinto itself. But the Rio Tinto-Chinalco deal fell through in early 2009, and the company was forced to offload some of its favoured projects, including an iron ore venture in Brazil, a phosphates mine in Argentina, and components of the ill-fated absorption of Alcan in 2007. It then proceeded to a share rights issue which effectively lowered the company’s value to institutional shareholders. In July 2009, four executives of Rio Tinto were arrested by the Chinese authorities and, as of last February, had been charged with buying state commercial secrets, bribery, and accepting corrupt payments from China’s own steel companies [See: Reuters, 11 February 2010; also: http://www.minesandcommunities.org/article.php?a=9362].

In February 2009, UK-Switzerland-based Xstrata (number 5 among global miners the previous year) also announced a £4.1 billion rights issue to cover its own massive shortfalls [Bloomberg 16 February 2009]. And, at around the same time, OZ Minerals, Australia’s third biggest miner and the world’s second largest producer of zinc, fell into the hands of another Chinese state enterprise, the ubiquitous Minmetals [Mineweb, 16 February 2009].

Far from secure metal futures

A month ago, in an attempt to evaluate the previous 15 months’ attrition of the minerals industry, the global accountancy firm Ernst & Young (E&Y) published its 2009 annual examination of transactions and financing for minerals and metals. The report concludes that: “At this point in the cycle, Asian investors [have] emerged as the new buyers, cash-rich and ready to take advantage of the opportunities that abounded as valuations dropped and struggling companies became the target of bargain hunters.” [Ernst & Young, “2009: the year of survival and revival: Mergers, acquisitions and capital raising in the mining and metals sector”, London, February 2010].

Ernst & Young goes on: “The emergence of these new investors, combined with a quick rebound in demand in Asia and prudent spending, allowed the industry to weather the storm of unsustainably low metal prices and emerge into the calm as prices reached more realistic levels.” E&Y is now banking on China and India, in particular, to “promote a strong seller’s market” in the near future, judging that “[t]he events of 2008 have fundamentally changed the way the industry will be financed in future”.

A brief examination of China’s recent mining-related mergers and acquisitions (see below), superficially confirms this prognosis. The regime’s mineral-dependant industries have undoubtedly snapped up bits of – and a few entire - companies, benefitting from depressed prices prevalent during the past 12 months. However, new “ways” of promoting investment, and bringing minerals’ supply and demand into balance, have yet to be convincingly determined. Nor will this occur, until investment banks and other parts of the financial sector successfully pull themselves out of the mire of debt into which they have dragged themselves (and the rest of us).

Relying on China (and to a lesser extent, India) to stimulate new spending requires that these two huge economies achieve conventionally-defined levels of “growth” last recorded three years ago (India’s growth had slipped from a high of 9% to 6.7% by 2009). In the meantime, domestic socio-economic and environmental pressures in both countries, aimed at curbing the amount and extent of new mineral ventures, are mounting. India’s biggest-ever proposed extractive project, one by POSCO for an integrated iron-steel venture in Orissa, has had its dimensions cut back and construction postponed, thanks largely to local and national opposition. Just as this update was being written, a report by India’s Ministry of Environment and Forests excoriated Vedanta Resources for its derelictions of Forest and Tribal Peoples’ rights legislation, at its alumininum venture in the same state [Business Standard, Economic Times et al, 16 March 2010] (see also below).

Scandals relating to massive child lead poisoning and worker fatalities at numerous coal mines in China have resulted in many abrupt closures; even if, so far, the regime has failed to reduce its overall reliance on these minerals. The administrations in both these Asian states recognise the urgency of limiting their increasing contributions to adverse climate change. If words are to translate into action, many more coal mines will have to close in both countries, though this is not likely to happen for another decade.

Let’s critique in a little more detail Ernst & Young’s assessment of the near-future shape of mining finance. (Thus far into the new decade, its report is the only one seriously attempting to map one out, although a recent article in the Mining Journal briefly covers compatible ground [See: A shift in focus”, by James Nwankwo and Hadim Khan, MJ 22 January 2010]).

E&Y tells us that “equity [purchase of shares] will play a greater role in the next wave of growth, with the IPO [Initial Public Offering] market starting to recover in 2010”. But what evidence is there of this so far? (Although Ernst & Young’s own “Mining Eye index” (a weekly tracker of the share values of the top 20 AIM-listed mining companies) gained 173% in 2009, the index overall was still 40% down on the all-time high achieved in March 2008[MJ, 12 March 2010]).

Thus far into the new year, Barrick Gold plans to list its African assets through a London IPO with a target of US$1 billion. A Guinean iron-ore company, Bellzone Mining plc, intends trading shortly on the AIM market, in order to muster around US$100 million for completion of a feasibility study on its Kalia project. Another iron-ore miner, Brazil’s Ferrous Resources Ltd, is also expected to apply for an LSE listing “as soon as May [2010]” [MJ 12 March 2010, ibid]. The world’s leading materials trading company, Glencore, in March 2010 mooted an IPO, following the purchasing-back of assets it had sold earlier to Xstrata [Bloomberg, 2 March 2010] to help the latter out of debt.

However, the largest expected London IPO of 2008-9, by UC-Rusal (qv), now seems to have been jettisoned: in February 2010 the Russian conglomerate listed instead on the lower-profile Hong Kong Stock Exchange. The following month, Vedanta Resources – the largest Indian listing on the London Stock Exchange back in 2003 – announced that it, too, would seek to make an IPO for its Vedanta Alumininum subsidiary; doing do so on the Mumbai (Bombay) Stock Exchange, with only secondary registration of its stock in London.

Although the LSE will likely remain the premier marketplace for raising of mining-related capital, foreign companies intent on listing in the UK will soon have to conform to a new UK Corporate Governance Code. This aims at setting standards for board composition, directors’ remuneration, accountability and auditing, and relations with shareholders. The code is “non-prescriptive”, faces some further revisions, and fails to adequately address breaches of social and environmental good practice. Nonetheless, companies that do not conform with these “comply or explain” procedures may, say corporate lawyers James Nwankwo and Nadim Khan, suffer a “withdrawal of goodwill from the investment community and [its] refusal to invest”[MJ 22 January 2010, ibid].

E&Y goes on to suggest that a “recovery” could “lead to an emphasis on strategic equity investments from an emerging breed of investors, including: sovereign wealth funds (SWFs), state-owned enterprises (SOEs) and private capital.”

Again, early indications of this are sparse. Outside of China and India, Chile’s state-owned Codelco is the world’s most important state-owned mining enterprise. But, in January 2010, the country’s incoming president announced a plan to part-privatise the enterprise, in order to boost private investment [See: http://www.minesandcommunities.org/article.php?a=9838].

India’s NMDC (formerly the National Mineral Development Corporation) has been “rumoured” to be taking its first steps outside the country by investing in Brazil’s Ferrous Resources [Mineweb, 23 February 2010] – itself due for listing on the London Stock Exchange this year (see above). The state-run Steel Authority of India Ltd (SAIL) announced last November that it was “looking at acquiring licenses for coking coal mines abroad to protect itself from fluctuating raw material prices” [Reuters, 17 November 2009].

While these moves may certainly be described as “strategic”; they do not necessarily indicate a “sea change” in goverment policy towards acquisition of stakes in overseas mineral ventures - something that continues to be largely left to the country’s private sector.

Chinese syndromes

It’s true that China’s own SOEs, backed by its state banks, have been investing substantially in foreign projects, and making some important corporate acquisitions - notably in Australia, Peru and Canada. But there is no certainty that this pattern will continue; or, at any rate, trigger future bids of a similar dimension. If the regime’s core strategy is to build up its raw mineral stocks - not only to bulwark domestic requirements but also use as “bargaining chips” in future pricing deals - then there are finite limits. Mining companies have a specific “problem” (to cite a recent commentary in the Financial Times), which relates to the strategy of "restocking". This denotes a tendency by fiscal regimes at the start of an expected new economic cycle, to build up raw materials well beyond any near-future requirements. Since mid- 2009, such restocking was particularly evident in China, “whose stimulus-boosted manufacturing helped carry metals prices around the world.” [William MacNamara, “Mining and metal trends radically affected by speculative investments embedded in prices”, FT 8 February 2010].

However, “China has [now] reined in such spending, there is little evidence that restocking is happening in developed countries in the way it once did”. According to Deutsche Bank analyst, Daniel Brebner: “This could be because manufacturers are holding lower stock levels permanently to avoid being caught out as they were in 2008.” Breber went on to predict that “... the inventory cycle in the western world will be a shadow of its former self." (author’s italics). [FT, 8 February 2010, ibid]. (For further discussion of this phenomenon, see Footnote 4, below)

The Peoples’ Republic acquired full membership of the World Trade Organisation (WTO) in 2001, leading to an unprecedented flurry of overseas trade in finished and semi-finished goods. The result has been an unsustainably-high level of Chinese accumulation of dollar-demominated funds. According to some pundits, this parlous dependency has driven the Beijing autocracy to promote a shift away from the “Mighty Dollar “to IMF Special Drawing Rights, back to the gold standard, or towards promoting a new form of international exchangeable currency, based on trading of commodities. If so, this helps explain why the state has recently been creating massive stocks of raw materials that it clearly doesn’t require for near-future use. It also adds weight to the argument (just mentioned) that we may not see similar excessive accretion of minerals, for a long time to come [See: http://www.minesandcommunities.org/article.php?a=9596]. Of equal, if not deeper, concern is that many of the country’s citizens are spending at levels never seen before, while the vast majority of them have no means or incentive to save, and investment in socially productive sectors at home has begun dangerously parching.

For these reasons, the administration has been assiduously seeking to “de pressure” the Chinese economy. To an extent this has already happened - if involuntarily - thanks to a reduction in demand for Chinese processed and manufactured goods, occasioned by recent fiscal meltdowns in countries importing such goods. Part of the regime’s more conscious and pre-emptive strategy has been to strive for limits to own industrial pollution caused by over-production, and to double the recycling of scrap metals [Interfax China M&M, 30 October 2010]. Whether these gambits will succeed is open to question. (One Chinese correspondent has suggested that the closure of the country’s numerous outdated and dirty metal refineries and smelters, may actually increase overall pollution [Interfax China M&M 25 September 2010]). Yet there seems little doubt that Beijing’s top power-brokers understand the urgency of curtailing the state’s recent profligacy in mining and metals output. (In 2006 the administration of Tibet’s “Autonomous Region” banned all gold mining in the region, and later closed nine cement plants and seven steel mills “to protect the fragile envronment” [China Daily, 4 March 2010]). The urgent question is whether they can do this before it proves too late - thereby averting even greater civil strife thanevinced on the mainland over the past fewyears, while continuing to meet the expectations of a rising middle class for private ownership of property, their own capital concentration, and access to luxury goods.

A commentary by economics Professor Martin Hart-Landsberg (published online in the Links International Journal of Socialist Renewal in February 2010 [http://links.org.au/node/1558]) drives right to the heart of this “dilemma”. According to Hart-Landsberg: “In the first half of 2009, state banks loaned three times more than in the same period in 2008. Approximately half of the loans have gone to finance property and stock speculation, raising incomes at the top while fueling potentially destructive bubbles.”

But, Hart-Landsberg points out : “Much of the other half has gone to finance the expansion of state industries like steel and cement, which are already suffering from massive overcapacity problems. It is difficult to know how long the Chinese government can sustain this effort. Property and stock bubbles are worsening. Overcapacity problems are driving down prices and the profitability of key state enterprises. Both trends threaten the health of China’s already shaky financial system.”

Even more threatening, though, may be “… the deepening mass resistance to existing social conditions. The number of public order disturbances continues to grow, jumping from 94,000 in 2006 to 120,000 in 2008, and to 58,000 in the first quarter of 2009 (on pace for a yearly record of 230,000). The nature of labor actions is also changing. In particular, workers are increasingly taking direct action, engaging in regional and industry wide protests, and broadening their demands. While this development does not yet pose a serious political threat to the Chinese government, it does have the potential to negatively affect foreign investment flows and the country’s export competitiveness, the two most important pillars supporting China’s growth strategy.

Hart-Landsberg concludes with the severe warning that: “The Chinese government’s determination to sustain the country’s export orientation means that it can do little to respond positively to popular discontent. In fact, quite the opposite is true. In the current period of global turbulence the government finds itself pressured to pursue policies that actually intensify social problems.”

This prompts our asking an important question: one that has exercised a number of commentators. Although uncritically welcoming the unprecedented spurt to mineral prices, triggered by Chinese demand a few years ago, these commentators are now parading concerns about the negative effects exerted by Chinese ventures on the socio-economic health of smaller mineral-dependent states (especially in Africa). Take, for example, Hanjing Xu of Canada’s mining company, Eldorado Gold, who told an investment conference in March 2010 that: “[The Chinese] lack an appreciation for community relations, worker health and safety, and environmental protection.” [Mineweb, 9 March 2010]. To what extent, then, have Chinese mining ventures corrupted overseas governments, displaced their internal labour forces, introduced lower operating standards, and hazarded peoples’ livelihoods?

According to Hanjing himself, overseas mining companies “only received 10% of China's foreign investment in 2009” – hardly squaring with a press-generated image of the “Sino-assault” on global resources. Last November, in an astute examination of Chinese business practices in two important African mineral producing countries (DR Congo and Gabon) researchers from Stellenbosch University’s dismissed the idea that there was a monolithic “Chinese Inc” - rigidly following a central Communist Party line. Instead, the researchers said, mining companies from the Peoples Republic have tried conforming to operating rules set overseas, dealing as best they can with different social and political forces. Whether addressing issues of “transparency”, corruption, relationship with workers, or cultural disparities, Chinese firms have proved to be adaptable, and quick to learn from their hosts. They are not necessarily more prone to take or offer bribes. Indeed, they are often at a disadvantage, compared with other foreigners, some of whom have relentlessy exploited the continent for much longer [“Gabon/DRC: Chinese companies in the extractive industries” by J. Jansson, C. Burke, W. Jiang, Stellenbosch, Centre for Chinese Studies, Stellenbosch, 23 November 2009].

No doubt some Chinese companies, by working offshore, have externalised environmental and social costs, in order to avoid bearing them at home. But the extent of their doing so may often be exaggerated. To harken back to Professor Hart-Landsberg’s prognosis the Chinese leadership’s successful resolution of its own internal political contradictions will have more impact, on far more poor people, than the standards that Chinese companies implement (or don’t) beyond their shores. At the same time, if Beijing fails to peacefully resolve the country’s numerous social conflicts, the savage repercussions may become truly global.

The future role of private capital?

On the one hand, Ernst & Young’s February 2010 report concedes that “[t]raditional investors will be looking for safe options in 2010”, while “fewer lower risk projects are now available”. Somewhat contradictorly, on the other hand, it claims that investors will be willing “to consider acquisitions with greater political risk in 2010.” Little evidence of that is yet forthcoming. More likely, long-betting, mining-dedicated, investment funds will shirk taking on increased risks, especially after the scorching they suffered within very recent memory. Indeed, E&Y itself expects funding to remain scarce, “especially for speculative high-risk companies”. Yet, as we have already seen from the disastrous 2009 fall in share prices, virtually no mining company should now be regarded as a safe bet. (BHP Billiton, the world’s most diversified “natural resources” firm, is arguably an exception - largely because of its geographical and product diversification. As well as being invested in a large range of metals, BHP Billiton is also a significant oil producer, and moving towards control of significant desoits of phosphates. Nonetheless, this pre-eminent Australian-UK conglomerate has progressively withdrawn from nickel mining and exploration. While the market price for the metal has improved of late, it seems unlikely that the company will return to nickel. The point here is not that the company might have misread the market signals, but that these “signals” prove bewilderingly difficult for anyone to accurately read at the present time).

According to E&Y’s report: “[T]he changes in available capital will continue to increase the complexity and variety of deal structures, with joint ventures, partial sales and demergers becoming common, along with alternative financing arrangements, such as partial equity sales and asset swaps.

It conjectures that: “Following the decline of the project finance model, we could see a return to individual mines being floated, with the proceeds used for development, and investors sharing in the profits when the mine goes into production. Off-take customers could also emerge as key sources of funding to develop mines, as is already occurring in the junior mining space.”

Thus, asserts E&Y: “Eventually, borrowing will return to historic averages, but from new lenders and more diversified pool of sources. These will include multilateral development agencies, and Middle Eastern and Asian banks.”

This is such a speculative statement that it verges on the fanciful. As already mentioned, Chinese banks are still in the market for further strategic mining investments, but we are not likely to see these being made at the rate, or to the extent, they were in 2007-2009. India’s State Bank (SBI) recently set up a European financing arm in London; however, its only major minerals-related outlay so far has been on a project (Orissa’s Jharsaguda aluminium smelter), being constructed by Vedanta Resources plc.

It may be true, as E&Y says, that private investors “responded to the [recent] crisis with a combination of equity issuance, corporate bonds, assets disposals and inward equity investment from strategic investors”. While this did result in “a record year for follow-on equity issues and corporate bonds”, the accountancy firm’s own data paints a far from sanguine picture of other strategies being successful in raising substantial funds. In fact, the value of IPOs, loans (debt finance) and the amount of money spent on mergers and acquisitions, all fell dramatically in 2009. So too, did funding aimed at specific projects (See below).

Finally, Ernst & Young itself recognises that “[P]erhaps the most profound effect of the global financial crisis on the metals and mining industry is that the world has lost as much as two years of growth in the supply of scarce resources. The deferral of projects pending financing will lead to a construction bubble that will compete with other lagging fiscal stimulus for resources.”

Now, that does seem to be a fair measure of the crisis that the global minerals industry continues to confront.

Unanswered questions

To sum up - and despite Ernst & Young’s stab at the task - it would be a rash analyst indeed who claimed they could predict what shape the minerals industry will be in by the dawn of 2011. Will there be further mergers and acquisitions in order to reduce costs and consolidate existing leases? How sustainable is the recent spurt in demand for some metals, evidenced during the last half year? Does this reflect hard-and-fast government-led scenarios for new product manufacture? Or is it, rather, an exercise in playing “catch-up” - as mining corporations compete to land bargain-basement deals before the costs of acquisition rise (if indeed they do)? To what extent is this new flurry of activity a consequence of near-whimsical commodity speculation and reckless accumulation, divorced from meeting real physical needs? Will the Chinese government fulfil its aim of reducing excess metals-based consumer exports and restrain parts of its “over heated” domestic economy? And (an issue highly apposite to policy deliberations in the Peoples’ Repblic), is it remotely realistic that laid-off mineworkers will be re-employed at any point in the near future?

These are important questions but not necessarily the most critical ones to ask – especially if you are a farmer living in a mineral-rich village, or (say) the conscientous leader of an organisation intent on forging truly secure livelihoods for her or his members.

Most of us warmly welcome the prospect being able to switch from further global output of coal or oil to promoting “alternative” means of generating power. Nonetheless - whether this means using lithum and nickel for batteries, silicates for solar cells, various metals for windmills and turbines, or the growing of biofuels for motor vehicles, many alternative energy scenarios rely upon potentially highly destructive use of land , posing risks to a community’s own renewable resources, and threatening Indigenous Peoples rights, through the expansion of mining. (In the case of biofuels, such as ethanol, the dependency is indirect, via increased extraction of phosphates and potash to fertiise the crops – but may be no less significant for that).

Unfortunately, even quite powerful “green lobbies” have neglected to factor these consequences into their campaigns. Doing so might lead to postponement of some projects, cancellation of others, and more application being made to finding “alternatives to the alternatives” (For example, the financing of neighbourhood hydro power schemes not big dams dams; small windmills made out of recycled materials rather than huge new wind farms; local coal-methane powered generators, as opposed to relying on “carbon capture and storage” as a spurious “clean development mechanism). In any event, campaigners ought to focus much more attention, than they have paid so far, on judiciously assessing full product-chain costs of moving from “dirty” fuels to purportedly sustainable ones.

Precious little social value would be derived from such a strategy unless the communities, hosting the minerals required to implement these energy transformations, gained significantly more from the profits of mining than they do now. (At present many of them get virtually nothing at all). But the reality is that, in response to dramatic falls in commodity prices, the opposite has been happening. At least one mineral-dependent–state has reversed a recent decision to recoup more value from the exploitation of resources under its peoples’ ground. In January 2009, Zambia significantly diluted the more stringent taxation regime introduced the previous year, as its government succumbed to mining companies’ threats to pull out of the country [“Zambia abolishes 25% windfall mining tax”, Reuters, 30 January 2009; “Zambia faces uncertain mining outlook”, Reuters, 8 December 2009].

Botswana is often cited as a model of success in conquering the “resource curse.” But it has been staring at the possible collapse of its 50% -owned diamond industry, as its private partner De Beers announced that it couldn’t predict when global demand would recover. Just three years ago, Argentina was widely canvassed as one of the most mineral prospective countries in Latin America. In 2009 it was named by prominent mining consultancy, Behre Dolbear, as the least attractive on the subcontinent because of "the populist policies of the government, the seizure of pension funds, and the expectation that things will get much worse than they were in 2008." [Dorothy Kosich: “Exercise much caution when investing large sums on mining projects-Behre Dolbear”, Mineweb 16 February 2009].

These examples (and there are others) illustrate that, although a government may have responded to citizens’ demands for an end to destructive mining and a guarantee of improved rural livelihoods, they are still at the mercy of largely foreign-controlled mining companies. This is never truer than in a “bear” market, especially one of the ferocity experienced recently Even though the World Bank had itself counselled the Zambian government not to cave in to industry demands ("This is a perishable resource. Once it's gone the country has no more access to it. It should be benefiting from it more now." [FT 20 January 2009]) the advice has not been heeded. If the world’s most powerful “development agency” makes no headway in this direction, how can anyone else?

And the attrition continues. In February 2009, the Tanzanian government had promised its citizens that it, too, would increase royalties on gold and diamonds [MJ 20 February 2009]. However, with a much more conservative Mining Bill on the table the following year, civil society organisations were still struggling to squeeze a more equitable share of profits out of the mining companies [See: “Tanzanians are more cursed than blessed!” by Mvuyisi April kaDathini, Africa Files, 2 March 2010].

There is an unfortunate paradox at the root of discourses, centred around the division of various “cakes” of mineral wealth. Put simply: if market prices become depressed due to falling demand, then investment in mining also contracts and so do the values of corporate shares tendered on global stock exchanges. The classic “race for resources” - where companies compete with each other for access to new mineral deposits - is thereby substituted by governments vying with each other to sell (both practically and metaphorically) the country’s minerals at a relatively reduced price. Thus, in order to “sustain” economic mineral returns, governments may end up sustaining the industry, leaving many citizens as badly, if not worse off, than before. This is the most wounding aspect of what’s customarily called “The Resource Curse” [see: Roger Moody, “Cursed by Resources” in Rocks & Hard Places: The Globalization of Mining, Zed Books, London 2007, pps 43-68]. If the two parties had similar aims, then an accommodation between them might result in greater income.

In theory, there has never been a more propitious moment - when mineral exploration and extractive companies as well as materials’ traders, are struggling as never before, in many cases simply to survive - to re-examine the relationships between natural resource exploiters and exploited and thus change them permanently.

Could this be the time to ensure that the most dubious of planned mines will never surface, and that the most parlous of current operations are closed once and for all? Already, there has been some welcome stemming of investment in bad ventures. (For example, Rio Tinto has off loaded its water-threatening phosphates mining scheme in Argentina; BHP Billiton, the world’s leading “natural resources” company, has abandoned its Gag Island nickel venture in West Papua – and, as mentioned earlier, may now well withdraw from the nickel market altogether).

Or has this opportunity already slipped away?

Peoples’ strategies for the coming decade

Based on lack of evidence that the minerals industry is anywhere close to a substantial revival of its fortunes, that question is still a very open one. The challenge ahead is to ensure that all new investments are firmly directed towards projects enjoying the full support of local people, as well as contributing directly towards truly sustainable economic and social development.

This requires a three-fold strategy.

First, we all need to better inform ourselves about the methods used to dispense mining-related finance and how current or future related debt may be “securitised”. This means keeping close track, not only of any newly-emerging financial instruments, but also recently-discredited ones (such as the “shorting” of stock, practiced by hedge funds) which may creep in under different guises. Demystification of terms and tactics is an essential part of this endeavour.

Second, we must become considerably better acquainted with who is paying whom for what and in what form (whether as direct equity, bonds, credit derivatives and “swaps”. other forms of derivatives; the use of exchange traded mechanisms, or specific project finance). To be informed is to be forearmed.

Third, with this information under our belts, we should be able to mobilise more effective shareholder actions, and form broader consensuses when directing our concerns at those investment institutions which must be held to social and ecological account,

These tasks are certainly demanding, but nonetheless achievable. Never has the time been riper to challenge previous assumptions about who should control the flows of money into mining and the legitimacy of their raising and dispensing it. Many people who, just two years ago, would have dismissed such issues as too erudite or remote, are now rudely discovering for themselves how widespread and endemic are the manipulations and concealments, characteristic of modern capitalism. It is the power of our own purses and pensions which should determine the nature of global financial architectures, not the other way around.

Hopefully, the present research assists in fulfilling these aims.

Content of this report

The database which follows (Part Two) records names and some details of around 500 banks, private funders, insurance companies, hedge funds and private equity firms, as well as some individuals, which provide, or have recently provided, financial stimulus to numerous mining companies. Not included are state-owned investors, or purportedly publicly-accountable bodies such as government agencies for overseas development or which grant export credits and provide political risk insurance. Regrettably, for the moment, it also excludes most multilateral development banks (MDBs)/multilateral financial institutions (MFIs), although these often underwrite critical investments in questionable extractive ventures. [For example, see the critique of the European Investment Bank by Heather Stewart: “The shadowy bank that has loaned £150 bn of your cash”, The Observer, London, 2 March 2008]

Outside the scope of this paper, too, are the profits generated by commodities’ trading, essentially in derivatives (see Glossary), on mercantile exchanges such as NYMEX (New York Mercantile Exchange), CME (Chicago Mercantile Exchange), Euronext.Liffe (a subsidiary of the NYSE) and, most important in terms of metals trading, the LME (see Glossary).

Nor does this paper cover in close detail the overt or hidden subsidies granted by governments to bolster private companies engaged in exploration or production, among which we may count CDC Group PLC in the UK. The Canadian government stands out for such support of the industry through its so-called “Flow-Through Shares” arrangement, which allows corporate miners to deduct exploration expenses from their income tax. [MJ and PDAC Exploration 2008, February 2008; see also Salman Partners Inc, below].

As share prices bottomed-out in late 2008 and early 2009, at least one Canadian financial services firm, specialising in flow through brokering since the turn of the new century, was swift to boast the value of such investments. The MineralFields Group (qv) argued that “this is probably the best time to make flow-through investments in history, as the bargains are incredible, unprecedented, and we are buying stocks at low or no premium (and increasingly, at a discount), and at 2 year, even 3 year lows!”; adding that the Group offered “the highest possible level of safe tax sheltering“.

Such a manifest “distortion of the tax system” (in 2008 amounting to 60% of all exploration funding raised in Canada) has been criticised from within the industry itself as penalising ordinary citizens. [See: “Flow-through shares put Canadian mining and exploration juniors ahead” Liezel Hill, Mining Weekly 27 February 2008; see also Footnote 1, below].

On 20 February 2008, South Africa’s finance minister announced that he would not introduce a similar “flow through” system in his own country, instead opting for a 50% tax break on investment by junior mining and exploration outfits [MJ 22 February 2008].

When funders won’t come clean

Diligent reading of trade journals, the financial press, company annual reports and announcements, will usually, though not always, reveal which funds have provided what money for specific projects and purposes (2). However, it is in the nature of equity purchases (buying shares in companies) that holdings will change over time – indeed sometimes over a short period and especially in volatile market conditions such as those of the past 18 months. An investor may purchase a stake one month, sell it the next, and then buy it back again. In 2006, RAB Capital (until 2008 probably the most significant hedge fund involved in mining) was pressured by Friends of the Earth Canada to sell its stake in Ascendant Copper (later renamed Copper Mesa Mining), following allegations of that company’s human rights violations in Ecuador. RAB did so – but apparently re-invested shortly afterwards when the pressure was off.

Funders will often refuse to divulge the identity of recipients of a specific equity investment, claiming client confidentiality or breach of a host country’s laws: Germany’s Commerzbank, for instance, cites the country’s “Banking Secrecy Act” [see: Letter from Commerzbank, Frankfurt-am-Main to ACSTA, London, 16 January 2008]. HSBC bank argues that respect for “client confidentiality” renders it “unable to confirm whether specific companies are clients of HSBC or not.” The bank did this in 2005, following publication of a joint Nostromo Research-India Resource Center report on Vedanta Resources plc [“Ravages through India, Vedanta Resources plc Counter Report”, Nostromo Research and India Resource Center, London & San Francisco, September 2005]. HSBC’s then-advisor on corporate social responsibility (CSR, aka SRI or Socially Responsible Investment) had promised earlier to diligently read the report and get his employers responding to its allegations. No such response has yet been forthcoming.

Banks and fund managers use a variety of equity instruments – such as options, warrants and derivatives – which do not in themselves grant voting rights to determine a company’s transactions. By and large, the owners of ordinary (or Class A) shares do have such rights and therefore surely have an obligation to use them according to their own benchmarked “principles”. But, even if they do not possess voting rights, arguably the very fact that they have invested should make shareholders concerned about whatever the company gets up to.

Many investment institutions hold shares on behalf of clients, either through a “managed” fund, or by acting as a “nominee” (effectively as a stockbroker) (3). A quick glance through the database below shows that most major global banks offer this service to investors wishing to put their money where the mines are. Nominee accounts are particular favoured by HSBC and Credit Suisse, but many other banks follow the practice even while they may proclaim an “ethical” policy on behalf of their retail customers. The UK Coop Bank, which refuses to invest in companies with major involvement in coal production, may still offer such “exposure” through its unit trusts [Correspondence between author and Coop Bank ethical team, December-January 2008-2009, on file]. Adding to this lack of transparency, banks may also allow their nominee accounts to be administered by other fund providers - as did RAB Special Situations on behalf of Credit Suisse Client Nominees for its 2007 investment in Cambridge Mineral Resources plc [see Credit Suisse].

The nominee service is provided for external organisations and individuals by setting up a named investment account, with the result that the bank or fund “[does] not have the rights of shareholders and [is] not entitled to make approaches to a company about any of its planned operations.” This was offered as a defence by both UBS and CS-First Boston in late 2007, when tackled by various NGOs demanding the banks disinvest from London-listed GCM Resources, leaseholder of the Phulbari coal project in Bangladesh. A similar response came from HSBC in January 2008 when tackled by ACTSA (Action for Southern Africa) – once again over the UK bank’s investment in Vedanta Resources plc. [John Laidlaw, Senior Manager, Group Corporate Sustainability (sic), HSBC, London, to T Dykes, ACTSA, 8 January 2008].

Barclays Bank plc explains (rather, seeks to explain away) its failure to account for such investments being channelled into dubious companies, by arguing that: “[The bank] through our asset management business holds shares in thousands of companies around the world. The funds are invested according to client instructions and the majority are in index tracker funds (4) that do not distinguish between companies other than their being in a particular index.” Barclays goes on to proffer its own brand of “socially responsible investments” as a means by which clients can “omit certain industries” from their portfolios. [Christine Farnish, Director of Public Policy & Sustainability, Barclays, London, to Tony Dykes, ACSTA, 11 January 2008]

This is fairly common practice, but no less objectionable for that. Even setting aside the anomaly of running two potentially morally contradictory “books” under the same brand name, it is likely to confuse and mislead many who seek an “ethical” portfolio. One of Standard Life’s “Ethical” funds (as of November 2007) listed Xstrata plc among its top ten biggest investments – as did the same UK insurer’s Pension Ethical Fund. [see: http://uk.standardlife.com/content/saving/investing_ethically.html]. Yet Xstrata – has come under consistent attack from trade unionists, environmentalists and Indigenous Peoples Rights organisations in several countries, including Argentina, Australia, Canada, Colombia, the Philippines and South Africa. Moreover, as pointed out at the time by John Hilary of War on Want, there are purportedly ethical “fund of funds” which themselves invest in “stand-alone” funds of doubtful provenance; surely the former should share responsibility for what the former gets up to? [John Hilary, WoW, to author, 24 November 2007]

Thus, we confront some significant problems when it comes to ascertaining who is a shareholder, at any given moment, in a mining (or indeed any other controversial) company. Although the two main conventions on global accounting – US GAAP (General Agreement on Accounting Principles) and IFRS (International Financial Reporting Standards) – have much in common, they differ when it comes to publicly identifying the ownerships of equity in a given corporate enterprise. Moreover, there are national variations in GAAP, while some companies may adopt what they call “non-GAAP” methods of reporting.

We may consider it reasonable that all firms registered on a stock exchange should have to divulge information about their shareholders and changes in equity. However, such data is rarely published in the main body of Canadian company annual reports and accounts; it is contained in supplemental notes that are more difficult and time-consuming to find. Whether the expected convergence between IFRS and GAAP standards will overcome this significant lacuna remains to be seen. [See “Similarities and Differences: A comparison of IFRS and US GAAP”, published by PriceWaterhouseCoopers, October 2007: http://www.pwc.com]

Even if a company’s reports do not publish shareholder information, or the information is outdated, this may still be located from a stock exchange or perusal of industry journals (2) and via specialist investor services (5). Nonetheless, as testified to by the many weeks spent compiling this document, such data ought to be much easier to access, if not made electronically “live”. Transparency of this kind is burningly relevant, especially for registered charities and pension funds whose duty of care for client’s money extends to public employees, their own and other workers, and to society at large.

Limitations to this research – and challenges ahead

Setting out a comprehensive global table of funds linked to mining/mineral companies, would stretch to encyclopaedic length if, as well as logging specific deals, it were also to include all Chinese banks and mining companies (6), all project and debt financing (loans), bond and securities’ issues; and every “arrangement” made for companies to list on a stock exchange (IPO’s or Initial Public Offerings). Nonetheless, this paper does attempt a summary of such tools (see Part One: Main types of mining finance) – and provides many examples of how they are used.

Critical though it is to be familiar with these and other financial “vehicles” (such as those mentioned in the Glossary) many of them defy easy definition and considerably more investigation is needed into how they function. Welcome research in this direction has already been performed by Mining Watch Canada; by Netwerk Vlaanderen and BankTrack for their late 2007 “Bank Secrets” report (7); and by WISE (World Information Service on Energy) in its “Mined U” survey (see Sources, below). However, project and debt finance (though not bond issues) are usually announced only after the event. These faits accomplis therefore do not provide much for campaigners to bite upon – except in urging a funder not to repeat the error in future.

Initially it proved impossible within the limits of this research to include many small, so-called junior, mining enterprises - those mostly registered on Canadian, Australian stock exchanges, the LSE/London Stock Exchange’s AIM (Alternative Investment Market), and the new Johannesburg alternative exchange, AltX. Some such outfits are only at an initial stage of financing; they or their projects might be bought out by a fund or other mining company at any time. Thanks to the support provided by the Heinrich Boell Foundation these developments are nowbeing closely monitored and recorded.

Drawing lines between the money and the miners

Of late it has become increasingly difficult to distinguish between a “hands on” mining firm and an investor putting their money into the sector; primarily because they reckon this is where new profits are to be made (and little else).

In 1995, Canadian mining junior Bre-X contracted with the Indonesian regime for a gold deposit in East Kalimantan (Borneo) which it proceeded – with the assistance of compliant advisors and “gurus” – to vaunt as one of the world’s richest. Within two years, however, the lode was demonstrated to be virtually worthless. This criminal act shook Canada’s venture capital markets to the core, resulting in a few cosmetic changes to stock exchange regulations. (Indeed, the amalgamation of the Toronto Stock Exchange Group TSX and the Montreal Stock Exchange - essentially a derivatives market – might well lead to even less accountability of Canadian venture capital companies). In the wake of the Bre-X fiasco, some junior mining companies vanished from the scene; others switched with alacrity to launching penny stock “dot.com.” companies. A decade later, similar tactics have emerged, as new enterprises pledge their faith in bio fuels; or have ostensibly moved from banking into gold. Just how credible these ventures are, or how long they will last, is anyone’s guess. For example, Yellowcake Plc, registered on LSE’s AIM in September 2005 as the market price of uranium started soaring, in order to “offer investors a vehicle to invest in the market for quoted and unquoted uranium companies.” [Yellowcake PLC, Annual Report and Accounts 30 June 2007]. Within a year, however, Yellowcake was swaying on a wing and a prayer (or a speculative vein capped with a good measure of hype). (In Financial Year 2007, the company earned less than ex-Labour party leader Tony Blair could demand for a single bout of public speaking!) Other juniors claim to have a similar strategy of centring investment on a specific mineral whose fortunes appear to be rising- as does Coal International Plc which is both a miner and an investor. (The company was targeted for takeover in mid-2008 by Cambrian Mining Plc (see below) as it planned to transform from an “investment holding company” into “an operating mining group” [MJ 6 June 2008]). In practice it is often difficult to distinguish the modus operandi of “holding” companies from those of “dedicated” miners. Beacon Hill Resources’ description of itself as a “holding company” is transparently self-serving; while Minmet Plc, in dubbing itself an “incubator” of minerals exploration and extraction opportunities, seems to leave most of us guessing as to what its intentions are.

These gambits should not be altogether dismissed. Some smaller companies are beneficiaries of fairly well-established miners, or may be profit-takers for larger, better-known financial institutions. Mineral Securities Ltd is a creature of former down-under mining supremo Robert de Crespigny and is not to be sniffed at. (De Crespigny founded Australia’s Normandy mining company, was an advisor to the government of South Australia, and is also Chancellor of the University of Adelaide). Its aim is to become a “21st century mining house that owns and controls resource assets at all stages from exploration to production”. As such it is classified in this report as an investor. Anglo Pacific Group PLC enjoys a major investment from Rathbone Brothers PLC (which incidentally prides itself on its ethical policy) and its shareholders benefit from royalties on coal mined by BHP Billiton and Rio Tinto. City Natural Resources High Yield Trust PLC may be a little-known equity investment outfit whose direct shareholdings in a wide range of mining companies constitute little more than a foothold. However, more than half of City Natural Resources is owned by ten major asset managers: among them JP Morgan Fleming, UBS, Barings, and Jupiter with a 3.3% stake held by the county of West Yorkshire’s Pension Fund. A third horse of this ilk is Cambrian Mining PLC, in whose stable are to be found AXA SA, HSBC, the Bank of New York (BNY) and Credit Suisse. Then there are some much bigger companies whose acquisitions are ruthless and concerted enough to rank them as investors as well as miners. Toronto Stock Exchange-listed base metals group, Lundin Mining Corp, took over four European mines in 2006-7 and holds a quarter stake in Freeport McMoran’s vast copper-cobalt project in DR Congo. Lundin shelled-out around US$2.1 billion for its entry to what could be the largest deposit of its kind on earth and secured for itself a 300% rise in profits for the third quarter of 2007 alone [MJ 16 November 2007]. Although this massive project was delayed while the DR Congo government conducted a review of all mining contracts in 2008-2009, it now seems to be close to fruition [Financial Post, 11 March 2010]. Corporate interlocks may also operate in a slightly different direction. For instance, Canada’s Edco Capital Corp and Balinhard Capital Corp are both controlled by directors of Imperial Metals Corp which has four major gold properties in British Colombia and Nevada.

Campaigning for disinvestment

To disinvest or not?

Even where an equity holder in a company has strong doubts about the way in which that company operates, they may argue for “engagement”. Don’t let’s repudiate the company altogether (runs the argument): this will reduce – may even nullify - any influence we have in encouraging a change in practice for the better. The argument is not to be dismissed lightly. At the outset few Funds (including some “ethical” ones) do more than write letters to the chairperson of an offending company. While this may well result in meetings between the parties to discuss “concerns”, such “tete-a-tetes” risk simply being repeated over weeks, if not months. Meanwhile the root causes of the concerns fail to be meaningfully addressed.

True, some investors may stay the course - fighting for improved corporate behaviour and apparently achieving some concessions in return. But will they ever know whether, by selling all their stock in the first place – and thus morally disassociating from the unacceptable – they couldn’t have achieved their objectives earlier in the day? Of their very nature, many discussions between companies and their critics are bound by protocols of confidentiality (like the so-called Chatham House Rule), behind which corporate executives can hide. Precious few funders are as committed as Boston Common Asset Management (qv), which help file transparent shareholder resolutions at company business meetings. (Moreover, it is much easier to do this in the US than under company laws in other countries).

Many funds identified here hold comparatively small stakes in controversial companies. Some - such as Merrill Lynch’s Gold and General Account (now part of BlackRock (qv), or Best Asset Class’ Platinum Fund – take bets on the fortunes of a specific metal; in effect trading the price of metals’ commodities. Most others investments are above a cut-off point below which the proportion of the equity need not be declared. London’s Stock Exchange (LSE) fixes this at 3% (of total stock held in a given company). Both the SEC (US Securities and Exchange Commission) and the Australian Stock Exchange (ASX) set the bar at 5% - and Toronto’s Stock Exchange even higher, at 10%.

How useful is it, then, to lobby or work with minor investors, or big investors holding small stakes when (or so it seems) their shares grant them merely token voting power and therefore influence over a company’s policies and practices? (8). Even if they sold their entire stake in protest, what impact would it have? Surely the shares will be snapped up swiftly by someone else with fewer scruples – or a hedge fund benefiting from a momentary slide in the share price? In any case, there seem to be precious few examples of investors openly declaring that social or environmental abuses played any part in a specific disinvestment decision.

In reality it may be easier for a small investor to repudiate a company than in the case of far larger funds. Even if a big fund’s holding seems fairly insignificant, it will usually comprise part of a diversified investment portfolio in which extractives are given an allotted role as mandated by the fund’s advisors. These major financial institutions are probably not going to withdraw from the sector altogether, unless the earth moves (or tumbles around mining itself.) But junior investors, especially those which rely on derivative instruments and “play the market”, can switch with greater ease - from gold to bio fuels or into IT, for example. This isn’t to say that the likes of JP Morgan, HSBC or Credit Suisse, should not be lobbied if they are underwriting a manifestly disreputable company, or one performing nefarious deeds, whatever the extent of their holding. But, of course, such considerations do not need to enter the Trust manager’s mind when s/he considers the financial attractiveness of the stock on offer. Campaigners’ energies might, therefore, be better spent urging a lighter-weight shareholder to disinvest, especially if this triggers a “demonstration effect” for others. (This is what apparently happened in the case of Vedanta Resources plc in the first three months of this year – see below).

Nor is it true that all investors clasp their cards so close to the chest that we never know what impact our campaigning has had. Numis Securities, an investment fund believed to have purchased a significant part of Vedanta Resources on its London Stock Exchange IPO in 2003, openly admitted just one and a half years later that it no longer recommended purchasing a stake in this highly controversial company, because of issues raised (inter alia) in an NGO report. [“Ravages through India”, see supra].

Going one step better is the Financial Times’ FTSE for Good Index (FTSE4Good) which outlines the reason(s) for ejecting companies from its index, though without publishing details. It did this in 2006 to Canada’s Inco, (since taken over by Vale, formerly CVRD) after finding the second biggest global nickel producer guilty of human rights violations. [See: http://www.minesandcommunities.org/Action/press1090.htm]

Nonetheless, the FTSE4Good has, of late, taken a step backwards. While initially excluding all companies involved in uranium mining, it recently accepted Rio Tinto into its fold, arguing that the company is a relatively good performer in a sector which admittedly performs badly overall. [See: Proinsias O'Mahoney, “Profits and Principles”, The Guardian, 21 February 2008].

It is the huge Norwegian government Pension Fund (aka Petroleum or Sovereign Wealth fund) that truly sets the current pace. This is the world’s second largest government pension fund (after Japan’s), worth an estimated US$300 billion. The Fund, advised by its unique Council on Ethics (ethical investment) over the past three years has sold all its equity in six mining companies (Freeport, DRD Gold, Vedanta, Rio Tinto, Barrick Gold and Norilsk – the last in November 2009) and published comprehensive grounds for doing so. If, in the wake of such indictments, a company’s share price falls significantly, it’s reasonable to surmise that other investors have followed suit. (A number of Norwegian funds are known to have followed the government’s lead on Vedanta as did a Belgian fund).

While this will hardly presage a stock market “bear run”, with substantial other investment quitting the scene, it is impossible to predict whether a knock-on effect will occur and - if so - how great it will be. For example, closely following Norway’s condemnation of Vedanta in late 2007, India’s Supreme Court declared the UK company to be persona non grata for the mining of a highly significant bauxite deposit in Orissa. The Supreme Court pointed to the Norwegian report as a compelling justification for rejecting Vedanta. (Unfortunately, in a display of grotesque inconsistency, the Court promptly invited a subsidiary of Vedanta to re-submit the application under its own aegis. [See: “'Vedanta' out, SC admits Sterlite plea” Times of India, 16 February 2008])

Shortly afterwards, India’s Ministry of Environment and Forests (MoEF) threw out Vedanta’s proposal to expand bauxite-aluminium operations in the state of Chhattisgarh. Although no direct connection can be drawn between the Supreme Court’s judgment and that of the MoEF, the ministry’s decision contrasted sharply with the obeisance to Vedanta that it had displayed just a few months earlier. [For details see: http://www.minesandcommunities.org/Action/press1807.htm]

Norway’s stake in Vedanta was a mere US$13 million, against the UK company’s then-market capitalisation of over US$ 7 billion. (The Norwegian government does not permit any holding above 5% in a single company). It is therefore not necessarily true that, because an investor possesses an insignificant equity stake, s/he may not be usefully lobbied, either to use their holding to demand improved corporate practice, or sell it should the targeted company fail to respond to just criticism. The Norwegian Council on Ethics always invites companies to make responses, giving them several weeks to present their counter-arguments before making a final judgment on whether to disinvest. (Neither Rio Tinto, nor Barrick Gold, deigned to respond to the Council’s indictments.)

The above discussion is predicated on the assumption that disinvestment is not merely a valid strategy of moral disapproval of inappropriate corporate behaviour; it actually compels desired changes in that behaviour. Or, in the final analysis, that it will bring about the downfall of a transparently “bad actor.”

Simon Chesterman, of the NYU School of Law / National University of Singapore, last year published a paper, discussing the work of Norway's Council on Ethics and seeking to focus "on the ambiguous legal and ethical meanings of ‘complicity’” and the uncertain impact that disinvestment has on behavior." He asks: "[S]hould the ad hoc efforts of investors to shape the human rights behavior of the companies in which they own shares themselves be regulated? That is, by what standard, if any, should the activist shareholder be judged?" According to Chesterman, the Fund's general guidelines "provide that the overall objective remains safeguarding the fund’s financial interests, but that the exercise of ownership rights 'shall mainly be based on the UN’s Global Compact and the OECD Guidelines for Corporate Governance and for Multinational Enterprises.'...[T]he focus of the Council’s work is on avoiding the risk of doing the wrong thing rather than ensuring a desirable course of action is followed. Moreover, the Council’s examination is focused — at least technically — on the potential for Norwegian complicity rather than the actual conduct of the company in question."

In practice, however, the Council's reports and recommendations blur this theoretical differential. How could they do otherwise, given that the rationale for investment in any corporate enterprise is based on what the company does, not on what it claims to be doing? The Council’s research draws on far more varied and heuristic tools than those employed by the Global Compact or the Organisation of Economic Cooperation and Development (OECD). And, as Chesterman himself says: "Though the Council on Ethics is not a court and its recommendations do not have the force of law, it [has] swiftly assumed a legal character. Through careful interpretation of its mandate, evaluation of evidence, and justification of decisions, the recommendations resemble judgments of a rudimentary court of first instance — rudimentary not because of the quality of the reasoning but because of the limited resources available to make independent findings of fact, and the absence of discipline imposed by the possibility of formal appeal. The decisions are ultimately administrative recommendations, yet the nature of the ethical judgments being made and the dispositions of the individuals making them has led to a kind of jurisprudence of ethics.”

Chesterman continues:

"Even though the issue of complicity raises difficult questions, the Committee considers, in principle, that owning shares or bonds in a company that can be expected to commit grossly unethical actions may be regarded as complicity in these actions. The reason for this is that such investments are directly intended to achieve returns from the company, that a permanent connection is thus established between the Petroleum Fund and the company, and that the question of whether or not to invest in a company is a matter of free choice."

However, Chesterman is far from convinced of the logic - or soundness - of these assumptions, "respectfully ask[ing] the Norwegian government and people to fully recognize the seriousness of what Norway is doing with divestment decisions like these. Norway is not just selling stock — it is publicly alleging profoundly bad ethical behavior by real people. These companies are not lifeless corporate shells. They represent millions of hard working employees, thousands of shareholders, managers and Directors, all now accused by Norway of actively participating in and supporting a highly unethical operation. The stain of an official accusation of bad ethics harms reputations and can have serious economic implications, not just to the company and big mutual funds, but to the pocketbooks of workers and small investors."

We may well be somewhat sceptical about Chesterman's assertions: they appear to negate the very act of disinvestment as a valid tool to secure changed behaviour - including improved benefits to workers. (Of course, selling stock in an associated company, or purchasing shares in another enterprise in order to pursue their own business "models", have been essential ingredients of the raison d'etre of corporate bodies themselves - and usually without regard to the vulnerability of employees.)

More challenging, and deserving of response, is Chesterman's conclusion that:

"The appearance of regulation may, in some circumstances, be worse than no regulation at all. The turn to ethics as a means of improving behavior of multinational corporations offers an opportunity but also an opportunity cost: ethics can be a means of generating legal norms, through changing the reference points of the market and providing a language for the articulation of rights; yet they can also be a substitute for generating those norms."

"The Norwegian Council on Ethics demonstrates both tendencies. The tendency to conceive its work in quasi-legal terms, justifying disinvestment decisions by reference to complicity in wrongs, suggests where its work may lead — even as those terms perhaps overstate how much has already been achieved. At the same time, however, the artifice of a trial in which a company’s conduct is examined and judged without serious consequences may create the illusion of accountability and thus reduce the demand for actual change.”

Nonetheless, despite these strictures, Chesterman welcomes the prospect of the Council’s modus operandi setting a global precedent:

"These tensions will, eventually, need to be resolved. How they are resolved will depend on whether the ethical precepts on which the Council bases its recommendations are dismissed as Scandinavian self-righteousness, in which case their publicity and wider significance are suspect, or as the precursor to a wider adoption of normative constraints on corporate entities operating in jurisdictions without the capacity to control their behavior. In the latter case, the Council’s work may serve as this new regime’s foundational jurisprudence." [Simon Chesterman, "The Turn to Ethics: Disinvestment from Multinational Corporations for Human Rights Violations – The Case of Norway’s Sovereign Wealth Fund", Global Administrative Law Series, IILJ Working Paper 2008/2]

Pensioned off

Finally, we should acknowledge that, while a raft of apparently unaccountable and privately-administered hedge funds (as well as Sovereign Wealth/state pension funds) have swept into the commodities’ market place during recent years; they are by no means the only ones with influence. In fact, the most diversified and significant direct profit-taker from the sector is the private commodities’ trader, Glencore, based in Switzerland, which has been operating for some years (and before that, as the notorious Marc Rich company) and is the largest single shareholder in Xstrata Plc.

Governments (both central and local), along with private Pension Funds, also markedly increased their share purchases in the mining and minerals industry during 2007-2008 Nor should it be forgotten that they invest in trusts and other funds which may also have a high dependency on mining-related stocks. Whether this is advisable in the short-to-medium term is a moot point. Already, in mid-2006, one Financial Times correspondent had pointedly warned that: “[T]he fact remains that a frightening amount of pension and savings money is forced to chase companies exposed to the riskiest parts of the global economy. A true bursting of the commodities bubble would probably only follow a serious slowdown in China…but in the meantime the UK is once again tied to the fortunes of mining.” [Dan Roberts, “A British economy built on mining brings danger”, FT 3-4 May 2006].

At the time this caveat was lost on some Pension Fund managers which (for example) increased their investment in the palladium market during 2007 [MJ 16 November 2007]. In the wake of the 2008 commodities’ market disintegration, Pension Funds began taking new stock of such investments [Russ Mould, Shares magazine, 16 February 2009, op cit]. However, to date little work has been done even to identify such holdings (some are noted below); while few pension funds actively lobby beneficiary companies to adopt an ethical stance, even where they are owned by public service employees. This is not to say that pension funds are oblivious to criticisms of corporate enterprises, but they tend to “follow the trend” rather than forge it. One recent example of this is the decision, taken by BP Pension Scheme (qv) in early 2010, to sell some of its shares in Vedanta Resources plc, citing “concerns about the way the company operates.” The Scheme is one of Britain’s biggest pension funds: it could have signalled these concerns unequivocally if it had sold its entire holding in this mining outfit. The decision appears to have been taken only when four other investors in Vedanta (Church of England, Joseph Rowntree, Millfield House and Marlborough Ethical) also decided to disinvest. In contrast, these offloaded all their shares, without retaining a residual stake by which they could exercise some further influence over the miscreant company.

Meanwhile, few other government pension funds have followed Norway’s 4-year long initiative at welding corporate social and environmental responsibility to individual comany performance (see above). New York City Employees Retirement System is one exception. But, just over the border, the Canadian Pension Plan Investment Board (qv) displays few socio-environmental scruples.

Thus there remains a major challenge to those of us who are gradually becoming aware of the massive negative impacts of extractive industry on thousands of communities and numerous workers across the globe. Is it not manifestly unfair that millions of workers in “developed” or “advancing” economies should continue to benefit from the naked exploitation of millions of their even more exploited counterparts elsewhere?

Inviting your collaboration

If you find the following database helpful, please feel free to contribute further data, including corrections and updates, in order to increase its usefulness.

More detailed allegations against the mining and mineral companies referenced below can be found on the Mines and Communities (MAC) website:

http://www.minesandcommunities.org/company

Go to the “MONEY” page of the same site, to view critical information (regularly updated) on some of the funders listed in this paper’s data base:

http://www.minesandcommunities.org/list.php?f=11

You are warmly welcomed to submit evidence of further violations, or indicate where you think this paper might have got it wrong. Kindly email: info@minesandcommunities.org

Part One

Main types of mining-related investment

By far the greatest chunk of minerals-dedicated, long-term, financing has traditionally been tied up in equity. The “wall of money” represented by these stocks and shares – as determined by their market capitalisation – has dwarfed that of all other types of finance for the sector put together. While, as we have seen dramatically since mid-2008, the value of equity will continually fluctuate due to external factors (rise or fall of confidence in individual firms, the sector, and the “health“ of “the market” itself), it is by no means passive. Blessed with surplus cash (revenues) and instead of investing it in acquisitions or projects, a company may purchase (“buy back”) its own shares in order to boost their price and increase dividends to their own shareholders. A significant number of these will be directors of the company itself. Even in the leanest of times, a company may decide to make a “rights” issue to pay off its debts, hoping that institutional investors will retain their confidence and trust the .board to weather the storm. After all, when shares are at their low point, they are also cheap to buy.

Just eight years ago, the market capitalisation of all the world’s corporate miners, put into one metaphorical “basket”, did not match that of just one oil company (albeit the biggest), Exxon. Since 2002 the picture dramatically altered. Spurred primarily by metals, coal and cement demand from China and to a lesser extent from elsewhere in the Asia-Pacific region, by 2007 we saw unprecedented high market prices for gold, copper, iron/steel, platinum, aluminium, nickel and other materials. Exploration in Latin America and Africa was at its height. In Russia, “oligarchs” favoured by Vladimir Putin amassed personal fortunes from mineral-related corporate acquisitions (notably with Rusal Aluminium’s merger with SUAL, followed by its takeover of Polyus Gold in 2006, and its major equity purchase in Norilsk Nickel in 2008) which put most other capital accumulation in the shade.

Little wonder, then, that by February 2008, market cap of the world’s five biggest mining companies had reached an estimated US$650 billion, while Exxon’s was little more than two thirds of this at US$456 billion. (Total market cap for all the world’s listed companies in Spring 2007 was over US$50 trillion [Reuters 3/3/07]). As UNCTAD’s 2007 World Investment Report acknowledged, a large part of this accretion in the mining sector was due to mining FDI (Foreign Direct Investment) made within lesser developing economies (China and India in particular); inside the FSU (Former Soviet Union); or by companies in the South buying into counterparts in the North. Again, this was especially characteristic of Chinese and Indian firms – notably Chinalco’s purchase, along with US-based Alcoa, of a 12% equity stake in Rio Tinto in early February 2008 (Alcoa sold its part of the stake in February 2009). This gambit was widely viewed, not only as providing a major footing for Chinese investment in the world’s second most important mining company, but also as a “poison pill” to deter BHP Billiton’s hostile attempt to absorb Rio Tinto.

However, the most spectacular example of such South-North movement of mining and minerals-directed capital was the snapping-up by Brazil’s iron ore giant, CVRD, of Canada’s Inco in 2006. (As of February 2008, CVRD - now called Vale - was also looking to buy out Xstrata, fifth among global corporate miners, although it seemed that Glencore, with its 35% ownership of Xstrata, would foil the attempt).

Outstripping any of these deals was the US$33.6 billion merger between Luxembourg steel producer Arcelor and Mittal Steel in 2006. The new ArcelorMittal is no, by far, this sector’s world leader. Though technically not classified as a “mining” enterprise, the company is committed to major iron ore exploitation – notably in Liberia.

The number of mining M&A’s somewhat increased during 2007, maintaining the pace of heady “smash and/or grab” of the previous two years, while the value of just two of these exceeded all previous transactions of the kind. In March 2007, Russia’s largest integrated aluminium producer, Rusal, merged with the country’s second largest, SUAL; absorbed some of the global bauxite, alumina and aluminium assets of Glencore; and became United Company RUSAL. This amalgamation is generally valued at around $US 30 billion - although UC Rusal has yet to make an IPO.

Not to be outdone, five months later Rio Tinto succeeded in a friendly bid for Alcan, the world’s second biggest aluminium producer. This was claimed by Rio Tinto to be the largest- ever financing raised, for any purpose, in the UK - and the fourth biggest in history. Underwriting the acquisition’s syndicated US$ 42 billion loan were: RBS, Deutsche Bank and Credit Suisse. Rio Tinto’s debt gearing rose markedly as a result of this transaction; and when aluminium demand toppled in the second half of last year, it was scarcely surprising that the British company almost fell on its face (if not its sword). At the time, however – and buoyed by the wave of other acquisitions in the mining sector – many observers viewed this as a bold, rather than rash, move to make.

2007 also saw the private Indian group, Tata (Tata Brothers), taking control of Europe’s second biggest steelmaker, UK-Dutch owned, Corus, at a cost of US$7.6 billion. A highly-diversified industrial conglomerate, Tata owns iron ore, coal and chromium mines in India, and is trying aggressively to lay its hands on mineral deposits overseas. Then, in March 2008, Oxiana Gold agreed a US$ 5.6 billion combine with Zinifex, to form OZ Minerals, Australia’s third-largest mining company (after BHP Billiton and Rio Tinto) and the world’s number two zinc producer [Forbes.com 3/3/08]. The deal was remarkable, not only for the sum involved, but also because few outside mining’s innermost circles had much idea what either company got up to and only a few years before both had been classified as mere “juniors.” With hindsight, this merger – like that between Rio Tinto and Alcan – seems somewhat foolhardy, but it made sense at the time. Who was to guess that, less than a year later, OZ Minerals would bow down to a takeover offer by a Chinese company, pitched at only just over a billion Australian dollars? [Bloomberg News Service, 17/2/09]

The early February 2008 market value of the world’s biggest mining companies is set out in Table 1.

A summary of the value of the major mining M&As between 2001 and 2007 is to be found at Table 2.

Table 1: Rankings of major mining groups (in US$)

Below are rankings for the five major diversified mining groups in terms of market cap, and revenues as of early 2008

Market capitalisation (in $US on 5 February 2008)

Company	Region	Amount
BHP Billiton	(Australia, UK)	192.0 bln
Rio Tinto	(UK-Australia)	161.7 bln
Vale	(CVRD- Inco, Brazil, Canada)	146.1 bln
Anglo American	(UK)	75.1 bln
Xstrata	(UK, Switzerland)	75.1 bln

Revenues (in $US for 6 months to end June 2007)

BHP Billiton	25.4 bln
Anglo American	19.9 bln
Vale	17.01 bln
Xstrata	14.23 bln
Rio Tinto	12.06 bln

[Sources: Reuters 3000 Xstrata, for market capitalisation; Reuters Knowledge, for revenues, 6 February 2008]

Table 2: Value of Top mining M&A’s (above US$ 3 billion) 2001-2007 (in $US)

2007	Rio Tinto	takeover of	Alcan Inc	42, 957 million
2006	Freeport	purchase of	Phelps Dodge	22, 629 million
2006	Goldcorp	takeover of	Glamis Gold	18, 710 million
2006	Xstrata	takeover of	Falconbridge	18, 235 million
2006	CVRD (now Vale)	takeover of	Inco	18, 019 million
2001	BHP	merger with	Billiton	15, 570 million
2007	UC Rusal	acquisition of 25% of	Norilsk Nickel	13, 272 million
2006	RUSAL	takeover of	Polyus Gold	12, 860 million
2005	BHP Billiton	takeover of	WMC Resources	7, 800 million
2007	Norilsk Nickel	takeover of	LionOre Mining	5, 447 million
2005	Kumba Iron Ore	internal by	Anglo American	4, 796 million
2007	Teck Cominco	takeover of	Aur Resources	3, 862 million
2007	Yamana Gold	takeover of	Meridian Gold	3, 410 million
2006	Kinross takeover	takeover of	Bema Gold	3, 026 million

NB: According to Thomson Financial, in 2000 there were 505 M&As between mining companies; the figure shot up to 1,580 in 2006 (comprising a book value of US$ 134, 735 million).

PriceWaterhouseCoopers reported 1,732 mining M&As in 2007, with a combined worth of US$158.9 billion.

[Sources: “Mining Deals: 2007 Annual Review”, PriceWaterhouseCoopers, March 2008; “Financing Global Mining”; Mineweb, 3/7/06]

Loan Rangers

In Financial Year 2007 the total in direct loans, for all purposes, issued by the World Bank/IFC came to US$ 8 billion, plus another US$4 billion “mobilised.”

[see: http://www.ifc.org/ifcext/annualreport.nsf/AttachmentsByTitle/AR2007_ExeSum/$FILE/AR2007_ExeSum.pdf]

In contrast, between 2000 and 2006, direct loans to, and debt financing of, the minerals industry involved at least fifty three banks (both private and state-owned,) insurers and other financial institutions, each providing from US$ 5 million to US$ 5,746 million in any one year (lower priced loans or debt-financing not included.)

This resulted in around US$ 178 billion (US$ 177, 864 million) being disbursed to mining companies during that period.

The amount of money “arranged” for the minerals industry – both in projects and for general corporate purposes - has been significantly more, coming to a figure not far short of US$250 billion (US$ 248,170.8 million) from the start of the new millennium until 2006. Known as a syndication, where more than one bank or “underwriter” (assurer) is involved (and headed by a “lead arranger”) this classification includes both loans (see Tables 3 and 4) and bond issues (Table 5).

Table 3: Largest lenders to mining, 2000 - 2006 (in US$ million)

1	JP Morgan	23, 416 million
2	Citigroup	20, 814 million
3	Credit Suisse	14, 477 million
4	ABN Amro	14, 306 million
5	Deutsche Bank	13, 232 million
6	BNP Paribas	12, 245 million
7	Societe Generale	11, 150 million
8	Barclays Capital	10, 446 million
9	RBC (Royal Bank of Canada) Capital Markets	9, 809 million
10	Bank of Nova Scotia	8, 921 million
11	UBS	7, 160 million
12	Royal Bank of Scotland (RBS)	7, 132 million
13	HSBC Holdings	6, 861 million
14	ING	6, 454 million
15	Morgan Stanley	6, 110 million
16	Dresdner Kleinwort	5, 331 million

[Figures aggregated by author from “Financing Global Mining”]

Table 4: Top Mining Loan deals (above $US 3 billion) 2000-2006

(Lenders are listed in order of priority for each transaction)

	Year	Company	Transaction	Lenders
1	May 2006 to	Xstrata PLC	US$ 19 billion	JP Morgan, Barclays, Deutsche Bank
2	October 2006 to	CVRD (Vale)	US$ 18 billion	Credit Suisse, ABN Amro, Santander, HVB
3	May 2006 to	Glencore	US$ 7.775 billion	Barclays, BNP Paribas, JP Morgan, Societe Generale, ABN Amro, Citigroup, Credit Suisse, Deutsche Bank, HSBC, ING, Lloyds TSB, Morgan Stanley, Royal Bank of Scotland, Calyon, Fortis, HSH Nordbank, Rabobank, West LLB, ANZ, DBS Bank, HVB, KfW, SEB, StanChart, Wachovia
4	July 2006 to	INCO	US$ 5.5 billion	Royal Bank of Canada, Morgan Stanley, Bank of Nova Scotia, BNP Paribas
5	March 2005 to	Xstrata PLC	US$ 4 billion	Barclays, J P Morgan, Royal Bank of Scotland
5.1	December 2005 to	INCO	US$ 4 billion	Royal Bank of Scotland, Morgan Stanley, Bank of Nova Scotia, BNP Paribas
5.2	September 2003 to	Alcan	US$ 4 billion	Royal Bank of Canada, Morgan Stanley, Citigroup, ABN Amro, CIBC, Commerzbank, Societe Generale, Bank of Nova Scotia, TD, UBS, West LLB
6	June 2003 to	Glencore	US$ 3.770 billion	ABN Amro, Barcap (Barclays), BNP Paribas, Rabobank, ANZ, Citigroup, Deutsche Bank, ING, JP Morgan, HVB, Lloyds TSB, Royal Bank of Scotland, Societe Generale
7	January 2006 to	Arcelor	U$ 3.641 million	BBvA, BNP Paribas, JP Morgan, KBC, Natixis, Calyon, Credit Mutual, Fortis, ABN Amro, Barclays, Citigroup, Deutsche Bank, Dexia, Dresdner Bank, HSBC, HVB, ING, Mizuho, BSCH, Societe Generale, UBS

[Source: “Financing Global Mining”]

A view to a kill: the Bond market

The value of bonds, issued on behalf of mining companies in 2006 alone, outstripped that of all project funding granted during the previous five years (Table 5).

Traditionally, mining-related bond issues have been made in the US, Canada and the UK.

But the largest single issue of all during this year was made in Brazil (for CVRD). At US$7, 278 billion, this was nearly double all mining bonds issued the previous year.

The lead bond issuers for the mining sector were:

JP Morgan, Citigroup, Morgan Stanley and Merrill Lynch.

Table 5: Global Mining Bond issues, 2000-2006 (in US$)

1	2, 253. 5 million
2	6, 940.8 million
3	5, 226.2 million
4	4, 598. 5 million
5	4, 813.4 million
6	4, 014.7 million
7	9, 871.1 million
Total	37,718.2 million

[Source: “Financing Global Mining”]

“Project finance remains a key”

The amount of money put directly into mining projects per se, appears insignificant, compared to that provided through corporate loans/debt finance, or bond issues. (See above)

Nonetheless, just over 9 billion dollars (see Table 6) signifies more than a widower’s mite. More strikingly, over a third of this project finance was disbursed in only one year, 2006. As one commentator put it: “Project finance remains a key.” [Quoted in “Financing Global Mining”, op cit.] That is especially true once a company has completed its economic and other due diligence studies (which may or may not include social and environmental assessments), then seeks to present a “bankable feasibility study” to potential lenders. For junior companies – especially those fresh to “the market” – this is a critical stage, at which they may well stand or fall.

Table 6: Mine Project Finance between 2000 and 2006 (in US$)

2006	3,163.7 million
2005	2,490.1 million
2004	2,028.6 million
2003	493.0 million
2002	257.3 million
2001	300.1 million
2000	394.4 million
Total 2000-2006	US$ 9,127.2 million

[Figures aggregated from: “Financing Global Mining”.]

Part Two: a data base

Minding the Miners: Who finances What & for Whom

A

Aberdeen Asset Management/Aberdeen Asset Managers PLC. One of this major investment group's venture capital Trusts held £77,000 of shares in Hambledon Mining PLC as of September 2007 (see also AXA). Controversially, Aberdeen Ethical Engagement Fund lists Rio Tinto among its investments. [Proinsias O'Mahoney, The Guardian, 21 February 2008, op cit], while Aberdeen All Asia Investment Trust PLC (formerly managed by Gartmore Investment Ltd), as of 30 September 2008, itself held a £937,000.n stake in Rio Tinto Ltd. (See also Murray Income Trust PLC, Dunedin Income Growth Investment PLC, and Shires Income PLC).

Aberdeen Asian Income Fund Ltd, as of July 2009, held 4.5% of its portolio investment in Siam Cement of Thailand.

Aberdeen New Dawn Investment Trust PLC (ADB Investment Ltd) holds 4.9% of African Minerals Ltd (See Prudential PLC) [Hemscott 22 January 2009], and had 5.4% of its portfolio investment in Siam Cement.

ABN Amro, the major Dutch retail and investment bank, was acquired in 2007- (in the biggest banking merger in history) - by a consortium comprising RBS, Fortis and Banco Santander.

During the financial crisis of the following year, the Dutch government nationalised the divisions owned by Fortis, while the UK government took effective control over the divisions allocated to RBS after its (or rather, UK taxpayers`) financial bail-out of the Scottish bank.

ABN Amro was subject (along with ANZ, KFXS and Standard Chartered to a 2007 campaign in the Philippines, urging it to disinvest from the Rapu Rapu mine project, operated by Lafayette Mining. [Philippines update, Mines and Communities website, 24 April 2007]. By early 2008, Lafayette seemed on the brink of dissolution as it proved unable to obtain further financing after a series of environmental delinquencies resulting in oceanic spills from the mine site.

Among the bank`s owned or managed investments (as of late 2007) were:

US$ 17.5 million	in	Freeport McMoran-Phelps Dodge
US$ 9.8 million	in	Barrick Gold
US$ 7.8 million	in	Vedanta Resources
US$ 5.7 million	in	GoldCorp
US$ 3.9 million	in	Newmont Mining
US$ 0.5 million	in	AngloGold Ashanti

[All references: Bank Secrets 2007]

In August 2009, the bank held on to 4.75% of GCM Resources plc [Hemscott 4 August 2009].

ABSA/Absa - formerly Amamated Banks of South Africa. ABSA has been administered by Barclays PLC since 2005. It is one of the leading retail and investment finance firms in the African continent. It is the key funder of JSE-listed Merafe Resources, whose 25.5% -owned ferrochrome mining and trading joint venture with UK-Swiss Xstrata plc, is the world’s largest supplier of the metal – claiming to supply 20% of ferrochrome to global markets.

Aegon Group is one of the largest global insurance and pension groups and is based in the Netherlands. It has a 5.69% holding in Aricom PLC (see Lansdowne Partners) [Hemscott 15 May 2008].

African Lion Ltd is an unlisted mining venture capital fund with a modest initial capital (US$33.75 million) invested in 15 companies. As of July 2009 it held 16.08% of Albidon Ltd (a UK-listed nickel and platinum group metals, operating in Zambia, Botswana and Tanzania) [Hemscott 12 February 2009], which almost collapsed following the collapse in nickel prices.

Earlier it held:

• 32.5 % of Copperbelt Selection NL (Zambia)
• 7% of Platmin Ltd, (South Africa)
• 2.4% of Sphere Investments (iron ore Mauritania)
• 2.6% of Shield Mining (Mauritania)

(See also: CDC Group PLC, EIB, Investec, Lion Selection Ltd., Proparco, First Rand Bank)

According to UK satirical magazine, Private Eye, African Lion also has investments in Guernsey-registered, African Energy Resources, which has a uranium prospect in Zambia, and is looking forr opportunities in India [Private Eye, 2 October 2009].

Agapov Group is an investment fund controlled by the hardly-known Russian oligarch, Andrei Agapov, who is domiciled in London. Its main mining asset appears to be Rusoro Mining which listed on the Toronto Stock Exchange in November 2006. The Group itself has an enigmatic - if not murky - provenance. (Industry journalists spell Agapov`s first name variously as Andrei, Andre - and even Andres!)

According to Gold Fields, whose loss-making gold assets in Venezuela were sold at a profit to Rusoro in October 2007 [John Helmer, Mineweb 14 October 2007], the Group`s only Russian connections at the time were through "the nationalities of Andrei Agapov and his father Vladimir who control the company from London and Caracas; and a handful of others on the board of directors or the advisory board." [Helmer, ibid].

Whatever the truth of Andrei`s (Andre`s?) claims that he has a close connections with the ruling Russian hierarchy, in the succeeding 15 months Rusoro sealed a potentially highly lucrative relationship with Venezuela`s government through a 50/50 joint venture called VenRus which has launched hostile bids for two north American mining companies, Crystallex Resources and Gold Reserve (GRZ) [Reuters, 2 February 2009].

In 2008, Rusoro had already agreed with Venezuela`s president, Hugo Chavez, to take over US mining company, Hecla`s La Camorra and Isidora mines, and set up RusKaolin, to exploit an open-pit China clay deposit [OpEd.news.com 16 January 2009].

Answering criticisms that his enterprise is guilty of a "lack of personal information available on the www", in January 2009 Agapov claimed that this was because "it`s a very small company with basically zero public exposure", while the "the only press [it has had] has been since Rusoro's very public involvement in Venezuela last year" [OpEd.news.com ibid].

Ag Growth Income Fund, based in Winnipeg, Canada, is a leading manufacturer of portable grain handling equipment for North American markets. Its only known minerals interest is the US$21 million it paid to bail out Tahera Diamond Corp, which was forced to close down its Jericho mine in Nunavut in early 2009 [Stree Wire, 28 April 2009].

AIG is one of the world`s most important (and scandal-ridden) insurance providers.It has long been a leader of the non-state owned insurance industry in backing global mining ventures [see Roger Moody, "The Risks We Run: Mining, Communities and Political Risk Insurance", International Books, Utrecht, 2005]. However, it had to be bailed out by the US government in 2008 as its huge off-book debts, and reckless use of "toxic"financial instruments, brought it to the brink of collapse, and threatened the very roots of dollar-based capitalism.

AIG Infrastructure Fund provided US$15 million to First Quantum in 2003 [MJ 28 March 2003] during a period when the mining company was accused by a UN panel of being complicit in various abuses in the DR Congo. The same year, AIG joined up with Interros - the holding company in Russia`s biggest mining company and the world`s largest nickel and platinum miner, Norilsk Nickel - to launch a US$300 million private equity fund for Russian businesses. [AltAssets, 4 August 2003].

Albany Investment Trust Plc held (as of February 2008) US $1.46 million in BHP Billiton [see also: Hemscott 12 February 2009].

Alexander David Securities is a London-based brokerage which, in late 2009, secured investment for Ariana Resources plc, a gold explorer operating in Turkey (see also: Loeb Aron).

Alexei Mordashov is one of Russia’s leading billionaires. He controls the huge OAO Severstal steel and iron ore mining group – Russia’s biggest – as well as a number of gold businesses. In November 2008, Severstal took a controlling 50.1% stake in debt-laden, TSE-listed, High River Gold Mines Ltd (HRGM) which has gold mines in Burkina Faso, as well as Russia. Mordashov’s bid to take full ownerhip of HRGM stalled in summer 2009 when a group of remaining shareholders, including Sprott Asset Management (qv) opposed his offer as too low [MJ 28 August 2009].

According to the Mining Journal’s Ken Gooding, Mordashov “seems to be regarded internationally as the acceptable face of Russiabn capitalism” and was named by Business Week in 2003 as one of Europe’s top 25 managers. The following year, the Leningrad-Newcastle-on-Tyne educated tycoon came under heavy suspicion when an American investigative journalist suggested he had taken over Severstal by stealth and deception – seizing assets which had been issued to the company’s staff. The journalist, Paul Klebnikov, was later murdered - “almost certainly”, says Gooding, “because of his negative writings about Russian oligarchs” [MJ ibid], although there is no evidence Mordashov had anything to do with the assassination.

In 2006, Mordashov tried to buy out Luxemburg steelmaker, Arcelor, but lost out to Lakshmi Mittal. Earlier, his comany acquired the Italian steel producer, Lucchini, and it currently owns 22% of AIM-listed Celtic Resources (Kazakhstan); Neryungi Metallic (Sakha Yakuta region); and the Aprelkovo mine in Russia’s Transbaikal; the latter two being acquired from the Arlan Investment company. In August 2008, Severstal also took over the Balazhal gold mine in Kazakhstan [MJ ibid]. [see also: Oleg Deripaska)

Allan Gray Investment of South Africa holds 5.06% of Pan African (see: Coronation Fund).

Alliance Bernstein/Alliance Bernstein Global Wealth Management, headquartered in London, oversees some £54.8 billion in private capital invested in stocks, fixed interest investments, real estate investment trusts, and hedge funds.

As of December 2007, it was the largest private equity holder (4.13%) in POSCO, the leading South Korean steel manufacturer (see also: Berkshire Hathaway).

Alliance Trust (Scotland) in late 2007 held an unknown stake (below 3%) in Vedanta Resources plc [The Herald, Scotland, 29 October 2007].

Allianz SE/Allianz AG owns 7.27% of Metals Exploration Plc, whose aim is to identify and acquire mining companies, and is active in the Philippines [Hemscott 14 February 2009, Piplinks 2007]. It holds 4.01% of UK COAL (see Artemis Investment Management Ltd).

Alsons Group of the Philippines, has a 3.27% share in the huge Tampakan copper-gold project which is majority owned by Xstrata plc with Indophil Resources holding 34.23% [Indophil announcement, 30 July 2009] (see also: Lion Selection).

Altima Partners LLP is a UK-based privately owned hedge fund sponsor [Business Week 14 February 2009] and the biggest shareholder (16.99%) in Aurum Mining PLC which is actively searching for gold in Kyrgyzstan [Hemscott 14 February 2009; 16 August 2009].

Ambrian Capital PLC is an AIM-listed bank and commodities trader whose team is linked with the London Metal Exchange. In early 2009 it held 8.88% of Anglesey Mining PLC [Hemscott 12 February 2009]. Anglesey has iron ore operations in Canada and is owner of the legendary, but defunct, Parys Mountain copper-lead-zinc mine in Wales which it has been trying to sell [Hemscott 12 February 2008]. Ambrian also has a small holding in Jubilee Platinum PLC (see JP Morgan Chase) [Hemscott 12 February 2008].

American Express Co and Group (the very card!) in 2008 held 11.9% in Lonmin Plc (not to be confused with Lonrho Plc [Hemscott, 22 January 2008]; nor should it be confused with Ameriprise Financial Inc (qv).

Amerprise Financial Inc, one of the US's largest financial services companies, is the third largest shareholder in UK COAL (at 4.89%) [UK COAL annual report, 9 April 2008] and in 2007 held 6.27% of share capital in Johnson Matthey (see Lloyds TSB). It is the successor to American Express Financial Services Corporation, spun off from parent American Express (qv) in 2005.

Over the years since then, Amerprise has fallen foul of US securities regulations on several occasions. [For a concise documented summary of these, see wikipedia`s entry on the company]. In July 2007 - in the first case of its kind "the brokerage arm of Amerprise, Securities America, was fined $375,000 by the NASD, for improperly sharing directed brokerage commissions from a mutual fund company with a former Securities America broker. [NASD press release, 11 July 2008]

Anglo Pacific Group PLC generates returns for shareholders by receiving royalties from coal mines in Australia operated by BHP Billiton and Rio Tinto - a substantial part of which it pays as shareholder dividends.

It has 100% control of the Groundhog and Trefi coal interests in British Columbia, Canada and, inter alia:

• 20% direct interest in Core Resources Pty Ltd

• 3.77% of Cambrian Mining PLC (see Audley European Opportunities) [Hemscott 14 February 2008]

• 5.3% of Horizonte Minerals PLC [Horizonte Minerals plc Annual report, 31 March 2008]

In early 2009, IMX Resources sold its royalty in four Australian uranium tenements to Anglo Pacific for US$ 6 billion in order to finance its exploration programme and which, says IMX will keep the company “fully funded” until June 2010 [MJ 27 March 2009].

In July 2009, Anglo Pacific increased its shareholding of Royalco Resources Ltd to just over 31%; and in September purchased a 2.5% royalty on Northern Star Mining Corporation’s Midway and McKenzie Break projects in Quebec, for C$8 million.

Angstrom Capital Ltd/SA Angstrom is presumed to be a private equity firm whose investments in various mining outfits are closely associated with the interests of Stephen Dattels, Guy Elliott and David Lenigas, all of whom hold stakes in Polo Resources Plc and GCM Resources Plc.

In July 2004, Angstrom, Gondwana Investments, and others announced a link-up with Diamond Fields International to explore for diamonds in Finland [PR Newswire, 15 July 2004]. (Diamond Fields International is controlled by notorious diamond entrepreneur, Jean-Raymond Boulle, with operations in Zambia, Namibia - including offshore diamond mining - Liberia and Madagascar).

Two years later, in 2007, Angstrom, along with Dattels, launched uranium explorer, UraMin, [UraMin announcement, 25 July 2007] and set up Templar Minerals, a minerals investment company of which David Lenigas is chair, Guy Elliott a major stakeholder, and Angstrom the biggest single shareholder [Templar announcement 5 May 2007].

In October 2007, Stephen Dattels, his Chirompo Company SA and Angstrom joined with Lithic Metals and Energy (an African uranium exploration and "development" company listed on London`s AIM) to acquire RRCC (part of Regent Resources Capital Corporation) which has multi -mineral base metal and uranium deposits under exploration in Togo. [Lithic Metals and Energy statement, 26 October 2007].

ANZ (the big Australian investment bank) is an investor in the Tokay Tindung gold mine project in northern Sulawesi (Indonesia) operated by UK-AIM listed Archipelago Resources, from which German bank West LLB (qv) reportedly withdrew its support in January 2008 [see: Mines and Communities website, 21 January 2008].

OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan from a banking syndicate comprising ANZ Banking Group, Bank of Scotland International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland (RBS). The money will mainly be used for "short-term cash needs" the company's Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver project in Indonesia [Metal Bulletin, 23 January 2009] (See also: Societe Generale/SG).

In February 2009, Straits Resources Ltd extended an A$ 50 million load, to 31 March, which had previously been granted by ANZ and Macquarie Bank [MJ 6 February 2009].

ANZ Nominees Ltd is the third biggest holder of shares (9.85%) in the Fortescue Metals Group. This is already the third biggest iron producer in Australia (superseded only by Rio Tinto and BHP Billiton) with a market cap. of more than A$26 billion. In May 2008, Fortescue concluded an historic agreement with China`s Baosteel, for the export of iron ore from Fortescue`s operations in Western Australia.

ANZ Nominees also held 13% of the capital of Russian Mining NL in mid-2007 [Piplinks 2007]. The bank was targeted (along with ABN Amro, KFSX and Standard Chartered by a campaign in the Philippines during that year for it to disinvest from the polluting Rapu Rapu mine project operated by Lafayette. [Philippines update, Mines and Communities website, 24 April 2007].

As of February 2009 the nominees hold a small (3.06%) share in Allied Gold Ltd (see HSBC Global Custody Nominees) [Hemscott 12 February 2009] and 3.88% in Aquarius Platinum [Hemscott 13 February 2009].

In August 2009, they had 16.93% of London-listed Natasa Mining Ltd (qv).

Appaloosa was the owner in 2007 of 18% of steel company, Stelco, Canada [Toronto Globe and Mail 1 June 2007].

Apollo Management JP, Leon Black`s private equity firm bought Xstrata Aluminium (the aluminium assets of Noranda) in April 2007 for US$1.15 billion cash [Hemscott 11 April 2007] following the earlier takeover by Xstrata of Falconbridge (which had previously itself absorbed Noranda).

Argonaut Securities Pty Ltd is an Australian brokerage which has participated in a number of significant equity issues for mining companies. In June 2009 it placed shares on behalf of uranium company, Bannerman Resources Ltd in Australia [MJ 5 June 2009]; and, together with Macquarie Capital Advisers Limited (qv), issued 21.5 million ordinary shares on 5 August 2009, for gross proceeds of more than fifty million Australian dollars, on behalf of Mirabela, the nickel company active in Brazil [CNW newswire, 11 August 2009]. (See also: GMP Securities, BMO Capital Markets, Cormark Securities, Dundee Securities).

Argos Greater Europe Fund held 3.05% in GCM Resources (see RAB Capital) in 2008 [Hemscott 10 June 2008].

Artemis Investment Management is a leading UK fund manager which operates unit trusts, venture capital trusts and hedge funds.

It is the second largest shareholder (at 5.49%) in UK COAL, Britain`s leading coal mining company [UK Coal, annual report, 9 April 2008]. It is also a 5.59% shareholder in Firestone Diamonds Plc. (See Aurora Investment) [Hemscott 11 February 2008] and, as of 2007, held a minor stake (worth £3.25 million) in ATH Resources Plc (see AXA/Framlington Extra Income Fund)

In February 2009, Artemis was the second largest shareholder (at 11.34%) in Avocet Mining PLC (see Elliott Associates LP) [Hemscott 14 February 2009] – which has operating gold mines in Malaysia and Indonesia, and recently notified of a promising gold prospect in the Philippines [Business World, 31 July 2009].

Ashdale Investment Trust Services Ltd is nominee and sub-account holder for clients of Irish stockbroker, Campbell O`Connor, which held 3.24% of West African Diamonds Ltd, operating in Sierra Leone in 2008 (See Merrill Lynch) [Hemscott 24 January 2008].

Ashmore Group/Ashmore plc of the UK is one of the world’s leading financial services firms. Its Philippines’ mining-related interests are handled by Boerstar Corp (qv).

Assaubayev family (Kazakhstan) - see Gold Lion Holdings Ltd and RBC

Atlantic Law (Nominees) Llp is based in London and was the sole agent for WorldWide Natural Resources PLC when it tried (unsuccessfully) to take over Condor Resources plc in June 2009 [Worldwide Resources statement, 3 June 2009]. In April this year, it sold its 16.6% stake in Vatukoula Gold Mines, in Fiji [MJ 17 April 2009].

Atticus Capital LLC is a privately-owned hedge fund sponsor, whose co-chairman in Nathan Rothschild (one of the famous dynasty). It was involved with Arcelor-Mittal in a bid for Germany`s stock exchange, Deutsche Bourse, in 2006 [FT 26/6/06]. Atticus also persuaded Phelps Dodge (now part of Freeport McMoran) to recoup some its own shares in 2005 (which it did to the tune of US$1.5 billion in dividends and share buy backs) [MJ 28 October 2005]. As of 30 September 2008, RIT Capital Partners PLC held £36.6 million in Atticus Global.

Atticus was one of those hit by the "August Blues" of mid-2007 [FT 1-2 September 2007], when Rothschild (RIT) had a £35.7 million share in Atticus Global [RIT March 2007].

Audley European Opportunities Master Fund is a hedge fund which is the biggest single shareholder (29.15%) in Cambrian Mining PLC [Hemscott 14 February 2008] and fifth largest shareholder (7.22%) of African Minerals Plc [see Prudential PLC) [Hemscott 3 August 2009]. In August 2009 it held 9.12% of West African Diamonds, a London-baed company operating in Sierra Leone [Hemscott 16 August 2009]. It is also a minor (3.37%) owner of UK COAL (see Artemis Investment Ltd).

One of Audley`s remunerated directors is the UK Tory (Conservative Party) Member of Parliament, John Redwood.

Auramet LLC, based in New Jersey, is a physical metals merchant which both buys and sells physical metal from mining companies, refineries and recycling companies, and sells it to industries. It also provides hedging for all these partners, and merchant banking "activities" - including project finance loans and process refining facilities and pre-export financings. In 2007-08, Auramet made two bridging loans, worth a combined US$6,500,000, to Exellon Resources for its silver, lead and zinc mining operations in Mexico.

Aurora Investment Trust PLC /Aurora International Investments Ltd is an equity investment instruments company with 7.38% of Firestone Diamonds PLC [Hemscott 16 August 2009] – a company that claims to the largest holder of mineral rights in Botswana`s diamond fields. As of August 2009, Aurora`s third most important shareholder was the West Riding of Yorkshire Council Pension Account (with 10.72%) [Hemscott 16 August 2009].

As of 31 August 2008, it held £2 million in Rio Tinto, £1.8 million in Xstrata, £1 million in BHP Billiton, and £1.3 million in Antofagasta. In May 2008 it held small stakes in, Kazakhmys, the Merrill Lynch World Mining Fund and GCM Resources(valued at £676,000).

The previous year, Aurora rated its small stake in GCM Resources Plc (see RAB Capital) as its leading "detracted" investment for that financial year, its value having fallen by more than a million pounds.

In his 2007 report to shareholders, MJ Barstow (a non-executive director, employed by Mars Asset Management, which manages Aurora) made the following reprehensible comment relating to the Trust`s continued investment in GCM:

"Global Coal Management (formerly Asia Energy) suffered from failure to receive permission to mine its massive open cast coal deposit in Bangladesh from the previous administration. Fortunately the army has assumed control of the country since January [2007] [author`s italics] and is taking key decisions to stimulate the economy as well as gaoling many of the former corrupt politicians. Accordingly the management of this company is now raising hopes that permission will soon be forthcoming" [Aurora Investments Trust Ltd, annual Report 2007, 25 May 2007].

Australian Children’s Trust is included in this database because the charity for deprived children owns shares in Poseidon Nickel Ltd, which the Trust’s founder, mining billionaire Andrew Forrest (not to be confused with George Forrest of the Forrest Group (qv) gifted the charity in October 2007. Forrest has reportedly donated a further 30 million shares to other undisclosed recipients (mainly charities) in his flagship company, Fortescue Metals Group, one of the world’s leading iron ore producers [MJ 2-9 January 2009].

Australian Natural Resources Fund, not surprisingly, invests in Australian companies (of which it has to hold 70% of its own assets) – including BHP Billiton (9.2% of the fund’s asssets) Rio Tinto (5.8%), Newcrest (4.7%) and Anglo American (2.4%) [MJ 17 July 2009]. It was launched in 2005 by Oceanic Asset Management Pty (qv).

Aviva Plc - the world`s fifth largest insurance group - holds 3.78% of Hambledon Mining PLC (operator of the Sekisovskoye gold and silver project in Kazakhstan). Through its subsidiary Morley Fund Management; and in 2007 held 3.24% of Johnson Matthey (see Lloyds TSB).

AXA SA/AXA Framlington of France is one of the world`s leading assurance, financial services` protection, pensions and savings providers. In recent years it acquired control of (inter alia) the insurance companies Royal Guardian, Sun Life, and National Mutual (Australia). AXA:

• is the fourth biggest shareholder (at 3.85%) in Rio Tinto PLC [Hemscott 16 August 2009];

• is the fifth largest shareholder (4.22%) of Xstrata PLC [Hemscott 16 August 2009];

• was in 2008 the third largest fund investor (at 7.69%) in the huge Kazakhstan copper miner, Kazakhmys PLC [Hemscott 12 February 2008];

• was the same year, the second largest shareholder (9.04%) in Cambrian Mining plc - a UK mine finance company [Hemscott 11 February 2008];

• is third biggest shareholder (at 4.42%) in Antofagasta Plc, one of the worlds’ major private copper companies, operating in Chile [Hemscott 5 August 2009]

• was in 2008 the third biggest holder of shares in Caledon Resources PLC [Hemscott 20 February 2008]

AXA Investment Managers UK Ltd

• is the second biggest single shareholder (7.45%) in Anglo Pacific Group PLC - a royalties and mine finance company [Hemscott 5 August 2009];

• holds 4.72% of Firestone Diamonds PLC (see Aurora Investment) [Hemscott 16 August 2009];

• owns 3.48% of Hambledon Mining PLC (operator of the Sekisovskoye gold and silver project in Kazakhstan.) [Hemscott 16 August 2009];

• in 2008 it held 3.61% of Mercator Gold PLC (see SVM Asset Management) [Hemscott 12 February 2008]; and

• has 3.55% (reduced from 14.02% just over a year ago) of Toledo Mining PLC, active in the Philippines [Hemscott 15 August 2009]

• holds 3.21% of Metals Exploration PLC [Hemscott 14 February 2009];

• owns 4.43% of Arian Silver Corp (see Grafton Resources)

Among its other owned or managed investments (as of late 2007) were:

US$ 194. 7 million	in	Freeport McMoran-Phelps Dodge
US$ 21.9 million	in	Vedanta Resources
US$ 4.4 million	in	AngloGold Ashanti
US$ 10.4 million	in	Barrick Gold
US$ 33.4 million	in	Newmont Mining
US$ 4.3 million	in	GoldCorp

[all references: Bank Secrets 2007]

As of August 2009, AXA had increased its previous 4.9% stake in Vedanta Resources plc to 5.16%, making it the third biggest investor [Hemscott 16 August 2009].

AXA Framlington Extra Income Trust in 2007 was the second biggest shareholder (£3.7 million) in ATH Resources Plc, the third largest coal miner in the United Kingdom.

Framlington Innovative Growth Trust PLC, as of 30 June 2008, held small investments in Dwyka Resources and Kopane Diamond Developments.

Axemen Resource Capital Ltd. is a Vancouver-based “limited market dealer (LMD)”, which claims experience “in the financial sector focused on mineral exploration and mining companies.” In addiditon to advising companies and evaluating and funding them, Axemen also “look[s]s to enter different commodity spaces in advance of broad market trends.”

Its current clients include:

• East Asia Minerals Corp
• Powertech Uranium Corp
• International Tower Hill Mines
• Mansfield Minerals Inc
• Evolving Gold Corp

Between March and July 2009, the Axeman brokered deals worth around US$ 50 million with:

• Continent Resources (Copper One)
• Crocodile Gold Inc
• Kaminak Gold Corp
• Underworld Resources
• Lithium One (owned by Coniagas Rwesources)
• Kivalliq Energy Corp
• Bluerock Resources
• East Asia Minerals Corp

In November 2009, Axemen obtained a 5% “finder’s fee”, to secure investors in an aggregate of $4,000,000 of a $7 million share issue by Trevali Resources Corp (also based in Vancouver). This would be devoted to Traveli’s Santander silver project in Peru, for which it claimed to have obtained an Environmental Impact permit.

Azure Capital is a San Francisco based venture capital group - see China Investment Group.

B

Badr Investment and Finance Co. This has been cited (in the Oxford Business Group;’s “The Report: Senegal 2008”) as a Saudi Arabian-based private investment company which has set up a joint venture with another Saudi investor, Bendon International, and Canada’s Oromin Explorations Ltd, to advance exploration of a promising gold deposit in Senegal [MJ Special on Senegal, January 2009]. However, “googling” for Badr identifies a Badr Investment and Development which is based in Jordan with offices in London, that targets potential mineral plays.

Baillie Gifford – see Monks Investment Trust, Edinburgh Worldwide Investment Trust plc and Pacific Horizon Investment Trust

Baker Steel Capital Managers is a UK-based specialist investor in gold and natural resources, with three funds under management. One of these - Genus Natural Resources - is a short-long hedge fund operating out of the Cayman Islands tax haven, client investment in which must be at least US$1 million.

Holdings in the Genus Dynamic Gold Fund, as of February 2009, included Gold Fields Ltd (around 8% of net asset value), DRDGold Ltd, Harmony Gold Mining, IamGold Corp, Lihir Gold (each with 6-7%), Kinross Gold, Centerra Gold, Nevsun Resources and AngloGold Ashanti (with 4-5% each of net asset value invested) [MJ 6 February 2009].

The firm is a minor shareholder (3.92%) in Metals Exploration PLC, active in the Philippines [Hemscott 14 February 2009], and holds 3.51% of another Philippine mining company, Toledo Mining Corporation PLC. [Hemscott 15 August 2009]

As of July 2009 it held 8.43% in Allied Gold Ltd [Hemscott 3 August 2009] Earlier this year (April 2009) Baker Steel had 8% of Dioro NL, an acquisition target for Australia gold producer, Avoca Resources Ltd [MJ 17 April 2009]. By October 2009 it was the third biggest shareholder in Norseman Gold PLC (see: Sprott Asset Management) [Hemscott 13 October 2009].

Balinhard Capital Corp (Canada) – see Edco Capital Corp

Bank of America in early 2009 absorbed fellow US investment bank Merrill Lynch (qv). In late 2008 it announced it would "phase out" loans to companies practicing "mountain top" coal removal in the eastern USA (of which Massey Energy is the most notorious practitioner). Later, however, the Rainforest Action Network (RAN) -which had lobbied the Bank and Citigroup to forsake such support, said that the Bank’s move "doesn't go far enough". The US National Mining Association (NMA) dismissed it as a "bit of a Public Relations' ploy" - although it did express concern that the Bank's initiative could create a "ripple effect" among other financiers [Associated Press, 5 December 2009].

In August 2009, BHP Billiton hired Bank of America-Merill Lynch to arrange the sale of its Ravensthorpe nickel plant in Australia which had closed down the previous year, hit by falling prices [Reuters 14 August 2009] (See also: BlackRock Inc).

Bank of New York (BNY) Nominees holds:

• 6.46% of Rio Tinto PLC [Hemscott 4 March 2008]
• 14.43% of Uranium Resources PLC (active in southern Tanzania) [Hemscott 14 February 2008]
• 7.50% of Shanta Gold (see HSBC Global Custody Nominees) [Hemscott 20 May 2008]
• just under 4% of Cambrian Mining PLC [Hemscott 11 February 2008]
• 3.92% of Maghreb Minerals PLC (see RAB Capital) [Hemscott 10 June 2008]
• 3.56% of Kenmare Resources PLC (see State Street) [Hemscott 12 February 2008]
• 3.13% of Van Dieman Mines PLC (see Galena) [Hemscott 12 February 2008].

See also: Mellon HBV Alternative Strategies LLC

Bank of Nova Scotia in February 2008 arranged a “general purposes” US$ 30 million credit facility for NovaGold Resources Inc. [MJ 8 February 2008]

Bank of Scotland is part of HBOS which also embraces the Halifax Building Society and which had to be bailed out massively by the British government in late 2008/early 2009, then to be merged with Lloyds TSB.

OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan from a banking syndicate comprising ANZ Banking Group, Bank of Scotland International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland (RBS). The money will mainly be used for “short-term cash needs” at the company’s Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver project in Indonesia [Metal Bulletin, 23 January 2009] (See also: Societe Generale/SG).

Barclays PLC/ Barclays Bank/BARCLAYS CAPITAL/ Barclays Wealth/ Barcap PCIA (Principal Commodities Investment Area)/Barclays Global Investors:

• is a Ring Trader on the London Metal Exchange (LME) [MJ Special September 2005]

• is largest direct shareholder (5.51%) of the world’s biggest mining company, BHP Billiton PLC [Hemscott 16 August 2009]

• holds 3.65%, as the third biggest shareholder in Xstrata PLC [Hemscott 16 August 2009]

• owns 3.35% of Rio Tinto PLC [Hemscott 16 August 2009]

• has 4.30% of GCM Resources (see Polo Resources) [Hemscott 10 June 2008]

• holds 5.06% of Central China Goldfields PLC [Hemscott 11 February 2008]

• helped provide finance for Eureka Mining PLC’s Chelyabinsk copper-gold project in the Urals of Central Russia in 2006 [MJ 8 July 2006]

• issued convertible bonds in 2004-5 for six mining companies: Ocean Gold, Perseverance Corp, Sino Gold, Lion Ore (now owned by Norilsk Nickel), Apex Silver and Bema Gold [MJ 22 December 2005]

• provided in May 2007 (along with the European Investment Bank a US$60 million finance package for Albidon’s Zambian nickel play. However, following the collapse in nickel prices, Albidon arranged for China’s Jinchuan Group to buy up Barclays’debt and the bank withdrew from involvement with the mining company [Hemscott 6 June 2009].

• as of August 2008, through Barclays Wealth, held held nearly 7% of African Eagle Resources PLC {Hemscott 3 August 2009]; also

• holds 2.39% of POSCO (see Alliance Bernstein and Berkshire Hathaway)

• owns 5.05% of Toledo Mining Corporation PLC, active in the Philippines [Hemscott 14 February 2008];

• via Barclays Global Investors holds 0.60% of Vedanta Resources PLC

• has 6.30% of Uranium Resources plc (see BNY) [Hemscott 14 February 2008]

• is the fourth biggest shareholder (4.72%) in Ariana Resources PLC [Hemscott 18 May 2008]

• holds 5.08% of Maghreb Mines (see Bear Stearns) [Hemscott 14 February 2009]

• has a small stake (3.01%) in Aquarius Platinum [Hemscott 5 August 2009]

Barclays PLC, in mid-June 2007, held 6.84% of Cambridge Mineral Resources plc (see also: CS Client Nominees (UK)) on behalf of Gerard Investment Management Ltd [Cambridge annual report 2006, 14 June 2007].

Barclays PLC is also the fifth largest investor in BlackRock World Mining Trust PLC (qv).

The bank withdrew its notifiable investment in African Copper plc in May 2009 [Hemscott, 27 May 2009].

In January 2009, Barclays Global Investors sold 357,871 Newcrest Mining shares, reducing its holding in the United States’ leading gold miner from 5.05% to 4.97%.

In February 2009, Barclays Investors held 4.10% of Angus & Ross PLC whose prime asset is a lead-zinc mine (currently closed) in western Greenland [Hemscott 12 February 2009].

Barclays Nominees Ltd, on behalf of clients, holds 9.52% of the shares of Minco PLC, which operates in Mexico [Hemscott 14 February 2009].

Barcap PCIA has also invested in Bisichi Mining in South Africa.

Baring Asset Management – previously part of ING and now owned by MassMutual Holding (see Massachusetts Mutual) - invests in public equity markets of the UK. It holds 4.14% of City Natural Resources High Yield Trust PLC [Hemscott 14 February 2008].

Baron Investments Ltd – see Natasa Mining

Bayerische Hypo und Vereinsbank AG – see HVB

Bayview Investments is a Wisconsin-based mortgage provider which (at 15.22%) is the biggest shareholder in Tower Resources PLC, active in Namibia and Uganda. [Hemscott 16 August 2009]

Beacon Hill Resources PLC grandiosely describes itself as a holding company with “mineral interests and strategic partnership in the minerals field” [Hemscott 13/2/09]. In fact the only interest it appears to possess is Carnegie Minerals PLC (the name by which it previously traded) whose Gambia mineral sands project was expropriated by the Gambian government in October 2008 [Hemscott 23 October 2008].

Bear Stearns , the US global investment bank- which had to be “rescued” by JP Morgan in 2008 – had earlier held 3.58% of Mercator Gold PLC [Hemscott 12 February 2008] and, in June 2007, 4.4% of Mwana Africa plc. As of February 2009 it was the biggest single shareholder in Maghreb Mines, exploring in Tunisia [Hemscott 14 February 2009].

Bell Potter is an Australian financial advisory and brokerage firm that, so far in 2009, has been responsible for the following mining transactions (among others):

• Apex Minerals – Aus $15 million share placement (participant)
• Arafura Resources Ltd – $ 1.5 million rights issue (lead manager)
• Alliance Resources Ltd – $43 billion placement (participant)
• Flinders Mines Ltd – $10 million (lead)
• Gunnon Resources – $0/9 million (lead)
• Hillgrove Resources – $600,000 (lead)
• Newcrest Mining – $750 million placement (participant)
• Platinum Australia – $61.2 million placement (lead)
• White Energy – $55 million placement (participant)

Berkshire Hathaway is a leading US-based insurance company, wielding a wide variety of investment instruments under the tutelage of Warren Buffett, the world’s second richest man, whose choice of target companies is almost apocryphal for its apparent canniness. Among Berkshire’s subsidiaries is US automobile insurance company, GEICO (Government Employees Insurance Company) which in 2007 provided coverage for more than 10 million trucks and other vehicles owned by more than 8 million policy holders.

Berkshire also owns 40% of General Re, part of the world’s fourth largest re-insurance company, Cologne Re. In 2003, General ReCologne published a significant study of the rise in European chemical pollution cases between 1985 and 1998. The report, entitled “Loss and Litigation”, named several corporate offenders, including mining companies. [see: Roger Moody, “The Risks We Run: Mining, Communities and Political Risk Insurance”, International Books, pages 49-50, Utrecht, 2005.]

In late 2006, Berkshire Hathaway purchased 4% of the equity in South Korea’s POSCO, (see Alliance Bernstein), the world’s fourth leading steel producer. POSCO’s plan to establish a complex of iron ore mines and steel plants in the Indian state of Orissa has provoked a number of serious conflicts with local communities.

Best Asset Class (BAC) – based in the tax haven of Zug, Switzerland - is a general investment group with links to hedge fund Harcourt Consulting AG. BAC’s Platinum Fund in 2007 advertised itself as “the world’s only platinum fund” (not true any longer), in which Swiss pension funds held 20% as of end-April that year. It then held:

• 17.8% of Eland Platinum

• 10.5% of African Platinum

• 8.1% of Anooraq Resources

• 7% of Wesizwe Platinum

• 6.9% of Ridge Mining [Mineweb, 11 May 2007]

In 2009 it was the largest shareholder of Jubilee Platinum PLC (see JP Morgan Chase) [Hemscott 16 August 2009].

BGF Capital is an Australian investment services group, co-founded by Warwick Grigor, who also ran Far East Capital (a research-based bank specialising in emerging mining companies). BGF in 2009 managed the $28 million Australian component of an institutional placement for West African gold exploration company, Perseus Mining, with Cormack Securities (qv) managing the international component.

In May 2009 BGF arranged and managing a $10 million placement for uranium explorer, A-Cap Resources, in which Polo Resources (qv) was expected to take 19.9 per cent [Business Spectator 6 May 2009].

BHF Bank (Frankfurt) in early 2008 expressed concern about accidents at Arcelor-Mittal’s coal mining operations in Kazakhstan, hinting at possible reduction of its investment in the world’s biggest steelmaker. [Mines and Communities website, 28 January 2008]

Billy Rautenbach is a highly suspect mining entrepreneur who, in January 2009, was added to the European Union’s “blacklist” of “people thought to be supporting the Mugabe regime in Zimbabwe. The move saw his British Virgin Islands’ investment company, Ridgepoint Overseas, having its mining assets frozen as part of increased EU sanctions [Metal Bulletin, London, 27 January 2009]. A well-known figure in the Central African cobalt market, and a shareholder in Central African Mining and Exploration Co (Camec) (see also: Capital Group Companies), Rautenbach is believed to have supported senior regime officials in Zimbabwe during their intervention in the DRC Congo (DRC) Second Congo War (1998-2003) [Metal Bulletin, ibid]. He is also wanted on fraud charges by the South African government (see also: John Bredenkamp).

Rautenbach is still a 7% shareholder in Camec, though in July 2007 he had been declared persona non grata by the DRC government, shortly before ministers decided to pull one of Camec’s mining licenses [Metal Bulletin 18 July 2007]. However, a spokesman for the company told the London-based Metal Bulletin in January 2009 that his addition to the EU blacklist “will not affect Camec’s operations in the DRC or its platinum project in Zimbabwe” [Metal Bulletin, 27 January 2009].

Black River Asset Management (not to be confused with BlackRock – qv) is an “independently run” hedge fund, wholly owned by Cargill, the notorious global agricultural commodities conglomerate. In August 2009 it held 3.95% of Amur Minerals Corp, a UK-listed company exploring in far eastern Russia [Hemscott 5 August 2009].

BlackRock Inc (not to be confused with BlackRock Group) is a US-based multi-investment strategy group which specialises in hedge fund strategies, and is 49% owned by Bank of America. It has a 7.15% share in Atlantic Coal plc, operator of the Stockton Colliery in the United Kingdom [Hemscott 14/2/09].

BlackRock Group. In June 2009 this US fund manager agreed to buy Barclays Global Investor (BGI) (qv) and its market-leading Exchange Traded Funds (ETFs) iShares business, for US$13.5bn in cash and stock (Business News Americas, 15 June 2009).

Expected to be finalised later this year, the transaction would make BlackRock the world's largest asset manager, with an increase in its assets to an estimated US$ 2.7 trillion (That’s supposedly more than the US Federal Reserve's own holdings).

BlackRock World Mining Trust plc was, until mid-2008, the Merrill Lynch World Mining Trust plc. Headquartered in London, and administered by BlackRock Investment Management (UK) Ltd, its objective is “to maximise total returns to shareholders through a world-wide portfolio of mining and metals securities” [BlackRock WMT Half Yearly Financial Report, June 2008, 13 August 2008].

It does this by holding relatively small numbers of shares in an unequalled range of mining companies and, on occasion, dealing in metal-based derivatives instruments.

Its major institutional share holders are:

• Rensburgh Sheppards Investment Management Ltd – 4.09%

• Legal and General Investment Management Ltd – 4%

• Credit Suisse Securities (Europe Ltd) – 3.94%

• Lazard Asset Management LC – 3.5%

• Barclays PLC – 3.42%

BetweenJune 2008 and that year’s end, BlackRock’s assets under management had fallen in value by 12% - standing at US$1,260 billion [MJ 5 December 2009]. The value of its WMT’s holdings were £581 million, and dispersed as follows:

Ten largest investments (as percentage of BlackRock WMT portfolio):

Vale - (formerly CVRD) 15.6% (2007: 14.7%)

BHP Billiton - 14.0% (2007: 6.1%)

Minas Buenaventura - 7.5% (2007: 3.5%)

Impala Platinum - 6.1% (2007: 4.1%)

Rio Tinto - 5.9% (2007: 12.2%)

Industrias Penoles - 4.3% (2007: 2.4%)

Alcoa - 3.4% (2007: 4.4%)

Newcrest - 3.3% (2007: nil)

African Rainbow Minerals - 2.9% (2007: 1.2%).

Iluka Resources - 2.5% (2007: 0.7%)

Other investments (as of 31 December 2008):

Teck Cominco 1.6%

Anglo American 1.3%

Sterlite Industries 1.3&

Vedanta Resources 0.8%

Oz Minerals* 0.5%

PanAust 0.2%

Lihir Gold 0.5%

Minera IRL 0.4%

Gold Fields 0.4%

AngloGold Ashanti 0.0%

Anglo Platinum 2.3%

Aquarius Platinum 0.8%

Ridge Mining 0.3%

Freeport McMoran Copper & Gold 1.9%

Antofagasta 1.8%

Soc Min Cerro Verde 1.7%

First Quantum Minerals 1.4%

Equinox Minerals 0.9%

Kazakhmys 0.4%

South Peru Copper 0.1%

Fresnillo 2.0%

Gem Diamonds 0.8%

Harry Winston Diamond Corp…. 0.5%

Alumina 1.1%

Peabody Energy 2.0%

Bumi Resources 1.3%

Homeland Energy Group 0.0% (only 73 shares held)

Nyrstar 0.4%

Griffin Mining 0.1%

Soc Min El Brocal 0.1%

Potash Corp. 1.7%

Agrium 1.4%

Minsur 1.3%

Mosaic 0.9&

Eramet 0.9%

UEX 0.7%

Australian Energy 0.5%

Noventa 0.1%

Sunkar Resources 0.1%

Ivanhoe Nickel & Platinum (130 Warrants) 0.0%

* Held at Directors' valuation.

£ Unquoted investments at Directors' valuation.

All investments are in ordinary shares unless otherwise stated.

The number of investments held at 31 December 2008 was 50 (31 December 2007: 58).

BlackRock Commodities Income Trust plc (in which BlackRock Group holds 5.95% with Rensburg Sheppards the largest shareholder at 9.74%) invests in a virtually all-inclusive range of mineral-based commodities. During 2008, as a reflection of the growing downturn in commodity markets, the Trust reduced its holdings in every mineral commodity except for gold (up 2% on 2007), iron ore (up 70%), coal and potash.

The Trust, as of 20 November 2008, held:

• £5,17 million in BHP Billiton
• £2 million in Rio Tinto
• £2.1 million in Vale (including £1.1 million in Vale Capital)
• £1.4 million in Goldcorp
• £1.3 million in Peter Hambro Mining
• £500,000 in Sterlite Industries

And smaller holdings in:

• Barrick Gold
• Jaguar Mining
• Agnico-Eagle Mines
• High River Gold
• Straits Resource
• OZ Minerals
• Xstrata

BlackRock Group/BlackRock Investment Management Ltd was part of Merrill Lynch (qv) until a 2008 merger.

During 2008-2009 it held:

• 5.51% of BHP Billiton PLC [Hemscott 16 August 2009];
• 4.95% of Central Rand Gold Ltd [Hemscott 11 February 2008];
• 7.36% of Hochschild Mining PLC [Hemscott 11 February 2008];
• 10.8% of Hambledon Mining PLC (operator of the Sekisovskoye gold and silver project in Kazakhstan [Hambledon annual report 1 June 2008];
• 5.94% of Lonrho PLC [Hemscott 16 August 2009];
• 2.77% of Vedanta Resources PLC;
• 7.20% of Target Resources Plc (see JP Morgan Asset Management (UK) Ltd)
• 3.4% of Talivivaara Mining Company Ltd (see Varma Mutual Pension Insurance Co)
• 11.34% of African Minerals plc (see Prudential PLC) [Hemscott 22 January 2009]
• 4.79% of Aquarius Platinum (see Capital Group) [Hemscott 5 August 2009].

In 2007 it held 5.76% of Johnson Matthey (see Lloyds TSB)

In June 2008, BlackRock Investment Management, along with GLG Partners LP, hedge fund Lansdowne Partners Ltd, and Peter Hambro Mining plc, formed a syndicate to invest US$80 million in Rusoro Mining Ltd, whose main assets are in the Bolivar Sur region of Venezuela [MJ 13 June 2008].

It also holds 11.34% of African Minerals Ltd (see Prudential PLC) [Hemscott 12 February 2009]; 3.69% of West African Diamonds PLC, operating in Sierra Leone [Hemscott 16 August 2009], and 9.87% of Avocet Mining PLC (see Elliott Associates) [Hemscott 14 February 2009].

Black Rock Investment Management (UK) Ltd is the largest single shareholder in Minera IRL Ltd, registered on the London Stock Exchange, whose main asset is the Corihuami gold project in Peru [Hemscott 14 February 2009] and is also the biggest shareholder in Hambledon Mining, which operates the Sekiskovskoey silver-gold project in Kazakhstan [Hemscott 16 August 2009]; and 15.08% of Atlas Iron [Business Spectator 22 April 2009].

Blackwood Capital Ltd is an Australian investment services group which, in February 2009, along with Euroz Securities (qv), managed a shareholder placement for Integra Mining Ltd’s Aldiss-Randal’s gold project in Western Australia [MJ 20 February 2009].

Blenheim Asset Management (US) is the second largest shareholder (7.63%) in Firestone Diamonds plc [Hemscott 16 August 2009].

BMO Financial Group/Bank of Montreal is Canada’s oldest bank, and a leader in North American capital financing. In August 2008 it granted Cdn $9 million financing to Alberta’s Athabasca Minerals Inc. to assist the company with completing the acquisition of Aggregates Management Inc.

The Bank’s subsidiary, BMO Capital Funds, and its affiliate BMO Nesbitt Burns, are one of the most important brokers, underwriters and advisors in mining. Between December 2007 and January 2008, BMO Nesbitt Burns operated as sole financial advisor to the Chinese mining company, Jinchuan, in three successful takeovers of companies operating in Peru and Australia [Toronto Globe and Mail, 11 January 2008].

Among BMO’s recent dubious gambits have been the underwriting of Golden Star’s share issue for a much-condemned gold mine venture in Ghana [MJ 9 March 2007]; and its acquisition of 10.4% of Northern Dynasty, whose key project is an Alaskan copper mine at Bristol Bay, that has been trounced as posing an unacceptable hazard by local fisher peoples’ and environmental groups.

In February 2009, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., with BMO Capital Markets as lead manager, raised around $US 1.7 billion in a public offering of 34,500,000 shares of common stock and $517.5 million of convertible senior notes due 2012, for Newmont Mining. The US’ leading gold company intends to use the net proceeds to fund acquisition of the remaining one-third interest in its huge Boddington gold project in Western Australia [PR Newswire/First Call, 3 February 2009].

The same month, Lundin Mining's Red Back subsidiary in Mauritania negotiated a bought deal worth about $150 million with a group of underwriters led by Cormark Securities and BMO [Bullion Vault, 4 February 2009]. Two months later, BMO Capital Markets, along with Dundee Securities Corp. agreed to buy Cdn$ 24.6 million of shares in Lundin [MJ 10 April 2009].

Along with Thomas Weisel Partners Canada, in February 2009 BMO Capital Markets underwrote an offering for the Osiko Mining Corporation of C$350,350,000 Inc. for its major Malarctic gold prospect in Quebec [See also Canadian Pension Plan].

In October 2009, BMO Capital markets led a syndicate of underwriters, along with UBS Securities Canda Inc, to raise US$ for Gammon Gold’s Guadalupe y Calvo gold-silver project in the Mexican state of Chihuahua [MJ 9 October 2009].

BNP Paribas is France’s biggest financial institution and fifth largest in global banking, with representation in 85 countries. It has a specialised energy, mining and metals group to arrange debt financing, and the capacity to organise large loan syndicates.

OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan from a banking syndicate comprising ANZ Banking Group, Bank of Scotland International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland (RBS). The money will mainly be used for “short-term cash needs” at the company’s Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver project in Indonesia [Metal Bulletin, 23 January 2009] (See also: Societe Generale/SG).

In October 2009, Fortune Minerals of Canada retained BNP Paribas, to provide advice and financial services in connection with the arrangement of a US$ 200-250 million debt facility to finance the company’s construction, start-up and operation of its NICO Gold-Cobalt-Bismuth-Copper project in Canada’s Northwest Territories.

BNY – see Bank of New York

Boerstar Corp is a large Philippine investment group, beneficially owned by prominent businessmen, Roberto Ongpin and Eric Recto, who also represent the London-based Ashmore Group (qv) in the Philippines. Boestar has significant investments in several listed companies, including Philex Mining Corp. In October 2009, it announced a subscription for up to 34.781 million common shares in Atok Big Wedge Co. Inc, for a total of Pesos 34.781 million; this would then give it 58% of the mining firm [ABS-CNN News, 22 October 2009].

Brait SA is a South African private equity and public resousrces investment firm which has 4.92% of Pan African (see Coronation Fund).

Bravura Goup is a South African firm, 80%-owned by management and staff with the remaining 20% in the hands of businessman Christo Wiese. It claims to offer independent investment advice, and specialises in BEE (Black Economic Empowerment) transactions.

It has an interest in the Magatar group of coal companies and, in October 2009 joined with Noble Group (qv) in a bid for 49.998% (sic) of Sentula Mining’s Koornfontein mine in South Africa [MJ 16 October 2009].

British Assets Trust plc is a 110-year old investment fund, part of F&C, which in November 2008 held a £6.863 million share of Anglo American plc and £5 million stake in Rio Tinto.

British Empire Securities and General Trust plc holds shares in Cameco Corp of Canada, the world’s leading uranium miner (shares valued at £7,247,000 in September 2008) and First Uranium Corp (shares valued at £5,385,000). Dubious though it may seem to trumpet a tile hardly redeemed by history, the group proudly traces its origins back to the Transvaal Mortgage Loan and Finance Company of 1889.

Brookfield Bridge Lending Fund Inc secured a C$ 17.5 million “floating rate senior secured convertible debenture”, plus a C$ 20 million secured revolving debt facility, for Grande Cache Coal Corp in February 2008. [MJ 22 February 2008]

C

Calyon (Credit Agricole) is an investor in Vedanta Resources plc. In October 2009 it took legal action, along with several other banks, to repayment of loans made to Benguet Corporation of the Philippines (see: Marathon Asset Management).

Cambrian Mining PLC/ Cambrian Investment Holdings Ltd finances the development of mining companies and mineral exploration, with emphasis on coal, gold/antimony and, more recently, energy projects - including oil shale, the mining of which is claimed to be dirty and destructive.

As of February 2008 Cambrian held:

• 44.1% of Western Canadian Coal Corp

• 100% of Falls Mountain Coal Corp

• 34% of Coal International PLC

• 27.1% of Energybuild Group PLC, a Welsh coal producer in which Coal International (qv - see also RAB) holds 23.1 %.) [Hemscott 13 February 2008]

• a stake in Xtract Energy (not to be confused with Xstrata)

Cambrian itself has many prominent direct and indirect shareholders, including AXA SA, FMR, Goldman Sachs, HSBC, BNY and Credit Suisse.

In early 2008, the company was forced to reissue its financial results (previously reported at a £40 million profit) as an operating loss of £4.6 million after investigations by the UK Financial Reporting Review Panel. Cambrian’s share dealings had been suspended in December 2007 because of “mistakes and missing disclosures.” Astonishingly, Cambrian’s board claimed that it “did not think the company’s prospects had been affected by the review or re-issue of the account”! [MJ 22 February 2008].

Then, in April 2008, the company announced plans “to move towards becoming a focused mine operator to take advantage of high commodity prices”; possibly buying the shares in Coal International (qv) that it doesn't own; and selling a number of its smaller holdings over the following few months. These steps would purportedly “leave the company focused on income producing assets, with exposure to commodities that are highly in demand” [Mineweb, 1 April 2008] and transform it from “an investment holding company into an operating mining group…” [MJ 6 June 2008].

Over the following eight months, Cambrian’s financial position failed to improve and, in December 2008, it announced a possible acquisition by Western Canadian Coal of its entire issued, and to-be-issued, share capital. In January 2009, Western Canadian provided a secure loan to Cambrian of US$ 36 million [MJ 2-9 January 2009].

Camrose Resource Ltd – see Dan Gertler

Canaccord Capital Corp, based in Canada and listed on both the TSE and London’s AIM, is a leading independent, “full service” investment dealer for private client services and capital markets, offering brokerage and investment banking services.

In FY 2007, it led 174 transactions, worth C$ 5.1 billion; and participated in another 497 transactions which raised more than C$ 32.3 billion. A quarter of these transactions was in the mining & metals sector, while the revenue derived from this sector comprised 42% of the company’s total that year - reaping around 300 million dollars for Canaccord. [Cannacord Capital Annual Report 2007].

These results enabled Canaccord to claim number one position among corporate transaction arrangers in Canada that year.

Among its recent mining-related clients have been: Peak Gold, Yamana Gold, Paladin Energy, European Nickel, Corriente Resources, Metal Corp, Galway Resources, Temex Resources and Silverado Gold Mines Ltd.

Canaccord Adams as co-lead manager, and JPMorgan Cazenove sole book runner, for the placing of shares in London-based (non-LSE listed) Aricom, whose mineral holdings in Russia’s Far East are being coveted by London-listed Peter Hambro Mining plc [Reuters, 5 February 2009].

Goldman SachRAB Capitals Canada Inc, along with CIBC World Markets Inc. as co-lead managers and joint book runners; and including National Bank Financial, along with UBS Securities Canada, Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers, launched a share offering for Pan American Silver in February 2009 [MarketWire 5 February 2009].

In June 2009, underwriters led by Cannacord Capital Corp secured an option to purchase Cdn$ 25 million in subscription receipts for Aura Minerals Inc which intends to acquire a gold mine in Honduras and two in Brazil from Yamana Gold Inc [MJ 19 June 2009].

Canadian General Investments, established almost eighty years ago, is a closed-end equity fund from Toronto which, as of 31 December 2008, held shares (in order of Fair value) in the following Canada mining companies:

• Agnico-Eagle Mines (Cdn$ 10,347,000)
• Franco-Nevada Corp (Cdn$ 10,108,000
• Goldcorp (Cdn$ 4,795,000)
• Equinox Minerals Ltd (2,394,000 )
• Hudbay Mienrals (2,308,000)
• Uranium Participation Corp (1,430,000)
• Teseko Mines (904,000)
• Teck Cominco (83,000)

Canadian Imperial Bank of Commerce – see CIBC

Canadian Natural Resources – see N.Murray Edwards

Canadian Pension Plan Investment Board (CPP Investment Board) is the investment arm of Canada’s largest pension fund, with 17 million members and C$116.6 billion under its control. In late 2009, it loaned C$ to Osisko Mining Corp, for a highly-contested gold project in Quebec [MJ, 2 October 2009].

Cantor Fitzgerald/Cantor Fitzgerald Europe is a large global equities and fixed income investor (which also runs a profitable gambling service). It was a small shareholder (5.54% as of early 2007) in Metals Exploration PLC, active in the Philippines [Piplinks Research 2007]; and, as of early 2008, held 5.80% of Ormonde Mining PLC (see JP Morgan Fleming) [Hemscott 13 February 2008].

Casimir Capital LP is an investment banking firm in New York which acted in August 2009 as an agent for ATW Gold Corp, in respect of its planned acquisition of Kinbauri Gold Corp (see Red Kite).

Chase – see JP Morgan Chase

Canusa Capital Corp (CANUSA) is a Canadian investment bank specialising in mining, which has gold claims in Nevada. [MJ special supplement on the Prospectors and Developers Association Canada (PDAS), February 2006]. Among its associates is Lake Victoria Mining, exploring on a single lease in Tanzania [0TCBB website, 14 February 2008].

Capital Group Companies Inc/ Capital Group International Inc is one of the largest global hedge funds. It won the Mining Fund management award at the 2004 Mines and Money Awards [MJ 8 December 2006].

As of 2009, Capital held 4.95% of Rio Tinto [Hemscott 16 August 2009].

In early 2008 it held:

• 11.19% (as largest single shareholder) of Central African Mining & Exploration Company PLC (Camec) - not to be confused with Cameco, the Canadian uranium mining giant. (see also: RP MEF). Together with a separate stake by its Capital Research and Management subsidiary (see below), Capital’s effective holding in Camec was 14.47%.

• 4.5% of Aricom PLC (see Lansdowne Partners);

• 3.38% of European Nickel plc (see Prudential PLC)

As of 30 March 2009, Capital Group held 4.02% of Lonrho Plc (see also: Capital Research and Management).

In November 2007, Camec signed a joint venture agreement with Prairie International Limited, a company controlled by the family of much-criticised diamond dealer, Dan Gertler, to own and operate Mukondo Mountain in DR Congo. This, according to Camec directors, is “believe[d to be] the richest cobalt mine in the world (although Freeport McMoran’s own copper-cobalt project in DR Congo bids fair to rival this claim).

As of end-2008, the agreement had not been finalised. Under it, Prairie would sell its stake in Camec for around 39.9% of an enlarged Camec. [Camec press release, 7 February 2008]

Capital Group also held that year:

• 3.07% in GCM Resources, operator of the Phulbari coal mine project in Bangladesh [Hemscott 23 February 2008] (see RAB)

• 9.03% of Oxus Gold PLC (see RAB Capital) [Hemscott 13 February 2008]

• 8.24% of African Minerals Ltd (see Prudential PLC) [Hemscott 3 August 2009]

In 2009 the Group was the largest single shareholder in UK-listed South African-based Aquarius Platinum [Hemscott 15 August 2009].

Capital Research and Management, part of the Capital Group of Companies:

• is the second largest shareholder in Xstrata PLC (at 4.39%) (see Glencore) [Hemscott 16 August 2009]

• is the second largest single shareholder in Lonrho Plc (10.91%) (However, combined with a separate stake by Capital International, the group’s holding in Lonrho came to 14.93% making it the company’s leading shareholder [Hemscott 16 August 2009]).

• is the third biggest stakeholder (8.26%) in Kenmare Resources PLC (see State Street) [Hemscott 12 February 2008]

• holds 3.11% of Caledon Resources PLC [Hemscott 20 February 2008]

• had 3.47% of POSCO (as of December 2007)

• has 5.53% of Polo Resources as of March 2008 [Polo Resources website, 17 March 2008]

• holds 3.28% of Camec (see Capital Group Companies, supra).

Capital Management Associates has a share in Newmont Mining [International Herald Tribune 22-23 November 2007]. (This is probably the stake that Capital Management Mid-Cap Fund held in the world’s second largest gold miner in 2002. [International Herald Tribune, 22-23 November 2002]).

Cargill – see Black River Asset Management

Caterpillar Financial SARL is a subsidiary of the world’s largest supplier of earth-moving machinery to the minerals industry, which has been indicted for providing bulldozers to the Israeli government, used to illegally destroy Palestinian homes. It part-financed Bema’s Kupol mine in Chukotka in late 2005 (Russia) [MJ 8 December 2005] and helped underwrite Tiomin’s now-mothballed Kwale mineral sands project in Kenya, along with Standard Chartered (qv) and West LLB (qv).

Kwale was the biggest proposed new mine in Kenya, beset by local farmers’ legal actions against forced “resettlement” and a failure to raise project finance that so far has stalled the project.

In February 2009, the Church of England sold its investments in Caterpillar, saying that this was for financial rather than moral reasons.

Caystar Holdings (registered in the Cayman Islands tax haven) is wholly owned by Golden Star Resources, the Canadian company responsible for the notorious tailings dam collapse at Omai, Guyana in August 1995. Golden Star manages two gold mines in Ghana which have been indicted by community groups and international observers (see BMO). As of early 2008, Caystar was also the second biggest shareholder in Minera IRL Ltd (see BlackRock) [Hemscott 13 February 2008].

CD Private Equity Natural Resources Fund Ltd is managed by CD Capital, based in London. It describes itself as “a global opportunistic… fund seeking multiple returns by focussing on deeply discounted private, pre-IPO natural resource companies. Exit is via IPO, asset sale, reverse takeover, joint venture or takeover.” (In other words, it’s an outfit concentrating on private equity and hedge fund maneuvres). Headed by Carmel Daniele, a former member of the RAB Capital team, the Fund is “structured” as an unlisted lock-up fund, incorporated in the Cayman Islands tax haven, and concentrates primarily on taking those “opportunities” which exist in South America [MJ 21 November 2009].

CDC Group PLC, formerly the UK government’s Commonwealth Development Corporation, is a publicy-owned “fund of funds” which invests in private equity enterprises focussed on Asia, Africa and Latin America, through its subsidiaries Actis and Aureos. It is the leading shareholder (at around 27%) in African Lion Ltd (qv).

Between 2005 and 2008, CDC placed around £314 million in Emerging Capital Partners (qv). [Private Eye, London, mid-2008 – exact date unknown].

CDS & C0 is a nominee company for the issue of Canadian Depository Securities, or government treasury bills. In early 2007 CDES & CO was the largest shareholder (71.5%) in Anvil Mining Ltd [Piplinks 2007], whose recent operations in the DR Congo have been condemned, both inside and outside the country, for breaching human rights.

Centaurus Capital, based in London, operates the Centaurus Alpha (hedge) Fund and was involved in the bid to break up Ahold, the steel company, in 2006 [FT 26 June 2006].

Challenger Capital Corp is a “capital pool” Canadian outfit that, along with Ansell Capital Corp. entered an agreement in Septemer 2009, to acquire the Redrock and Battle Mountain gold properties in Nevada.

Chase Nominees – see JP Morgan Chase

The Children’s Investment Fund (TCI) is a major hedge fund which was involved in the Severestal bid for Arcelor in 2006 [FT 26 June 2006].

China Investment Corp – in February 2009 began discussing possible investment (if not take over) opportunities for Fortescue Metals Group, Australia’s third biggest iron ore producer. This, and other approaches, are being advised upon by JP Morgan Australia, Grant Samuel and Azure Capital [MJ 20 February 2009].

Christian Leone – see Luxor Capital

CIBC World Markets is part of Canadian Imperial Bank of Commerce. For over a century, it has claimed its “close involve[ment] in the mining industry and “stand[ing] at the forefront of the industry as a recognized leader in providing financing and advisory services to mining companies around the globe.” The bank’s metals and mining professionals are located in Toronto, Vancouver, Sydney, London and New York, with mining investment bankers recently established in Hong Kong and Beijing.

As a global leader in mining M&A advisory (it’s the biggest in Canada), equity underwriting and project financing, CIBC has undertaken assignments for mining companies in North and South America, Australia, Europe, Asia and Africa.

Among its gold and base metals equity transactions have been ones with:

• Placer Dome (USD$468 million)

• Noranda (CAD$614 million)

• Centerra (CAD$282 million)

• Etruscan Diamonds SA (private placement) [MJ 16 March 2007]

Among the bank’s M&A lead advisory roles have been those in:

• the 2007 merger between Rio Tinto and Alcan (worth USD$44.0 billion)

• Xstrata’s 2006 takeover of Falconbridge (CAD$27.0 billion)

• Barrick’s earlier absorption of Placer Dome (USD$10.7 billion)

• Goldcorp’s acquisition of Glamis Gold (USD$8.5 billion)

• Noranda’s successful 2005 bid for Falconbridge (CAD$4.5 billion)

• Teck Cominco’s take out of Aur (CAD$4.1 billion)

• Katanga’s 2007 takeover of Nikanor (USD$2.1 billion), and

• AngloGold’s merger with Ashanti Gold (USD$1.7 billion).

In addition, CIBC has been a lead arranger of financing for some of the largest mining projects, including for:

• Antamina (Xstrata, BHP Billiton, Teck Cominco, Mitsubishi, Peru,)

• Alumbrera (Xstrata, Northern Orion, Goldcorp, Argentina)

• Collahuasi (Anglo American, Chile)

• Bulyanhulu (Barrick Gold, Tanzania)

• Diavik (Rio Tinto, Canada)

• Las Cruces (Inmet, Spain)

• Mina Justa (Chariot Resources and Korean partners, Peru)

• Quebrada Blanca (Teck Cominco, Chile)

[Information from CIBC website, 20 January 2008 and other sources]

In September 2008, CIBC joined a syndicate of underwriters, led by RBC Capital Markets (qv) which included UBS Securities Canada Inc. and Raymond James Ltd, to promote Banro Corporation’s gold projects in DR Congo.

Goldman Sachs Canada Inc. joined CIBC World Markets Inc. as co-lead managers and joint book runners of a share offering for Pan American Silver in February 2009; with. UBS Securities Canada Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Raymond James Ltd. Salman Partners Inc. and Canaccord Capital Corporation acting as co-managers of the Offering [Marketwire, 5 February 2009].

Two months later, CIBC also joined with Goldman Sachs as joint bookrunner for a CDn$ 88 milion share issue on behalf of Equinox Minerals, to be used to strengthen the company’s position in the important Lumwana copper projet in Zambia [MJ 10 April 2009].

CIBC Canadian Control Account (CCC), which holds 4.26% of the equity in Oriel Resources PLC (see CS Nominees) [Hemscott 13 February 2008] is an “offsetting service that nets the balances in [customer] accounts on a daily basis for interest calculation and liability purposes.”

CIM Special Situations Fund Ltd is a UK publicly traded hedge fund, structured as a mortgage REIT. (This means that it has to pay at least 90% of its income out as dividends every quarter). In 2008 it held 6.2% of Tower Resources PLC (see Bayview Investments) [Hemscott 13 February 2008]; 10.6% of Horizonte Minerals plc. In 2007 it held 9.7% of Zambezi Resources, listed on AIM. [proactiveinestors.co.uk, 2 March 2007]; and 2.58% of uranium mining explorer, Extract Resources (see HSBC Custody Nominees (Australia) Limited).

In 2008, CIM owned 5.9% of Altona Resources PLC, which is prospecting for coal-to-liquids opportunities in Australia [Reuters, 6 February 2008]; and was the biggest (5.47%) shareholder in Minerals Corporation Ltd [company announcement, 10 January 2008].

Citibank/Citigroup/Citicorp/Citi. Until a near-meltdown, following the “sub prime crisis” of 2007-08, this was the world’s biggest financial services provider. In February 2009, the US Treasury agreed a deal whereby it would take up a 36% holding in the bank.

Since 2005, Citigroup has participated in several major “revolving credit” placements with mining companies. These companies include: with

• AngloGold Ashanti (RC: US$ 700 million);

• Barrick Gold (US$1.5 billion);

• PT Freeport Indonesia (US$ 465 million);

• Newmont Mining (US$ 2 billion)

Citicorp Nominees Pty Ltd is the fifth largest shareholder (7.67%) in Fortescue Metals (see ANZ Nominees); a 3.5% shareholder in Medusa Mining Ltd (see Gazmetall), active in gold-copper forays in the Philippines [company website, 14 January 2009]; and it held 1.51% of Extract Resources in September 2007.

In April 2007, Citi provided a bridge loan to Vedanta Resources PLC (US$ 1.1 billion euros) and, two months later, arranged a share issue (IPO) of US$ 2 billion, to enable Vedanta’s subsidiary, Sterlite Resources, to trade on the New York Stock Exchange [Bank Secrets 2007].

Citi’s self-owned or managed shares include:

US$ 156.7 million	in	Freeport McMoran-Phelps Dodge
US$ 74 million	in	Barrick Gold
US$ 55.2 million	in	GoldCorp
US$ 15.4 million	in	AngloGold Ashanti
US$ 1.9 million	in	Vedanta Resources
US$ 0.01 million	in	DRD Gold

[Bank Secrets 2007]

Citigroup, as of December 2007, held 4.03% of POSCO (see also: Alliance Bernstein, and Berkshire Hathaway).

On 2 February 2009, along with Macquarie Bank, Citigroup managed a share offering, aimed at raising US$130 million for Hong Kong-based Real Gold Mining – the second biggest IPO in Hong Kong since October 2008 [South China Morning Post, 2 February 2009].

A day later (on 3 February 2009) Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., with BMO Capital Markets as lead manager, raised around $US 1.7 billion in a public offerings of 34,500,000 shares of common stock, and $517.5 million of convertible senior notes due 2012, for Newmont Mining. The US’ leading gold company intends to use the net proceeds to fund acquisition of the remaining one-third interest in its huge Boddington gold project in Western Australia [PR Newswire/First Call, 3 February 2009].

CITIC Bank (not to be confused with Citigroup) is part of the Chinese CITIC financial services group, which specialises in natural resource investment; mainly oil and gas. In July 200-9 it established a gold linked investment vehicle along with Standard Bank [MJ 24 July 2009].

City Equities Ltd holds 8.02% of Red Rock Resources PLC [Hemscott 18 May 2008]. City Equities Nominees Limited, as of 15 September 2007, held 6.44% of West African Diamonds PLC.

CNRHY/City Natural Resources High Yield Trust PLC is a “closed-end” equity investment company, specialising in mining and natural resources. It is advised and managed by New City Investment Managers Ltd (NCIM) (qv).

As of 30 June 2008, its ten largest mining investments were in:

Goldcorp (worth £ 4 million)
Extract Resources (£4 million)
Gold Eagle Mines (3 million)
Kalahari Minerals (£2.7 million)
Riversdale Mining (£2.2 million)
FMG Finance (£2 million)
Albidon (£2 million)
Pike River Coal (£1.9 million)
Avoca Resources (£1.8 million)
Kinross Gold (£1.8 million)

It has smaller holdings in:

Metals Exploration
Potash Corp
Sphere Investments
Allied Gold
Resolute Mining
Sylvania Resources
Mano River
Western Areas
Rusina Mining
Platinum Australia
Cudeco
First Australian Resoures
Simmer & Jack Mines
Radicle Projects
Mintails
Jubilee Platinum
Lihir Gold
San Gold
Nikwe Platinum
Western Goldfields
Polar Star Mining
Kenmare Resources
CGA Mining
Magindustries
Tamaya
Great Panther
New City Energy
KIPC Middle East
Crecent Gold
Katanga Mining
Heemskirk
Churchill Mining
St Barbara
Vane Minerals
Altus Minerals
Dragon Mining
Platmin
Dyno Nobel
Zedex Minerals
Metorex
Ferrous Resources Placing
Allied Nevada Gold
Silver Wheaton

However, in the year since, CNRHY has reduced its exposure to mineral exploration companies, concentrating on “small, emerging, producers” [MJ 13 March 2009]. At the end of January 2009, it had holdings were in:

Goldcorp (6.1% of the trust’s assets)
Extract Resources (5.3% of CNRHY assets)
Kalahari Minerals plc (3%)
Randgold Resources (2.5%)

The City of London Investment Trust plc is managed by Henderson Global Investors Ltd (qv), with an independent board of directors. As of 30 June 2008, it held:

• £16 million of shares in Anglo American

• £13,82,0001 shares in Rio Tinto

• £13,400,000 in BHP Billiton

• £3,500,000 in Kazakhmys

• £2.5 million in ENRC

Clive Palmer (actually Professor Clive Palmer) is not an anomaly as such. He follows in the tradition of extremely wealthy Australian mining magnates, such as Lang Hancock, Alan Bond, Robert Champignon de Crespigny and Andrew Forrest (see Forrest Group), by putting his money where his mine mouths are. But he’s probably the only one of his ilk to hold a professorship, and his investments have certainly proved of distinction (academically speaking). Through his Mineralogy Pty Ltd holding company, he owns 66.37% of Australasian Resources Ltd a major iron ore producer in Australia, and controls Resource Development International Ltd., based in the UK Midlands. He also effectively owns Gladstone Pacific Nickel which, in July 2009, was looking to bid for control of BHP Billiton’s nickel refinery operations in Australia [WA News, 3 July 2009]. See also: Resource Development Capital

Clydesdale Bank, a large Scottish high street retail and business investment bank is part of the National Australia Bank Group; it holds 4.96% of Kenmare Resources (see State Street) [Hemscott 12 February 2008].

Coal International plc is both a holding company and a coal producer, with investments in coal mining companies in Wales, the United States and Canada. As of December 2007, it held:

• 100% of Maple Coal and King-Coal Corporation (registered in England and operating in the US)

• 50% of Energybuild Group plc

The biggest shareholders in Coal International are Cambrian Investment Holdings Ltd (see Cambrian Mining) at 34.38%, and RAB Capital (qv) at 9.59%.

Colonial First State claims to be Australia’s leading superannuation fund manager, both for invididuals and groups. It holds 5.13% of the share capital of Australia nickel-sulphide explorer, Western Areas.

Commonwealth Bank of Australia

OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan from a banking syndicate comprising ANZ Banking Group, Bank of Scotland International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland (RBS). The money will mainly be used for “short-term cash needs” the company’s Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver project in Indonesia [Metal Bulletin, 23 January 2009] (See also: Societe Generale/SG).

In December 2008, along with Societe Generale Australia Branch, the Commonwealth Bank arranged a debt facility for Avoca Resources Ltd’s US$47.2 million Higginsville gold project in Western Australia [MJ 12 December 2008].

By February 2009, it had secured 4.5% equity in Albidon Ltd (see African Lion Ltd) [Hemscott 12 Februray 2009] and 4.99% of Allied Gold Ltd (see HSBC Global Custody Nominees) [Hemscott 12 February 2009].

Compass Asset Management – see JSC

Contango Markets is a European-based advisory service on commodities-related investment and derivatives which offers services, among others, to hedge funds. It is believed to hold 4% of Gryphon Minerals Ltd. (see Standard Bank).

Cormark Securities Inc is the new name for Sprott Asset Management, a brokerage and investment bank, specialising in mining [MJ special supplement on the Prospectors and Developers Association Canada (PDAS) 12 February 2006]. Via its Sprott Molybdenum Participation Corp, it has been acquiring shares in various mining companies since early 2007 [MJ 13 April 2007].

Along with RBC Capital Markets Inc, in late 2007 it co-led an underwriting syndicate for shares issued by Aurora Energy Resources Inc, to “develop” the controversial Michelin and Jacques Lake uranium deposits in Labrador, Canada. (see also: Fronteer) [MJ 2 November 2007]

At around the same time, Cormark made a brokered placement of 125 million units in a copper-gold company called Campbell Resources, on behalf of Nunisco Resources, enabling the latter to advance exploitation of a major copper deposit in Quebec.

Early in February 2009, Lundin Mining's Red Back mining subsidiary in Mauritania negotiated a bought deal worth about $150 million with a group of underwriters led by Cormark Securities and BMO [BullionVault, 4 February 2009].

The following month, Cormark, along with Toll Securities Inc, managed a share placement, valued at US$ 27 million, for Mineral Deposits Ltd – which would be used to repay debts incurred with RMB Australia Holdings Ltd, and Macquarie Bank [MJ 27 March 2009].

Coronation Fund Managers Ltd, based in South Africa, has 150 billion Rand of investment under management, and operates in Botswana, Swazliand and Namiba, as well as the Republic itself. It is the principal shareholder (17.13%) of Pan African Resources, a gold company with two major projects in South Africa, and prospects in Ghana and Central African Republic [Growth Equities and Companies Research, 9 October 2009].

Crawley Investments, part-owned by entrepreneur Michael Kieman, in November 2008 provided A$ 6 million financing to Redbank Mines Ltd of Australia. Earlier, two of Kieman’s other mining companies (Monarch Gold Mining Co and Matilda Minerals Ltd) went into administration [MJ 21 November 2008].

Credit Suisse/Credit Suisse First Boston Equities/CS and Glencore (qv) in 2006 formed a joint venture to trade in metals and minerals derivates [Forbes.com 3 August 2006]. This partnership followed a similar joint venture set up by the two firms, in power, petrol and oil trading, along with the major US electricity utility TXU [Forbes.com ibid].

As of 2009, it held 4.95% of GCM Resources [Hemscott 14 August 2009] (see CS Securities below) and 4.43% of African Minerals (see Prudential PLC) [Hemscott 22 February 2009].

CS Securities Ltd has 5.79% in Central African Mining & Exploration (Camec), active in DR Congo (see Capital Group Companies, and RP MEF).

CS Securities (Europe) Ltd currently owns 3.93% of GCM Resources [Hemscott 9 August 2008] (formerly Asia Energy), manager of the notorious, blood-stained Phulbari coal mine project in Bangladesh [GCM Resource data, 10 January 2008]. CS was the subject of a letter-writing campaign by European and Bangladesh NGOs in late 2007, and somewhat reduced its holdings in GCM shortly afterwards.

In February 2009 CS Securities Europe held 9.45% of Alexander Mining PLC, which sells mining and mineral processing technologies [Hemscott 12 February 2009]; 3.74% of Aricom [Hemscott 13 February 2009], and 4.72% of Mwana Africa PLC (see HSBC Global Custody Nominees (UK) Ltd) [Hemscott 14 February 2009].

It is also the third biggest shareholder (at 3.94%) in BlackRock World Mining Trust PLC (qv) and also holds:

• 5.30% of Nufcor Uranium Ltd (see Deutsche Bank) [Hemscott 14 February 2008];

• 4.76% of Kalahari Minerals PLC (see RAB Capital) [Hemscott 12 February 2008];

• 4.25% in Diamondcorp PLC [Hemscott 11 February 2008];

• 8.49% of Van Dieman Mines PLC (see Galena) [Hemscott 12 February 2008];

• 5.84% of Palmaris Capital plc (qv)

In 2003 CS arranged made a “Capital Management Arrangement” for the controversy-ridden Tampakan Copper Project in Mindanao, the Philippines, although this was terminated in 2006. [Piplinks Research, 2007]; in mid-2007 it held 3.42% of Minerals (now Intex) [Philippines Research, 2007].

CS Client Nominees (UK) is the biggest stock holder (10.82%) in Mariana Resources Ltd, which invests in, and explores for, gold, silver, copper et al in Argentina, Chile and Ecuador [Hemscott 12 February 2008]. It holds:

• 9.27% of the seabed minerals “explorer”, Neptune Minerals PLC [Hemscott 13 February 2008];

• 7.31% of Oriel Resources – focussed on chrome and nickel in Russia [Hemscott 13 February 2008];

• a small stake (3.08%) in Cambrian Mining PLC [Hemscott 11 February 2008];

• just under 8% of Cape Diamonds PLC [Hemscott 11 February 2008];

• 12/42% of Tower Resources PLC, active in Namibia and Uganda [Hemscott 13 February 2008];

• 4.28% of gold “recovery” junior, Goldplat PLC, operating in Ghana and South Africa; and

• 4.95% of Ariana Resources plc (see Starvest PLC).

As of November 2007, the UK nominees held 3.13% of Palmaris Capital plc (qv.) and by mid-2007 was the largest single shareholder in Cambridge Mineral Resources plc, engaged in extensive gold prospecting in Colombia, Peru and Bulgaria and which, in 2006, acquired the major Masa Valverde base-metal deposit in Spain. [Cambridge annual report, 2006, 14 June 2007]. CS Client Nominees’ holding in Cambridge was itself held by RAB Special Situations (Master Fund) Ltd (qv).

In February 2009, the nominees were the biggest holder of shares in Angus & Ross PLC, whose prime asset is a lead-zinc mine (currently closed) in western Greenland [Hemscott 12 February 2009]; and second biggest fund holder in Beowulf Mining PLC – see Sunvest Corp Ltd [Hemscott 13 February 2009].

Credit Suisse First Boston Nominees in February 2008 held 21.85% - as the biggest shareholder – in Maghreb Minerals PLC, which explores for lead, zinc et al in Tunisia [Hemscott 12 February 2008]; and 3.26% of UMC Energy PLC [Hemscott 12 February 2008].

Crosby Capital Partners/Crosby Asset Management is a London AIM registered investment fund, with offices in Hong Kong and Singapore, that holds 3.07% of Medusa Mining Ltd (see Gazmetall) [Gazmetall co. statement 4 February 2009]. It is part of a consortium, set up by Stanhill Resources Pty Ltd (qv) to bid for a takeover of Indophil Resources NL and secure its 34.23% stake in the most prospective copper-gold project in the Philippines, at Tampakan [MJ 17 April 2009] (see also: Lion Selection).

CRX Investments holds 4.84% of Nova Scotia gold explorer, Atlantic Gold [Business Spectator 15 May 2009].

Cyrus Capital Partners is a US “hedge fund sponsor” which, in November 2008 offered US$12. 5 million to Angus & Ross PLC, to develop its prime asset, the Black Angel lead-zinc mine (currently closed) in western Greenland [Hemscott 12 February 2009]. Later the mining company intended to raise US$60 million from Cyrus, but abandoned the plan when it had difficulty in repaying the earlier loan, because of the meltdown in global markets. In mid-2009, the loan was apparently “re-structured” and Angus & Ross said it intended to change its name to Angel Mining plc [MJ 7 August 2009].

D

Dahlmann Rose & Company LLC was founded in 2002 by Ernest J. Dahlman III and Simon Rose, when (to quote their own words) they “saw opportunity for value creation in the under-covered Marine Transport sector and sought to build a firm that would become the thought leader (sic) in the sector.” Since then the company has become “a full-service investment bank specializing in the natural resources supply chain.” Headquartered in New York, the company has been the lead bookrunner for Paramount Gold Corp and Vista Gold Corp; sole financial advisor to Sante Fa Gold Corp, and placed shares on behalf of uranium-miner, Uranerz Energy Inc - all operating in the US (see also: Hayman Securities).

Daintree Resources Ltd is an Australian investment firm, jointly owned by Jason Ann Minn Cheng and an associate [MJ 17 July 2009]. Daintree holds 24.01% of Philippines mining company, Toldeo Mining plc [Hemscott 15 August 2009] which mines and ships nickel from Palawan, where considerable concern has been expressed about its impacts on the fragile ecology of this Philippines island.

Dan Gertler is one of the worlds best known and controversial "diamantaires", but his questionable reputation doesn`t stop there. Along with his family trusts, Praire International (qv), he holds shares in Camec, operating in the DR Congo (see: Capital Group Companies and John Bredenkamp). Another family trust, Camrose Resources Ltd, in 2008 acquired a 62.5% interest in Africo Resources Ltd which, the following February, confirmed a deal with the DR Congo government to proceed with its 75%-owned Kalukundi copper-copper project [MJ 6 February 2009].

Davidson Kempner European Partners LLP was one of the hedge funds which profited from holding shares in Arcelor when it was taken over by Mittal in 2007 [Hedge Fund News, 26 June 2006]; was involved in criticising the earlier attempt by Russia`s Severastal to take over Arcelor in 2006. [FT 26 June 2006]

DCM DECOmetal Gmbh (sic) is an Austria-based private international trader in ores, alloys and metals, with interests in manganese, chromite, zircon and iron ore. In February 2009, DCM paid Aus$2.2 million to acquire 19.9% of Australia mining company Stirling Resources which is focused on copper, zircon, gold and iron ore. Sterling also has an agreement with India’s NMDC (National Mining and Development Corporation) to exploit coal and iron in Australia and New Zealand [Business Specatator, 24 February 2009].

Deans Knight Capital Management is a Vancouver based investment fund, with an unknown share in Anvil Mining Ltd [Piplinks 2007].

Delong Holdings was, until late February 2008, 77% owned by Best Decade Holdings Ltd. In March 2007, Delong bought 70% of Cape Lambert Iron Ore Ltd, with an eponymous mine in Australia [MJ 30 March 2007]. In February 2008, the huge Russian iron/steel combine, Evraz (41%- owned by Ramon Abramovich), bid to acquire up to a 51% stake in Delong from Best Decade [Interfax China Metals and Mining, 22 February 2008].

Denham Capital Management Ltd/ Denham Commodity Partners Fund VLP is a US-based private equity firm, specialising in commodities and energy. In January 2009, it made an offer for AIM listed mining concern Polo Resources, which described the bid as highly conditional and significantly undervaluing the company`s assets, although it did not rule out a later cash offer [Smallcap.news.co.uk, 26 January 2009].

Desjardin Securities, a Canadian brokerage company, in December 2008 purchased C$800,000 of units, entitling it to 7% of Adventure Gold, a Toronto Stock Exchange registered company prospecting in northern Canada.

Deutsche Bank AG (DB): Germany`s biggest investment bank in March 2007 secured nearly 52% voting interest in Crescent Gold Ltd (Australia) with purchase of 316 million shares [MJ 30 March 2007].

DB`s London subsidiary was, at the same time, invested in the Masara mine project of Crew Gold (now Intex) in the Philippines; and acted as a broker for the Tampakan project, also in the Philippines, operated by Xstrata. [Piplinks Research, 2007].

Deutsche Bank

• in 2008 was the second biggest shareholder (at 18.33%) in Nufcor Uranium Ltd [ Hemscott 14 February 2008];

• held 4.75% of share capital of Lonmin Plc [Hemscott 22 January 2008];

• has 4.09% of UK COAL (see Artemis Investment Management Ltd)

• was in 2008 a 3.16% shareholder in Aurum Mining PLC [Hemscott 24 January 2008]

• Deutsche Bank Asset Management in 2008 had 7.92% of LonZim PLC, effectively the holding company for, inter alia, Lonrho PLC (see Tudor Capital) [Hemscott 12 February 2008]

Among its own and self-managed shares (as of late 2007) are ones in:

• Freeport McMoran- Phelps Dodge (US$ 1,063 million);
• Barrick Gold (US$ 226.6 million);
• Newmont (US$ 339.2 million);
• GoldCorp (US$ 330 million);
• Vedanta Resources (US$ 19 million), and
• Anvil Mining (US$ 1.3 million) [Bank Secrets 2007]

Deutsche Bank in February 2009, joined by JP Morgan Cazenove, led Xstrata`s rights issue, in an attempt by the UK-Swiss mining company to grapple with its debt [TheLawyer.com, 9 February 2009].

In July 2009, Deutsche Bank acted, along with the State Bank of India and the country’s IDBI, as joint lead arranger for a 6,150 crore (over US1 billion) loan to Sterlite (Vedanta Resources) for construction of a coal-firedpower project in Orissa, aimed at supplying elcectricity for the UK company’s Jharsaguda aluminium smelter.

Dexia is a European retail bank which owned, or managed (as of late 2007), shares in:

Freeport McMoran (US$ 21.0 million)
Vedanta Resources (US$ 10. 5 million)
GoldCorp (US$ 1.3 million)
AngloGold Ashanti (US$ 1.2 million)
Barrick Gold (US$ 0.8 billion)
Newmont Mining (US$ 0.6 million)
DRD Gold (US$ 0.5 million)

[references for all: Bank Secrets 2007]

Dimitrios Koutras is a private entrepreneuer who, by late 2008, had acquired 9.7% of Toronto-listed European Goldfields Ltd [EGL] which has projects in Greece, Romania and Turkey. His wealth reportedly derives from his ownership of the big Greek construction company, Aktor (which performed at least half the building used at the 2004 Athens Olympic Games) [MJ 21 November 2008]. EGL’s Greek subsidiary, Hellas Gold SA, has three projects in Greece, including the Skouries-Stratoni lead-zinc-silver mine, which became operational in September 2005. According to Ken Gooding of the Mining Journal “Hellas has a chequered history, it was privatised by the Greek government and acquired by TVX Gold Inc, but that company walked away…Dr Koutros (sic) [then] swapped his and Aktor’s holdings in Hellas for shares in EGL and joined the EGL board” [MJ ibid].

Dresdner Kleinwort is believed to have put together a proposal for the merger between Russia`s Metalloinvest (qv) and Norilsk Nickel in early 2008 [MJ 29 February 2008]. Dresdner Kleinwort Securities Nominees Ltd appears to have sold out of the 4.81% it previously held in Ormonde Mining plc (see JP Morgan Asset Management (UK) Ltd) [Hemscott 16 August 2009].

Dundee Securities, part of Canadian-based Dundee Wealth Management, is an investment firm that participated, in mid-summer 2009, in underwriting a share issue for Mirabel Mining which has a major nickel prospect in Brazil, joined by GMP Securities (qv) BMO Capital Markets, Cormark Securities Inc., and Haywood Securities Inc. [CNW newswire 11 August 2009]. Earlier it had joined BMO Capital Markets in agreeing to purchase 80 million shares in Lundin Mining Corp (see BMO Financial Group).

In October 2009, it participated with Haywood Securities (qv) et al, in raising US$17 million for Uranerz Energy Inc.

Dunedin Income Growth Investment PLC - part of Aberdeen Asset Management - as of January 2008 held shares worth £11,597,000 in Rio Tinto and worth £10,260,000 in Anglo American.

Dynamic Funds of Canada was a finalist in the Mines and Money Awards for 2006 [MJ 8 December 2006]. Based in Montreal, the top holdings of its Dynamic Precious Metals Fund, as of May 2009 were:

Osisko Mining 11.64% (of the Fund’s portfolio)
San Gold Corporation 10.14%
Red Back Mining Inc. 9.03%
Aurizon Mines 8.71%
Agnico-Eagle Mines 8.50%
Kinross Gold 7.02%
Eldorado Gold 5.84%
Alamos Gold 4.74%
Goldcorp Inc. 4.66%
Capstone Mining 3.09%

E

Earth Gold – see Earth Resources Investment Group (ERIG)

Earth Resources Investment Group (ERIG) launched itself in 2006 and is based in Switzerland, with offices in Cape Town, London, and the Swiss tax haven of Zug. It advises on investments for three euro-demominated investment funds, administered by Universal-Investment Gmbh, based in Frankfurt. These are Earth Exploration, Earth Energy and Earth Gold. In July 2008, the last-named entered a joint venture with Luxembourg’s MRI Resources AG, to “develop…a private equity platform to invest in listed and unlisted resource companies” [MJ 2-9 January 2009].

Earth Gold makes equity purchases in mining companies –its’ largest holdings being in AngloGold Ashanti, Kinross and Newcrest, with shares, inter alia, in Silver Wheaton and Andean Resources. The Fund’s portfolio also includes purchases of precious metal commodity stocks, and on Exchange-Traded Funds (ETFs).

The Eastern European Trust PLC invests in former CIS countries and Turkey. As of 31 January 2008, it held:

• just under US$ 22 million of shares in MMC Norilsk Nickel;
• US$ 9.5 million in the Raspadskaya coal mine;
• US$ 7.625 of shares in Russia`s Evraz Group;
• just under US$ 12 million in the Mechel Steel Group;
• US$ 5. 321 million in the Magnitogorsk Iron & Steel works;
• US$ 5 million in Polyus Gold;
• US$ 4.5 million in major steel producer, Severstal;
• just under US$ 4 million in Russia's biggest potash producer, Uralkali;
• US$ 1.754 million in Kazakhstan`s Uranium One;
• and US$ 1.877 in the same country`s only listed cement producer, Steppe Cement.

EBX Group is the investment company controlled by Eike Batista, who’s been dubbed “the richest man in Brazil” and enjoys some notoriety in his all-too-public “private” life. He has posed nude for several men’s magazines and been exposed on the front cover of Brazilian Playboy no less than five times. His net wealth in 2008 of US$ 7.5 billion doubtless helped bolster his image further - despite his being raided by police in July last year, on suspicion of fraud over a railway contract, and tax evasion at a gold mine [MJ 31 July 2009]. Last year, Batista sold some iron ore projects to Anglo American, gaining himself US$5.5 billion; and in November 2008 he acquired 9.5% of promising Colombia-focused Ventana Gold Corp (not to be confused with Vedanta Resources) for around Cdn$40 million. This he added to existing investments in Equinox Resources and Pan Silver. However. his main mining asset is MMX – Mineracoa e Metallico SA in Chile [MJ ibid.].

Eclectica Asset Management is a long/short equity hedge fund, launched in September 2002 by Scotsman, Hugh Hendry. Although Hendry won an award as Top Performing Newcomer in Hedge Funds in 2004 for his Odey Asset Management (qv) Eclectica Fund, after a dispute with OAM’s management (OAM) he later took Electica under his own wing, saying he had been Odey’s “Frankenstein’s child”.

In 2003 Hendry generated returns of nearly 50% with the Eclectica Fund, including a successful bet on the rise in gold prices [Hedgefund Journal, February-March 2006].

Edco Capital Corp is headed by a director of Imperial Metals Corp which - together with Balinhard Capital Corp (qv) - invested nearly 30 million Canadian dollars in that mining company`s Red Chris project, British Colombia, in early 2008. The previous year the project was delayed by Canada's Federal Court when found to be "procedurally incorrect" - a euphemism for the company failing to assess the future mine's impact on water and fisheries. [MJ 1 February 2008]

Edinburgh UK Tracker Trust Plc is an investment trust which "tracks" the FT All-Share Index. As of 31 December 2007, it held £9.426 million of shares in Rio Tinto; £7.229 million in Anglo American; £6.649 million of BHP Billiton; and £4.562 million of Xstrata. A year later (at 31 December 2009), the Trust had reduced its holding in Rio Tinto by more than a third (to £2,603 million), and slashed its involvement in Xstrata to £813,000, while retaining no major interest in BHP Billiton.

Edinburgh Worldwide Investment Trust Plc is part of Baille Gifford, the Scottish investment fund manager (see Monks Investment Trust). As of 31 October 2008, it held just under £4 million worth of shares in Vale.

Eduardo Hochschild is a South American entrepreneur who is majority shareholder (53.86%) and controller of eponymous Hochschild Mining Plc (in which BlackRock holds 4.53% and Altima Partners 3.55%) [Hemscott 31 October 2009]. In October 2009 the company raised $260 million by issuing shares and bonds to invest in new mines and further takeovers; it currently owns six operating mines in Peru, Mexico and Argentina.

Some of this cash would be used to “bump” the firm's stake in Lake Shore Gold Corp back up to its previous 40% level, after a transaction by Lake Shore diluted Hochschild's holding to 27% - and to pay off loans. Hochschild also said it planned to use some of these proceeds to pay off $85 million of its $200 million syndicated loan facility [Reuters 8 October 2009].

Eike Batista – see 63X Master Fund

Electrum Strategic Resources LLC, based in New York, is a member of the Electrum Group of Companies which allegedly holds one of the largest and most diversified portfolios of precious metals exploration projects in the world [Marketwire 2 February 2009]. In early 2009, Electrum became the largest single shareholder (30%) in Canada`s NovaGold, which owns two major gold prospects in Alaska and British Columbia. If Electrum exercises all its warrants in the company it will then own approximately 46%.

Elliott Associates LP is the hedge fund arm of Elliott Management of the US and is the largest single shareholder in Avocet Mining PLC which has two active gold mines in Malaysia and Indonesia [Hemscott 14 February 2009].

Emerging Capital Partners LLC/ECP of the US prides itself on being the first private equity group to invest more than US$1 billion in African companies. In early 2008 it became the biggest shareholder (15.96%) in Central African Gold PLC which has a gold mine in Ghana and is active in Botswana [Hemscott 11 February 2008]. However, due to the financial meltdown in the latter half of 2008, by the year’s end CAG appeared “teetering on the brink of financial disaster” [MJ 21 November 2008].

According to leading British satirical magazine, Private Eye, in 2006 ECP invested in Anvil Mining following allegations of the company’s complicity in the “Kilwa Massacre” of October 2004 by Congolese troops which were allegedly supplied with vehicles by Anvil [Private Eye, mid-August 2008]. (See also: CDC)

ECP is also a shareholder in OSEAD Maroc Mining – an SPV that owns Compagnie Miniere de Touissit, Morocco’s oldest lead producer and exporter.

Emerging Markets Management LLC - as its name suggests - is a hedge fund exclusively devoted to investing in emerging markets, claiming to manage more than US$20 billion of funds, with clients that are "an elite group of global institutional investors including well-known corporate and public pension plans, foundations, endowments, and high-net-worth individuals." It holds 8% of LonZim PLC (see Tudor Capital) [Hemscott 12 February 2008].

Emerging Metals Ltd, established in 2007 and based in the tax-haven of the British Virgin Islands says it "focuses on minor metals and rare earth elements by investing in projects with exposure to these metals." It holds 7.5% of Kalahari Minerals, in Namibia (in which Rio Tinto holds 15.8%); Kalahari itself has a 40% stake in Extract Resources, whose own Namibian uranium lease is close by Rio Tinto`s huge Rossing urnaium mine [Reuters, 19 February 2009].

Endeavour Financial Corp, as of late 2006, held shares in Asian Silver Corp [MJ Special supplement on London, September 2006].

In February 2008, the head of Endeavour Financial, mining financier and broker, Frank Giustra, had (according to the New York Times) secured a huge chunk of uranium resources in Kazakhstan through his company UrAsia. Giustra's deal was allegedly brokered by ex-president Clinton during a so-called "philanthropic tour" of the Central Asian state in late 2005. A few months later, Clinton's eponymous charitable foundation received just over US$ 30 million from Giustra, followed by a whopping US$ 100 million shMonks Investment Trustortly afterwards. (see also: Yorkton Securities)

Clinton's 2005 trip to Kazakhstan was, at least partially, aimed at boostiMonks Investment Trustng a bid by the country's despotic president, Nursultan A. Nazarbayev, to head the OSCE (Organization for Security and Cooperation in Europe). This was despite the regime's notoriously bad human rights record and suppression of free speech. ["After Mining Deal, Financier Donated to Clinton", by Jo Becker and Don Van Natta jr, New York Times, 31 January 2008]

Endeavour provided a US$4 million briding locan to European Nickel plc for its Caldag nickel project in Turkey in mid-2009 [MJ 10 July 2009]; and is backing Encanto Potash Corp’s explorations in Canada [Stockwatch 23 July 2009].

Enhanced Natural Resources Fund – see Investec

Enso Capital Management LLC - a New York based hedge fund with 3.87% of LonZim PLC (qv) (as of 5 March 2009), and 2.2% of Talivivaara Mining (see Varma Mutual).

Enya Holdings BV is a UK-based small investment company, operating in Zambia. It owns Chambishi Metals [MJ 21 April 2009].

EPIC/ Equity Partnership Investment Company PLC, registered in the Isle of Man, is a closed investment company with a private equity subsidiary. EPIC has 9.25% in Aurum Mining PLC (see JSC) [Hemscott 16 August 2009].

Epion is a holding company, wholly-owned by Metalloinvest (qv) and is the largest single shareholder in Nautilus Minerals Inc., the Pacific sea-bed minerals exploration company registered on London`s AIM and the TSE [Hemscott 14 February 2009].

The Equity Partnership Investment Co PLC is a 9.25% share holder in Aurum Mining PLC (see Altima Partners) [Hemscott 14/2/09].

ETF Securities Ltd (based in London) operates an Exchange Traded Fund (ETF) for investment in gold, platinum and other metals [MJ 25 May 2007]. It is believed to be one of the two largest of its kind.

Eton Park Capital Management LP is a New York-based hedge fund which is the fourth biggest shareholder (at 5%) in Talivivaara Mining Co (see Varma Mutual).

Through its eponymous Master Fund, it also holds (as of 16 March 2009) 5.24% in Lonrho Plc [Hemscott 16 August 2009].This holding is managed by its UK subsidiary, Eton Park International LLP and by EP Cayman Ltd.

The company was founded by an ex-Goldman Sachs honcho called Eric Mindich. According to the US website Cityfile:

“Mindich opened the doors to [Eton Park Capital Management] in 2004 to much buzz: The $3 billion he started off with made Eton Park the largest start-up hedge fund in history, notwithstanding fairly onerous investment requirements. (Investors had to agree to tie up a minimum of $5 million for four-and-a-half years, or face a hefty - 6 percent - early withdrawal penalty.)” [http://cityfile.com/profiles/eric-mindich]

Eurasian Development Bank - in December 2006, along with Bayerische Hypo- und Vereinsbank AG (HVB) and West LB - provided US$120 million debt financing for Oriel Resources Plc`s Voskhod chrome project in Kazakhstan.

European Investment Bank (EIB) - see Barclays. In 2003, the EIB provided a 14 million euros debt-financing facility to First Quantum Minerals Ltd. active in DR Congo. In 2008, the Bank was criticised for its investments in Glencore`s copper mining in Zambia and Freeport`s in West Papua ["The shadowy bank that has loaned £150 billion of your money", The Observer, 2 March 2008].

Euroz Securities is a brokerage which is part of financial services firm, Euroz Ltd, based in |Perth, Australia. In 2006 it brokered placements in Adams Resources for a mining project in Ghana. In February 2009 it was the lead manager for a minimum of US$8.7 million of shares for Integra Mining Ltd`s gold project in Western Australia [MJ 20 February 2009]. See also: Blackwood Capital

F

Fairholme Capital Management, Florida, holds nearly US$90 million of securities in Fortescue Metals and 20.3% of Imperial Metals of Canada.

F&C Asset Management Plc is one of the biggest fund managers in the UK, formed as a merger between ISIS Asset Management and F&C Group (Holdings) Ltd in 2004.

Until early 2008, it was owned 53% by life assurer, Friends Provident Plc. However, on January 24 2008 - facing a shortfall of around £400 million - Friends announced that it was near to ordering a "break up" of F&C, by which Lombard, its European wealth management business, would end up in the hands of JC Flowers, the US private equity group. ["Friends review lines up sell-off", by Andrea Felsted and Kate Burgess, FT 24 January 2008].

As of late 2006 F&C Asset Management held stakes worth:

• £9.6 million in Anglo American PLC

• £6 million in Rio Tinto PLC

• £4.74 million in BHP Billiton [F&C annual report 2006]

In early 2008 it owned 10.85% of Aurum Mining PLC [Hemscott 24 January 2008].

As of end-April 2007, F&C Global Smaller Companies PLC held small stakes in UK Coal and the Australian company Consolidated Minerals. On 30 April 2008, it held £1,350,000 in Kenmare Resources.

As of 30 September 2008, F&C Capital & Income Investment Trust PLC held £7,289,000 of equity in Rio Tinto (its eighth largest investment); and just over £2 million in Anglo American.

(See also: Foreign and Colonial Investment Trust, Pacific Assets Trust PLC and British Assets Trust Plc, Investors Capital Trust Plc)

Fenway Partners Inc is a private equity group which sold its 51% stake in Harry Winston Diamond Corp (HWDC) to Aber Diamond Corp in 2004. This enabled HWDC and Rio Tinto to embark on a major expansion of the Diavik diamond mine in Canada`s Northwest Territories in November 2007 [MJ 29 February 2008].

Fidelity International Ltd/Fidelity Investments/Fidelity Management (aka FMC Corporation; see also FMR), based in the US, is one of the world`s largest financial services providers. It has:

• a 5.98% stake in GCM Resources PLC, owner of the Phulbari coal mine project in Bangladesh (see RAB Capital) [Hemscott 19/5/08];

• a minority share in Metals Exploration Plc, active in the Philippines [Piplinks Research 2007] (see also: FMR Corporation);

• 4.55% of ZincOx Resources Plc (ZinOx annual report, May 2007);

• 3.25% of African Copper PLC [Hemscott 12 February 2009];

• 5.6% of Jubilee Platinum (see JP Morgan Chase) [Hemscott 12 February 2008];

• 2.84% of Vedanta Resources PLC;

• 2.13% of POSCO (see Alliance Bernstein and Berkshire Hathaway)

Fidelity European Values plc, as of 31 December 2008, held £8,683 million worth of shares in Arcelor Mittal – the world’s biggest steel maker.

FIMA Inc., based in California, calls itself “a leading lifestyle real estate acquisition, development and consulting firm”, specialising in acquiring land in Latin America and the Caribbean. Through its wholly-owned subsidiary GoldSource, Inc., FIMA controls gold and silver properties in Colombia. In October 2009, FIMA disbanded its Standard Minerals subsidiary [Stock Star.net 19 October 2009].

Firebird Management/Firebird Fund(s), based in the Cayman Islands is a "contrarian portfolio equity fund" that invests in "exotic markets" (for which, read that it`s a hedge fund), specialising in mining portfolios. Two of its six funds are managed by one indivdual, James Passin, who also holds directorships of the National Investment Bank of Mongolia and a Mongolian coal company [MJ 9 October 2009]. In 2005 it held a "strategic" investment in Global Gold in Armenia [MJ November 2005, special supplement on Armenia]... It became the biggest single shareholder (at 24.06%) in Maghreb Minerals PLC (see RAB Capital) [Hemscott 10 June 2008] and largest shareholder in Eurasia Mining PLC which explores for platinum in Russia [Hemscott 11 February 2008]; it also holds 7.12% of Trans-Siberian Gold PLC [Hemscott 13 February 2008]. As of May 2008, it held 8.76% of the share capital of Australian-based Range Resources Ltd, and 32.4% of War Eagle Mining Company Inc, registered on the Canadian TSX.

By mid-2009, Firebird had “snapped up” 64% of Sallies Ltd, a South African fluorspar producer - much to the chagrin of its chairman, Fred Roux, described by Ken Gooding of the Mining Journal as “one of South Africa’s best known executives” [MJ 2 October 2009]. Claiming he was only protecting the interests of minority shareholders in Sallies, against a firm riding roughshod over them, Roux has refused to resign from the company. Firebird has recently been making a major play for fluorspar - having also invested in Kenya Fluorspat Ltd; and, in June 2009, gaining over 18% of the equity in major fluorspar producer, Fluorspar Inc, which operates in Newfoundland. (Fluorspar, or fluorite, is a “multi-talented” mineral, used in steel production, aluminium smelting, the manufacture of glass, enamels and cooking utensils; and, at its highest grade, to make hydrofluoric acid) [MJ ibid].

First Eagle is a US firm dedicated to long term secure investment with some $30 billion of funds under management; it held in 2008 3.68% of Trans-Siberian Gold PLC [Hemscott 13 February 2008].

First Rand Bank is a South African investment bank with a minor shareholding in African Lion Ltd (qv). See also: RMB Resources

First State Investments Management based in Edinburgh, Scotland, held in 2008 3.37% of Mercator Gold PLC [Hemscott 12 February 2008].

Fleming Family and Partners (FF&P) holds 4.80% of Highland Gold Mining Ltd [Highland Gold annual report, 18 April 2008].
(See also Millhouse Capital, Sagitta Asset Management, Mariner Fund and Highland African Ventures)

FMC Corporation - see Fidelity Investments

FMR Corporation - is owned by Fidelity Investments in 2008:

• held 5.49% of African Copper plc [Hemscott 24 January 2008];

• was the second biggest shareholder (12.8%) in Cambrian Mining plc [Hemscott 14 February 2008];

• had 3.27% of Kalahari Minerals PLC (see RAB Capital) [Hemscott 12 February 2008];

• owns 3.95% of Metals Exploration PLC (see Allianz AG) [Hemscott 12 February 2008];

• possesses 3.48% of Toledo Mining Corporation PLC (active in the Philippines) [Hemscott 15 August 2009];

• is 4.78% owner of Anglo Asian Mining PLC [Hemscott 24 February 2008];

• holds 4.75% of European Nickel plc (see Prudential plc);

• holds 4.69% in Allied Gold Ltd (see HSBC Global Custody Nominees) [Hemscott 3 August 2009];

• has 4.5% of Aquarius Platinum [Hemscott 5 August 2009].

Foreign and Colonial Investment Trust PLC is managed by F&C Management Ltd (qv). It described itself, as of March 2008, as "one of the largest global growth trusts, with total assets of £2.6 billion investing in over 680 companies in thirty five countries." At that time it held: stakes worth:

• £60 million in Rio Tinto plc

• £6.2 million in Rio Tinto Ltd

• £24 million in Anglo American

• £9.8 million in Vale

• £9.4 million in BHP Billiton Ltd

Forrest Group International, based in DR Congo is the brainchild of notable and notorious mining entrepreneur, Belgian-born George Forrest. It has been trying to buy Forsys, a company which has rights to a uranium lease in Namibia [MJ 1 May 2009]. See also RP EMF

Fortis is the leading banking services and insurance provider for the Benelux countries in Europe, and is far from reticent about employing client funds for risk-taking and risk-making mining concerns.

In October 2005, Fortis provided US$ 2 million to AngloGold Ashanti; a year later it loaned US$ 12.5 million to Anvil Mining (just after the company was indicted for complicity in atrocities in the DR Congo).

In 2007, Fortis joined a revolving credit facility provided to Barrick Gold, as an international campaign got underway to press the Chilean and Argentinian governments to reject the Canadian company's Pascua Lama project. [Bank Secrets 2007]

Among Fortis´ ownership or management of mining shares in 2007 were:

US$ 97.8 million in Freeport McMoran
US$ 0.5 million in Vedanta Resources
US$ 0.2 million in Newmont
US$ 0.1 million in Barrick Gold

[All references - Bank Secrets 2007]

In January 2009, Fortis "declined" to commit funds towards Century Mining Corp`s Lamaque gold project in Quebec, due to what the Bank called: "depressed financial markets, uncertainty in the overall economic environment and strategic changes within Fortis" [MJ 6 February 2009].

Foundation Resources Inc is a Canadian “capital pool” company which, in July 2009, signed an option with Alto Ventures, to acquire up to 70% of the latter’s Coldstream copper-silver-gold property in Ontario. Foundation can acquire an initial 60% interest in the property by issuing a million of its own shares, with a futher 10% on complet6ion of a bankable feasiblity study.

Fox-Davies Capital (FDC) has, on its website home page, the portrait of one of its dealers: close-cropped blonde hair, a film-star profile, holding a ballpoint pen in his mouth that’s aimed like a missile at his computer (or maybe his colleagues?). That’s obviously the image which this young (just eight years old) London brokerage and advisory house wants to project to customers – which are mostly, though not exclusively, registered on the London AIM. FDC specialises in mining and oil, having recently brokered deals for (among others): Amur Minerals, Angus & Ross, Copper Resources Corp, Discovery Metals, EMED, International Copper, Kryso Resources plc, Nkwe Platinum, Siberian Diamonds and Van Diemen Mines. It holds a small stake in Atlantic Coal plc [Hemscott 16 August 2009].

Franco-Nevada is a royalties revenue company, based in Canada. It obtains an agreed share of profits from various mining companies, instead of investing directly in them by way of equity. Franco-Nevada concentrates on traditionally high-yield mining operations. In the second quarter of 2009 returns from Newmont and Coeur d’Alene mines, among others, boosted its gold royalties to US$23.6 million, although those from the Stillwater platinum mining operations fell [Mineweb 12 August 2009].

Framlington - see AXA-Framlington

Freshfields Bruckhaus Deringer is a leading UK-based law firm which, apart from being main legal advisor for the London 2012 Olympic Games organising committee, in February 2009 was appointed by Xstrata to handled its rights issue as the UK-Swiss company attempted to wrest itself out of debt [TheLawyer.com, 9 February 2009]. Freshfields also handled Xstrata's takeover of Falconbridge in 2006 [The Lawyer, ibid].

Fronteer Development Inc/FRG invests in, and actively explores for, gold in Canada. It holds 42.3% of uranium junior, Aurora Resources Development Inc. which wants to open up a uranium deposit at Michelin in Labrador [MJ 22 February 2008]. This prospect was previously abandoned by Rio Tinto`s subsidiary, Brinex following vociferous rejection by the indigenous Labrador Inuit inhabitants. (see: "Plunder!", published by Partizans and Cafca, London and Christchurch, 1991, pps. 140-142)

Front Street Capital, headquartered in Toronto, is a hedge fund which also offers flow-through-shares for mining companies. It made a 2008 private share placement worth C$ 5 milion for Golden Predator – which has a promising tungsten project in Nevada [Commodity News and Mining Stocks, 3 July 2008].

G

Galena Asset Management is Trafigura’s metals investment arm [FT 20 September 2006]. Galena’s Special Situations Master Fund holds 9.69% of Van Dieman Mines PLC, actively searching for tin, precious stones et al in Tasmania. [Hemscott 13 February 2008]

Galena was set up in 2004 to “leverage the unparalleled commodities knowledge within Trafigura to deliver absolute returns for hedge fund investors.” The Galena Metals fund currently has approximately US$400 million under management.

For its part, Trafigura is one of the world’s largest independent commodities traders, with 55 offices in 36 countries and a turnover in FY 2006 that exceeded $44 billion.

Galileo Global Advisors LLC is a New York-based investment advisory company, which in early 2008 expressed concern about accidents at Arcelor-Mittal’s coal mining operations in Kazakhstan, hinting at a possible reduction in its investment. [Mines and Communities website, 28 January 2008]

Gallagher Holdings Ltd is owned by Russian oligarch, Alisher Usmanov, who also controls Metalloinvest (qv.). He not only operates a huge Russian iron/steel combine, but is also the biggest single shareholder (at just over 24%) in the famed Arsenal Football Club in north London. [Canadian Press, 15 February 2008]. Usmanov made a stock “killing” from liquefying his holding in Corus Steel when it was taken over by Tata Steel of India in early 2007.

As of January 2008, Gallagher was the biggest single shareholder in Abbey PLC, the housing and building group operated by Santander Bank. Gallagher also then held 12.06% of Medusa Mining, operating in the Philippines (see Citicorp Nominees).

Gartmore Investment Ltd, the UK fund manager associated with private equity group Hellman Fried, and Barclays Global Investment (qv) has 7% of Firestone Diamonds PLC [Hemscott 16 August 2009]. It has held (or holds):

• small stakes in CVRD-Inco (now known as Vale) and Freeport McMoran [Observer 20 April 2007];

• 4.38% of Ormonde Mining PLC (see JP Morgan Fleming) [Hemscott 13 February 2008]; and

• 4.20% of Caledon Resources PLC [Hemscott 20 February 2008];

• 6.02% of Aurum Mining PLC [Hemscott 24 January 2008];

• 4.42% of Avocet Mining PLC (see Elliott Associates) [Hemscott 14 February 2009].

Gartmore Global Trust PLC, as of 31 July 2008, held £2.3 million in Vale, and £1.3 in Rio Tinto

Gartmore Growth Opportunities plc, as of June 30 2008, held minor equity in Avocet Mining and Firestone Diamonds.

At the end of July 2009, Gartmore held 7.003% of Firestone Diamonds, registered via Three nominee accounts, including those of HSBC (qv) and Nutraco (qv).

Gazmetall Holding Ltd, as of April 2008, was effectively merged with Metalloinvest (qv). Through its Cyprus registered subsidiary, it holds 11.96% of London-registered Medusa Mining Ltd, an active gold producer in the Philippines [Hemscott 14 February 2009].

Geiger Counter Ltd is a uranium and nuclear-power fund, set up in July 2006 and part of a group of companies managed by New City Investment Managers Ltd (qv). As of January 2009, Geiger clicked with 10.7% of its gross assets in Kalahari Minerals and in Kiwara plc, as well as 7.9% of its assets in Nufcor Uranium [MJ 13 March 2009].

Genesis Fund is believe to be a private equity company which holds 6% of Gryphon Minerals Ltd (see Standard Bank).

Genuity Capital Markets, based in Toronto, is a privately held independent firm, which claims that, “in contrast to many other full-service investment banking firms, we are not part of a multi-line financial institution which serves, and is accountable to, many competing interests.“ It was part of a brokerage deal for Inter Citic in 2008, partnered with Salman Partners and led by Wellington West Capital Markets.

George Forest International (GFI) is the holding company of George Forrest, who began cement manufacturing and coal mining in Zaire in 1992, and has been accused of attempting to take over assets of the DR Congo state corporation, Gecamines. In November 2008, GFI acquired Namibian uranium company, Forsys Metals Corp for C$579 million [MJ 21 November 2008].

Gerard Asset Management is a UK-based full services brokerage/dealer, which – through Barclays PLC – held 6.84% of Cambridge Mineral Resources plc in mid-2007 (see Credit Suisse Client Nominees).

Glasgow Income Trust plc, as of November 2008, held £1.4 million worth of stock in Rio Tinto (a reduction by nearly two thirds of its holding the previous year).

Glencore International AG was, at least until mid-2008, the world’s premier and most profitable private trader in metals and minerals. However, it does not publish financial results. It inherited the assets of Marc Rich and Co in 1993, when Rich fell out with his trading colleagues [FT 20 September 2006]. Rich was a notorious fraudster, wanted in fourteen countries until he was pardoned by Clinton during the US president’s last week of office.

Its most important single investment is the 34.31% it holds of Xstrata PLC [Hemscott 16 August 2009], the world’s fifth largest mining conglomerate, followed by the 16% it enjoys in United Company RUSAL.

Mines, associated assets and processing plants, fully, or part-controlled by Glencore included as of 2008:

Glencore’s Mines:

• Prodeco and Calenturitas (coal), Colombia - 100%

• Carbones de La Jagua (formerly Caribe) (coal), Colombia - 100%

• Los Quenuales (zinc, lead), Peru - 97%

• Iscaycruz (zinc, copper, lead), Peru – 97%

• Yauliyacu Peruba (zinc, lead, copper), Peru - 97%

• Shanduka Coal, South Africa – 70%

• Sinchi Wayra (zinc, lead, tin), Oruro and Potosi, Bolivia - 100%

Empresa Metalurgica Vinto, located in Bolivia’s department of Oruro, was seized and nationalised by president Evo Morales on 9 February 2007. ["Bolivian troops seize key smelter", BBC News, 9 February 2007].

The country’s president, Evo Morales, in September the following year during a speech to the UN General Assembly, claimed that his government’s reversal of the earlier privatisation process was “a rebellion against misery and poverty” [MJ 2-9 January 2009]. Glencore’s Vinto smelter had been singled out as a prime example of such rebellion and the company was accused of failing to conduct proper maintenances well as being involved in corruption with the complicity of the former government.

However, although Morales then threatened to take over Glencore’s Porco, Bolivar and Colquiri mines, by early 2009 the government’s mining company, Comibol, was negotiating joint venture agreements with Glencore to run the operations. An agreement with the company, over compensation for the Vinto nationalisation also appeared to be close [MJ ibid].

• Aguilar mine (zinc, lead, sulphuric acid), Argentina

• Mopani Copper, Zambia - 73%

• Murrin Murrin Joint Venture, nickel, cobalt, Western Australia - 70.3% (effective interest)

• Minara Resources Ltd, Perth, Australia (operator of the Murrin Murrin project.

• Cobar Copper Mine, Australia

• El Cerrejón Coal, La Guajira, Colombia – 11.65% (held through Xstrata PLC</span>)

• United Company RUSAL, bauxite/alumina/aluminium, Russia - 16%

(The merger between RUSAL (66%) and SUAL Group (22%), with some of Glencore’s aluminium facilities was announced in 2006 ["ALUMINUM MERGER - Rusal, Sual, Glencore to create world leader", Canadian Mining Journal, 15 October 2006], and completed in March 2007 – see supra).

In January 2009, Glencore provided a loan of US$ 100 million to Katanga Mining Ltd, supplementing an early tranche of US$ 165 million, which could see Glencore controlling 88% of the DR Congo-based company [MJ 2-9 January 2009]. In April 2009, Glencore provided another US$50 million bridging loan to Katanga, along with a rights issue [MJ 1 May 2009], which resulted in the trading company holding 77% of the shares in Katanga by July 2009 [MJ 10 July 2009].

Glencore’s Plants:

• PASAR (copper) Philippines - 78%

• North America Evergreen Aluminum, Washington, USA - 100%

• Columbia Falls Aluminum Co. Montana, USA - 100%

• Sherwin Aluminum - USA

• Century Aluminm Company, Monterey, USA - 29%

• Portovesme (zinc, lead) Sardinia, Italy

Glencore Investments BV is a wholly-owned subsidiary of Glencore International (qv) which, in late 2006, was reported to be negotiating a joint venture with Copper Resources Corporation to “develop” the Hinoba-an project in the Philippines [Piplinks 2007] . In 2007, it was the largest shareholder in Zambezi Resources Ltd, an Australian company with five gold, copper and uranium projects in Zambia.

In May 2007, Glencore International AG set up an SPV (special purpose vehicle) with RP Capital Partners and others, to attempt a buy-out of Nikanor PLC, a company with a lease (currently under review by the DR Congo government) on one of the largest copper-cobalt deposits in the world. (For more detail – see RP Master Explorer Fund).

Kazzinc is a subsidiary of Glencore International AG which is in joint venture with Highland Gold in a gold-polymetallic prospect in Russia’s Chita region and a gold venture in the country’s indigenous Chukotka region [MJ 12 Decemner 2008].

In May 2009, Ivanhoe Mines signed a marketing agreement with Glencore for production from Ivanhoe’s 85% owned Mamahak coking-coal project in East Kalimantan, Indonesia to which Gelncore would provide both river-barging and vessel-loading “logistical services [MJ 22 May 2009].

At the same time, Glencore signed an initial memorandum of understanding with Trevali Resources Corp which envisages the huge Swiss trading conglomerate, not only selling all production from a Trevali’s planned Peru silver-lead-zinc mine; but also providing “mining experience” and further pre-start up finance [MJ 22 May 2009].

Shortly before these deals were sealed, Glencore’s profits had tumbled by more than two-thirds, forcing the company to sell its Prodeco coal mines in Colombia to Xstrata in March, while suspending some other mining operations [Bloomberg, 19 May 2009].

The crisis spurred Glencore to seek out massive tranches of new bank loan and revolving credit. It is also resorted to credit default swaps (CDSs) – ironically, one of the key toxic "derivative instruments" which lay at the heart of the 2008 credit collapse.

GLG Partners LLP/GLG European Opportunity Fund is a major London-based hedge fund which, in mid-2007 had to cough up US$ 3.2 million in a settlement with the US SEC (Securities and Exchange Commission) after the company was found to have earned $2.2 million in illegal profits. The regulators found that the firm had engaged in manipulative short-selling, thus violating a key SEC Rule sixteen in connection with 14 different public offerings. (The SEC prohibits investors from covering a short sale with securities obtained in a public offering when the short sale occurs within five business days before the pricing of the offering). [Reuters, 27 June 2008]

As of February 2008, GLG held 4.06% equity in Central Rand Gold Ltd [Hemscott 11 February 2008]; and 3.66% of Nufcor Uranium Ltd (see Deutsche Bank) [Hemscott 14 February 2008]; in 2007 it held 7.69% of Energybuild Group (see Cambrian Mining).

As of August 2009 it was the largest single shareholder (9/99%) in African Consolidated Resources Plc, a sub-Saharan Africa mineral exploration company [Hemscott 4 August 2009].

In June 2008, along with BlackRock Investment Management (qv), fellow hedge fund Lansdowne Partners Ltd, and Peter Hambro Mining plc, GLG formed a syndicate to invest US$80 million in Rusoro Mining Ltd.

Global Commodities and Resources Fund – see Investec

Global Dynamic Resources Fund – see Investec

Global Resources Fund, headquartered in the US, is managed by Oceanic Asset Management (qv) and calls itself a “family of mutual funds”, and an “investment advisory firm specializing in natural resources and emerging markets.” In its first 2008 quarterly results Global Resources recorded nearly two and a half billion dollars (US $2.465 million) in net income.

Global also manages a Gold and Precious Metals Fund, and a Gold Shares Fund.

Among investors in Global is the Wisconsin Education Association Council, to whose pension plan is subscribed more than 98,000 public educators, support staff and retirees. [GF announcement 28 December 2008]

Global Resources holds 4.19% in Caledon Resources PLC [Hemscott 20 February 2008].

GMP Securities L.P is part of the GMP Capital Inc/Griffiths McBurney & Partners’ investment services provider, with corporate clients in North America and Europe. In May 2009 GMP Securities Europe placed £39 million of shares on AIM, for Platmin Ltd [MJ 29 May 2009] (See Pallinghurst Resources); and in October 2009, it participated with Haywood Securities (qv) and others in raising US$17 million for Uranerz Energy Inc.

Gold Bullion Securities – see New City Investment

Gold Lion Holdings, according to a statement issued by KazakGold Group Ltd on 15 November 2007, was then “wholly-owned by RBC Trustees (CI) Limited as trustee of The ABM SK Trust, a Jersey discretionary trust whose only named beneficiaries are members of the Assaubayev family, members of which are on the Board of KazakhGold”. RBC Trustees is part of the RBC Group (qv).

The family’s shares in the company have diminished somewhat since, but overall control remains, in 2009, Gold Lion loaned KazakGold US$9.4 million to repay a Euroloan debt [MJ 12 June 2009].

Trading Markets.com tells us that “KazakhGold goes back in history to the dark days of Stalin's collectivization wave which swept through Kazakhstan from 1928... Today it is under control of a Kazakh family by the name of Assaubayev, headed by clan-leader Kanat Assaubayev. An overwhelming majority of the members of the board consists of his relatives… Most of the Assaubayevs have degrees in both engineering and economics, which explains how they could make the enterprise survive.” [Trading Markets.com, 14 May 2009].

Goldman Sachs Group was the world’s most profitable investment bank in 2007. It acquired a 3.46% stake in GCM Resources plc in June 2008 (see Polo Resources) [Hemscott 10 June 2008] and just under 4% of Cambrian Mining plc (qv) [Hemscott 11 February 2008].

Goldman Sachs was accused of having orchestrated the attempt by Russia’s steel conglomerate, Severstal, to take over Arcelor in 2006 [see: “Arcelor, Mittal and the usual hedge fund suspects”, FT 26 June 2006].

It is the second largest shareholder (9.17%) in African Copper plc [Hemscott 24 January 2008]; as of July 2007 was the fourth biggest shareholder in Zambezi Resources [annual report, Zambezi Resources 2007], and has a small (3.03%) stake in LonZim PLC (qv) [Hemscott 12 February 2008].

In May 2008, Goldman Sachs, joined by UBS and Morgan Stanley made a rights issue worth 9 billon Rand (approximately US$ 1.2 billion) on behalf of AngloGold Ashanti. [Mining Weekly, 7 May 2008].

The same month, Goldman Sachs, along with Morgan Stanley and JP Morgan, co-ordinated the London listing of central Europe coal giant, New World Resources NV (see RPG Industries SE).

Goldman Sachs Securities (Nominees) holds 5.30% of Mariana Resources Ltd (see CS) [Hemscott 12 February 2008]. Its International Equity NonTreaty Custodians held just under 6% of Crew Minerals (now Intex) in mid-2007 [Philippines Research 2007].

In early February 2009, with Merrill Lynch & Co. Goldman Sachs became joint lead manager, book runner and underwriter for an Aus$ 750 million share sale, on behalf of Newcrest, Australia’s largest gold miner. JBWere Pty and UBS AG are also assisting with the sale [Bloomberg, 2 February 2009].

Goldman Sachs Canada Inc, along with CIBC World Markets Inc. as co-lead managers and joint book runners; and including National Bank Financial along with UBS Securities Canada Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers, launched a US$ 90 million share offering for Pan American Silver in February 2009 [Marketwire 5 February 2009].

Two months later Goldman Sachs and CIBC World Markets acted as joint bookrunners for a CDn$ 88 milion share issue on behalf of Equinox Minerals, to be used to strengthen the company’s position in the important Lumwana copper projet in Zambia [MJ 10 April 2009].

Grafton Resource Investments Ltd, based in Dublin, Eire, is managed by Newland Fund Management LP, quartered in London’s Bond Street. Grafton targets reatively small and apparently up-and-coming companies, including:

• Canada Gold (13.2% of Grafton’s portfolio)
• Arian Silver Corp (7.4% of portfolio)
• South American Ferrometals (6.1%)
• Compostela Mining (3.8%)
• Indian Minerals Corp (3.4%)
• Uranium Resources (2.3%)

Grafton is the largest shareholder (at 20.69%) in UK-listed Condor Resources PLC, which has mineral plays in El Salvador and Nicaragua; and also (at 42.26% the biggest shareholder of Arian Silver Corp, operating in Mexico [Hemscott 13 August 2009].

Grant Samuel is a major Australia and New Zealand finance firm – see China Investment Corp

Grant Thornton Capital, a leading London brokerage, acted as a “Nomad” (Stock Exchange Nominated Advisor) for Thistle Mining in South Africa in 2007. [MJ 30 March 2007]

That year, Grant Thornton was accused of having intervened on behalf of small-sale miners in Bolivia to support their conflict with the state-owned mining company Comibol.

Greater Europe Fund Ltd was, until a buyout by China’s Zijin Group (see Xiamen Zijin), the majority shareholder in Monterrico Metals plc, owner of the hugely controversial and vehemently community-opposed Majaz mineral property in Peru.

Greenlight Capital is a US$ 6 billion hedge fund, specialising in spin-offs [SeekingAlpha 27 January 2009]. In late 2008, its founder, David Einhorn, bought gold stocks positions, deciding that “gold will do good either way; deflation will lead to further steps to debase the currency, while inflation speaks for itself“ [SeekingAlpha, 30 January 2009]...“

Among its gold acquisitions in the last quarter of 2008 was some equity in Canada’s Kinross Gold [Market Folly, 3 December 2008].

H

Halifax Building Society – see HBOS

Hamilton Capital Partners Ltd – a US “private commercial real estate opportunity investment fund”: holds 14.22% of Hidefield Gold PLC [Hemscott 14 August 2008], whose main current operation is a gold project in Patagonia, Argentina.

Hanlong Group is a private Chinese investment company with interests in mining, electricity, infrastructure, pharmaceuticals, food and beverage, real estate, environmental technology, tourism, and high-tech. Its overseas projects focus on the mining sector, and include several base metal mining prospects in Africa and Canada. In October 2009, Hanlong acquired 207.1 million worth of shares in Moly Mines for $140 million; providing the company with a 10-year loan of $60 million. as well as arranging $500 million of debt funding for Moly’s 10 million-tonne Spinifex Ridge molybdenum and copper project in Australia [Interfax China Metals and Mining, 23 October 2009].

Hansa Trust PLC /Hansa Capital Partners LP, registered in the UK, as of 3 August 2009, held £2.84 million of shares in BHP Billiton, and £3 million in Cape Industries plc, whose predecessor, Cape Asbestos, was found guilty in 2000, of causing massive asbestosis and mesothelioma poisoning among those working for its plants in South Africa.

[See: http://www.minesandcommunities.org]

Harbinger Capital Partners is run by hedge fund manager, Philip Falcone. He became notorious in 2008 (when the populist British newspaper, The Daily Mirror, dubbed him “A greedy pig US billionaire” [Daily Mirror, 18 September 2008], for “shorting” (betting against a rise in price) of his stock in the HBOS insurer and mortgage lender, and thus contributing to the bank’s eventual collapse. In early 2009, Harbinger made a bid for the assets of bankrupted miner, Asarco Copper of the US. However he withdrew the bid in August 2009, when he was widely rumoured to have put his weight (and bonds held by himself and Citigroup in Asarco) behind an attempt by Vedanta Resources’ subisidiary, Sterlite Industries India Ltd, to gain control of the American company. Asarco is saddled with billions of dollars of claims against it for environmental violations, and its failure to pay compensation to thousands of asbestos victims [see Venture Capital Circle website, 5 August 2009].

Harbinger holds 18% - as the biggest shareholder – in Cleveland Cliffs Inc a major US iron ore producer [MJ 25 July 2009]. Harbinger in July 2009 opposed the company's plans to buy coal-miner Alpha Natural, saying it might provide alternatives to “maximise shareholder value” including possible changes to the management or board [Mining Weekly 18 July 2009]. If the deal were to proceed it would, according to Mining Weekly “create the largest iron-ore producer in North America and the biggest coal-miner in the US, with nine iron-ore facilities and more than 60 coal mines, in North America, South America and Australia [Mining Weekly, ibid].

Hatch Corporate Finance is a joint venture with the Hatch Group, which is one of the world’s biggest engineering firms, specialising in mining. Among its clients are Rio Tinto, BHP Billiton, Xstrata and Anglo American. (Details of specific projects can be found on the Hatch website)

Havens Advisors LLC is a US hedge fund set up by the quaintly-named Nancy Havens-Hasty (sic). The fund doesn’t seem to live up to its name since it boasts of its “low risk portfolio management” and specialism in “event-driven merger arbitrage and distressed and special situations.” It owned stock in Inco when it was taken over in 2006 by CVRD (Vale) [FT 29-30 July 2006].

Haywood Securities, like Endeavour Financial, is an investor in Asian Silver [MJ Special London supplement, September 2006]. It underwrote an equity capital raising for Australia’s uranium explorer, Bannerman Resources Ltd, in mid-2009 [MJ 5 June 2009].

In October 2009, along with Dahlman Rose & Company LLC (qv), Haywood acted as co-lead placement agents for Uranerz Energy Inc, in the raising of US$17 million for uranium projects in the US. The syndicate of placement agents also included GMP Securities L.P., Dundee Securities Corporation and Versant Partners Inc.

HBOS Group/HBOS PLC was, until late 2008, the UK’s biggest mortgage and insurance provider, and includes Bank of Scotland (qv) and the Halifax Building Society. It owns a “fraction of 1%” (according to the company) in Vedanta Resources plc [cited in The Herald, Scotland, 29 October 2007]. (See also Insight Investment). HBOS was merged with LloydsTSB (qv) in January 2009, at a cost of £17 billion to British taxpayers [The Observer, 15 February 2009].

Henderson Global Investors Ltd holds 4.76% of African Minerals Ltd (see Prudential PLC) [Hemscott 22 January 2009] and 4.09% of Lonmin Plc [Hemscott 22 January 2008]. As of February 2009 it held 7.77% in African Consolidated Resources Plc, a sub-Saharan African mineral exploration company [Hemscott 12 February 2009].

As of 31 October 2007, Henderson Opportunities Trust plc held £428,000,000 worth of shares in AIM-listed Brazilian miner, Serabi Mining and £189 million in deep-sea minerals exploration company, Neptune Minerals.

Henderson Far East Income Limited, as of 31 August 2007, held £6.113 million of equity in POSCO, the world’s fifth biggest steel maker which has major interests in iron ore.

Henderson TR Pacific Investment Trust plc, as of 29 February 2008, held just under £10 million investment in China’s Yanzhou Coal, and just over £10 million in India’s Tata Steel. It appears to have disposed of these during the following six months, while picking up a £1.27 million stake in China Steel in the meantime.

See also: The City of London Investment Trust plc

Henderson Group of Hong Kong – not to be confused with Henderson plc - is a major property developer and a lead investor in Canadian-listed Inter-Citic Resources’ much-hyped Dachang gold project, located in China’s Qinghai province to the north-east of Tibet [Natural Resource Investor, 24 October 2009].

Hermes Pensions Management – owned by BT (British Telecom)’s pension fund - holds a small (3.82%) stake in Hambledon Mining PLC (operator of the Sekisovskoye gold and silver project in Kazakhstan (see Blackrock Investment Management (UK) [Hemscott 16 August 2009]. Hermes Administration Services as of early 2008 had a 3.86% stake in Caledon Resources PLC, a coal producer [Hemscott 20 February 2008].

Heyman Investment Associates LP (Connecticut) was one of the hedge funds which profited from its holding in Arcelor, before it was taken over by Mittal in mid-2006 (see Davidson Kempner) [Hedge Fund News, 26 June 2006].

Highbridge Capital Management LLC (New York) was one of the hedge funds which profited from its holding in Arcelor, before it was taken over by Mittal in mid-2006 (see Davidson Kempner) [Hedge Fun News, 26 June 2006]; and also had an interest in the outcome of the (failed) attempt by Severstal to secure Arcelor in 2006 [FT 26 June 2006]. It was hit by the August 2007 sub-prime investment “blues”. [FT 1-2 September 2007]

Highland African Ventures Ltd (HAV). When it comes to determining who bears ultimate responsibility for a company’s dubious acts of commission or omission, no industrial sector yields more problems, twists and turns, than that of mining. By mid-2009 an AIM-listed company called Noventa Ltd (there’s no lack of inventive names to cover a company’s tracks or confuse the public at large) was on the rocks.

Or rather – it wasn’t, since the rocks in view were ones containing tantalum; a rare, refractory metal used in alloys and capacitators. Noventa’s key concessions are in northern Mozambique and, when it listed on UK AIM in March 2007, it boasted ownership of one of the world’s biggest, lowest-cost, industrial-scale tantalum deposits anywhere [MJ 24 July 2009].

A man called Clinton Woods had set Noventa rolling amid the breakers of the Channel Islands’ tax haven the previous year. But he was sacked without explanation by a majority of the company’s shareholders on July 9 2009. His successor is a “corporate restructuring expert” called Eric Kohn, who has failed to reveal the identity of the stock holders which booted Clinton out. However, as suggested by Mining Journal resident doyen, Ken Gooding: “[I]t is inconceivable that Noventa’s biggest shareholder, Highland African Ventures Ltd…did not lead the charge” [MJ ibid].

According to Mr Gooding, HAV is controlled by a trust, one of whose beneficiaries is UK high-flyer Roddie Fleming. Indeed, Noventa’s 2008 annual report acknowledges the company’s “ultimate controlling party” to be Fleming Family and Partners AG in Liechenstein (yet another locale where books can be cooked if it gets too hot in the kitchen). And the Flemings are a force to be reckoned with. Despite having to offload their banking business to Chase Manhattan bank nine years ago, the clan has launched a number of key mining plays in Russia and remain shareholders (at 4.59%) in Highland Gold, where the world’s premier gold producer, Barrick, has 20% of the stock.

BlackRock Investment Management, one of the most important global backers of mining finance, held 10.8% of Noventa until recently, but appears to have now sold out. There are three other currently-registered important Noventa shareholders: an outfit dubbed Varroville Finance (with 6.69%), one called Lochside International (4.48%), and Kerias Management Trading Ltd (5.13%) [Hemscott 6 August 2009].

A fourth, going under the superficially-reassuring moniker of Mozambique Trust apparently holds 2.05% - which puts it beneath the bar whereby a fund has to declare an interest under LSE rules). None of these groups yield substantial information when “googled”. But, according to Ken Gooding, Kerias and the Mozambique Trust are formally connected with HAV.

On 3 August 2009, Noventa’s share price rose when the company announced that it expected soon to resume its northern Mozambique operations [Mineweb, 3 August 2009].

Highland Park SA holds 19.2% of Tanzania uranium explorer, Mantra Resources.

Hinde Gold Fund, established in 2007 is run by Hinde Capital Ltd, incorporated in the British Virgin Islands’ tax haven. The gold fund raises investment both from institutions and “high net worth” individuals (those with at least US$100,000 to spare). It specialises in West Africa (particularly Ghana), Mexico and Ecuador, as well as gold belts in Canada. Currently the gold fund is invested (inter alia) in Exeter Resources Corp, Rubicon Minerals Corp, Ventana Gold Corp and Canuc Resources [MJ 16 October 2009].

HSBC Investment Bank holds 4.23% of Nufcor Uranium Ltd (see Deutsche Bank) [Hemscott 14 February 2008].

HSBC Bank Plc, as of 5 March 2009, holds 7.01% of LonZim plc.

HSBC Holdings plc is the third biggest shareholder in GCM Resources.

HSBC Global Custodian (Custody) Nominees (UK) Limited on behalf of clients holds 3.05% of the share capital of BHP Billiton PLC [Hemscott 16 August 2009], and is the majority holder of shares in Mincorp PLC, which is principally focussed on gold mining in Australia [Hemscott 14 February 2009].

It has a small stake in

• African Diamonds plc [Hemscott, 23 January 2008];

• 3.43% of Cambrian Mining plc [Hemscott 11 February 2008];

• 6.33% of Cape Diamonds plc [Hemscott 11 February 2008];

• 4.99% of Hidefield Gold PLC. [Hemscott 11 February 2008];

• 7.58% of Kenmare Resources PLC (see State Street) [Hemscott 12 February 2008];

• and 4.20% of Ariana Resources PLC [Hemscott 18 May 2008].

As of February 2009 the nominees held 6% of Mwana Africa PLC [Hemscott 14 February 2009], whose major asset is the Bindura nickel mine in Zimbabwe, where Mwana also has gold properties, as well as exploring for copper and diamonds in DR Congo [Hemscott 14 February 2009]. The nominees held 7.15 % of Persian Gold Plc and 3.76 of ZincOx Resources plc (as of May 2007).

Nominees hold the largest single stake (at 27.99%) in Shanta Gold Ltd, a UK company active in Tanzanian gold exploration [Hemscott 20 May 2008] and – at 37.76% - in Allied Gold Ltd, an LSE-registered company which has a gold oxide project at Simberi, Papua New Guinea [Hemscott 12 February 2009]. The nominees also hold 3.07% of Angus & Ross PLC, whose prime asset is a lead-zinc mine (currently closed) in western Greenland [Hemscott 12 February 2009]; and 5.69% of Natasa Mining Ltd.

In mid-2007 HSBC nominees were the largest single shareholders in OceanaGold Ltd operating in the Philippines [Piplinks 2007]. They also hold 8.97% of Van Dieman Mines PLC (see Galena) [Hemscott 12 February 2008]; 3.31% of UMC Energy PLC [Hemscott 13 February 2008]; (in 2006) just under 4% of Rusina Mining NL [Piplinks 2007]; and 3.08% of Neptune Minerals PLC (see CS Client Nominees (UK)) [Hemscott 13 February 2008]; and just under 10% of Alexander Mining PLC (see CS Securities Europe) [Hemscott 12 February 2009].

HSBC Custody Nominees (Australia) Ltd has a combined stake of 11.41% in Fortescue Metals Group (see ANZ nominees). In 2007 they were the second biggest shareholders (14.86%) in Namibian uranium prospecting company, Extract Resources, based in Australia; and held 5.6 million shares in Zambezi Resources Ltd (see Glencore Investments BV). In February 2009 they held 3.07% of Medusa Mining Ltd (see Gazmetall) and 4.75% of Aquarius Platinum. [Hemscott 5 August 2009]

In July 2009, the Nominees were the biggest group of shareholders in the Papua New Guinea gold miner, Allied Gold Ltd [Hemscott 3 August 2009].

HVB (Bayerische Hypo- und Vereinsbank AG) was involved in co-financing Bema Gold’s Kupol project in Chukotka (see also Caterpillar Financial SARL). Along with the Eurasian Development Bank and West LB, it provided US$120 million debt financing for Oriel Resources plc’s Voskhod chrome project in Kazakhstan in December 2006.

OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan from a banking syndicate comprising ANZ Banking Group, Bank of Scotland International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo- und Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland (RBS). The money will mainly be used for “short-term cash needs” the company’s Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver project in Indonesia [Metal Bulletin, 23 January 2009] (See also: Societe Generale/SG).

Mirabela Nickel Ltd secured a US$ 190 million loan from HVB in March 2009, for its Santa Rita project in Brazil [MJ 13 March 2009].

I

IBK Capital Corp is a Canadian investment bank specialising in mining [MJ special supplement on the Prospectors and Developers Association Canada (PDAS, February 2006].

Founded twenty years ago, IBK has been involved in numerous transactions, valued at more than US$700 million (private placements of shares, facilitating flow through shares and royalty agreements on production) for many junior north American mining outfits operating in the continent. These include:

Sundust Resources
Seafield Resources
Triton MiningCorp
US Gold Corp
Viriginia Gold Mines
Western Goldfields
Stirrup Creek Gold Inc
Noront Resources
Quebec Gold
Alliance Pacific Gold Copr
Firesteel Resources Inc
Harte Gold Corp
Piedmont Mining Co Inc
Brazilian Resources Inc
Jaguar MiningNewgold Inc
Gold Reserve Corp
South American Gold and Copper Co Ltd
Silverado Mines Ltd
Pelangio Mines Ltd
RX Exploration Inc
Sulliden Exploration Inc
Murgon Resources
Sutter Gold Mining Inc
Arizuma Silver Inc

[All information is from the IBK Capital Corp website]

Igor Zyuzin, ranked by Forbes magazine in 2009 as Russia’s 12th richest man, holds around 73% of the huge OAO Mechel coking coal and steel producer in Russia [MJ 25 July 2009]. Mechel bought chrome and nickel producer, Oriel Resources in 2008, and has beens bidding to acqire 15% of the US coal miner, Bluestone Coal [Reuters 3 March 2009].

Iimia Investment Management, based in Devon, UK, held 6.37% of City Natural Resources High Yield Trust PLC (qv) in 2008 [Hemscott 14 February 2008].

Ilmarinen Mutual Pension Insurance Company is the third biggest investor (after the Finnish state) in Outukumpu, a leading stainless steel producer.

ING, in the Netherlands, claims to be “the world’s leading direct savings bank with over twenty million customers”.

According to “Bank Secrets”, among ING’s dubious “achievements” have been arranging two credit facilities worth US$ 9 billion for Freeport McMoran in March 2007. [Bank Secrets, 2007]

As of late 2007, ING owned, or managed, shares in the following mining companies:

• Freeport McMoran (US$ 288.2 million)

• Vedanta Resources (US$ 39.7 million)

• Newmont Mining (US$ 36.5 million)

• GoldCorp (US$ 18.7 million)

• Barrick Gold (US$ 2.1 million)

• AngloGold Ashanti (US$ 0.5 million)

[Bank Secrets 2007]

Insight Investment, part of the HBOS Group (qv), is one of the UK’s largest asset managers with over £106 billion (at 30 September 2007) held on behalf of private investors, pension funds, insurance groups and other institutions. In 2008 it owned 5.68% of City Natural Resources High Yield Trust PLC (qv) [Hemscott 14 February 2008].

Integra – a Montreal-based Mutual Fund manager – as of 30 June 2008 held shares in many leading Canadian-based mining companies. In order of share value these were:

• Cameco (C$ 1.3 million)

• Teck Cominco (C$ 865 million)

• Inmet Mining (C$ 725 million)

• Barrick Gold (C$557 million)

• First Quantum (C$ 449 m)

• Anvil Mining (C$ 422 m)

• Yamana Gold (C$ 329 m)

• Kinross Gold (C$ 294 m)

• Hudbay Minerals (C$ 287 m)

• Equinox (C$ 176 m)

• and Eldorado Gold (C$ 195 m).

Interros Holding, as of 28 February 2008, became wholly-owned by Russian billionaire “oligarch” Vladimir Potanin, and is the holding company for Norilsk Nickel (see also KM-Invest). However, in April 2008, Oleg Deripaska of UC Rusal finalised a long-delayed acquisition of 25% (plus one share) of Norilsk, thus presaging a possible takeover of the world’s premier nickel mining company [Telegraph, UK 24 April 2008]. A year later, Potanin had reduced his own 29.8% stake in Norilsk to the same 25 percentage (plus one share) [MJ 24 April 2009].

Invecture Group SA de CV is a hedge fund based in Mexico, focussing on mining. It is believed to have some US$ 600 million in assets under management [MJ 17 April 2009]. In November 2008, it launched a bid to acquire Frontera Copper Corp, a Canadian junior active in Mexico. Although Invecture claimed in January 2009 that it had made agreements to take over 47% of the mining company, on 4 February Frontera said it had secured a “white knight” to fend off the hedge fund in the form of a US$ 34 million friendly bid from Southern Copper Corp [Mineweb 5 February 2009]; in response to which, Invecture raised the price of its offer [Mineweb 10 February 2009]. By April this year Invecture had won the skirmish, making a final bid of US$28 million [MJ 17 April 2009].

INVESCO/Invesco Perpetual (not to be confused with Investec and also based in the UK) is a huge global investment company, valued at more than half a trillion dollars, with hedge fund of funds and private equity arms. (For the third Quarter of 2007, its UK net retail sales were almost double those of its closest rival [FT 19 November 2007]).

Invesco’s leveraged High Yield Fund Ltd, as of September 2006, held £1,526,000 share options in Vedanta Resources PLC, maturing in February 2010.

The value of its holding in Vedanta had increased to £2,461,000 by the end of 2008.

In 2006, Invesco Perpetual AIM VCT had minor holdings in Monterrico Metals (see Xiamen Zijin), Neptune Minerals (by way of warrants) and Anglo Asian Mining (see Resource Capital Fund).

INVESCO Income Growth Trust PLC (as of March 2007) held just over £2 million of shares in Anglo American.

Invesco Asia Trust plc, as of 31 December 2008, held £1,612,000 of shares in BHP Billiton (down from £8 the previous year) in BHP Billiton and seems to have sold, or markedly reduced, its previous £3.5 million holding in Newcrest Mining.

Perpetual Icome and Growth Investment Trust plc, part of INVESCO, as of 30 September 2008, held £7.38 million of shares in UK Coal.

See also: Keystone Investment Trust plc

Investec Bank PLC, listed in London and Johannesburg, is an international specialist banking group operating principally in the UK, South Africa and Australia; it is South Africa’s leading private banking group.

Established in 1974, its total assets (as of March 2008) were £2.2 billion in shareholder equity, £54.2 billion in third-party assets managed by the bank, and another £12.8 billion in core loans and advances [MJ 8 May 2009].

Mining has “always been a core business sector” of the group with specialist teams operating in its Commodities and Resource finance team.

Investec Asset Management is a “stand alone” part of the bank, which offers a full range of financial services, and has more than £1 billion under management, handled by three “generalist resources funds”:

Global Dynamic Resources Fund (Luxembourg)
Enhanced Natural Resources Fund (UK); and
Global Commodities and Resources Fund (Guernsey)

The latter is a long/short hedge fund investing in commodities futures and options and resource equities [MJ ibid].

Investec Asset Management also operates tow specialist funds – the Global Energy Fund (UK and Luxembourg) and the Global Gold Fund (Luxembourg and UK), covering the entire energy and metals sectors, as well as investing in agricultural commodities [MJ ibid].

In January 2009, the bank acquired control of the Bibiani mine in western Ghana, after its owner, Central African Gold, allegedly defaulted on a loan of US$ 20.9 million [MJ 16 January 2009].

Investec UK is an investor in the Toka Tindung gold mine project, northern Sulawesi (Indonesia), operated by UK-AIM listed Archipelago Resources PLC, from which German bank West LLB apparently withdrew support in January 2008 [see MAC website, 21 January 2008]

As of January 2008, the bank was the largest (10.29%) shareholder in African Diamonds PLC [Hemscott 23 January 2008]. It provided a US$ 50.3 million revolving commodity finance facility to Platmin Ltd in August 2009 [MJ 7 August 2009]

Investec’s earlier transactions have included participation with African Lion Ltd, an African mining equity fund; arranging and underwriting the Lero project in Guinea and the Mupane gold project in Botswana; the “unbundling” of Gencor’s interest in Impala Platinum Holdings in 2002; and arranging a loan for AngloGold’s Yatela project in Mali.

Investika Ltd, domiciled in Australia, has mining interests (inter alia) in Chile, Indonesia and Madagascar. Investika held:

• (as of mid 2007) 24.8% of Berong Nickel Corporation (active in the Philippines) [Piplinks 2007]; also in 2008:

• 10.93% of Toledo Mining Corporation PLC [Hemscott 14 February 2008];

• 42.5% of Belitung Zinc Corporation [Hemscott 12 February 2008];

• 33.2% of Tarquin Resources PLC, operating in Chile [Hemscott 12 February 2008]; and

• 20.4 % of UMC Energy PLC [Hemscott 12 February 2008]

However, the company has now changed its name to Natasa Mining Ltd (qv).

Investors Capital Trust plc, managed by F&C Investments (qv) as of 30 September 2008 held nearly

£1.7 million in Rio Tinto;
£1.15 million in Anglo American;
£1.3 million in BHP Billiton.

(In May that year it held just under £1,000,000 in Xstrata)

J

Jaguar Financial Corp of Canada used to be a mineral exploration company until early 2007, when it re-invented itself as merchant bank, investing in “undervalued small companies” in a variety of industrial sectors.

It is a minority shareholder in HudBay Minerals Inc, a leading Canadian base metals miner; and (as of October 2008) held 10.08% of common shares in Tiomin, whose major Kwale project is a highly contentious mineral sands venture in Kenya.

Towards the end of 2008, Jaguar made a hostile bid to takeover HudBay, which it abandoned in January 2009. The bid was ruled inadmissible by the Ontario Securities Commission, since HudBay shareholders had not yet voted on their company’s plan to take over fellow Canadian mining company, Lundin Mining. Corp. This was a move which Jaguar had opposed [American Metal Bulletin, 23 January 2009], although Lundin’s own shareholders were virtually unanimous in supporting the deal [Toronto Globe & Mail, 27 January 2009].

Acting in a similar respect as an “activist” shareholder, Jaguar in March 2009 berated Tiomin’s board of directors and management for making bids for a gold mining company and an exploration outfit called Cadiscor Resources.

Jaguar claimed that Tomin’s upper echelons were “diverting cash away from Tiomin and its shareholders for the sole purpose of getting cash in friendly hands” in order “to avoid a superior transaction such as a distribution of cash to all shareholders by dividend or by a substantial issuer bid or by encouraging a bid for all the Tiomin shares." [CNW, 2 March 2009]. Instead, Jaguar urged that Tiomin agree to a bid from the Chinese company, Jinchuan Group, whereby Jinchuan would pay US$25 million directly to Tiomin Kenya Limited (a wholly-owned subsidiary of Tiomin) entitling Jinchuan to 70% interest in the Kwale project “without making an offer to all Tiomin shareholders.”

James Capel (Nominees) Ltd holds 3.4% of Ormonde Mining plc (see JP Morgan Asset Management (UK) Ltd).

James Neal Blue, a billionaire US arms dealer, in July 2009 acquired an (unnamed) uranium mine in Western Australia, at an indisclosed price (See: http://www.allgov.com/)

Blue owns a US nuclear outfit called General Atomics (formerly General Atomic), which has a sordid sixty year history. It was the first to build so-called "civil" commercial nuclear reactors anywhere in the world. General atomic was also the key US protagonist in the global uranium cartel, set up by Rio Tinto and other uranium mining companies, which succeeded in quintupling global market prices of this nuclear fuel between 1972 and 1975 (thus enabling the UK company to secure a massive UK uranium supply contract from its Rossing mine in Namibia).

Of particular note is General Atomic's relationship with UNC (United Nuclear Corp) during this period and the succeeding decade: UNC had become General Atomic's most important uranium provider by late 1978. Just a year later in July 1979, UNC's Church Rock mine suffered the most egregious radioactive tailings disaster ever experienced in the US. [For a history of General Atomic, see "The Gulliver File: Mines, people and land, a global battleground", Minewatch and International Books, 1992, pps 389-390.]

Jana Partners LLC was involved in Alcoa’s bid for Alcan in 2006.

The Japan Equity Fund, Inc, as of 31 October 2008, held 165,000 shares in Sumitomo Metal Industries Ltd of Japan.

JB Were is part of Goldman Sachs (qv). In early February 2009 it joined Merrill Lynch & Co. as joint lead manager, bookrunner and underwriter for an Aus$ 750 million share sale, on behalf of Newcrest, Australia’s largest gold miner. Goldman Sachs and UBS AG are also assisting with the sale [Bloomberg, 2 February 2009].

J D Slater and family hold 4.06% of the equity of Norseman Gold PLC (see: Sprott Asset Management) [Hemscott 13 October 2009], and is believed to be increasing the stake to 6.9%. Slater was a kingpin of the Slater Walker securities company, formed with the British MP Peter Walker. The partnership became notorious for “asset-stripping” firms during the 1970s (one of which, Henry Hope & Sons, was brought crashing to its knees) [Times, 28 October 2002]. In 1975 Slater Walker was charged with “misuse” of funds to the tune of £400,000, by the UK Treasury – the case was later thrown out.

In 2002, J D “Jim” Slater co-founded Galahad Gold. He is currently the chairman of BioProjects PLC, and a vigorous proponent of agribusiness, including in Brazil.

Jean Raymond Boulle – see Angstrom Capital and Ospraie

J.F. Mackie & Company Ltd. is an independent equity investment firm, based in Canada, which specialises in mining. In February 2009 it merged with brokerage Top Meadow Capital and Research Capital Holding Corporation, when it also brokered a private placement for Hawthorne Gold Corp for total proceeds of up to C$1,000,000 [Marketwire 11 February 2009].

Jiva Capital is a private equity company, based in London’s prestigious Pall Mall, SW1, which advises on mining and metals deals across a wide range of commodities.

Headed by Ajay Paliwal, formerly deputy chief financial officer at Vedanta Resources plc, Jiva (Sanskrit for “eternal growth”) plays its cards pretty close to its chests, intimating to the Mining Journal earlier this year only that it was progressing two deals: one a US$100 million joint venture; and the second a copper project in Africa “that may require equity investment of over US$20 million…” [MJ 17 April 2009].

John Bredenkamp – along with his partner-in-crime Billy Rautenbach – was in January 2009 added to the European Union’s blacklist of people thought to be supporting the Mugabe regime in Zimbabwe and had eighteen of his companies’ assets frozen as a result [Metal Bulletin 29 January 2009]. None of these entities included mining assets - Bredenkamp’s Breco group apparently having disposed of its DR Congo mining interests in 2006, according to its website. Bredenkamp and Rautenbach both formerly owned stakes in Mukondo Mountain, thought to be one of the world’s largest cobalt deposits in the DR Congo. Bredenkamp’s share in Mukondo was subsequently sold to mining investor Dan Gertler.

JPMorgan/ JPMorgan Asset Management/ JP Morgan Securities

[Note: while bearing the name “JPMorgan” – the buccaneer who founded US Steel, formerly the world’s biggest iron ore miner and steel producer - several funds carrying the title are today mainly owned by other investment banks, although management is in the hands of the JPMorgan empire.]

In 2008 it :

• had 5.32% in Lonhro Plc and 3.83% of Lonmin plc [Hemscott 22 In 2008 it held]

• was the largest shareholder (7.96%) in Kopane Diamond Developments PLC [Hemscott 12 February 2008]

• was the second largest shareholder (5.16%) in Caledon Resources PLC [Hemscott 20 February 2008]

• held 1.65% of Vedanta Resources PLC (JP Morgan was the lead arranger for Vedanta’s LSE launch in 2003, through Ian Hannam, an ex-SAS soldier (sic) who then headed JP Morgan Capital Markets [FT 3-4 June 2008]). It was also co-lead arranger, along with Morgan Stanley, of American depositary receipts (ADRs) for Vedanta in July 2009, which raised US$1.5 billion [MJ 17 July 2009].

• held 3.60% of Ariana Resources PLC [Hemscott 18 May 2008]

In early 2007 it was advising the Saudi Arabian regime on an IPO for its state-owned Ma’aden mining company [MJ 2 February 2007]

In May 2008, along with Goldman Sachs and Morgan Stanley, JP Morgan, co-ordinated the London listing of central European coal giant, New World Resources NV [see RPG Industries SE]

In July 2009, Sterlite Industries, controlled by Vedanta Resources, raised $1.5 billion through an American Depository Receipt (ADR) issue, to part-finance its power generation plans and other programmes, as well as enable Vedanta to retain its stake in Sterlite at over 60%. JPMorgan and Morgan Stanley were the joint bookrunners for the issue which, according to Sterlite/Vedanta’s Anil Agarwal, was “the first in a series of measures that would soon include acquisition of mining assets in Africa and Central America” [Economic Times, 17 July 2009].

As of 2008, JPMorgan Asset Management (UK) Ltd held 9.95% of Sierra Leone alluvial diamond explorer, Target Resources Plc [Target annual report, 15 April 2008]; and was the largest single shareholder in Ormonde Mining plc, which exploits tungsten in Spain [Ormonde annual report 12 May 2008].

In February 2009, it held 5.37% of Aricom (see Lansdowne Partners Ltd) [Hemscott 13 February 2009]; as of October 2009, it was the second largest shareholder in Norseman Gold PLC [Hemscott 13 October 2009].

In June 2009, JP Morgan was the sole bookrunner for Vedanta Resources’ US$1 billion convertible bond issue, with which the UK company aimed to fund proects and further acquisitions [FT 12 June 2009].

In 2006, it held a 8.13% stake in Serabi Mining plc, active in the Tapajos region of northern Brazil [Serabi Mining Annual Report 2006]; 5% of Copper Resources Corporation (see Glencore Investments BV) [Piplinks 2007]; and, by mid-2007, 5.50% of Firestone Diamonds plc.

As of September 2007, JPMorgan Asset Management (UK) was the second biggest shareholder (at 7.75%) in European Nickel PLC (see Prudential plc). In October 2009, it held 4.26% of Pan African (see Coronation Fund).

In January 2009, JPMorgan Securities agreed to act on behalf of Freeport McMoran Copper and Gold (FCX) to sell shares of common stock “from time to time” having aggregate gross proceeds of up to $750 million [Business Wire, 26 January 2009].

In 2006, JPMorgan Asian Investment Trust plc held £5,461 million worth of shares in India’s Gujarat Ambuja Cement [MJ 30 September 2006]. As of 30 September 2008, it held £4 million in Asia Cement of Taiwan. JPMorgan Asian is itself held 23.37% by pension funds, 2.82% by charities, with small stakes (below 0.25%) held by governments.

JPMorgan Chinese Investment Trust plc in 2007 held a small (£1,800,000) stake in the Aluminium Corporation of China (Chinalco); and as of September 2008, £1.1 million in China Shenhua Energy.

JPMorgan Emerging Markets Investment Trust plc (in which Lazard Asset Management LLC held the biggest single shareholding of 12.1`% in September 2008, as of 30 June 2008, it held £ 32.733 million worth of shares in Brazil’s Vale (formerly CVRD), £11.798 million in Impala Platinum; and £1.363 million in India’s Ambuja Cements. It appears to have sold the nearly £4 million it previously held in Anglo American.

JPMorgan Fleming Mercantile Investment Trust plc/JPMF (managed by JPMorgan Asset Management(UK) Limited, and of which AXA Investment Managers UK is the largest single shareholder), as of January 2008 held £6.8 million of investment in Kazakhstan’s Kazakhgold, £4.2 million in Gem Diamonds and nearly £4 million in Randgold Resources.

In July 2009, JPMF's Natural Resources Fund held 7.6% of African Eagle Resources PLC [Hemscott 3 August 2009]; and 9.25% of Ormonde Mining Plc (active in Spain) [Hemscott 16 August 2009].

JPMorgan Income & Capital Investment Trust plc, as of 28 February 2007, held shares worth £3.584 million in Rio Tinto, and £3.034 million in BHP Billiton.

JPMorgan Income & Capital Management Trust plc, as of 31 August 2007, held £2.903 million in Xstrata.

JPMorgan Income & Growth Investment Trust plc, as of 31 July 2008 held: £2 million in Anglo American.

JPMorgan Indian Investment Trust plc, as of September 2008, held: £2.3 million shares in Ambjua Cements, £2.1 million in Associated Cements, and £1.4 million in Jindal Steel & Power.

In late 2007 JPMorgan Russian Securities plc held an ADR in Norilsk Nickel, a GDR in Evraz, a minor stake in Severstal and Magnitogorsk Iron and Steel, and a share in Polyus Zoloto.

As of 31 October 2008, it held:

• £6,314, 000 of shares in Severstal;

• nearly £6 million in Magnitorsk Iron & Steel;

• just over £4 million in Norilsk Nickel;

• £3,339,000 in Novolipetsk Iron & Steel;

• and £757,000 in Evraz GDR.

In February 2009, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., with BMO Capital Markets as lead manager, raised around $US 1.7 billion in a public offerings of 34,500,000 shares of common stock, and $517.5 million of convertible senior notes due 2012, for Newmont Mining. The United State’s leading gold company intends to use the net proceeds to fund acquisition of the remaining one-third interest in its huge Boddington gold project in Western Australia [PR Newswire/First Call, 3 February 2009].

JPMorgan Nominees Australia has a 2.38% share of Fortescue Metals Group (see ANZ Nominees) and a combined 7.21% stake in Allied Gold Ltd (see HSBC Global Custody Nominees) [Hemscott 12 February 2009], as well as 5.08% of Aquarius Platinum [Hemscott 13 February 2009].

JPMorgan Overseas Investment Trust plc (as of 30 June 2008) held £2.1 million of shares in Yamana Gold; £1.6 million of shares in Vedanta Resources; and £1.5 million of shares in BHP Billiton.

JPMorgan Cazenove was appointed Nominated Advisor (NOMAD) and broker, in 2006 for Nikanor, the copper company operating in DR Congo [FT 5 July 2006]. It was sole bookrunner, with Canaccord Adams as co-lead manager for the placing of shares in London-based (non-LSE listed) Aricom, whose mineral holdings in Russia’s Far East are being coveted by London-listed Peter Hambro Mining plc [Reuters, 5 February 2009].

Joined by Deutsche Bank, in February 2009 JP Morgan Cazenove led Xstrata’s rights issue, in an attempt by the UK-Swiss mining company to grapple with its debt [TheLawyer.com, 9 February 2009; MJ 20 March 2009].

JPMorgan Chase & Co:

• in 2006 was invested in Intex (formerly Crew Gold)’s Masara gold project in the Philippines [PipLinks Research, 2007].

• has 37.5% of Jubilee Platinum PLC – active in South Africa [Hemscott 12 February 2008]

• has a small holding in African Copper plc [Hemscott 12 February 2009]

• has 65% of Eurasia Mining PLC [see Firebird [Hemscott 11 November 2008];

• 7.48% of African Eagle Resources PLC [Hemscott 3 August 2009], and

• 9.45% of Avocet Mining PLC (see Elliott Associates) [Hesmcott 14 February 2009]

• holds 4.82% in Caledon Resources (see Polo Resources) [Hemscott 16 August 2009] and is the largest (at 10.07%) shareholder in Firestone Diamonds plc [Hemscott 16 August 2009]

Chase Nominees hold:

• 3.14% of BHP Billiton PLC [Hemscott 16 August 2009];

• 4.24% of Rio Tinto PLC [Hemscott 16 August 2009];

• 9.04% of Shanta Gold (see HSBC Global Custody Nominees);

• 3.99% of Aquarius Platinum [Hemscott 5 August 2009];

• 9.48% of African Diamonds PLC operating in Botswana, Guinea, Sierre Leone and DR Congo [Hemscott 4 August 2009].

• Chase Nominees also holds 13.1% of voting rights in JP Morgan Indian Investment Trust plc.

In 2008, the nominees held:

• 18.73% of Hidefield Gold PLC;

• 7.43% of Mariana Resources Ltd (see CS) [Hemscott 12 February 2008];

• 5.49% of Firestone Diamonds PLC [Hemscott 11 February 2008];

• and 4.05% of Van Dieman Mines PLC (see Galena) [Hemscott 12 February 2008].

• As of 15 September 2007 it also held 8.85% of West African Diamonds PLC.

JPMorgan Fleming:

• was in 2008 the biggest shareholder (9.03%) in Ormonde Mining PLC (which has a tungsten project in Spain [Hemscott 13 February 2008];

• held 8.32% in Central China Goldfields PLC [Hemscott 11 February 2008];

• was second largest shareholder (10.08%) in Diamondcorp PLC [Hemscott 11 February 2008];

• owned 3.82% of City Natural Resources High Yield Trust PLC (qv) [Hemscott 11 February 2008].

JP Morgan Fleming Mercantile Investment Trust plc, as of 31 January 2008, held £6.8 million in Kazakgold; £4.2 million in Gem Diamonds; and £3.9 million in Randgold.

JSC Compass Asset Management is a Latvian re-insurance company, but its Compass subsidiaries are based in Kazakhstan, apparently with their main investments in shipping [information from Riga Re website, 24 February 2008]. Compass Asset Management is a hedge fund, also based in Kazakhstan, whose only known mining interest was the largest stake (15.45%) it formerly held in Aurum Mining PLC. [Hemscott 24 January 2008]. Aurum was established to explore for gold and other minerals in the Former Soviet Union (FSU); its key current project is at Andash in the Kyrgyz Republic. [Hemscott ibid]

The Junior Energy Fund, domiciled in the Cayman Islands tax haven, invests in “long-short global equities [using] derivatives for hedging.” Among these investments are stakes in uranium miners, Denison Mines and Paladin Resources [Hedge Funds Review, 28 April 2008].

Juno Ltd, registered in Bermuda, is the biggest single shareholder (37.89%) of Anglesey Mining PLC, which has mineral concessions in Labrador, Canada and at Parys Mountain, Wales [Hemscott 5 August 2009].

Juno Special Situations Corp, based in Toronto (and not to be confused with Juno Ltd (qv) was founded in 2007, to gets its hands onto “very early stage natural-resources projects.” It provides management help to companies, lists them on the stock exchange, and may sell them off [MJ 16 October 2009]. Juno’s co-chairmen are two of the dubious “luminaries” of Canada’s extractive sector. The first is Scott Hand (former chairman of Inco, the world’s second biggest nickel miner). The second is Tom Griffis, founder of private investment group, Griffis International Ltd who, since the 1980s, has actively initiated two gold projects in Ghana and two in Kazakhstan [MJ ibid].

Juno’s project portfolio includes Royal Nickel Corp [RNC] – dubbed a “mini Inco” by some investors in Canada; and CDR Minerals Inc, said to be ready to venture into coal mining in Central Appalachia, USA.

It has interests in Homeland Energy Group Ltd – focused on energy exploration and development in Southern and Western Africa; Homeland Uranium Inc. – a privately held Canadian company with interests in long-term uranium projects in Niger, Southern Africa and the United States; and Rockport Mining Corp, active in Canada.

In addition Juno backs UK-listed Swala Resources PLC, focused on African gold, base metals and platinum group metals; 0796839 B.C. Ltd., active in nickel-copper in Northern Ontario; La Camera Mining Inc., an emerging gold producer in the Sierra Madres and Sonora provinces of Mexico; also General Magnesium Corp. which owns a high grade magnesite deposit in Canada.

Juno’s most controversial holdings are probably those held in Polo Resources Limited (qv); and its interests in two companies based in Peru: Sedco Mining Corp, and Black Mountain Mining Corp.

JZ Equity Partners PLC, as of June 2007, held a stake in Continental Cement company LLC, a miner and processing of limestone in the US.

K

KBC is a Belgian-based banking and assurance group which, as of late 2007, owned or managed shares in:

• AngloGold Ashanti (value: US$ 0.5 million);

• Barrick Gold (US$ 1.3 million);

• FreeportMcMoran-Phelps Dodge (US$ 5.5 million);

• Goldcorp (US$ 18.1 million) and;

• Newmont (US$ 0.7 million) [Bank Secrets, 2007]

Keystone Investment Trust plc is part of INVESCO (qv). As of 30 September 2008, it held £1.762 million in UK Coal.

KFXS, the South Korean bank, was subject in 2007 (along with ABN Amro (qv), ANZ (qv) and Standard Chartered (qv)) to a campaign in the Philippines urging hat it disinvest from the polluting Rapu Rapu mine project, operated by Lafayette. [Philippines update, Mines and Communities website, 24 April 2007]

Kingdale Capital Partners Inc is a Canadian investment bank specialising in mining [MJ special supplement on the Prospectors and Developers Association Canada (PDAS) 2 February 2006].

KM-Invest is a Russian investment company, owned by Mikhail Prokhorov (see Onexim), and the prominent politician, Vladimir Potanin. It holds 4% of Norilsk Nickel (see Metalloinvest and Onexim Group) [MJ 29 February 2008].

Kupferberg Est is the second biggest shareholder (9.93%) in Antofagasta Plc, one of the worlds’ biggest private copper companies, which operates in Chile. [Hemscott 5 August 2009]

L

Lansdowne Partners/Lansdowne Capital, based in the UK, is one of Europe’s five largest hedge funds. It is the fourth biggest stake holder in LonZim Plc (see Tudor Capital) [Hemscott 12 February 2008]; and the largest (at 9.56%) in Aricom PLC, the Anglo-Russian company which has a titanium JV with Chinalco of China, and a stake in the Garinskoye iron deposit in Russia [Hemscott 14 February 200)].

In June 2008, along with BlackRock Investment Management, GLG Partners LP, and Peter Hambro Mining plc, it formed a syndicate to invest US$80 million in Rusoro Mining Ltd.

Lazard Asset Management LLC is the fourth largest shareholder (at 3.5%) in BlackRock World Mining Trust PLC (qv). See also: JPMorgan Emerging Markets Investment Trust plc

• It holds 5.25% of Aquarius Platinum [Hemscott 13 February 2009].

Leader, founded in 1993, is Russia’s biggest asset management company. It controls investments by Gazfund, the pension fund of vast state gas monopoly, Gazprom.The latter has a major shareholding in Leader, although Leader is “allegedly” actually owned by the Rossiya bank [MJ 9 October 2009].

In October 2009, Leader signed a memorandum of understanding (MOU) with British company, Petropavlosk plc – formerly Peter Hambro Mining, to create a US$100 million fund for the acquisition and development of gold mining businesses in the country; in the financial year 2008-2009, Petropavlosk churned out more than a third of a million ounces of the hellow stuff, mainly from Russia’s Far East region of Amur [MJ ibid].

Legal and General Group PLC/Legal & General Investment Management Ltd is one of Europe’s most important insurance and financial services’ providers. Many of its customers are probably not aware that their money is contributing to dubious enterprises by three of the world’s four most significant mining companies.

Legal and General:

• is the third biggest direct shareholder (4.67%) in BHP Billiton PLC [Hemscott 16 August 2009] which - along with BHP Billiton Ltd of Australia - comprises the world’s largest mining company;

• is the third largest investor (5.02%) in Rio Tinto PLC [Hemscott 16 August 2009];

• is the second biggest shareholder (4.84%) of Anglo American PLC [Hemscott 5 August 2009];

• is the fourth largest shareholder (3.42%) in Xstrata PLC;

It also:

• owns 4.98% of Lonmin Plc [Hemscott 22 January 2008];

• holds 4.94% of Anglo Pacific Group PLC (qv.) [Hemscott 5 August 2009];

• has 4.45% of Aricom PLC (see Lansdowne Partners) [Hemscott 13 February 2009];

• is a 2.24 % stake holder in Vedanta Resources PLC;

• holds 4.07% of Aquarius Platinum (see Capital Group) [Hemscott 5 August 2009];

• in 2007, held 3.49% of Johnson Mathhey (see Lloyds TSB).

Legal and General Investment Management Ltd is, at 4%, the second biggest shareholder in BlackRock World Mining Trust PLC (qv)

Legal & General Assurance (Pension Management) Ltd holds 4.07% of UK COAL (see Artemis Investment Management Ltd).

Lehman Brothers International, based in New York, London and Tokyo, was a major global investment bank, until it became the first (and perhaps most specatcualr) of the sub-prime mortgage collapse of September 2008. That year it held 6.94% of Nufcor Uranium Ltd (see QVT) [Hemscott 13 February 2008]; and 3.05% of Central African Mining & Exploration PLC (Camec) – see Capital Group Companies.

Lehmann Brother International (Europe) in 2007 held 5% of Energybuild Group plc, an open-cast coal mining company operating in South Wales (see Cambrian Mining Plc); as of early 2008, it was the fourth biggest shareholder (at 5.09%) in European Nickel plc (see Prudential plc), and held 3.51% in Lonrho Plc.

Liberty Asset Management – see Standard Bank

Libra Advisors LLC – is an investment manager of the hedge funds Libra Fund LP and Libra Offshore Ltd which holds 3.88% of share capital of Polo Resources (qv).

Limelight 2nd Development Ltd holds 4.07% of Anglo Asian Mining PLC [Hemscott 12 February 2009].

Linq Resources Fund, managed by the Autstralian Linq Group, is a “boutique” investment house, established in 2005, which makes equity investment, benefits sfrom royalty income, and convertible notes in several mining companies, notably Riversdale Mining (southern Africa); Millenium Minerals (gold and previous metals); Ferrous Resources (Brazil); Continental Capital (South Africa, coal); Atlas Iron Ltd (Australia); Lihir Gold (Papua New Guinea).

Linq also holds 7.73% of Atomic Resources.

Lion Asiapac Ltd, registered in Singapore, is part of the Lion Group of Malaysia (not to be confused with Lion Selection (qv), controlled by Tan Sri William Cheng Heng Jem (sic). Lion Group, through Lion-Asia Resources, is a 25% shareholder of Polaris Metals, an iron-ore explorer in Australia, which in October 2009 it was bidding to take over [MJ 23 October 2009]. Liond Group also controls Lion Asiapac.

In October 2009, Lion Asiapac joined forces with Vital Bond Ltd, a private equity company - again owned by the ubiquitous Mr TSWC Heng Jem [MJ 9 October 2009].

Lion Group - see Lion Asiapac

Lion Selection Ltd is an Australian listed resource investment company, with an investment in African Lion Ltd (qv).

In April 2009, Lion used its 6.83% stake in Indophil Resources Ltd, Australia, to “raise serious questions about the motives and actions of directors” of this Australian company that holds just over a third of the huge Philippines Tampakan copper-gold project, majority-owned by Xstrata. Lion’s roar came in response to Indophil’s apparent lack of accountability over its expenditure of more than Aus$14 million in corporate costs. Lion also wanted to know how the company would make any profit from a 2008 arrangement to sell its share in Tampakan to the Philippines-based Alsons Group [MJ 17 April 2009] (See also: Stanhill Resources Pty Ltd).

In May 2009, Lion Selection held 46.86% of Catalpa Resources, whose flagship gold project is dubbed Edna May, in Western Australia.

In July 2009, a director of Lion Selection (and a formerRio Tinto executive), John O’Reilly, entetred a non-bdining plea of to insider trading, as he faced three charges relating to a May 2008 take-over proposal by Xstrata for Indophil. The Australian Securities and Investments Commission alleges that O'Reilly had placed an order for 50,000 shares in Indophil, when he had prior knowledge of the bid [Herald Sun, 22 July 2009].

Liontrust Asset Management, London, has a 4.10% share investment in Mercato Gold plc [Hemscott 16 August 2009].

Lloyds TSB Group plc – one of the UK’s major retail and investment banks – in 2007 was the largest single shareholder (7.79%) of Johnson Matthey, a leading global refiner of gold and silver, and manufactures of platinum–based catalytic converters [Johnson Mathhey annual report 31 May 2007]. Lloyds was merged with HBOS (qv) in January 2009.

Loeb Aron, based in London, describes itself as a “boutique” company, advising several mining companies including Highand Holdings of Canada, which has prospects in Honduras and Brazil; Swift Resources (coal in Canada), and Angus & Ross, which has a basse metals prospect in Greenland. In late 2009, Loeb Aron & Company Ltd, along with Alexander David Securities Limited, were joint brokers to Ariana Resources plc, a gold explorer in Turkey.

London & Associated Properties PLC is a large property investor with, as of 2008, the biggest single shareholding (41.67%) in Bisichi Mining plc, operating a coal mine in South Africa. [Hemscott 11 February 2008]

L.P – see L-R Global Partners

LPT Capital, a holding company in Vancouver, Canada in August 2009 merged with Lincoln Gold Corp – and changed its name to the latter.

L-R Global Partners LP/L-R Global Fund Ltd (sometimes spelt as “L.R”) announces itself as a “global hedge fund.”

In December 2008 it increased its shareholding in Lonrho Plc to its current 6.76% from 5.69% earlier in the year [Hemscott 16 August 2009].

In mid-May 2008 it had a 3.8% stake in GCM Resources, owner of the Phulbari coal project in Bangladesh [Hemscott 19 May 2008] – since reduced or disposed of.

As of February 2008 it held 4.98% of Oxus Gold PLC [Hemscott 13 February 2008].

In early 2006 it acquired 5.63% of Trans-Siberian Gold plc [L-R GP website, 11 January 2006].

In early 2007 it held 9.44% of Copper Resources Corporation (see Glencore Investments BV) [Piplinks 2007].

Lumina Capital is controlled by Vancouver mining entrepreneur, Ross Beaty; it had the controlling interest in Ventana Gold until October 2009, when this was snatched up by Eikle Batista’s 63X Master Fund (qv) [Mineweb, 8 October 2009].

Luxor Capital LP/ Luxor Capital Management is a major US hedge fund, established and managed by Christian Leone. A relative newcomer to investment in mining, over 2008 the fund has secured nearly 7 million shares in Canadian-based Australian diamond and precious metals’ explorer, Caldero Resources [SEC information, 14 November 2008]. Most important, Luxor and Leone acquired the largest combined holding in LSE-listed GCM Resources, manager of the highly-controversial Phulbari coal project in Bangladesh, with Luxor at 28.63% and Leone at 12.56% [Hemscott, 6 February 2009]. This stood at 23.66% by August 2009, in the hands of Christian Leone [Hemscott 4 August 2009]. But, by November 2009, Leone’s holding in GCM had increased to 36.56 %, while that of Luxor shrunk to just over 17% [Hemscott 9 November 2009].

Luxor also has a small holding (just over 80,000 shares) in Patrick Coal Corp of the United States which, in February 2009, settled the third largest penalty ($US 6.5 million) ever paid in a US federal water pollution case for discharge permit violations, contingent on the operations of another company, Magnum Coal, which it took over in 2008 [St Louis Post Dispatch, 5 February 2009].”

M

Mackenzie Cundhill Investment Management Ltd is, as of August 2009, the largest shareholder (12.63%) in Lonrho Plc [Lonrho Annual Report, 30 September 2008; Hemscott 16 August 2009].

MacKenzie Financial Corp is a major Canadian investment manager, specialising in mutual funds. It holds 11.97% of the shares in Moto Goldmines Ltd, which has a gold prospect in DR Congo [Hemscott 14 February 2009].

Macquarie Bank Ltd, of Australia, is one of the shareholders (at 5%) in Gryphon Minerals Ltd (see Standard Bank).

In mid-2008, the bank became the largest single shareholder in Ghana gold exploration company, Azumah Resources Ltd [MJ 1 August 2009].

In September 2008, Mineral Deposits Ltd, which is constructing a gold mine in Senegal, had paid back half of a US$50 million loan secured from the bank [MJ 28 November 2008]. That year, Macquarie approved a $US35 million financing facility for Envirogold's 75 per cent-owned Las Lagunas gold tailings project in the Dominican Republic [Business Specatator 16 May 2009].

On 2 February 2009, along with Citigroup, Macquarie managed a share offering aimed at raising US$130 million for Hong Kong-based Real Gold Mining – the second biggest IPO in Hong Kong since October 2008 [South China Morning Post, 2 February 2009].

The same month a syndicate, led by Macquarie Capital Markets Canada Ltd. and including RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank Financial Inc., made a C$61,500,000 private placement to First Uranium, to fund continued development of the company’s Ezulwini uranium mine in South Africa [CNW, 11 February 2009]. In March 2009, Macquarie Capital Markets Canada also issued shares on behalf of Quadra Mining Ltd, for its Franke copper project in Chile [MJ 17 April 2009].

Macquarie Capital Advisors co-brokered a major share issue on behalf of Mirabela Mining in August 2009 (see Argonaut Securities) [CNW Newsire, 11 August 2009].

On 14 August, Silver Crest Mines of Canada announced its intention to acquire 100% of its Mexico-based Santa Elena Project - a required condition for the company to commence drawdowns under a US$12.5 million Project Loan Facility made earlier with Macquarie Bank Limited [Silver Crest announcement, 14 August 2009].

Macquarie North America Ltd, part of Australia’s Macquarie Bank, is a Canadian investment bank specialising in mining [MJ special supplement on the Prospectors and Developers Association Canada (PDAS), February 2006].

Majedie Investments Plc/Majedie Asset Management, a British private investment trust, as of 31 March 2009, held £2.023 million worth of shares in Rio Tinto and £3.061 million in BHP Billiton.

It holds 3.72% of Hambledon Mining PLC (operator of the Sekisovskoye gold and silver project in Kazakhstan); and has 4.19% of Mercator Gold PLC (see SVM) [Hemscott 16 August 2009], as well as 5.96% of Norseman Gold (see Sprott Asset Management) [Hemscott 13 October 2009].

Majedie has a small (below 3%) stake in Metals Exploration PLC, held through ROY Nominees Ltd [Hemscott 14 February 2009].

As of 30 September 2008, the firm had small stakes in:

Bumi Resources (Indonesia)
China Goldmines
Coal of Africa
Diamondcorp
Dwyka Resources
Gladstone Pacific
Kalahari Minerals
Mwana Africa
Nautilus Minerals
Pangea Diamondfields
Polymet Mining
Talvivaara Mining
Toledo Mining and
Xstrata.

Maitland Fund Services is a Cape Town, South Africa, based fund administrator which holds 6.11% of Pan African (see Coronation Fund).

M & G Investment Management Ltd , while autonomously-run, was taken over by Prudential PLC (qv) in 1999. It is the second biggest investor (along with Prudential PLC itself, both holding 15.15%) in Allied Gold Ltd (see HSBC Global Custody Nominees) [Hemscott 3 August 2009].

In August 2009, M&G was among institutional investors which subscribed to a share offer by Jubilee Platinum plc, by which it raised £13.25 million [MJ 14 August 2009].

Man Financial Ltd, a major British futures’ trader and hedge fund, also sponsors the renowned annual Man-Booker book prize. Man is a member of the London Metal Exchange “Ring” [MJ special supplement September 2006].

As of February 2008 it was a minority (3.24%) shareholder in two companies active in the Philippines: Metals Exploration PLC [Hemscott 12 February 2008]; and 5.58% in Toledo Mining Corporation PLC [Hemscott August 2009].

In 2008 it also held 3.90 % of Ormonde Mining PLC (see JP Morgan Fleming) [Hemscott 13 February 2008].

Marathon Asset Management LP is a New York-based “alternative investment” firm, claiming to have US$10 billion under management, and specialising in hedge funding.

In October 2009, Marathon’s Master Fund subsidiary in the Philippines was among several banks which sued Benguet Corp – one of the country’s biggest and oldest mining firms - for its failure to pay up its loans. These had been raised many years earlier, to promote Benguet’s much-criticised Antamok Gold Project in the Cordillera region [ABS-CNN News service, 22 October 2009] (See also: Calyon).

Mariner Fund is a long-short hedge fund, launched by Sagitta Partners (part of FF&P) in 2001, which has a share of Gryphon Minerals Ltd (see Standard Bank).

Mars Asset Management – see Aurora Investment Trust

Martin Currie Pacific Trust is a Scottish-based investment trust, whose shareholders (as of March 31 2008) include Rathbone Nominees Ltd (with 4.51%) and Barclayshare Nominees (with 3.83%).

The Trust’s portfolio (as of 28 February 2009) included a £4.83 million stake in BHP Billiton Ltd; just under £3 million in Newcrest Mining. It appears to have dispensed of its£2.479 million in Rio Tinto Ltd; and £2.5 million in Indonesia’s Bumi Resources, held the previous year.

In 2008, the firm sold its, albeit minor, investment in Vedanta Resources plc, over concerns about environmental aspects of the company’s operations in Orissa [Survival International press release, 15 July 2009].

Martin Place Securities claims to be “Australia’s Boutique Resources Investment Firm, specialising in emerging mining, resources and energy companies.” Founded in October 2000 its aim is to “provide a link between Australian resource sector opportunities and investors from major financial centres in Europe, North America and China.”

It advised Sylvania which took over SA Metals platinum group metals prospects in South Africa’s Bushveld region in July 2009 [Martin Place announcement, 14 July 2009].

Massachusetts Mutual Life Insurance is part of the huge MassMutual insurance group which includes Baring Asset Management (qv) and Oppenheimer funds (qv). It holds 5.04% of Central African Mining & Exploration Company (Camec) (qv). [Hemscott 24 February 2008]

Matterhorn Investment Management LLP is a London-based hedge fund with 6.16% of Brazilian Diamonds Ltd, an LSE-registered company exploring in Brazil for what is said “on the tin” [Hemscott 14 February 2009].

Mau Capital Management is a US “mining equity hedge fund”, founded by investment guru, John Lee [see MJ 12 June 2009] which has been engaged, inter alia, by Northern Lion Gold Corp (active in Scandinavia) and La Qunita Resources Corp.

Mellon HBV Alternative Strategies LLC, part of the Bank of New York (BNY) (qv), was in 2008 the third biggest shareholder (8.85%) of Cambrian Mining PLC [Hemscott 14 February 2008].

Merchants Trust – see The Merchants Trust PLC

Merck Fink, a German private bank, holds 3.65% of African Eagle Mines [Hemscott, 3 August 2009].

Meridian Global Gold and Resources Fund specialises in hedge fund investment in mining. Set up in 2002 by fund “guru”, Frank Holmes, it was managed until 2007 by US Global Investors (qv). It offers long-only investments opportunities for private investors, while providing “shorting” strategies for hedge fund managers, and ETFs (Exchange Traded Funds) [Gold Outlook Asia, August 2009].

Merrill Lynch merged with the Bank of America (qv) in January 2009, and in August announced that its metals trading team would be expanded, in light of a recent supposed “rebound” in metals prices [Bloomberg, 14 August 2009].

In recent times, Merill Lynch, while not the biggest direct investor in mining, over the past decade almost certainly possessed the most diversified portfolio of mining investments, through its eponymous World Mining Trust plc.

However, in April 2008, Merrill Lynch Investment Managers had already merged with BlackRock, and, in a “full product rebrand”, launched the BlackRock World Mining Trust which now replaces the former World Mining Trust. [BlackRock WMT statement, 13 August 2008].

NOTE: Information on BlackRock’s mineral-related and mineral commodities holdings can be found under BlackRock World Mining Trust (above).

Shareholders in the World Mining Trust included:

• Rensburg Sheppards Investment Management (5%),

• Legal and General Investment Management (4.31%),

• Lazard Asset Management (3.59%),

• and Newton Investment Management (3.01%), which is part of the Bank of New York (see also: Mellon HBV) [Hemscott 19 February 2008]

Merrill Lynch Gold and General Account/Fund is part of Merrill Lynch/Black Rock’s Natural Resources team, which manages around six billion dollars work of investments on behalf of individual and institutional investors, with nearly £1.5 billion of this allocated to gold.

In 2005 the Fund claimed to be the biggest buyer of gold shares in the world. [Guardian 10 December 2005].

“God in his wisdom has put gold in emerging markets” 
Graham Birch, Manager of Merrill Lynch Gold and General Fund [Guardian 10 December 2005]

In early February 2009, Merrill Lynch & Co. became joint lead manager, bookrunner and underwriter for an Aus$ 750 million share sale, on behalf of Newcrest, Australia’s largest gold miner. Goldman Sachs, JBWere Pty and UBS AG are also assisting with the sale [Bloomberg, 2 February 2009].

Goldman Sachs Canada Inc, along with CIBC World Markets Inc. as co-lead managers and joint book runners; and including National Bank Financial -, along with UBS Securities Canada, Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers, launched a share offering for Pan American Silver in February 2009 [MarketWire 5 February 2009].

Merrill Lynch Investment Managers Ltd in 2008 held 5.91% of Lonmin PLC [Hemscott 23 January 2008].

The Merchants Trust PLC - as of 31 January 2008 held around 18 million pounds worth of shares in both Anglo American and Rio Tinto.

Merck Fink and Co, a German private bank, holds 3.25% of African Eagle Resources PLC [Hemscott 12 December 2009].

Metinvest Holding LLC (to be confused neither with Metalloinvest, nor with Metalinvest) is part of System Capital Management Holdings (SCM) which, in turn, is 100% owned by Ukraine’s richest individual, Rinat Akhmetov. In 2007, Akhmetov merged his mineral and metals assets with those of Smart-Holding, owned by fellow Urakinian, Vadim Novinksy. In the process, Metinvest acquired ProMet Steel of Bulgaria, and went on to gain further steel companies in Italy (Trametal SpA) and the UK (Spartan UK Ltd). These acquisitions made Metainvest (and thereby Mr Akhmetov) one of the steel princes of Europe – with a plate rolling capacity of a million tonnes [MJ 15 May 2009].

In Spring 2009, Metalinvest also took over the United Coal Company (UCC), one of the biggest enterprises of its kind in the United States [ MJ ibid].

Metalinvest (not to be confused with Metalloinvest or Metinvest qv)) is owned by the E Abaroa family of Chile and holds more than half (50.72%) of Antofagasta Plc, one of the worlds’ biggest private copper companies, which operates in Chile. [Hemscott 13 August 2009]

Metalloinvest, a huge Russian group built on iron ore is controlled by Russian billionaire, Alisher Usmanov (see also Gallagher Holdings). It manages the assets of ZAO Gazmetall, but has recently measurably suffered from acquired debt.

In order partly to reduce its indebtedness, in February 2008 Metalloinvest submitted a proposal (believed to have been put together by Dresdner Kleinwort) to merge with the world’s premier nickel producer, Norilsk Nickel. [MJ 29 February 2008]

A year later, Usmanov again proposed a tie-up between Metalloinvest and Norilsk Nickel To make him the largest shareholder (at 37%) in a merged giant ferrous metals company which could become the world’s largest of its kind. Under the proposal, Metalloinvest's 75% share of its huge Udokan copper deposit would also go towards the combine, and t he Russian government would hold a minimum stake of 25% [Reuters, 2 February 2009].

In April 2008, Metalloinvest acquired shares from its subsidiary Gazmetall (qv) - their beneficial owner - “for investment purposes only” in the leading sea bed copper and gold “massive sulphide deposits” exploration company Nautilus Minerals Inc [Gazmetall statement, 20 August 2008], operating offshore of Papua New Guinea. It did this through its wholly-owned Metalloinvest subsidiary, Epion, which now holds 22.4% of Nautilus. [Hemscott 14 February 2009]. Nautilus is registered on the LSE AIM and TSX; its other major shareholders are Teck Cominco Ltd and Anglo American plc).

In 2009, Metalloinvest was the controlling shareholder (50.72%) of Antofagasta Plc, one of the world’s biggest copper producers [Hemscott 5 August 2009].

Midas Income & Growth Trust plc/MidasCapital PLC April 2009 held a £662,000 stake in BHP Billiton and a small investment in the unlisted Gold Fund Account which deals in gold securities. Its Midas Balanced Income Fund holds a minor stake (£1.4 million) in ATH Resources plc (see AXA Framlington Extra Income Fund). Midas Capital holds 7.59% of Minera IRL Ltd (see BlackRock Investment Management (UK) Ltd), and 5.08% of Aurum Mining PLC (see Altima Partners LLP [Hemscott 16 August 2009].

Millennium Wave Fund was launched, in early 2006, as part of Absolute Return Partners (UK) Fund of Hedge Funds.

Millennium Partners in 2005 held nearly a fifth (19.9%) of Weda Bay Minerals [MJ 9 December 2005] a company severely criticised by Indonesian environmental groups for its plans to mine in protected forests.

The same year, this hedge fund was found guilty in a civil suit taken out by the New York Attorney General, Eliot Spitzer, of massive illegal trading “in and out” (and out of hours) in mutual funds. Millennium Fund was fined US$180 million and its manager, Israel Englander, had to fork up an additional US$30 million of his own money [New York Times, 2 December 2005].

Millhouse Capital is the investment group controlled (with an unknown stake) by one of Russia’s richest man, London-resident (“non dom”) Roman Abramovich. In the early years of the new millennium, Abramovich sold many of his key holdings – including those in RUSAL and Gazprom, in turn the country’s biggest aluminium and gas producers – in order to buy UK’s Chelsea football club. He holds on to around 41% of Evraz (see Delong Holdings).

In May 2008, Millhouse sold 8% of the shares of Highland Gold Mining Ltd, through its nominee company, Primerod International Limited, to Abramovich’s partner in Evraz, Evegeniy Schwidler (another “non dom”) [Integrum, Russia, 8 May 2008].

Primerod now holds 40% of Highland Gold [Mineweb, 18 June 2008], registered in the Channel Island of Jersey.

Highland has been used as a vehicle by Barrick Gold to attempt to be the leading gold mining company in Russia and Central Asia. Barrick itself now has a 20.37% stake in Highland, with Fleming Family & Partners holding 4.8%.

MineralFields Group (Canada) offers flow-through share investments in mining companies, specializing in gold, platinum and uranium. Now in its 8th year of business, it purports to have raised $552,178,570 to date; while sustaining “no debt (ever)” and with low overheads. [See introduction for further discussion of Flow Through Shares]. Together with NovaDX (qv), in early 2009 it made a non-brokered private placement with Houston Lake Mining Inc.

Mineralogy Pty Ltd – see Clive Palmer

Mineral Securities Limited /MinSec Investments (BVI) Ltd of Australia holds key and “emerging” assets in Australia, South Africa, Chile and elsewhere, concentrating on copper, platinum, zinc and gold. Chaired by legendary mining magnate, Robert J Champignon de Crespigny AC (Companion of the Order of Australia), many of its votable share options – too numerous to list here in full - are held by investors in the form of DIs and CDIs (see Glossary).

Minmet Plc Group describes itself as an “incubator” (sic) and developer of oil & gas and mineral exploration and extraction “opportunities”. Minmet (Isle of Man) Ltd in 2007 was the biggest shareholder (at 14.8%) in Horizonte Mineral Plc, exploring in Brazil and Peru.

Mirabaud Securities is part of Switzerland’s oldest bank. Richard Morgan, ex-editor of the Mining Journal became its mining analyst in 2007 [MJ 1 December 2006].

In October 2008, along with Renaissance Capital, Mirabaud supplied £20-million cash to African Minerals plc to be used by the UK company for further drilling at the company's Tonkolili iron-ore project in Sierra Leone.

Mining House is a London-headquartered private equity group “focused on developing a strong portfolio of diversified mineral assets around the world.” However it does not appear to have been active on the ground since 2006, when it held interests in:

• Atlantic Mining PlC – Venezuela coal

• Carbon Mining PLC – with interests in the Philippines and a mineral sands venture in Bangladesh

• Delta Pacific Mining PLC – coal exploration in Bangladesh

• KAL Energy PLC – coal interests in Indonesia

• Magellan Copper and Gold – operating in the Philippines

[All information from Piplinks 2007]

Mitsubishi Materials Corporation (MMC), part of the massive Mitsubishi group of Japan is not only one of the world's largest metal smelting, refining and cement companies. It also has major investments in four world-class operating copper mines: Los Pelambres, Chile (operated by Antofagasta plc); Escondida (BHP Billiton and Rio Tinto), also in Chile; Imperial Metals’ Huckleberry copper mine in Canada (in which a Japanese consortium headed by Mitshbishi holds 50%); and Indonesia’s biggest copper-gold mine, Batu Hijau (Newmont Mining).

In summer 2009, MMC agreed to provide Cdn$250 million finance to Copper Mountain Mining Corp’s eponymous project in British Colombia, in return for 25% of the equity.

MKM Longboat Multi-Strategy Master Fund is a London based “multi strategy” hedge fund with (as of 5 March 2009) 13.33% of LonZim PLC (see Tudor Capital) [Hemscott 12 February 2008].

MLP Investments Ltd – based in the Cayman Islands - is the largest shareholder (17.51%) in DiamondCorp PLC [Hemscott 11 February 2008].

The Monks Investment Trust PLC is part of Baillie Gifford and Co, based in Edinburgh Scotland. As of mid-2008, Monks held £21 million of shares in US Steel, just under £19 million in BHP Billiton, £11.8 million in Rio Tinto and £177.7 million in the BlackRock World Mining Trust (qv). As of 31 October 2008, its biggest direct mining investment was £5.7 million in Norilsk Nickel.

Morgan Stanley/ Morgan Stanley Securities in June 2008 acquired a 4.11% stake in GCM Resources (see Polo Resources) [Hemscott 10 June 2008]; holds 7.25% of Neptune Minerals PLC (see CS Client Nominees (UK)) [Hemscott 13 February 2008]; and a 3.12% stake in Nufcor Uranium Ltd (see Deutsche Bank) [Hemscott 14 February 2008]. As of 5 March 2009 it was the second biggest shareholder (19.66%) in LonZim plc.

In May 2008, along with Goldman Sachs and UBS, it made a rights issue worth 9 billion Rand (approximately US$ 1.2 billion) on behalf of AngloGold Ashanti [Mining Weekly, 7 May 2008].

The same month, along with Goldman Sachs and JP Morgan, Morgan Stanley co-ordinated the London listing of central European coal giant, New World Resources NV [see RPG Industries SE.

In March 2009 it announced that, heading a syndicate with RBC Capital Markets, and including BMO Capital Markets, Scotia Capital Inc and UBS Secrities Canada Inc, it would underwrite the issue of 8.12 million common shares (at Cdn$ 37 per share) in First Quantum Minerals Ltd [MJ 27 March 2009].

As of February 2008 it was the third biggest shareholder (6.82%) in European Nickel PLC (see Prudential plc); and in August 2009, held 6.97% of Anglesey Mining PLC (see Ambrian Capital PLC) [Hemscott 5 August 2009].

Morgan Stanley Nominees holds 5.46% of Mariana Resources Ltd (see CS) [Hemscott 12 February 2008].

In July 2009, Sterlite Industries, controlled by Vedanta Resources, raised $1.5 billion through an American Depository Receipt (ADR) issue, to part-finance its power generation plans and other programmes, as well as enable Vedanta to retain its stake in Sterlite at over 60%. JPMorgan and Morgan Stanley were the joint bookrunners for the issue which, according to Sterlite/Vedanta’s Anil Agarwal, was “the first in a series of measures that would soon include acquisition of mining assets in Africa and Central America” [Economic Times, 17 July 2009].

Morley Fund Management – one of the biggest fund managers in the UK, with a large property funding portfolio – holds 3.78% of Hambledon Mining (see Blackrock). It is managed by Aviva plc (qv).

MRI Trading/MRI Group is a Swiss-based copper concentates’ trading house which, in November 2008, concluded an agreement with Canada’s TVI Pacific – probably the most consistently criticised junior mining company operating in the Philippines – to take all its output from the Canatuan project, if and when it comes on stream. MRI also holds (as of early October 2009) around 16% of the share capital of EMED Mining (see Resource Capital Fund).

MSG Investment Management holds 17.42% of Allied Gold Ltd (see HSBC Global Custody Nominees) [Hemscott 12 February 2009].

MTO is a Portuguese fnancial holding company, part of the Martifer group which, in December 2008, acquired Lundin Mining’s Aljustrel zinc mine in Portugal [MJ 12 December 2008].

Murray Income Trust PLC is part of Aberdeen Asset Managers PLC. As of June 2008 it held $8.73 million worth of shares in Rio Tinto and £7,04 million in Anglo American.

N

Natasa Mining Ltd, despite its name, is a dual-listed ASX/AIM investment company formerly known as Investika PLC (qv), which does not operate any mines, but is the investment vehicle (24% ownership) of Filipino lawyer Chrisilios Kyriakou. The company seeks to invest in pre-production “emerging resource opportunities” which it can then develope or sell.

In summer 2008, says the website Fool UK, Natasa “pulled off a masterstroke” when it sold its 11.5% holding in Philippines’ nickel laterite developer, Toledo Mining, to European Nickel plc [Fool UK, 29 July 2009]. However, according to Hemscott Investors Service, it still held 16% in Toledo as of August 2009 [Hemscott 15 August 2009].

In June 2009, Natasa attempted to take control of near-bankrupt copper company African Copper plc - but lost out to rival bidder Zambia Copper Investments (ZCI) (qv). However, the fund allegedly gained a £4m profit, by buying up African Copper's bonds at discounted prices, and forcing Zambia Copper to redeem them as part of its takeover bid [Fool.UK, ibid].

Shareholders in Natasa are Baron Investments Ltd (of which Kyriakou is the director) at 23.53%, ANZ Nominees at 16.93%, T Hoare Nominees Ltd at 10.50% and HSBC Global Custodian Nominees Ltd at 5.69% [Hemscott 4 August 2009].

National Australia Bank Group ranks among the largest financial institutions not only in Australia but also the world (with market capitalisation of over Aus$650 billion as of 30 Septemer 2008. OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan from a banking syndicate comprising ANZ Banking Group, Bank of Scotland International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland (RBS). The money will mainly be used for “short-term cash needs” the company’s Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver project in Indonesia [Metal Bulletin, 23 January 2009] (See also: Societe Generale/SG and Clydesdale Bank).

National Bank Financial Inc is one of the largest brokerage firms in Canada, and the leader in Quebec. Along with Goldman Sachs Canada Inc. and CIBC World Markets Inc. as co-lead managers and joint book runners, National Bank Financial acted as co-managers of a share offering for Pan American Silver in February 2009, along with UBS Securities Canada Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond James Ltd., Salman Partners Inc. and Canaccord Capital Corporation [MarketWire 5 February 2009].

Also in February 2009 a syndicate, led by Macquarie Capital Markets Canada Ltd. and including RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank Financial Inc., made a C$61,500,000 private placement to First Uranium, to fund continued development of the company’s Ezulwini uranium mine in South Africa [CNW, 11 February 2009].

National Nominees Ltd is a custodian for clients investing in numerous mining companies based in Australasia – including Aquarius Platinum (3.85%) [Hemscott 5 August 2009].

National Bank of Canada was part of a syndicate of banks, led by Scotia Capital and Societe Generale which, in April 2008, put together a C$140 million revolving credit facility for Iamgold [Mining Weekly, 28 April 2008].

Natwest Securities, in 2006, held 1.07% of Rusina Mining NL [Piplinks 2007]. It is part of the National Westminster bank (Natwest) which is owned by The Royal Bank of Scotland (qv) – itself now largely owned by British taxpayers.

Nautilus Trust Co Ltd is an investment company, set up by accountants and located in the Channel Islands’ tax haven, which has a 3.18% investment in African Consolidated Resources Plc (see CS Securities (Europe) Ltd) [Hemscott 4 August 2009].

Nedbank, a financial services provider which is part of the Old Mutual group (qv), in May 2009 concluded a five year, R1,5-billion revolving credit facility for South Africa gold producer Gold Fields [Mining Weekly 12 May 2009].

Nederlandse Financierings is the private finance arm of the Dutch government’s development agency, FMO. In 2008 it held 5.07% of Kenmare Resources (see State Street) [Hemscott 12 December 2008].

New African Mining Fund, set up in 2002, includes the World Bank/IFC [MJ 1 November 2002].

New City Investment Managers Ltd/NCIM (UK) is an important mining and minerals-related investment grou, deploying its less than U$7 billion assets “strategically” rather than throwing its weight behind just one or two companies [MJ 13 March 2009]. As of early 2007, it held a minority share in Metals Exploration plc, active in the Philippines [Piplinks Research, 2007].

In September that year, NCIM became a wholly-owned subsidiary of asset-management group CQS, and a year later, was appointed investment manager of Golden Prospect Precious Metals Ltd. By the end of January 2009, Golden Prospect had around US$8 million under investment, including 11% of its gross assets in Gold Bullion Securities Ltd; 10.7% in Goldcorp, 7.3% in Newcrest Mining Ltd, 5.8% in Yamana Gold and 4.5% of those assets in the world’s premier gold mining company, Barrick Gold [MJ 13 March 2009].

NCIM manages four other investment companies in addition to Golden Prospect: New City Energy Ltd (NCE), Geiger Counter Ltd, New City High Yield Fund Ltd (NCHY) and City Natural Resources High Yield Trust (CNRHY) (qv) [MJ 13 March 2009].

New India Investment Trust PLC is managed by Aberdeen (qv). As of 30 September 2008, it held £2.6 million of shares in Grasim Industries, one of India’s biggest cement producers.

Newsmith Opps Private Equity, part of Newsmith Capital, is based in the US, with 7.40% of sea bed “explorer”, Neptune Minerals PLC (see CS) [Hemscott 13 February 2008].

New Star Asset Management: a London-based multi fund manager, is the biggest shareholder in City Natural Resources High Yield Trust PLC (qv) [Hemscott 15 February 2008].

Newton Management Ltd in 2008 was the fourth biggest shareholder in Lonmin plc (at 6.09%) [Hemscott, 22 January 2008].

NGP Energy Capital Management is a specialist energy investment firm which, in late 2006 launched NGP Energy Infrastructure and Resources to focus on “direct equity investments in infrastructure ventures in various sectors of the midstream energy industry and all facets of the mining and minerals sector” – with a target of raising $1.5bn. [AltAssets, 12 September 2006]

NM Rothschild was part of a consortium of banks which raised funds for Iamgold in April 2008 (see Scotia Capital) [Mining Weekly, 28 April 2008].

N.Murray Edwards, one of Canada’s richest men, is notorious as one of the biggest investors in so-called oil (or tar) sands in Alberta, Canada – alleged to be one of the dirtiest sources of fuel. Edwards manages the Canadian Natural Resources fund, and holds 38.5% of Imperial Metals.

Noble Group is an Australian commodities’ trader which owns 21.7% of Gloucester Coal Ltd [MJ 8 May 2009]. Its subsidiary, Noble Resources Ltd, in October 2009, took over debts owed by Australia’s Territory Resources Ltd, to the tune of US$ 15.6 million [MJ 9 October 2009]. The same month, a 60%-owned subsidiary of Noble, Africa Commodities Group (ACG), along with the Bravura Group, made an offer to take over just a smidgeon short of 50% of Sentula Mining Ltd’s coal mine in South Africa [MJ 16 October 2009].

North Sound Capital is a hedge fund run by Thomas McAuley, “alumnus” of Tiger Capital (qv). It is a 3.63% shareholder in Central African Mining & Exploration PLC (Camec) (see: Capital Group Companies).

Norwegian Government Pension Fund. On 29 January 2009, this state-run Fund (aka the Petroleum Fund) disinvested from Barrick Gold because of the unacceptable risks run by its Panguna mine in Papua New Guinea – specifically its use of riverine tailings disposal and the likely impacts of toxic metals, including mercury, on the environment and people [Press statement by Norwegian government, Oslo, 29 January 2009].

Previously, the Fund had disinvested its holdings in Freeport McMoran Copper and Gold, DR Gold, Vedanta Resources and Rio Tinto

(for further information, go to: http://www.minesandcommunities.org).

NovaDX of Vancouver, Canada, calls itself a “leading, publicly-traded investment firm that provides capital investment, investment banking, financial and business advisory services to early-stage natural resource exploration companies.” Along with with the Mineralfields Group, in early 2009 it made a non-brokered private placement with Houston Lake Mining Inc which raised C$755,200 for the mining company to advance gold projects in Canada. The joint issue consisted of two and a half million Flow-Through Units, comprising one flow-through common share and half a common share purchase warrant.

Numis Securities describes itself as “a leading independent investment banking and broking group servicing high quality London-listed mid and small cap investments, based in London and New York with a hundred corporate clients.” [MJ 23 May 2007]

Among its coups was securing a major position in Vedanta Resources PLC’s IPO financing of late 2003. However, in late 2005, following the publication of a highly critical report on Vedanta [“Ravages through India”, Nostromo Research and India Resource Center, San Francisco, September 2005 ], John Meyer of Numis stated that the company no longer advised buying shares in the discredited UK company. [personal communication to author, 2005]

Nutraco Nominees, based in London, holds shares on behalf of clients, comprising 3.239% of BHP Billiton PLC [Hemscott 16 August 2009]; 3.85% of Aquarius Platinum [Hemscott 5 August 2009], and 3.17% of Mwana Africa PLC (see HSBC Global Custody Nominees (UK) Ltd) [Hemscott 14 January 2009]; also 5/25% of African Diamonds plc [Hemscott, 4 August 2009].

O

Oasis Asset Management is a South African Shari’ah observant investment fund which also operates Oasis Crescent Capital – see Pallinghurst.

Ocean Equities Ltd, headquartered in the City of London and listed on the LSE, was established in 2003 to focus “exclusively on the natural resource sector.” It provides “full investment banking services, research and analysis, corporate finance and distribution.”

In the past five years it has raised more than half a billion dollars from institutional investors in the UK and Europe, for both listed and unlisted mineral companies in North America, Europe and Australia.

In October 2009, Ocean, along with Seymour Price, raised just over £5 million to fund a proposed gold milling facility for Crew Gold, which is headquartered in London (though listed on the Toronto and Ontario stock exchanges) and has operations in the Philippines, Guinea and Canada.

The same month, Ocean Equities raised £1.85 million for Belvedere Resources to develop its gold assets in Canada.

As a broker, Ocean Equities is placing shares worth US$5.5 million for Ramblers Metals & Mining Ltd, for the acquisition and refurbishment of its gold processing facilities in Newfoundland and Labrador. [MJ, 2 October 2009].

Oceanic Asset Management Pty (OAM) is based in London and holds the Australian Natural Resources Fund (qv). OAM is planning to merge this fund with its Global Resources Fund, started up in early 2008. Most of OAM’s shareholders are based in London and “predominantly institutional with a small number of high-net work retail investors” [MJ 17 July 2009].

Och-Ziff Capital Management Group LLC (qv) is a leading, global institutional “alternative asset management” – i.e. private equity firm, based in the US, with approximately $22.3 billion of assets under management, for around 700 fund investors, as of 1 February 2009. (Reflecting the drop in value of many private equity firms over the past eight months, on 1 June 2008, Och-Ziff managed approximately $33.8 billion.)

Odey Asset Management (OAM) – see Eclectica

Old Mutual South Africa Trust plc is on its way path to become the leading international savings and “premier financial services provider” for South Africana [Old Mutual Annual Report 2008, 4 March 2009].

Hearly 56% of its shareholders hail from the UK (with 4.34% held in the form Of UK Treasury shares), and around 38% from South Africa.

It holds shares in:

• Anglo American

• BHP Billiton

• Impala Platinum

• Gold Fields (South Africa)

• Mittal Steel SA

In late January 2008, Old Mutual announced that it was continuing discussions over selling a controlling stake in its South Africa-based subsidiary Mutual & Federal to RBH, the investment vehicle of the Bafokeng community (see Footnote 7) located in the north-west of the country. [FT 25 January 2008]

Oleg Derispaska was once Russia’s richest individual, thanks to his investments in UC Rusal (see Interros), the country’s biggest aluminium producer (and possibly the worlds), of which he became CEO in January 2009 [Georgian Daily, 2 February 2009]. But, by early 2009, he was burdened with massive debt [MJ 27 March 2009].

Deripaska signed a “standstill” agreement in March 2009 with creditors on his repayment of UC Rusal’s massive US$14 billion debt, as he strove to increase the company’s liquidity [MJ 13 March 2009; MJ 9 October 2009].

Deripaska also controls the Russian energy group EN+ Group (qv) which, in February 2009, made an offer for a 49% stake in Mongolia’s Togloi coking-coal deposit – a major potential mine (with reserves of some 6 billion tonnes), for which Rio Tinto, BHP Billiton and Xstrata had reportedly also made previous bids. The Mongolian government is said to have acted “positively” to Deripaska’s move, which is baked by fellow oligarchs, Alexei Mordashov and Viktor Vekselberg [MJ 20 February 2009].

In 2008, Deripaska hit the UK news headlines. He entertained a group of British VIPs that summer on his Meditteranean yacht; one of his guests - the opposition Tory Party’s shadow finance minister, George Osborne - was said to have approached the oligarch for Party funds. Behind the accusation, it appears, was the governing Labour Party’s business affairs supremo, Lord Peter (“prince of darkness”) Mandelsohn, himself an old friend of Deripaska.

As Trade Minister for the European Union, Mandelsohn had secured tarrif concessions on Russian aluminium imports into Europe.

Onexim Group is a Russian privately-funded venture by billionaire, Mikhail Prokhorov, set up to invest in nanotechnology, “high technology” projects, and non-ferrous and precious metals mining. Prokhorov was former chairman of Norilsk Nickel (see Metalloinvest), and is currently chairman of the country’s largest gold producer, Polyus Gold which he controls along with comrade oligarch, Suleiman Kerimov. In mid-2009 they announced their intention to make a deposit at Natalk, Russia, into the third biggest gold producer by 2013 [MJ 12 August 2009].

Ongpin Group is an investment firm managed by Philippine nationals, Robert Ongpin and Eric Recto, who also represent in their home country the London-based Ashmore Group qv). Through another company, Boerstar Corp. (qv) Ongpin in October 2009 finalised a deal to acquire up to 58% of listed mining firm Atok Big Wedge Co Inc. [ABS-CBN News, 22 October 2009]. Incorporated in September 1931, Atok initially engaged in mining activities, but then “redirected its corporate primary purpose from mining to general investment”. At present, Atok is a holding company with investments in mining interests in Itogon, Benguet province, the Philippines [ABS-CBN ibid].

Ontario Teachers Pension Plan Board. One of the largest private pension fund investors in the minerals industry, this Board in October 2008 acquired 1.85 million shares in the Canadian assets of Fording Coal, after Teck sold a 27.6m Fording units to an unnamed Canadian bank [Mineweb 14 October 2008].

OP-Delta Mutual Fund holds 1% of Finland’s former major mining company, now leading stainless steel producer, Outokumpu.

Oppenheimer Fund management/Oppenheimer Funds was a winner in the Mines and Money 2006 awards for its mining related investments [MJ 8 December 2006].

Among these investments are 4.75% in Highland Gold Mining Ltd, which is building a portfolio of gold assets in the Russian Federation. (The company’s leading shareholder is the world’s biggest gold producer, Barrick Gold of Canada). [Hemscott 11 February 2008]

Oppenheimer, based in Massachusetts, US, claims to have 60 mutual funds under its Management, serving six million shareholders; in 2001 it branched into hedge funds.

ORGAMAN (Societe d’Organisation, de Participation et de Management) is a private conglomerate in the DR Congo, owned and operated by the Damsceaux family of Belgium for nearly eight decades. Its “mission” is to supply and transport agricultural and maritime products.

It was formerly a joint venture partner with MOTO Goldmines Ltd in its eponymous gold project. During an extensive mining review, carried out by the DR Congo government in 2008, ORGAMAN withdrew from the JV. In early 2009, ORGAMAN arranged with MOTO for repayment of the US$ 33.8 million debt owed to it by the mining company [MJ 2-9 January 2009].

Origo Sino-India, a private equity firm, in late 2007 announced a fund to raise at least $100m for investment opportunities in the natural resources sector in China and India. In summer that year, Origo entered into a share subscription agreement with Fomento International Ltd, an iron ore mining company, investing $10m to gain 3% of FIL’s equity. [AltAssets 20 November 2007]

Ospraie Management LLC/Ospraie Special Opportunities Master Holdings Ltd/The Ospraie Portfolio Ltd. This US-based hedge fund held US$4 billion in assets in 2006 [FT 25 May 2006].

The previous year it had adopted a “bear” position on copper and lost substantially as the market turned bullish. By August 2008, its’ managed funds had dropped to US$ 2.8 billion [Bloomberg, 26 January 2009] and Ospraie began “redeeming” its “positions”, closing its biggest hedge fund in September that year.

Ospraie’s founder, Dwight Anderson predicted it “may take as long as three years to liquidate the flagship fund’s positions in illiquid investments.” [Bloomberg, ibid].

Four months later, in January 2009, Ospraie sold 49 % of British Virgin Islands’-based Titanium Resources Group Ltd, which operates in Sierra Leone, to the mining company’s former owner, the notorious Jean-Raymond Boulle, raising his stake to 59%.

Ospraie has had small stakes in Lonrho Africa Ltd [Lonrho Africa annual report 2006]; 6.72% in Lonrho plc [Lonrho annual report 28 March 2008], and 5.33% in LonZim PLC (qv) [Hemscott 12 December 2008].

It was rumoured that, at the launch of Vedanta Resources PLC in December 2003, Ospraie led the band of US-UK hedge funds which seized the first tranche of shares. Ospraie no longer has a substantial holding in Vedanta.

Ospraie also holds a small stake (3.10 %) in GCM Resources, owner of the highly contentious Phulbari coal mine project in Bangladesh. [Hemscott 10 June 2008]

OZ Management LP – not to be confused with OZ Minerals, the Australian mining company, is part of the huge US-based Private Equity (“alternative infestment”) firm, Och-Ziff Capital Management Group LLC (qv) says it is a "leading, global institutional alternative asset management firm. We are one of the largest alternative asset managers in the world, with approximately $22.3 billion of assets under management for approximately 700 fund investors as of February 1, 2009."

P

Pacific Assets Trust plc, managed by F&C Asset Management plc (qv) as of July 2008 held a minor share (worth £ 2.36 million) in China Coal Energy.

Pacific Horizon Investment Trust PLC is managed by Scottish fund manager Baillie Gifford & Co. In July 2008 it had a £1,848,000 stake in Hong Kong coal producer, Handily Indus try International Development.

Pacific International Ltd is a Singapore-based steel company, which owns 8.3% of Granges Resources Ltd (see RGL Holdings Co Ltd) [MJ 2-9 January 2009].

Pacific Road Resources Capital Management is a private equity fund, set up by the Sydney-based Pacific Road Group "to invest directly in mining projects, related infrastructure and services companies in Australia and selected overseas countries across a range of commodities." Among its principals is David Klingner, formerly with Rio Tinto. In September 2007, along with RMB Resources (qv), it bought LSE-listed diamond producer Gem Diamonds’ Woodlark gold project in Indonesia [Mining Weekly, 10 September 2007].

In January 2009 it promised £26 million to Albidon Ltd, a UK company exploring for nickel and uranium in Zambia [Hemscott 30 January 2009; MJ 6 February 2009]. However, in less than two months, Albidon was looking a failure – until it secured a new deal with China’s Jinchuan Group [MJ 6 March 2009].

Pala Investment Holdings acquired 13.3% of Avoca Resources Co in early 2007 [MJ 26 January 2007]. It had increased its holding to 19.88% by May 5 2009 [Business Spectator 7 May 2009].

Pallinghurst Resources is an investment fund which bid for Consolidated Minerals (Australia) along with AMCI (US) in 2007 [MJ 2/3/07]. It is controlled by Brian Gilbertson, former high flyer at BHP Billiton, who arranged that company’s merger with Billiton – making it the most highly-capitalised mining company in the world.

At the end of 2008, Pallinghurst signed an agreement with Platmin Ltd and the Ba-Kagafela Tribe by which the former would inject US$ 175 million into the South African platinum miner, with Pallinghurst and the Tribe eventualling increasing their holding of Platmin to 69.8% [MJ 12 December 2008].

In May 2009, Platmin’s further raising of £39 million on AIM – the biggest such deal in what had been an arid year [MJ 20 May 2009] was described by GMP Securities Europe LLP (qv) as “the main reason why the deal was such a success” [MJ ibid]. -

In early 2009, Pallinghurst, along with Red Rock Resources plc, took over control of Wesern Australia’s Jupiter Mines Ltd, a ferrous metals’ explorer, giving the former two Companies 55% control of Jupiter [MJ 13 March 2009].

In 2009, the company made a major rights issue. Fully underwritten by South African-based Oasis Asset Management, Oasis Crescent Capital (Australia) and Trinity Asset Management, some 800 million Rand of this funding has already gone towards platinum mining in South Africa’s Bushveld, with future investment planned in Gemfields, a London-listed gem miner that has links with jewellery retailer, Faberge [Mineweb 12 August 2009].

Palmaris Capital plc is effectively the manager of the Scottish Resources Group (formerly Mining Scotland); it distributed its stake in Australian gold company Perseverance, in the form of dividends to shareholders in 2007. As of November that year, Waverton Holdings Ltd and Patersons Quarries Ltd between them held almost 68% of Palmaris.

Palmary Enterprises is run by Ukraine entrepreneur, Gennadyi Bogolyubov. It controls Consolidated Minerals (Consmin), for which Bogolyubov paid Aus$1.25 billion. [Business Spectator 24 February 2009]. See also PrivatBank

Paradigm Capital is a brokerage and investment manager which has been a lead manager and advisor in various mining forays, including those of Anvil (notorious for alleged complicity in human rights abuses in DR Congo in 2004); and UrAsia Energy [PC company advert in Mining Journal 13 April 2007].

Mining companies benefiting from the many deals it has arranged, participated in, or advised upon over the last four years are:

• Lihir Gold Ltd (co-lead arranger) – March 2009
• Andean Resources (co-manager) - July 2009/April 2008)
• Sandstorm Resources Ltd (co lead arranger) - April 2009
• Farallon Resources Inc (lead manager) – 2009-2006
• Franco-Nevada Corp (co-manager) – 2009-2007
• Australian Solomons Gold (lead manager) – 2009-2007-2006
• Equinox Minerals Ltd (co-manager) 2009-2007-2006-2005
• Gold Wheaton Gold Corp (co-lead manager) – March 200/June 2008
• Osisko Exploration Inc (co-manager) – February 2009/November 2007
• MagMinerals Holdings Corp (co-lead) April 2008
• Marengo Mining Ltd (lead manager) – April 2008
• Continental Nickel Ltd (lead manager) – January 2008/August 2007
• Scandinavian Minerals Ltd (financial advisor) – June 2008
• Ivernia Inc (co-manager) – 2007-20052005
• Red Back Mining Inc (financial advisor) April 2007
• Moly Mines Ltd (lead manager) – April 200/October 2006
• Extract Resources Ltd (co-manager) – March 2007
• Intrepid Mines Ltd (merger advisor) – June 2006

Passport Special Operations Master Fund LP, is an investment fund, based in Hong Kong, which holds 17.35% of Anglesey Mining PLC (see Juno Ltd) [Hemscott 5 August 2009].

Paulson & Co is a major US hedge fund, founded and managed by billionaire John Paulson. He bet the “right” way in 2007, when the “shorted” (bet against) subprime mortgages, shortly before they indeed went through the floor, becoming widely perceived as the “trigger” for the global financial collapse of 2008 .

In March 2009, Paulson bought a US$1.38 billion stake in AngloGold Ashanti from Anglo American plc, ending up with 11.3% equity in Africa’s biggest home-based gold miner, as the London-listed company exited from the South African entity it had once controlled. Somewhat cryptically, the Financial Times commented that Paulson was thereby “mov[ing] from betting against ban ks to betting against governments” [FT 18 March 2009]: an allusion to received wisdom that, as the value of government-backed paper assets fall, so the value of gold as an “alternative” medium of exchange rises.

Pendragon Capital LLC holds 3.75% of Anglo Asian Mining (not to be confused with Anglo American) (see also Resource Capital Fund) [Hemscott 24 January 2008]; in 2008 it was the third biggest shareholder (10.01%) in Nufcor Uranium Ltd. [Hemscott 14 February 2008]

Perella Weinberg Partners Zerion Management Fund Ltd, based in US and UK is a private investment management and advisory firm which holds a 3.58% share in Polo Resources (qv).

Phoenix Gold Fund is a hedge fund controlled by AIMS Assset Management of Malyasia. As of 2007 the fund held 5.62% of Hill End Gold [Thomson Financial, 19 April 2007] and has 6.3% of Peninsula Gold – both operating in Malaysia. It also has shares in Carrick Gold Ltd.

PIC Int Equity is- believed to be the overseas investment arm of Kuwait’s Petrochemical Industries Company which, in August 2009, held 3.56% of BHP Billiton Plc [Hemscott 16 August 2009].

PLC Nominees (Pty) Ltd holds, for clients, the largest share (33.5%) of Anglo American PLC [Hemscott 5 August 2009] and of BHP Billiton PLC (18.54%) [Hemscott 16 August 2009].

Polo Resources Ltd. This company seems, effectively, to be a “fiefdom” of entrepreneur, Stephen R Dattels (qv) and has extensive coal interests in Mongolia. In early 2008 it started negotiating to purchase the majority of the stake held by RAB Capital in GCM Resources [Hemscott 20 February 2008].

By May that year, Polo had built up a stake of 29.72%, while RAB still held on to 25.96% of GCM [Hemscott 18 May 2008], and was the largest single shareholder (at 8.31%) in Polo Resources itself.

As of August 2009, Polo had 29.34% in GCM, along with a 25.91% stake in Caledon Resources plc [Hemscott 26 January 2009]. Along with two of its directors, the firm had also accumulated a 5.7% interest in Namibia-focused uranium company, Extract Resources Ltd [MJ 3 April 2009]. In October 2009, Polo announced that it had set up an Independent Investment Committee, to oversee its holdings in these three companies [Dow Jones, 13 October 2009].

Posco Bio Ventures LP is a venture capital fund, set up in late 2002 by South Korea’s largest steelmaker to “ emphasise its commitment to the biotech field” with planned investment of $50m over a four-year period. [AltAssets, 12 September 2002]. Although POSCO at the time said it was trying to diversify away from steel, in fact it has expanded since – it’s most contentious current project being a huge integrated iron-steel SEZ (Special Economic Zone) complex in the Indian state of Orissa. (see Berkshire Hathaway).

Power One Capital Markets Ltd, Toronto, Canada, specialises in raising finance for junior and small-cap companies, with an emphasis on mining, oil, gas and bio-technology. In October 2009, it secured just under C$1 million to increase the share capital of Forum Uranium, which has uranium prospects in Saskatchewan.

Praire International Ltd is a holding company in which a Trust run by the Dan Gertler family has a major stake. See Capital Group Companies and RP MEF.

Pramod Agarwal is an Indian-born metals commodities trader and investor living in London, who is believed to represent the interests of steel supremo, Lakshmi Mittal [Wall Street Journal, 16 April 2009]. His Brazilian company, Bahia Mineracao Ltda, has combined with Eurasian Natural Resources plc to construct an iron ore mine, near Caetite city in Bahia state, which aims at slurrying iron ore 400 km via a pipeline to a dedicated port terminal, at an estimated cost of U$ 1.5 billion [MJ 3 July 2009].

PricewaterhouseCoopers (PwC) is one of the world’s leading accountancy firm, and the firmest ally, as such, of the minerals industry – to which it offers assurance and tax and advisory services (“to build public trust and enhance value for…clients and their stakeholders”), PwC also has a hedge fund practice [FT 8 May 2006].

Primerod International Ltd (see Millhouse Capital) – is the biggest single shareholder (at 32%) in Highland Gold Mining Ltd [Integrum, Russia, 8 May 2008].

PrivatBank group is 44% owned by Gennadiy Bogolyubov, one of the Ukraine’s richest individual. The bank, co-owned with Igor Kolomoisky, is Ukraine’s largest private bank.

In April 2009, PrivatGroup was “stalking” OM Holdings (OMH) based in Singapore and listed on the ASX. As of that date Bogoylubov owned around 12% of OM., whose Bootu Creek mine in Australia’s Northern Territory supplies around 5% of global manganese [MJ 3 April 2009].

Bogolyubov claims that his conglomerate already supplies 10% of world manganese production, and took early steps towards that end in 1997 when he bought 90% of Ghana International Manganese Corp [MJ ibid].

Bogolyubov’s “empire” also includes Stakhanov - Ukraine’s second-biggest ferro-alloys producer; Highlanders Alloys (US); and Dnepropetrovsk Metallaurgical, Ukraine’s ninth largest steel mill. True to his “heritage”, Bogolyubov uses some of his profits to finance an eponymous charitable foundation which “supports Jewish education, pursues the eradication of poverty and promotes the Jewish religion…” [MJ ibid]. See also Palmary Enterprises

Proparco, part of the French state’s Agence Francaise de Developpement group, has investments in African Lion Ltd (qv).

Providential Holdings Inc, headquartered in Frankfurt, engages in “mergers and acquisitions, real estate development, mining, and investing in special situations (i.e. hedge funding). In January 2009, PHI’s majority-owned subsidiary, US-registered PHI Mining Group, Inc., through its wholly owned subsidiary Indochina Mining Corporation (IMC), signed a partnership agreement with a Thai national, Chinnawat Chaikijjanuwat, to form a JV, IMC Thailand Joint Venture Co., in order to “exploit and process black pearl granite in Thailand’s Nakhon-Ratchasima Province.” PHI has also obtained agreements to acquire interests in diatomite, lead, zinc, copper and granite properties in South East Asia [PressWIRE, 26 January 2009].

Prudential PLC is one of the UK’s biggest insurance companies. It holds 13.70% of Lonmin Plc (not to be confused with Lonrho plc) [Hemscott, 22 January 2008].

Subsidiary, Prudential Assurance Company Ltd, also has a 4.53% stake in Lonmin plc [Hemscott, ibid]. In 2007 it was the second largest shareholder in Johnson Matthey (see Lloyds TSB).

Prudential is the biggest single shareholder (at 12.97%) in European Nickel plc, which has nickel plays in Acoje and Zambales in the Philippines and in Albania and Turkey.

By early 2009 it was also the largest shareholder (12.98%) in African Minerals Ltd which has prospects in Sierra Leone [Hemscott 22 January 2009; 4 August 2009]; and (at 14.72%) in African Mineral Resources PLC, which is active in Sierra Leone [Hemscott 12 February 2009]. (In July 2009, African Minerals Ltd itself became the biggest shareholder (11.80% in Baobab Resource PLC, exploring in Mozambique [Hemscott 4 August 2009]. It is the joint second biggest equity holder in Allied Gold Ltd, a UK company embarked on a gold oxide project in Papua New Guinea (see also HSBC Global Custody Nominees) [Hemscott 12 December 2009].

PSigma Income Fund is a £389 million investment fund which is part of the London-based Punter Southall group. It holds just over 2% of BHP Billiton and 0.8 per cent in Anglo American [FT Investment Advisor service, 10 February 2009].

PTT Group is a large conglomerate of Thai companies, which entered a strategic alliance with Straits Resources Ltd in March 2009 to gain 60% control of the latter’s 200 square kilometre Sakoa coal exploration lease in Madagascar [MJ 1 May 2009].

Public Investment Corporation /PIC is a South African state-owned fund manager which makes investments on behalf of the Government Employees Pension Fund, the Associated Pension Fund and the Unemployment Insurance Fund et al. It is the third largest shareholder – at 5.05% - in Anglo American PLC [Hemscott 12 December 2009].

Punter Southall – see Psigma Income Fund

Q

QVT Financial LLP is a major US hedge fund which, in February 2008, allegedly introduced hedge fund tactics to Kazakhstan by buying into a Kazakh bank, ATF. The deal was the “first big investment in central Asia by a major western financial services group” [FT 17 February 2008].

QVT is the biggest shareholder (21.01%) of Nufcor Uranium Ltd [Nufcor announcement, 18/2/08], a Guernsey-incorporated investment company which owns uranium for the long term, enabling its investors to profit from an increase in its price. (Nufcor Uranium Ltd is not to be confused with Nufcor International, a nuclear fuel supplier owned by AngloGold Ashanti and FirstRand Bank). QVT also has 5% of African Copper plc [Hemscott 23 January 2008].

R

Range Global Fund Ltd holds 8.19% of Anglesey Mining PLC [Hemscott 24 January 2008].

RAB Capital PLC/RAB Special Situations Master Fund/RAB Special Situations Company Ltd/RAB Energy Fund

As revealing a statement as any, made by this leading hedge fund to denote its true purpose, was proffered by RAB in its Capital Situations Company Ltd annual report and accounts for 2007:

"Sadly our two largest holdings, Oxus Gold and Global Coal Management (formerly Asia Energy, now GCM Resources) lost US$85 million (or 12% of the Master Fund's starting NAV} between them, due to extreme local political difficulties which can be judged by the fact that people were shot in both locations" (!).

RAB then goes on to say: "We have bought more of both stocks and believe we will make good returns in the future..."

RAB had (still has?) a stake in Ascendant Copper, the Canadian junior whose misdeeds (including use of a private security force which launched attacks on local community protestors in Ecuador) are the subject of the 2006 award-winning film “The Cost of Copper.”

In 2008 it was:

• the biggest single shareholder (27.28%) in Oxus Gold PLC (operating in Uzbekistan) [Hemscott 13 February 2008].

• the second largest shareholder in Kopane Diamond Developments PLC [Hemscott 12 February 2008].

In 2007, RAB Capital launched a Global Mining and Resources Fund, worth US$ 171 million at the end of that year [RAB Capital annual report 31 December 2007].

RAB Special Situations (Master Fund) Ltd was in 2008 the second biggest shareholder (7.19%) in Coal International PLC which has operations in West Virginia and interests in coal properties in Canada and the UK [Hemscott 14 February 2008].

It was also:

• the biggest shareholder (29.90%) in Carnegie Minerals PLC [Hemscott 11 February 2008];

• the leading shareholder in African Eagle Resources PLC (17.63%);

• number one shareholder in Kalahari Minerals PLC (total of 21.42%) [Hemscott 12 February 2008];

• owner of 4.95% of African Copper plc [Hemscott 23 January 2008]; and

• holder of 4.04%. of Lonrho.PLC. [Hemscott ibid]

• holder of 3.72% of Target Resources Plc (see JP Morgan Asset Management (UK) Ltd)

• holder of 7.88% in African Minerals Ltd (see Prudential PLC) [Hemscott 3 August 2009]

In 2007, it held 19.40 % of minerals exploration company, Cambridge Mineral Resources plc, on behalf of client, Credit Suisse Client Nominees (UK Ltd) [Cambridge annual report, 14 June 2007].

In May 2008, RAB Capital PLC held 25.96% of GCM Resources (formerly Global Coal Management, earlier Asia Energy plc), the owner (though ownership has been disputed) of the Phulbari coal lease in Bangladesh. However, at the end of January, Polo Resources Ltd (qv), listed on AIM, agreed to buy out the majority of RAB’s stake (20.5%). As of 20 February 2008, Polo held 8.8% of GCM, while Polo’s chair, Stephen R Dattels (qv) owned a personal stake of 5.77% [Hemscott 20 February 2008].

By 9 June 2008, RAB’s stake in GCM Resources had fallen below the notifiable 3% level.

RAB Capital also sold out its stake in Central African Gold PLC at the end of January 2008 [Hemscott 28 January 2008]. Just over four months later, it sold its entire (21.85%) stake in Maghreb Minerals Plc.

As of February 2009, it was the largest single shareholder in African Eagle Resources PLC (with nickel holdings in Tanzania and a copper J V in Zambia) [Hemscott 12 February 2009]; also the biggest stakeholder (at 16.61%) in Amur Minerals Corp, a UK-listed company exploring in eastern Russia [Hemscott 12 February 2009].

As of January 2009, RAB Special Situations LP was the third biggest shareholder in African Minerals plc (see Prudential PLC) [Hemscott 22 January 2009], and second largest (at 4.98% in Minco PLC (see Barclays Nominees Ltd) [Hemscott 14 February 2009].

In August 2009, RAB Capital was the third biggest shareholder (at 6.56%) in Toledo Mining plc (see Daintree Resources) [Hemscott 15 August 2009].

The main corporate shareholders in RAB Capital PLC in 2008 were:

• Karrick Ltd,

• Santino Global Assets Ltd,

• Sofina SA,

• Credit Suisse First Boston Equities (4.18%),

• Morgan Stanley (3.79%)

[Hemscott 10 June 2008]

The main shareholders in RAB Special Situations Company Ltd were:

• the Danish local authority workers’ Pension Fund,

• Kommunernes Pensionsforsikring (14.75%) and

• Sweden’s state AP Pension fund (13.81%),

• followed by JPM Multi-Manager Growth Fund (5%)

• and Henderson Absolute Retirement Fund (4.38%)

[Hemscott 24 February 2008]

Rakesh Saxena. Do Canada’s lax investment rules encourage more criminal tendencies than those in other jurisdictions else? For whatever reason, the country evinces a monotous regularity of dubious speculators taking over “shell” companies and promoting them as money-spinners based on distorted promises (a form of “pump and dump”). Certainly it seems that mining companies are as prone as any others to being used in such an illegal fashion.

In October 2009, a Mr Rakesh Saxena was extradited from Canada to Thailand, charged with embezzling $88-million from the Bangkok Bank of Commerce after borrowing the money to acquire three telecommunications companies. He then allegedly used some of it to repay personal debts, sending the remainder to Swiss bank accounts.

Bringing Saxena to some type of justice had taken 13 years. When first arrested in 1996, he had secured roles with many companies traded on the Vancouver Stock Exchange, including Global Explorations Inc. (a company which, in 2000, switched from mining to IT) and American United Gold Corp, which remains a listed mining company [Street Wire, 29 October 2009].

Rand Merchant Bank/FirstRand – see RMB Resources

Ransome Dock Ltd (believed to be a business centre sponsoring an eponymous real estate development in south London) holds 8.49% of Anglo Pacific Group PLC [Hemscott 5 August 2009].

Rathbone Brothers PLC holds 6.22% of Anglo Pacific Group PLC [Hemscott 5 August 2009].

Raymond James Ltd is a leading Canadian “full services” investment company which, in September 2008, joined UBS Securities Canada Inc. in a syndicate of underwriters, led by RBC Capital Markets (qv) and including CIBC, to promote Banro Corporation’s gold projects in DR Congo.

Another syndicate, along with Goldman Sachs Canada Inc. and CIBC World Markets Inc. as co-lead managers and joint book runners, and including National Bank Financial, along with UBS Securities Canada Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Salman Partners Inc. and Canaccord Capital Corporation as co-managers launched a share offering for Pan American Silver in February 2009 [MarketWire 5 February 2009].

RBC Capital Markets Inc/Royal Bank of Canada/ RBC Dominion Securities Inc

In September 2008, RBC led a syndicate of underwriters, which included CIBC World Markets Inc., UBS Securities Canada Inc. and Raymond James Ltd, in making a public offering of 11,000,000 warranted units of Canada’s Banro Corporation, worth U.S. $19,250,000, enabling the holders to purchase a Banro common share for U.S. $2.20 per share until 17 September 2011.

The underwriters were granted an option, exercisable until 17 October 2008, to purchase up to an additional 1,000,000 common shares and 500,000 warrants to cover over-allotments and for market stabilization purposes.

Banro intends to use the net proceeds from the offering to fund the development of the Twangiza, Namoya and Lugushwa gold properties in DR Congo and for its general and administrative expenses.

RBC also led an underwriting syndicate with Cormark (qv) for Aurora Energy’s uranium project in Labrador in late 2007 [MJ 2 November 2007].

In October 2008, RBC handled a share issue for Uranium Energy Corp [Natural Resource Investor, 29 October 2008].

In February 2009, a syndicate, led by Macquarie Capital Markets Canada Ltd. and including RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank Financial Inc., made a C$61,500,000 private placement to First Uranium, to fund continued development of the company’s Ezulwini uranium mine in South Africa [CNW, 11 February 2009]. In August 2009, RBC Capital Markets, along with Scotia Capital (qv), led a syndicate of underwriters for a C$500 million denture issue by Cameco Corp, the world’s leading uranium producer [MJ 28 August 2009].

In 2007, RBC Trustees, based in the Channel Islands tax haven, held investment for the Kazakhstan Assaubayev family’s private trust, Gold Lion (qv) in KazakhGold.

RBG Capital (not be confused with RAB Capital, or RPG Industries of Belgium) is brother to the scandal-stricken RBG Resources, which was forced to liquidate after being found guilty of fraud in the early years of this century [see: Guardian 15 May 2002 and London Calling, MAC website, 28 July 2002]. As of late 2007 it owned 62% of Falklands Gold and Minerals Ltd [MJ 22 December 2007].

RBS/Royal Bank of Scotland is now 70% “owned” by British taxpayers, following an unprecedented “rescue” by the UK Treasury in late 2008, and a record-breaking bail-out, effectively by UK taxpayers, in late February 2009. These events had been preceded in 2007 by the biggest takeover of its kind in history when a consortium, comprising RBS, Fortis, and

Banco Santander acquired the leading Dutch investment and retail bank, ABN Amro (qv).

RBS has been targeted by an alliance of UK NGOs for its investment in coal-fired plants and utilities. These loans include ones to Glencore International (qv) made in November 2006; to Rugeley Power Ltd of the UK, provided the same month; a similar loan to OGE Energy Corp and another to PSEG Power LLC of the US in December 2006; a loan to American Electric Power Co Inc in March 2007; and yet another to LS Power in April 2007.

The bank also arranged a two billion dollar credit facility to Dynergy of the US in May 2007; participated in a billion dollar loan to Southern Co of the US in July 2007; a loan to Noble Group, operating in Australia and Indonesia, the same month; a second loan to LS Power and Dynergy in August 2007; a loan to Oklahoma G&E in November that year; and other loans to OGE Energy and E.ON the same month.

In March 2008, RBS, along with ABN Amro, loaned US$ 700 million to Constellation Energy Partners of the US, and just a month later, along with three other banks, RBS/ABN Amro loaned US$2.5 billion to Florida Power and Light [All data above is from: ”Cashing in on Coal: RBS, UK Banks and the Global Coal Industry”, published by BankTrack, Friends of the Earth-Scotland, People & Planet, Scottish Education and Action for Development, Stop Climate Chaos, and PLATFORM, August 2008].

In 2006, RBS acted as bookrunner for an US$8.5 billion loan to Xstrata plc [Euroweek, 23 June 2006].

In January 2009, OZ Minerals secured an A$140 million ($91 million) bridging loan from a banking syndicate comprising ANZ Banking Group, Bank of Scotland International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo- und Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland. The money will mainly be used for “short-term cash needs” at the company’s Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver project in Indonesia [Metal Bulletin, 23 January 2009] (See also: Societe Generale/SG).

RBS is a ring trader of the London Metal Exchange (LME).

Three UK environmental groups, in October 2009, lodged a complaint with the British High Court, accusing the Treasury department of having breached its own investment rules, by enabling RBS to issue a US$100 million letter of credit to Sterlite Industries, the main subsidiary of Vedanta Resources plc, as well as (through ABN Amro) securing a recent significant 4.75% stake in GCM Resources plc, owner of the Phulbari coal project in Bangladesh. (However, by early November 2009, ABN Amro appears to have sold its holding in GCM [Hemscott 9 November 2009]. Whether this was in any way a result of the court case is not know; the High Court rejected the environmentalists’ complaint on 16 October 2009).

Red Kite Explorer Fund Ltd is operated by RK Capital Partners (qv). It provides mining companies with project financing and metal offtake agreements which facilitate their initiating, or expanding mine production. All such transactions enable the Fund to purchase a mine's future metal production.

In mid-2009, Red Kite flew higher, with an investment in Triton Gold Ltd [MJ 7 August 2009] and a US$10 million loan provided to ATW Gold Corp, along with a standby facility of US40 million, to enable ATW to acquire Kinbauri Gold Corp (see also Casimir Capital LP).

In October 2009, ATW reached an agreement in principle with Red Kite, under which the latter would transfer remaining debt from a previously-announced Gold Loan at ATW's Burnakura project, into a loan for the mining company's Gullewa project - both these gold plays being in Western Australia. ATW also has gold projects in the US; Kinbauri has several similar projects in both North America and Spain.

Regent Mercantile Bancorp/Regent Resources Capital Corp – see Stephen R Dattels

Reliance Mutual Insurance Society includes a wide range of former stand-alone assurance companies, including: Criterion Life Assurance Limited, British Life Office Limited, Family Assurance Friendly Society, Eurolife Assurance Company Limited, Sweden’s SEB Trygg (UK) Life Assurance Company Ltd, University Life Assurance Society and Hearts of Oak Friendly Society/Hearts of Oak Insurance Company.

Reliance owns 4.07% of the equity in City Natural Resources High Yield Trust PLC (qv) [Hemscott 14 February 2008].

Renaissance Capital. Assisted by Credit Suisse First Boston, in 2006 Renaissance acquired Indonesia’s PK Arutmin and Kaltim Prima Coal (KPC), the country’s largest coal producers. [Liz Chidley, Down To Earth (UK), personal communication, 27 June 2006].

KPC had previously been jointly owned by BP and Rio Tinto and managed by the latter company. It proved to be one of the most contentious of Rio Tinto’s operations in the Asia-Pacific region.

Renaissance Investment Management (UK) Ltd, as of 5 March 2009, holds 3.33% of LonZim PLC.

In October 2008, along with Mirabaud, Renaissance it supplied £20-million cash to African Minerals plc to be used by the UK company for further drilling at the company's Tonkolili iron-ore project in Sierra Leone.

Renaissance Capital Fund III LP holds 2.54% of Medusa Mining Ltd (see Gazmetall Holding) [Medusa Mining co. statement, 4 February 2009].

Rensburgh Sheppards Investment Management Ltd is one of the oldest investment managers in the world, with origins in the activities of the eponymous Harry Sheppard, a member of the Liverpool (sic) Stock Exchange in 1873. It is t he largest single share holder (albeit at 4.09%) in BlackRock World Mining Trust PLC (qv).

Research Capital Corp is a Canadian investment bank, specialising in mining [MJ special supplement on the Prospectors and Developers Association Canada (PDAS), February 2006]. In early 2007 it led a syndicate to raise US$40 million for AIM-listed Gladstone Pacific.

In February 2009, Research Capital merged with Top Meadow Capital, a brokerage firm, and J.F. Mackie & Company Ltd (qv).

Resource Capital Fund (RCF)/Resource Capital Funds III LP. In 2001, according to the Mining Journal, Denver-based RCF was one of the two leading global mining-related private equity funds. By the end of 2006 (through an advertisement placed by the Fund in the Mining Journal) it claimed to have invested more than a third of a billion dollars (US$375 million) in the resources’ industry over the previous nine years, with a total of US$527 million committed for the future. [MJ special supplement December 2006]

At this time Resource held 6.3% of Anglo Asian Mining PLC (now 8.49%) [Hemscott 5 August 2009] (see also: Pendragon Capital). Anglo Asian has three projects in the eastern area of Armenia, claimed by Azerbaijan. [AAM annual report, 2006]. In 2005 it bought 14.3% of Cumberland Resources (Canada) [Businesswire 23 November 2005], which was taken over by Canadian mining company, Agnico-Eagle 16 months later [alacrastore website: 1 May 2007].

Resource Capital also holds 18.77% of Ambrian Capital Ltd, which is a minor stakeholder in Anglesey Mining PLC (see Juno Ltd). In October 2009, RCF held 10.5% of Indonesia copper company, Finders Resources. The fund was also using a major share in Australian Solomons Gold Ltd (operating the Gold Ridge project in the Solomon Islands), to back a friendly merger with Allied Gold Ltd, owner of the Simberi mine in Papua New Guinea [MJ 16 October 2009]

By November 2009, RCF also held 30.6% of AIM-listed EMED Mining, which has promising copper and gold projects in Spain, Slovakia, Cyprus and, indirectly, in Turkey [Growth Equities & Companies Research, London, 2 November 2009].

Resource Development Capital Ltd (RDI) is a private equity fund run by one of Australia’s richest individuals, Clive Palmer. His five billion dollar RCI accrued his wealth through iron/steel, nickel and energy exploitation - netting Palmer around A1.5 billion by mid-2008 [Herald Sun, 4 July 2008]. A plan to merge RDI with the mining holding company, Australasian Resources Ltd was pending in February 2009 [MJ 6 February 2009].

RGL Holdings Co Ltd, part of the RGL Group, is a major Chinese iron and steel trading company, with 13.8% of Granges Resources Ltd which merged with Australian Bulk Minerals in late 2008 [Reuters, 2 January 2009; MJ 2-9 January 2009].

Ridgepoint Overseas – see Billy Rautenbach

Rinat Akhmetov – see Metinvest

RIT Capital Partners PLC – see Rothschild

RK Capital Partners LLP is headed by Michael Farmer, a specialist metals dealer, and avowed “devout Catholic” who earned himself a devoted pile of pennies in 2006 (U$ 400 million) [Guardian 18 April 2007]. It boasted in 2008 of being the largest hedge funds of its kind, when setting up a subsidiary in Asia, called Red Kite.

RMB Resources is a wholly-owned subsidiary of FirstRand Bank (qv) offering multiple financial services to the minerals industry (inter alia). In late 2007 it purchased the Woodlark gold project of Gem Diamonds, along with Pacific Road Resources (qv) [Mining Weekly 10 September 2007]. By early 2009, this project was at an advanced state, with a potential resource of a million ounces of gold [MJ 13 February 2009]. Its private equity arm is RMB Capital. RMB is a 4% shareholder in Gryphon Minerals Ltd (see Standard Bank), and made a loan to Mineral Deposits Ltd in 2009 [MJ 27 March 2009]. Later this year, it arranged debenture (which can be converted into shares) with Garson Gold Corp [MJ 25 July 2009]. RMB Australia Holdings Ltd in November 2009, held 9.49% of EMED plc (see: Resource Capital Fund).

Rob McEwen, though a private Canadian citizen, is included on this database because he started out as an investor who, in his own words, then “developed a passion for gold”. Methodically setting about acquiring a number of small mining companies, he transformed them into Goldcorp - possibly the world’s lowest coast major gold miner - of which he is the leading shareholder. McEwen is also Chairman and CEO of US Gold Corporation and Lexam Explorations.

In February 2009, McEwen put in a bid for control of Argentina’s Minera Andes in the face of a competitive bid by Hochschild Mining [Mineweb, 10 February 2009].

Rothschild/RIT Capital Partners plc, as of 31 March 2007, held £22.7 million pounds in Newmont Mining, and £ 15.8 million in Freeport-McMoran Copper & Gold.

Among the more than half a dozen hedge funds investing in minerals, in which RIT itself invests, are: Atticus Capital (qv) and Lansdowne (qv) (through its Macro Fund).

Royal Bank of Scotland – see RBS

ROY Nominees Ltd – see Majedie Investments PLC

RP Capital Partners – see RP Explorer Master Fund

RP Explorer Master Fund/RP EMF , is a London-based hedge fund, managed by RP Capital Partners Cayman Islands Limited.

In May 2007, along with Glencore International AG, it set up an SPV “special purpose vehicle”, along with three highly dubious private shareholders (Barry Steinmetz, the Gertner family and Dan Gertler), between them owning 72% of Nikanor PLC, in an attempt to buy out the company. Nikanor PLC has a lease (though this is currently under review by the government of DRC Congo for alleged licence infringements) on what could be one of the he richest copper-cobalt deposits in Africa. The takeover failed - thanks to opposition by founding shareholders. [“Saved in the time of Nik?” London Calling, MAC website, 19 May 2007].

A few months later, RP EMF stated that it was strongly opposed to a bid by a company called Camec (see Capital Group Companies and Billy Rautenbach) to buy out Katanga Mining Limited - another suspect player in DR Congo, in which RP EMF had a major (15.72%) shareholding. RP EMF believed that “this unsolicited offer of Camec's shares undervalues the potential of Katanga and the quality of its assets”.

The takeover was supported by a notorious 67-year-old Belgian national, George Forrest (of the Forrest Group) – who himself held 24% of Katanga Mining [FT 8 November 2007].

The bid was probably also supported by Glencore which had an exclusive contract to market the output from both Nikanor and Katanga’s mines. An enlarged Katanga Mining could, according to the Financial Times, “become Africa’s largest copper producer by 2011” - as well as “a future target for a big group such as the acquisitive Xstrata, which is 40 per cent-owned by Glencore.” [FT ibid] (since reduced to 35%).

RPG Industries SE (not to be confused with RBG Capital) was established by Zdenek Bakala in 2000, after he sold his brokerage company, Patria Finance, to KBC of Belgium (qv). Four years later, Bakala bought out the recently –privatised Czech hard coal company, OKD, terming it “an opportunistic acquisition… in [a] traditional old-fashioned industr[y]” [FT 11 April 2008]. In May 2008, RPG (40% held by Bakala himself) listed its 4% owned subsidiary New World Resources NV on the London Stock Exchange. This company, based in the Netherlands is (through its control of OKD) Central Europe’s largest coking and thermal coal producer, with revenues for the year ending November 2008 of 1.55 billion euros.

Among RPG’s other companies is Green Gas International BV which claims to promote “clean energy” through coal and landfill methane “capture”. CEO of Green Gas is Chris Norval, who was pivotal in merging BHP with Billiton in 2001, to become the world’s biggest mining company.

New World Resources listing on the LSE was coordinated by Morgan Stanley, Goldman Sachs, and JP Morgan [FT ibid].

S

Sagitta Asset Management is part of Fleming Family & Partners, which owns Mariner Fund (qv).

Salman Partners Inc is an independent investment dealer, based in Canada, which specialises in equity transactions for mining, as well as other natural resource, companies.

Goldman Sachs Canada Inc, along with CIBC World Markets Inc. as co-lead managers and joint book runners; and including National Bank Financial, along with UBS Securities Canada, Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers, launched a share offering for Pan American Silver in February 2009 [MarketWire 5 February 2009].

Salman Partners, along with Genuity Capital Markets in February 2008, joined a syndicate of underwriters, led by Wellington West Capital Markets Inc in a C$16 million offering to advance Inter-Citic at its Dachang gold project in China, and for general corporate purposes.

Among Salman’s other transactions during 2007-2008 (in C$ million) were:

Date	Company	Amount	Transaction
31 Dec 2008	Endeavour Silver Corp.	$2.3	Special Warrants
11 Dec 2008	Minefinders Corporation Ltd.	$40.0	Units
09 Jul 2008	Potash North Resource Corp	$32.8	Units
29 Apr 2008	Liberty Mines Inc.	$16.5	Units
31 Mar 2008	Sherritt International Corporation	$400.3	Common Shares
04 Mar 2008	Global Copper Corp.	$9.6	Common Shares
27 Feb 2008	Silver Standard Resources Inc.	$138.0	Convertible Debentures
26 Feb 2008	Geologix Explorations Inc.	$18.0	Units
15 Feb 2008	Magellan Minerals Ltd.	$11.0	Units
21 Dec 2007	Bonaventure Enterprises Inc.	$4.3	Flow Through Units and Units
10 Dec 2007	Grey Wolf Exploration Inc.	$20.0	Flow Through Common Shares
15 Nov 2007	Norsemont Mining Inc.	$18.0	Special Warrants
15 Nov 2007	Liberty Mines Inc.	$16.8	Units
09 Nov 2007	Blue Note Mining Inc.	$40.0	Units
27 Sep 2007	Liberty Mines Inc.	$10.0	Flow Through Common Shares
26 Sep 2007	Northern Peru Copper Corp.	$11.0	Common Shares
23 Aug 2007	CIC Energy Corp.	$73.2	Common Shares
10 Aug 2007	Miramar Mining Corp.	$20.0	Flow Through Common Shares
09 Aug 2007	Grande Cache Coal Corporation	$26.7	Units
16 Jul 2007	Genco Resources Ltd.	$25.0	Units
10 Jul 2007	Centrasia Mining Corp.	$12.6	Subscription Receipts
05 Jun 2007	Nord Resources Corporation	$24.4	Special Warrants
04 Jun 2007	ECU Silver Mining Inc.	$28.8	Units
29 May 2007	Forum Uranium Corp.	$6.4	Units & Flow Through Common Shares
28 May 2007	Hard Creek Nickel Corp.	$15.1	Units & Flow Through Common Shares
28 May 2007	Grey Wolf Exploration Inc.	$11.6	Common Shares
17 May 2007	Liberty Mines Inc.	$18.6	Units
15 May 2007	Northern Peru Copper Corp.	$16.8	Common Shares
20 Apr 2007	Hathor Exploration Limited	$22.1	Units & Flow Through Common Shares
20 Apr 2007	Mines Management Inc.	$33.9	Units
04 Apr 2007	Silverstone Resources Corp.	$23.3	Units
21 Mar 2007	Centillion Industries Inc.	$39.4	Subscription Receipts
15 Mar 2007	Niblack Mining Corp.	$12.8	Units
27 Feb 2007	Forsys Metals Corp.	$47.5	Common Shares
20 Feb 2007	Nautilus Minerals Inc.	$88.5	Units
14 Feb 2007	MAG Silver Corp.	$18.5	Units
14 Feb 2007	Liberty Mines Inc.	$9.5	Units & Flow Through Common Shares
06 Feb 2007	Ontario Hose Specialties Inc.	$39.9	Units
11 Jan 2007	Fortuna Silver Mines Inc.	$34.2	Units

Saracen Growth Fund Ltd is an Open Ended Investment Company (OEIC) (see also Scottish Widows). It is a 8.84% shareholder in Ormonde Mining PLC (see JP Morgan) [Ormonde annual report, 12 May 2008; Hemscott 16 August 2009].

Schroder Investment Management Ltd has 3.55% of Lonmin plc [Hemscott 22 January 2008].

Scion Capital Ltd opposed the 2005 bid by Gold Fields Ltd to take over Bolivar Gold Corp (at a stage when Gold Fields owned 15.5% of the junior company’s share capital, with Scion possessing 19%) [MJ 22 December 2005]. Scion claimed the offer by the South African company was too low. [CBC News, 12 January 2006], but this claim was rejected by a Yukon Court in early 2006 [PRNewsire, 28 February 2006].

Scion’s founder, Michael J Burry, is one of the more colourful captains of the hedge fund industry. In May 2005, his long-short fund bet that the sub prime market would collapse well ahead of the time that it actually did, with the result that his firm almost got buried. However, he had packaged his bets into a so-called “side pocket”, ringed by a metaphorical steel fence: investors couldn’t withdraw their money until Burry said they could. When the market did drop to the floor in 2006, he and his clients began raking in profits which, by March 2007, were reputedly up by 19-20% [New York Times, 9 March 2007].

Scotia Capital/Scotia Bank (Canada) arranged US$ 60 million credit for Gammon Lake Resources debt financing of its Ocampo mine project in Mexico in 2005. [MJ 28 October 2005]. In April 2008, it led a bank syndicate (also including Societe Generale, National Bank of Canada, NM Rothschild and Toronto Dominion Bank) to provide a five-year revolving credit facility to Canada’s Iamgold, for the bankrolling of its mine ventures in Ecuador, Tanzania, Peru and Canada [Mining Weekly, 28 April 2008].

In February 2009, a syndicate, led by Macquarie Capital Markets Canada Ltd. and including RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank Financial Inc., made a C$61,500,000 private placement to First Uranium, to fund continued development of the company’s Ezulwini uranium mine in South Africa [CNW, 11 February 2009].

In August 2009, Scotia, along with RBC Capital Markets, led a syndicate of underwriters for a C$500 million denture issue by Cameco Corp, the world’s leading uranium producer [MJ 28 August 2009].

Scottish Widows Investment Partnership Ltd is the 6th biggest shareholder in Lonmin plc (5.53%) [Hemscott, 22/1/08]; also an OEIC company (see Saracen Growth Fund).

Seamans Capital Management Ltd – Massachusetts based investment advisory firm which has 3.15% of Polo Resources (qv)

SEASAF – see Standard Bank

Selby & Co provides consultation advice to mining company, hedge fund and private equity clients, and was established by Mark Selby, a former Inco employee who is currently on the board of Castle Gold, active in Mexico.

Sentient Fund is one of Canada’s two leading mining-related private equity firms [MJ 29 June 2007].

Sentry Select was a finalist in the fund management category at the Mines and Money awards for 2006 [MJ 8 December 2006].

Shackleton Capital Pty Ltd is a capital investment consulting group with, as of September 2008, a small (1.04%) investment in Atomic Resources Ltd, a Perth, Australia-based coal and uranium company operating in Australia and Tanzania.

Shining Prospect Pte Ltd - is an investment vehicle, put together by Chinalco (China’s largest aluminium conglomerate) in early 2008, along with Alcoa, which bought a 12% equity stake in Rio Tinto [Interfax China Metals and Mining, January-February 2008 passim.).

Shires Income PLC, as of 30 September 2007, held £5,284 million of shares in Rio Tinto (reduced to £692,000 in 2008), and £2,384 million of ATH Resources.

63X Master Fund is the investment vehicle of Brazil's richest man, Eike Batista (ranked 61st on Forbes' list of The World's Billionaires), which has a conrolling 17.5% shareholding in Vancouver-based Ventana Gold, operator of the La Bodega gold project in Columbia.

Batista made his first $5 million in Brazil's gold fields by the time he was 23; between 1986 and 2001 he was the chairman of TVX Gold. Sale of his stake in MMX Mineracoa de Metalicos to Anglo American earned him a cash and paper gain of more than $1 billion [Mineweb, 8 October 2009]. See also: Lumina Capital

Sis Sergainterstelle AG is a Swiss specialist in CSD and ICSD (see Glossary) and holds 7.2% of Horizonte Minerals Plc (see Minmet).

Societe Generale/SG is a major French investment bank, riven by scandal in early 2008 when one of its derivatives dealers (aka “rogue trader”) was discovered to have committed a massive fraud. Among SG’s mining-related stakes is one in the Toka Tindung gold mine project in northern Sulawesi (Indonesia), operated by UK-AIM listed Archipelago Resources, from which German bank, West LLB, appeared to withdraw support in January 2008 [see MAC website, 21 January 2008].

In April 2008 SG joined a bank syndicate (led by Scotia Capital (qv), and including National Bank of Canada, NM Rothschild and Toronto Dominion Bank), to provide a five-year revolving credit facility to Canada’s Iamgold, for the bankrolling of its mine ventures in Ecuador, Tanzania, Peru and Canada [Mining Weekly, 28 April 2008].

In December 2008, along with the Commonwealth Bank of Australia, Societe Generale Australia Branch, arranged a debt facility for Avoca Resources Ltd’s US$47.2 million Higginsville gold project in Western Australia [MJ 12 December 2008].

A month later, in January 2009, SG was granted security by the world’s second-largest zinc miner, Oz Minerals of Australia, over its Century, Rosebery and Avebury mines in Australia, following a dispute between the bank and company. Societe Generale was also expected to gain security over Oz’s Canadian exploration assets by the end of January, as the company tried to refinance a total of $560 million in debt. Trading in Oz Mineral's shares was suspended in November 2008: they had lost around 85 percent of their value since January that year, due to plunging commodity prices [Reuters, 22 January 2009].

SG Asset Management (Societe Generale Asset Management) – which has more than £238 billion in assets under management – was a finalist in the Mines and Money awards for 2006 [MJ September 2006].

Shelfco 725 – see Solomon Capital

Shires Income Plc, managed by Aberdeen Asset Management held, as of 31 March 2008, £1,325,000 worth of shares in Rio Tinto.

Smart Holding – see Metinvest Holding LLC

Solomon Capital is a Guernsey (Channel Islands’) - based private equity firm. Through “sister”-company Shelfco 725 - in January 2009 it provided a £8 million debt facility to Metals Exploration (Metals Ex), directed primarily towards performing a bankable feasibility study for the company’s controversial Runruno project in the Philippines. Solomon also acquired it own shareholding in Metals Ex, amounting to 29.9% of its issued share capital [Dow Jones, London 20 January 2009].

Solway Finance Ltd is a subsidiary of Solway Investment Fund, a Russia-based diversified group of companies with core activities in mining, non-ferrous metals, chemicals, cement industries and real estate. Founded in 2002 by a crew of international investors, Solway conducts its business in Russia, the CIS countries, Central and Eastern Europe and Latin America.

In October 2009, Solway arranged to purchase additional shares (up to 18.8%) in TSE-listed Chariot Resources Ltd, in order to fund the company’s huge Mina Justa copper project in Peru [Business News Americas, 2 October 2009; MJ 9 October 2009].

Soros Fund Management, controlled by the ubiquitous George Soros, has numerous holdings, through his hedge fund, in some of the world’s biggest – and most dubious – mining companies [MJ special supplement on London September 2006]. The eponymous fund oversees some US$21 billion in investment [Bloomberg News, 18 February 2009].

In a 13F filing with the US SEC for the second quarter of 2007, this New York-based fund disclosed that, among its larger holdings are the Aluminum Corp of China (Chinalco) with 15 million shares valued at $25.29 million; and Brazil's CVRD (now called Vale) with 8.7 million shares of a sponsored ADR , valued at $388 million. (ADRs – American Depositary Receipts enable US companies to buy into foreign registered companies, without facing rules related to “cross-border” transactions.)

The Soros Fund portfolio also contains a “suite” of gold mining companies, albeit at much lower levels of shareholding, in copper.

The Fund’s gold shareholdings included (as of August 2007):

• Freeport-McMoRan Copper& Gold (407,474 shares, valued at $33.7 million)

• AngloGold Ashanti (36,292 shares valued at $1.37 million)

• Barrick Gold (148,058 shares at US$4.3 million

• Newmont Mining (60, 900 shares valued at $2.38 million).

Other gold holdings included: Gammon Gold, Goldcorp, Iamgold, Kinross, Northern Orion Resources and NovaGold.

Soros has minor holdings in aluminium manufacturers, Alcan and Alcoa, base metals miner Lundin Mining, silver miners Apex Silver and Silver Wheaton; copper miner Southern Copper, and PGM (platinum group metals) producer Stillwater. [See: “Soros Fund holdings favor Aluminum Corp of China, CVRD, gold stocks”, by Dorothy Kosich, Mineweb, 15 August 2007]

In February 2009, Soros almost doubled his holdings in Potash Corp of Saskatchewan (to 2%) – making it one of his fund’s two most important investments (along with Petrobas, the Brazilian state oil company) [Bloomberg, op cit, 18 February 2009].

Seven months later, Soros purchased a 19.9% stake in Marengo Mining, a copper exploration company operating in Papua New Guinea [Eureka Report, 9 September 2009]. Investment companies, controlled by Soros, by November 2009 had also taken up US$27 milion of a recent capital raising by Platinum Ausralia, which wants to bring on stream the Kalahari Platinum project in South Africa [MJ 16 October 2009].

Southpoint Capital Advisors LP holds a 3.14% stake in GCM Resources (see Polo Resources Ltd) [Hemscott 10 June 2008].

Sprott Asset Management is a Canadian gold fund which has a stake in Rameluis Resources Ltd; see also Cormark Securities Inc; and acquired 8.08% of South Boulder Mines on 9 June 2009. It is the biggest shareholder (11.56%) in Norseman Gold plc [Hemscott 13 October 2009].

Standard Bank Plc in London is the international investment arm of South Africa’s Standard Bank. It is a major loan provider for mining companies around the world, having assisted (as of early 2006) Oxus Gold, Gold Fields South Africa (GFSA), AngloGold Ashanti, Inmet, Cambior and others. [MJ 17 April 2006] and, since then, Gryphon Minerals Ltd, with a major nickel project in Burkina Faso [MJ Burkina Faso special publication, 2008].

In March 2008, Standard Bank Stockholders (Client Account) held a small stake (3.5%) in Horizonte Minerals plc [Horizonte Minerals Plc, Annual report, 28 March 2008] (see Minmet).

The bank’s “core industry speciality” is in metals (ferrous, non ferrous and precious), plus oil and gas. Its Structured Commodity Finance team advises, structures and executes a variety of innovative short and medium term financing transactions for producers and traders, predominantly in emerging markets. Standard is also skilled in LBOs (leveraged buy-outs) and MBOs (management buyouts).

Trade Finance magazine [March 2003] named two of Standard Bank Plc' transactions as "Deals of the Year" – namely a Syndicated Trade Finance Facility with Norilsk Nickel, and Steel Pre-export Finance with MMK.

Standard Bank Plc is a member of the London Bullion Market Association, a Full and Founder Member of the London Platinum and Palladium Market and Chairman of the London Platinum and Palladium Fixing (sic). It also issues, prices, trades and sells, listed and over the counter equity derivative products for both retail and institutional clients, primarily in South Africa and Asia. [Information from Standard Bank plc website, 20 January 2008]

Claiming that its Asian operations alone physically move 15% of the world’s gold supplies each year, the Bank in mid-2009, together with China’s CITIC Bank, launched an investment “product”, linked to the market price of gold [MJ 24 July 2009].

In 2007 Standard Bank, in its joint venture with the Malaysian government, the Southeast Asian Strategic Asset Fund (SEASAF), arranged a $ 15 million investment in convertible notes for the parlous Lafayette Mining Co in the Philippines; SEASAF’s search for a co-investor looked decidedly dim by the end of the year. [Philippines Update, Mines and Communities website, 7 December 2007]

Among Standard Bank’s other roles (2004-2006) were:

• Senior Facilities Co-Coordinator and mandated lead arranger to Equinox Minerals for project finance facilities for development and construction of the Lumwana Copper Project in Zambia

• Exclusive financial adviser and Project finance lead arranger for financing of the Caldag nickel project in western Turkey.

• Advisor to Jinchuan Group Ltd on off take and debt agreements with Allegiance Mining

• Advisor to Jinchuan Group Ltd on equity investment, off take and debt agreements with Tiomin Resources Inc.

• Arranger of financing for construction and development of the El Chanate gold project in Mexico

• Financing of Sino Gold’s Jinfeng project in China.

• Joint lead arranger of a US$ 50 million revolving credit facility for Golden Star Resources Ltd. in Ghana

In 2009, Standard Chartered Private Equity Ltd received A$80 million of convertible notes from Straits Resources Ltd, a copper, gold and coal producer in Australia [MJ 6 February 2009].

Through its subsidiary, Liberty Asset Management, Standard Bank recently initiated a Shar’ia Equity Fund whose vehicle, StanLib Ltd, based in South Africa, is the second largest shareholder (9.50%) in African Eagle Resources Ltd (see RAB Capital PLC) [Hemscott 12 February 2009].

Standard Chartered/StanChart (not to be confused with Standard Bank or Standard Life) was a joint underwriter, with West LLB (qv) and Caterpillar Finance (qv) of Tiomin’s Kwale mineral sands project in Kenya; the biggest proposed new mine in the country, beset by local farmers’ legal actions and failure to raise project finance which has so far stalled the venture.

StanChart was also subject (along with ABN Amro (qv), KFXS (qv) and ANZ (qv)) of a campaign in the Philippines during 2007 that it disinvest from the Rapu Rapu mine, operated by Lafayette. [Philippines update, Mines and Communities website, 24 April 2007]

As of early 2008, 18% of StanChart was held by Temasek, the Sovereign Wealth Fund of Singapore [FT 5 February 2008]. In November 2008, StanChart announced the following recently “tailored advisory and financing solutions” offered to the minerals industry [see: advertisement by Standard Chartered in MJ 28 November 2008]. (Note that the figures represent the value of the project or financial arrangement, not the amount of money loaned):

• US$ 325 million as mandated lead arranger for Chariot Resources in Peru
• US$ 185 million arranged for European Nickel PLC in Turkey
• US$ 114 million for Incwala – a Black Economic Enterprise company in South Africa
• Financial advice to Grange Resources Ltd for an iron project in Malaysia
• US$ 80 million as lead arranger for CGA’s Masbate gold project in the Philippines
• US$ 1 billion as lead arranger for Vedanta Resources’ “syndicated acquisition bridge refinancing facility”- for general purposes
• US$ 68 million as lead arranger for Tata Steel in South Africa
• US$ 130 million as sole lead arranger for Rusal in Nigeria
• US$ as sole bookrunner and original mandated lead manager for Straits Asia Resources in Indonesia (2007)
• US$ 207 million as lead arranger and hedge provider for PanAust’s Phu Kham project in Laos (2007)
• US$ 45 million as sole arranger for a conteignent funding facility for Equinox Minerals in Zambia
• US$ 5.5 billion, as joint financial advisor and mandated lead arranger for the Ma’aden Phosphate company in Saudi Arabia (2007)
• US$ 584 million as mandated lead arranger and hedge provide for Lumwana Mining Company’s eponymous copper mine in Zambia (2006)

In December 2008, StanChart signed a US1 billion facility agreement with AngloGold Ashanti, so the mining company could refinance its convertible bond issue [MJ 13 February 2009].

Standard Life/Standard Life Investment Management/Standard Life Investments Ltd, a major Scottish life insurer, holds 4.90% of Vedanta Resources PLC [Hemscott 12 May 2008]; and a minor (3.243%) stake in Highland Gold Mining Ltd, one of the biggest companies exploring for gold within the Russian Federation [Hemscott 11 February 2008]; also 3.05% of the huge Kazakhstan copper mining company, Kazakhmys (see AXA SA) [Hemscott 1 February 2008]; and 2.2% of Talivivaara Mining (see Varma Mutual).

Standard Life Equity Income Trust PLC (in which Barclays holds 7.3%), as of September 2007, held £5.427 million of shares in Rio Tinto, slightly less (£5.020 million) in BHP Billiton, with a £3.708 million stake in Xstrata, £ 2.05 million in Kazakhmys, and £1.450 million in Lonmin.

£815,000 in Anglo American</span> and its stake in Xstrata had dropped to £1,388,000.

Standard Life UK Smaller Companies Trust plc, as of 31 December 2007 also had an £896 million investment in First Quantum Minerals, and one of £835 million in Aquarius Platinum.

Stanhill Resources Pty Ltd is owned by British Virgin Islands based Stanhill Capital Ltd. It was set up in 2008, joined by Crosby Capital and Indophil Resources Ltd’s managing director, Richard Laufman, in order to acquire the latter’s more than a third stake in the massive Tampakan copper-gold project in the Philippines, which is majority-owned by Xstrata plc. This bid appeared to have failed in early 2009 [MJ 17 April 2009].

Stanlib Ltd – see Standard Bank

Stargas Nominees – wholly owned by the British Gas Pension Fund, and a minority shareholder in Metals Exploration plc, active in the Philippines [Piplinks Research, 2007].

Starvest PLC (not to be confused with Sunvest Corp Ltd) specialises in mining investment. As of March 2008 it held 23.09% in Ariana Resources PLC [Hemscott March 2008], and 29.7% in Equity Resources Plc [Hemscott 21 February 2008]. The previous year it held 17% of KEFI Minerals PLC, active in Turkey. In early 2009 it had 12.76% of Alba Mineral Reserves PLC, which is exploring for uranium in Mauretania [Hemscott 12 February 2009].

State Street Corporation/State Street Global Advisors (ssga) – is one of the world’s largest institutional asset managers, with a 3.19% shareholding in BHP Billiton PLC [Hemscott 11 February 2008].

Its Nominees fund has 8.57% of Kenmare Resources, whose largest project is a mineral sands mine in Mozambique [Hemscott 12 February 2008], and 3.99% in Aquarius Platinum [Hemscott 5 August 2009]. The nominee account also holds 3.98% of Shanta Gold Ltd (see SBC Global Custody Nominees) [Hemscott 20 May 2008] and 4.06% of Mwana Africa PLC (see HSBC Global Custody Nominees (UK) Ltd) [Hemscott 14 February 2009].

Stephen R Dattels owns 13.97% of issued share capital in Polo Resources Ltd (qv). Through his merchant bank, Regent Mercantile Bancorp Inc., Dattels is a significant player for small and mid-cap mining companies. He was chair and founder of Caledon Resources PLC, an AIM-listed Australian coal producer and Chinese exploration company (see JP Morgan Asset Management (UK); and co-founder and Managing Director of AIM-listed Oriel Resources PLC, centred on nickel and chrome assets in Kazakhstan.

In October 2007, Stephen Dattels, his Chirompo Company SA and Angstrom joined with Lithic Metals and Energy (an African uranium exploration and “development” company listed on London’s AIM) to acquire RRCC (part of Regent Resources Capital Corporation) which has multi -mineral base metal and uranium deposits under exploration in Togo. [Lithic Metals and Energy statement, 26 October 2007].

More recently, Dattels founded CCEC Ltd. which is acquiring thermal coal projects in China; CCEC recently merged with Regent Pacific Group Limited, listed on the Hong Kong Stock Exchange.

StoneShield Capital Corp is a Canadian “capital pool” outfit which, in 2008, signed a letter of intent with aggressive, but undercapitalised Canadian mining company, Mexivada Mining Corp, to earn a share in a Nevada-based gold project. Mexivada also has interests in projects in DR Congo, the Kono diamond fields of Sierra Leone and – as it s name suggests – in Mexico.

Sun Valley Master Fund – part of Sun Valley Gold LLC, in August 2009 announced the acquisition of shares in Rye Patch Gold Corp.

Sunvest Corporation Ltd – a California-based private seller of real-estate based mortgages held in 2008 6.87% of Uranium Resources Ltd, operating in southern Tanzania (see BNY) [Hemscott 14 February 2008]; and is the biggest shareholder (12.36%) in Beowulf Mining PLC, a copper-gold-uranium exploration outfit in Sweden [Hemscott 13 February 2009]. It also held a 3.08 % stake in Red Rock Resources PLC [Hemscott 18 May 2008].

SVM Global Fund plc is part of private equity firm, SVM Asset Management, based in Edinburgh, UK. Its chair is Senator Shane Ross (member of the Irish parliament) who is also business editor of Ireland’s Sunday Independent newspaper. SVM has money in a number of investment trusts, hedge funds and specialist funds and, as of early 2007, held nearly £10 million in Merrill Lynch World Mining (qv). It is the second biggest single shareholder (5.02%) in Mercator Gold PLC, a gold exploration company concentrating on Australia [Hemscott 16 August 2009]; and in 2008 held 6.26% of City Natural Resources High Yield Trust PLC (qv) [Hemscott 14 February 2008].

By October 2009, SVM was the fourth biggest shareholder in Norseman Gold PLC (see Sprott Asset Management) [Hemscott 13 October 2009].

System Management Holdings (SCM) – see Metinvest

T

Talbot Group Investments/ Talbot Group Goldings Pty Ltd is based in Queensland, Australia and says it “engages in minerals exploration, mine and market development, and financial investments as well as a substantial property and share portfolio”. Founded as Macarthur Capital Pty Ltd, then changing its name to MDA Capital Pty Ltd, and finally to its present moniker in 2006.

As of August 2009, it had investments in the following mining companies:

Berkeley Resources Ltd
Cloncurry Metals Ltd.
Goldminex Resources Ltd.
Marathon Resources Ltd.
Metallica Minerals Ltd.
Riversdale Mining Ltd.
Robust Resources Ltd.
Southern Gold Ltd.
Southern Hemisphere Mining Ltd.
Southern Uranium Ltd.

In March 2009, Talbot had a 22.14% stake in Sundance Resources Ltd, which is developing the Mbalam iron-ore project on the borders of Cameroon and the DR Congo; Ken Talbot is a member of Sundance’s board[MJ 13 March 2009; see also MJ 2-9 January 2009].

Tarl Investments Ltd holds 3.59% of the issued share capital of Anglo American plc [Hemscottt 5 August 2009].

TD Waterhouse is a UK online derivatives trader and brokerage. Its Nominees offshoot holds 6.23% in Angus & Ross PLC, whose prime asset is a lead-zinc mine (currently closed) in western Greenland [Hemscott 12 February 2009].

Temasek - see Standard Chartered/StanChart

Templar Minerals - see Angstrom Capital

The Thai Capital Fund Inc is a "closed end" investment management group, managed by SCB Asset Management Co Ltd. As of June 30 2008, it held 680,000 shares in Padaeng Industry Public Co Ltd, worth US$418,957. Padaeng in mid-2006 was accused of discharging heavy metals into streams in rural Thailand, and of causing cadmium poisoning.

[See: http://www.minesandcommunities.org]

T Hoare Nominees, a London stockbroker, holds 10.50% for clients in Natasa Mining Ltd (qv).

Thomas Weisel Partners Canada is a California-based "growth sectors" investment firm which specialises, inter alia in mining. In January 2009 it led a group of underwriters in a “bought –deal” financing arrangement for gold mine developer, Centamin Egypt Ltd, for its Sukari project near the Red Sea, Egypt [MJ 23 January 2009]. In February 2009, along with BMO Capital Markets it underwrote an offering for the Osiko Mining Corporation of C$350,350,000 Inc. for its major Malarctic gold prospect in Quebec [MJ 6 February 2009].

Threadneedle Asset Management Ltd was acquired by American Express (qv) in October 2003 (see also: Ameriprise Financial Inc); two and half years later, it outsourced all its fund management operations to JP Morgan (q.v.) It was in early 2008 the third biggest shareholder (at 7.36%) in Lonmin Plc [Hemscott, 23 January 2008].

The Throgmorton Trust PLC - part of AXA Framlington - concentrates investment in smaller companies. It holds 3.37% of Toledo Mining Corporation PLC, active in the Philippines [Hemscott 15 August 2009] and a small share of Albidon. As of 20 November 2007, Throgmorton had nearly £3 million invested in Avocet Mining; £2.4 million in Hambledon Mining; £1.6 million in Cambrian Mining; £1.5 million in Frontier Mining; £1.479 million in African Copper, and £1.45 million in European Nickel [Throgmorton annual report 2007].

Tianjin Institute of Geology and Mineral Resources (TIGMR), China, in June 2008 made a US$5.9 million investment (representing around 30% of the equity) in Douglas Lake Minerals Inc, which has gold tenements in Tanzania [MJ 6 June 2008].

Tiger Capital Management's Tiger Resource Financing was among the candidates for "fund of the year"at the 2006 Mines and Money conference in London [MJ special supplement September 2006]. Set up in the late 1990s two of its key "alumni" are hedge funds Ospraie (qv) and Touradji Capital (qv) [FT 25 May 2006] (see also: North Sound Capital and Capital Group Companies).

Tilney Investment Management - part of Deutsche Bank (qv) - in 2009 held a 3.28% stake in City Natural Resources High Yield Trust PLC (qv) [Hemscott 14 February 2008].

Toll Cross Securities Inc is a Canadian private equity investment firm, specializing in uranium; it managed the placing of a number of shares on behalf of Mineral Securities Ltd in March 2009 [MJ 27 March 2009].

Top Meadow Capital, a brokerage firm, in February 2009 merged with Research Capital Holding Corporation and J.F. Mackie & Company Ltd (qv).

Toronto Dominion Bank (Canada) in April 2008 was part of a bank syndicate, led by Scotia Capital (qv), and including Societe Generale, National Bank of Canada and NM Rothschild to provide a five-year revolving credit facility of C$140 million to Canada`s Iamgold, for the bankrolling of its mine ventures in Ecuador, Tanzania, Peru and Canada [Mining Weekly, 28 April 2008].

TPG-Axon Capital Management LP - is a hedge fund and global investment spin off from the private equity Texas Pacific Group. As of 17 March 2008, with the combined shareholding of TPG-Axon Partners (Offshore) Ltd, it was the largest shareholder (at 9.3%) in Polo Resources Ltd (qv).

As of early 2008, TPG-Axon also held:

• US$ 290 million worth of shares in Sterlite Industries (subsidiary of Vedanta Resources Plc);
• US$ 269 million in Reliance Steel and Aluminum;
• US$ 30.6 million of Freeport McMoran Copper and Gold;
• US$ 30.5 million of Alcoa; and
• 4.68% of Toledo Mining Corporation PLC [Hemscott 15 August 2009]

Tradewinds Global Investors LLC owned 3.79% of Lonmin Plc in early 2008 [Hemscott 22 January 2008].

Trafigura is a Swiss-headquartered oil and metals trading company, the extent of whose operations is probably comparable only to those of Glencore (qv).(Indeed, it was established by two former employees of Glencore). It has offices in many countries, including Argentina, Bolivia, Bulgaria, Canada, China, Ghana, Guatemala, India, Indonesia, DR Congo and the UK.

Trafigura boasts of being the world’s third biggest global oil trader, and second among traders of non-ferrous metals (with 8 million tonnes exchanging hands in 2008).

Its minerals-related fund, Galena (qv) operates out of London, UK.

The company not only arranges the transfer of metals from its store houses to customers, but (like Glencore) operates, or has stakes in, several mines - notably with ownership of the Catalina Huanca lead-silver-zinc mine in Peru, Iberian Mines (also in Peru) [Marketwire 20 October 2009], a project in Spain, and another in Morocco.

In 2009, its Netherlands’s associate, Trafigura Beheer was accused of knowingly allowing one of its ships in 2006 to ferry extremely toxic wastes, ultimately dumping them on the Ivory Coast (Cote d’Ivoire), thus allegedly causing several deaths and injury to many citizens of the West African country [Guardian 14 May 2009; 10 July 2009].

It was with Trafigura Beheer that, in August 2009, Anvil Mining secured a provisional deal that would see the Australian company advance construction of the second phase of its major Kinsevere copper mine in Katanga province, DR Congo [Northern Miner,11 August 2009]. In return for a US$200 million investment from Trafigura – which might see the mine ready to roll by late 2010 - Trafigura would take a “strategic stake” in Anvil that could reach 36%. However, Anvil’s shareholders have yet to approve of the arrangment (This was to be debated at a shareholders’ meeting in October).

Canada’s leading mining newspaper, Northern Miner, comments that “[W]hile raising US$200 million for a project in a notoriously difficult country to operate in, may seem like a no-brainer to some, investors might have pause over the amount of control being handed over to Trafigura.

“As would be expected in a deal with a metal trader [Trafigura] managed to secure a life-of-mine offtake agreement for the sale of all products from the Kinsevere mine. And Trafigura also gets to nominate three of the seven members of the Anvil Board.” [Northern Miner ibid].

Transpacific Capital Pty Ltd holds 9/9% of Envirogold, a junior gold exploration company, active in the Dominican Republic, Peru and China.

Tudor Capital (UK) is part of the large US Tudor Capital Group of investment companies. It was in 2008 the second biggest shareholder in LonZim Plc, which operates “equity investment instruments` mainly on behalf of Lonrho Plc (qv) [Hemscott 12 February 2008]. Tudor also held 3.71% of UK miner, Lonrho Plc [Lonrho annual report, 28 March 2008].

TWP Finance is a subsidiary of the engineering consultancy, TWP Holding, which has 4.48% of AIM-listed African Eagle Resources [Mining Weekly, 26 March 2008, Hemscott 12 February 2009].

U

UBS AG (Union Bank of Switzerland) in 2008 was the third largest shareholder (at 10.19%) in GCM Resources PLC (see RAB Capital) [Hemscott 18 May 2008]; held 10.02% of Lonrho Plc [Lonrho Annual Report 28 May 2008], and 4.47% of Central African Mining & Exploration PLC (Camec) (see Capital Group Companies) [Hemscott 24 February 2008].

In May 2008, along with Goldman Sachs and Morgan Stanley, it made a rights issue worth 9 billon Rand (approximately US$ 1.2 billion) on behalf of AngloGold Ashanti [Mining Weekly, 7 May 2008].

In 2007 it held 3.03% of European Nickel Plc, while its London branch was invested in the Masara Gold project in the southern Philippines that year [Piplinks Research, 2007].

UBS Wealth Management is a minor (3.88%) shareholder in City Natural Resources High Yield Investment Trust PLC (qv.) [Hemscott 14 February 2008]. As of January 2008 it held 10.72% of Lonrho plc [Hemscott, 23 January 2008].

In September 2008, UBS Securities Canada Inc. joined a syndicate of underwriters, led by RBC Capital Markets (qv) which included and CIBC and Raymond James Ltd, to promote Banro Corporation’s gold projects in DR Congo.

In early 2009, UBS Securities led a clutch of 14 dealers that sold 20.9 million Kinross shares on the New York Stock Exchange. Underwriters could boost the deal to $414.6-million. Opined the Toronto Globe & Mail: “This offering marks a big win for UBS Securities, which has one of the world's largest precious metals franchises and a substantial domestic investment banking operation ”, adding that “Canada's bank-owned investment dealers dominated the flurry of corporate finance activity seen in November and December, effectively shutting out global banks such as UBS Securities.” [Toronto Globe & Mail 22 January 2009].

In early February 2009, UBS AG joined Merrill Lynch & Co. as joint lead manager, bookrunner and underwriter for an Aus$ 750 million share sale, on behalf of Newcrest, Australia’s largest gold miner. Goldman Sachs and JBWere Pty are also assisting with the sale [Bloomberg, 2 February 2009].

Goldman Sachs Canada Inc, along with CIBC World Markets Inc.as co-lead managers and joint book runners; and including National Bank Financial -, along with UBS Securities Canada, Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers, launched a share offering for Pan American Silver in February 2009 [MarketWire 5 February 2009].

In October 2009, BMO Capital markets led a syndicate of underwriters, along with UBS Securities Canda Inc, to raise US$ for Gammon Gold’s Guadalupe y Calvo gold-silver project in the Mexican state of Chihuahua [MJ 9 October 2009].

UFG Asset Management is an investor exclusively devoted to the Russian Federation and became the biggest single shareholder (32.96%) in Trans-Siberian Gold PLC by early 2008 [Hemscott 13 February 2008] Through the placement of 26.5 million new shares worth US$ 12.4 million in August that year, UFG became the 52% holder of Trans-Siberian’s stock [MJ 29 August 2009].

Union Securities (Int) Ltd scours Canadian and US markets for small to mid-cap mining companies in which to invest on behalf of its clients.

US Global Investors won the Mines and Money award for mining fund management in 2006 [MJ 8 December 2006]. Until November 2008 it managed the Meridian Global Gold and Resources Fund (qv).

V

Vanguard Precious Metals and Mining Fund is a US mutual fund, leading brokerage and ETF trader. Among its clients are many US college savings plans.

As of 31 March 2008, Vanguard listed its key mining and minerals investments (in priority order) as those in:

Eramet

Lonmin

IMPALA PLATINUM

Johnson Matthey (see Lloyds TSB)

Barrick Gold

Imerys

Anglo Platinum

Venterra Gold

Harry Winston Diamond Corp

Peabody Energy

Peter Hambro Mining

FMC Corporation

BlueScope Steel

Sherritt International Corp

Buka Resources

Schnitzer Steel Industries

Norsk Hydro

Buenvenura Mining

AMCOL

Franco Nevada

Northam Platinum

In June 2009, Vanguard secured an initial 6% stake in Russian gold producer, Peter Hambro Ltd [MJ 3 July 2009].

Varma Mutual Pension Insurance Company is the largest private pension insurer in Finland and (as of 31 December 2007) held 8.5% of Talivivaara Mining Company, which is constructing a nickel mine at Sotkamo.

Viktor Vekselberg – see Oleg Deripaska

Volcan Investments Ltd is the UK holding company for Anil Agarwal and family, who own the controlling stake (53.29%) in Vedanta Resources PLC [Hemscott 5 March 2008].

W

Ward Ferry Management, a Hong Kong-based investment fund, holds 5.11% of Allied Gold Ltd (see HSBC Global Custody Nominees) [Hemscott 3 August 2009].

Watami Trading is a Hong Kong based trader, which was in 2008 the largest single shareholder (7.36%) [Hemscott 20 February 2008] in coal miner, Caledon Resources Ltd; and a joint venture partner in a coal producer operating in Queensland, Australia.

WB Nominees, based in London, holds 4.09% of shares, on behalf of clients, in African Diamonds PLC [Hemscott 4 August 2009].

WEGA Mining ASA – is a Norwegian mining fund manager [MJ 25 March 2007].

Weiss Capital of the US holds 7.25% in Aurum Mining plc (see Altima Partners).

Wellington Management Company LLP is a private partnership, “serv[ing] as an investment advisor to approximately 1,400 institutions located in 43 countries.” It claims that: “We are not brokers, lenders or underwriters. Our expertise is investments — from global equities and fixed income to currencies and commodities… a collection of boutiques.” As of mid-2008, it held 8.64% of Vedanta Resources PLC [Hemscott 12 May 2008] and 5.06% of Nufcor Uranium Ltd (see Deutsche Bank) [Hemscott 14 February 2008].

Wellington West Capital Markets Inc. is a private equities firm, based in Canada which, in February 2008, led a syndicate of underwriters - including Genuity Capital Markets and Salman Partners Inc. - in a C$16 million offering to advance Inter-Citic at its Dachang gold project in China, and for general corporate purposes.

Wermuth Asset Management: Frankfurt-based, former owner of shares in Monterrico Metals, which were sold to Xiamen-Zijin (qv) in mid-2007 [Economist, 7 June 2007].

West LLB is a German investment bank which, in January 2008, reportedly withdrew from bankrolling the Toka Tindung gold mine project in northern Sulawesi (Indonesia) operated by UK-AIM listed Archipelago Resources and which had been accused by the local governor of operating illegally. [see MAC website, 21 January 2008; Mineweb 4 March 2008]

In 2006, West joined Standard Chartered (qv) and Caterpillar Financial SARL (qv) in underwriting Tiomin’s Kwale mineral sands project in Kenya; the biggest proposed new mine in the country, beset by local farmers’ legal actions and its failure to raise project finance, which has so far stalled the venture.

Late the same year, along with the Eurasian Development Bank and HVB, it provided US$ 120 million debt financing for Oriel Resources Plc’s Voskhod chrome project in Kazakhstan.

In February 2008, WestLB was sole book runner for a secured credit facility for MRN (Brazil) [WestLB advertisement, MJ 19 June 2009].

Two months later, in April 2008, it was mandated lead arranger of a US$375 million secured credit facility for PT Bumi Resources in Indonesia.

In July 2008, the bank provided a US$ 80,300,000 project finance facility to CGA for its Masbate Gold Project in the Philippines.

March 2009 saw WestLB also being the lead arranger for MIPLO’s acquisition finance facility for its projects in Peru and Chile.

In April 2009, the bank was bookrunner of a project finance facility for Mirabela Nickel Ltd, an Australian company planning to open one of the world’s largest nickel sulphide mines in Brazil later in 2009.

And, in May this year, WestLB acted as sole book runner of a similar project finance faicility for quadra mining, a Canadian copper company.

During July-September 2009, the bank also acted as joint lead arranger of US$350 million secured credit for Votorantim; was joint financial advisor for Citadel Resource Group in its Jabai Sayed project in Saudi Arabia; and became sole bookrunner for Ferrexpo’s equipment financing facility [MJ 9 October 2009].

Westwind Partners in 2007 headed a syndicate of financiers which bought Osisko Exploration [MJ 26 January 2007].

Witan Investment Trust PLC, as of 30 June 2008, held shares worth nearly £10.57 million in Rio Tinto Plc, £5.26 million worth of Anglo American and £10.40 million in BHP Billiton Ltd.

Witan Pacific Investment Trust PLC (formerly F&C Pacific Investment Trust Plc), as of 31 July 2008 held £3.01 million in Rio Tinto and £1.86 million in BHP Billiton.

Wogen Plc is a non-ETF metals trader, with £20 million being placed for institutional investors in 2005 [MJ 28 October 2005].

World Mining Trust PLC – see Merrill Lynch

XYZ

Xiamen Zijin Tonguan Investment Development is a fund operated by the Zijin Tonguan mining group, which owns the majority (79, 90%) of Monterrico Metals PLC (Rio Blanco Copper) operating in Peru. [Hemscott 14 February 2009; Interfax China Metals and Mining, 15 February 2008]

Yellowcake PLC is a small company (pre-tax profits for FY 2007 were less than £200,000) with investments in a substantial number of uranium mining companies; Uramin Inc being the largest in its portfolio as of end-June 2007.

Yorkton Securities is a major Canadian venture capital provider, specialising in mining stocks. A former president and CEO of Yorkton is broker Frank Giustra, who was recently mired in controversy over his relationship with ex-president Clinton and the securing by his company, UrAsia, of a huge uranium concession in Kazakhstan. (see Endeavour Financial)

Yorkville Advisors/YA Global Investment (not to be confused with Yorkton Securities) is a leading Canadian brokerage which places shares in, and provides loans to, a number of middle or junior ranking mining companies.

In the past year (early 2008-August 2009) it has provided such facilities for, inter alia:

Wesiswe Platinum (South Africa) [Mining Weekly 5 June 2009];
EMED Mining Public Ltd (in Spain and Slovakia) [MJ 14 August 2009];
Angus & Ross (Greenland);
Redrock Resources plc (Australia and Malawi);
South American Iron and Steel Ltd;
and Arafura Resources (Australia).

In the previous four years it had also lent such services to Muchison Metals, Admiralty Resources, Fortescue Metals, Compass Resources and MacMin Silver.

Zambia Copper Investments Ltd/ZCI, based in Bermuda and registered on the JSE, until 2008 had substantial, employeer-related investments in Vedanta Resources’ Konkola Copper mines in Zambia, when they were sold to the UK miner. In early 2009, ZCI aquired the majority of African Copper plc, which operates in Botswana: a holding that now stands at just over 82% [Hemscott 4 August 2009] with loans outstanding [Mining Weekly 3 June 2009].

Zeromax Gmbh is a German registered company with extensive interests in Uzbekistan, including a 17% stake in Oxus Gold PLC (see RAB Capital) [Hemscott 13 February 2008].

Zimtu Capital Corp, of Vancouver, Canada says it has “created more than seven mineral exploration companies” since 2001. While it is strange that the corporation can’t seem to produce an exact figure, we know it has made key investments in Evolving Gold Corp, Cougar Minerals and Western Potash, as well as a few petroleum companies.

Zoom Mineral Holdings, a Philippines-registered outfit, holds 60% of the Masbate Gold project, along with Philippine Gold (itself controlled by CGA Mining Ltd) in (of course) the Philippines [MJ 15 May 2009].

Notes

Footnote 1

In early 2009, representatives of the mineral exploration and mining sector in Canada’s wealthiest mining province, British Colombia, met with the Federal Minister of Natural Resources to “discuss the impact of the global economic and financial crisis on the industry and measures that both industry and governments can take to address the impacts.”

Among their recommendations were the following:

- Permanent implementation of the super flow through share tax credit, which allows a tax deduction for investment in Canadian mineral exploration projects

- Government guarantees on business term loans to encourage capital investment

- Improved regulatory efficiency between federal and provincial governments

- Investment in a federal/provincial partnership with Geoscience BC, an industry-led, not-for-profit, applied geoscience organization, which works in partnership with industry, academia, government, First Nations, and communities to fund projects to discover new areas of interest for mineral exploration

- Investment in rail, ports, and hydroelectric infrastructure

Mining companies spent $367 million on exploration in British Columbia in 2008, down from a peak of $416 million in 2007, but up by over 1500%, from $25 million in 1999 [Marketwire, 19 January 2009].

Footnote 2

Among key regular sources of information on the mining/minerals sector are the Mining Journal (UK), the Metals Bulletin (UK) and Northern Miner (Canada).

Other data is obtainable from the annual reports and websites of both companies and investors. Material gained from these sources is not generally referenced in this report.

Hemscott is a key data base for information about UK-listed companies and their equity holders (also the single most important source of that information for this paper). Its service is available at a modest monthly fee.

Free information on UK companies (but not shareholder data) can also be accessed on other websites, among which is Digital Look: http://www.digitallook.com/investing/company_search/company_a_to_z

For a list of Australian companies arranged alphabetically, along with url’s for their annual reports and other stock information, see: http://www.asx.com.au/asx/research/CompanyListed.jsp

MiningWatch Canada provides a select list of Canadian mining companies, with regularly updated news (though not necessarily shareholder data). Go to: http://www.miningwatch.ca/index.php?/company

You can register with the Securities Exchange Commission, to access all documents related to ownership of US registered companies, by going to:

http://www.secinfo.com/$/SignIn.asp?Sign=Out

Canada Newswire provides links to global major stock exchanges, with daily stock announcements from a large number of companies: http://www.newswire.ca/en/resources/exchanges.cgi

“Real time” data, shareholdings, and a large amount of other information on companies can be obtained from Reuters Knowledge and its companion Xtra 3000 services, obtainable on subscription.

It should also be noted that many companies have some of their stock secured in the name of individuals – whether members of the company’s board or investors associated with the company’s business. While these are not identified on this database, they can be obtained through the websites mentioned above.

Footnote 3

Nominees are brokers, or banks acting as such, which hold a named person’s shares in a non-paper form (i.e. not as a share certificate). Virtually all major investment banks hold nominee (or custody or unit trust) accounts in major mining companies on behalf of these unnamed investors.

For example, 55.89% of BHP Billiton Ltd - the Australian arm of the world’s biggest mining company – was, as of August 28 2008, held in the form of nominee accounts, this representing all but 1% of the published registered shareholding in the company. The largest single holding in UK-registered BHP Billiton PLC was also in the hands of a nominee company.

The UK Shareholders Association (UKSA), which represents the concerns of some minority shareholder groups, doesn’t favour the system. It points out that nominee operators, while themselves possessing the right to vote in a company’s shareholder meetings, have “no obligation to pass that on to [the shareholder] or vote in [their] interests or [to] their wishes”. Moreover, says the Association: “Most nominee operators use a ‘pooled’ nominee structure where [the] holdings are not separately identified to the issuer.”

Clients using the services of nominees may do so for varying reasons, usually to gain privacy, but also in the belief that the nominee operator will look out for their interests, saving the time and trouble of registering with a company as a named shareholder.

There are numerous nominee companies with investments in mining; except where these companies are related directly to a larger Fund manager, they are not usually included in the data base of this document.

Footnote 4

Index Tracker funds and Exchange Traded Funds effectively attempt to follow the performance of a stock exchange share index itself, rather than out - perform it (as do traditional investment funds.) Some trackers buy shares in all the companies that make up the specific index (e.g. FT 100/500, Dow Jones, S&P 500) – this is sometimes known as “passive management”. Others use complex financial instruments to track what the index does by buying shares in a cross-section of registered companies – e.g. those in mining.

When markets rise, trackers are among the best “performers”. But, during a bear ("sellers") market, trackers begin to slip - though tending to do better than many of the large popular funds favoured by small investors.

Trackers are typically run by very large fund management groups such as Fidelity, Scottish Widows, Legal and General and HSBC. There should be no discrepancy between the underlying value of the units and the price quoted, while any dividends that come from holding the shares in the portfolio are paid at regular intervals to the unit holders.

An Index tracking closed-end fund (aka Investment Trust) issues a fixed number of shares, and may also issue subsequent tranches of shares to raise additional capital.

Exchange Traded Funds (ETFs) are the most popular form of index tracking - a hybrid of an open-ended unit trust (where the fund is divided into units which vary in price in direct proportion to the variation in value of the fund's net asset value), and an investment trust. Exchange Traded Notes are a new form of such investment.

There are now thousands of ETFs which enable trading on virtually any stock market “index” in the world, from the NASDAQ and the Malaysian stock market, to Chinese stocks. Of late they have included supposed “clean energy” and “clean water” portfolios, although some are distinctly dubious – such as the Power Resources Water Portfolio which includes the giant GE group that invests in nuclear “power” and defence contracts. Unlike mutual funds, trading at prices fixed at the end-of-day, ETFs can be bought and sold instantaneously on major stock exchanges throughout a working day.

They can also be sold “short” to profit from falling share values. Unlike individual stocks, US-based ETFs are exempt from the “uptick rule” – one introduced by the SEC to prevent selling of shares at a lower price than that at which they were previously sold.

Footnote 5

Share movements in companies listed on the London Stock Exchange (LSE) can be monitored through Hemscott Investment Services (UK) at: http://www.hemscott.com.

However, Hemscott does not specify holdings which fall below the notifiable 3% in any given company. The service is by monthly subscription – and works out far cheaper than using other data-bases, such as those at Companies House, London.

Footnote 6

Interfax China Metals and Mining, via its weekly electronic service, publishes profiles of the country’s major mining and metals companies, along with shareholder data. The service is expensive, but Mines and Communities may be able to provide profiles for specific companies on request: info@minesandcommunities.org

Footnote 7

In its 2008 report “Bank Secrets”, Belgium’s Netwerk Vlaanderen, and BankTrack, e performed a valuable service in providing details of bank loans to; underwriting of IPs, issuing of bonds, and other financing for; eight mining companies with censorious ventures in Argentina/Chile, DR Congo, Guatemala, India, Papua New Guinea, Peru and Zambia.

The companies examined are: Vedanta Resources plc, AngloGold Ashanti, Anvil, Newmont, DRD Gold, Freeport McMoRan, Barrick Gold, and GoldCorp.

Among the banks and funds referenced are: ABN Amro, Barclays, BNP Paribas, Citigroup/Citibank, Societe Generale, StanChart, Sumitomo Mitsui Banking, Merrill Lynch, Morgan Stanley, Deutsche Bank, JP Morgan Chase, HSBC, Macquarie Bank, Bank of Montreal, BNY, CIBC, KBC, ING, Royal Bank of Canada, RBS, West LB, ANZ, Bear Stearns, Banco Santander, Deans Knight Capital Management, FirstRand Bank (South Africa), Paradigm Capital, Bank of Montreal, Canaccord Capital, Haywood Securities, Credit Suisse, Dresdner Bank, Goldman Sachs, Lehman Brothers, Bank of America, ICICI (India), Scotiabank, UBS, Fortis Bank, TD Bank, Unicredit (Italy), NM Rothschild, Calyon, Daiwa Securities, Westpac, Dexia.

Pages 27-29 of the report list all the banks surveyed, against the companies they have supported.

See: “Bank Secrets; Banks and their Alarming Investment Practices”, Netwerk Vlaanderen in association with BankTrack, December 2007:

http://www.netwerkvlaanderen.be/en/files/documenten/publications/reports/bank_secrets_11_12_07.pdf

Footnote 8

Some equity in mining companies is also held by community groups or Indigenous/First Nations (in Canada) on whose territory the company operates.

In South Africa, so-called “Black Empowerment” (Section 21) mining companies have also gained significant stakes in projects or outfits formerly “white” controlled. A discussion of the benefits or pitfalls of this – whether economic, political or in terms of actual shareholder empowerment – is regrettably outside the scope of the current paper.

Glossary

ADR – American Depositary Receipt (see DR below) AIM – London’s Alternative Investment Market (part of the London Stock Exchange) AG – Aktiensgesellschaft or public limited liability company (in Germany, Austria, Switzerland) Arbitrage – the tactic of taking advantage in differentials between two different market prices, to secure a profit

Bear Market – one where share prices (also those for commodities or bonds) are falling, or expected to fall during the medium period, if not longer (see also Bull market) Bearer share – see Shares Bond – a loan or debt security which the issuer – government or private - promises to repay with interest when it reaches its date of maturity Bookrunner – the bank or funder which leads, or manages, the issuance of corporate loans, debt or other securities, usually in association with other such financiers Bought deals – are ones between brokers and a company, where the former by an entire stock issue from the latter in a private transaction, then sell the shares on to private purchasers (see also Brokers) Brokers/brokerages – place shares on behalf of companies, selling them to private clients who want to invest in those companies. Banks, as well as specialised brokerage Houses, act as brokers (see also Bought Deal) Bull market – one where share prices (also commodities and bonds) are rising or expected to rise over the medium period, if not longer (see also: Bear market) BV – a limited company whose shares are privately registered and not freely transferable (in Netherlands)

CDIs – CHESS Depositary Interests are the form in which ordinary shares and some options are traded electronically on the ASX (see also: DIs) Collateral – a guarantee to meet a debt, usually by ceding an asset, in the event that the debtor is unable to repay the loan Common shares – see Ordinary shares Contrarian investors buy (sometimes sell) stocks in the belief that they have been mis-priced by the “market”; the aim of course being to make a profit by doing so Convertible bonds – bonds which can be exchanged for stock in the company which issues them on terms set at their issue CSD/ICSD – An (International) Central Securities Depository holds securities/bonds and settles trades between them. The Depository Trust Company (DTC) in the US holds more than US$2 trillion in non-US securities and ADRs (qv)

Debenture – a bond which is not secured by property or collateral DIs – Depositary Interests are UK-registered securities that enable trading in non-UK incorporated and registered company shares, to be undertaken and settled within the UK in electronic/paperless form DR – a Depositary Receipt - enables investment in a company registered offshore, through one’s home-domiciled bank. Derivative – literally something which “derives” from something else; in financial markets, the use of futures and options contracts to bet on the rise or fall of value of an equity, credit “product” or other type of security Distressed situations – see Special Situations Dividend – that portion of a company’s net profits, proposed by its board and confirmed at an annual shareholders’ meeting, which represents revenue on a share

EDR – European Depositary Receipt (see DR) Event driven – a euphemism for the hedge fund strategy of profiting from falls in the value of a company’s shares (see also: Special situations) ETFs/ETNs – Exchange Traded Funds/ Exchange Traded Notes (see Footnote 4) Equity/Equities – see Shares and Private Equity

Floating rate – a debt subject to periodic changes in interest rates Fund of Funds – a portfolio held in a number of investment funds, rather than directly in equities or bonds, viz. a “Hedge Fund of Funds” FY – Financial Year; usually running for twelve months from middle or late calendar year

GDR – Global Depositary Receipt (see DR) GmbH – a company with limited liability (in Germany, Austria, Switzerland and in Central Europe)

IPO – the Initial Public Offering of shares in a specific company

Junior – a mining company registered on a stock exchange (eg. TSE, TMX, AIM, ASE, AltX), seeking venture (or “start up”) capital, usually for exploration purposes. JV – Joint Venture

LBO (Leveraged Buy Out) – where a company raises debt finance to acquire another LLC – Limited Liability Company London Metal Exchange (LME) – the world’s premier forum for daily trading in the prices of aluminium, copper, nickel, zinc, other nonferrous metals and (from 2009) iron ore. Contracts are agreed by means of “open cry” across a physical space, to which only eleven named Ring Traders are admitted, and which are purportedly backed by physical supply in LME warehouses LP/LLP – Limited (Liability) Partnership

Managed Fund – see Mutual fund MBO (Management Buyout) – where managers acquire a company for which they work M & As – Mergers and Acquisitions Market Cap/Market Capitalisation – the value of a company’ shares, consolidated between their price(s) on one or more stock exchanges at any given moment Mutual Fund – one which pools money from many clients, to invest in stocks, bonds et al. Known in Europe as a Unit Trust; in the US as an OEIC (qv) and in Australasia as a Managed Fund

Nominees – brokers, or banks acting as such, which hold a named person’s shares in a non-paper form, rather than as a share certificate (see Footnote 2).

OEIC (Open-ended investment company) - arranges for customer’s money to be added to that of other investors and spread across a wide range of equities and/or fixed interest securities Ordinary shares – those which normally carry voting rights (see also Shares and Preference shares)

P/E – Price to Earnings ratio, which evaluates dividend received against the price, paid for a share; the higher the P/E then, usually, the less attractive the stock. PLC (Plc, plc) – Public Limited Company (in UK and Ireland) Preference shares – grant the owner dividends, even when ordinary shareholders may not receive them, as well as the first pick of proceeds when a company is liquidated. They normally do not carry voting rights Private Equity – share holdings not listed on a registered stock exchange; see also Venture Capital Pty Ltd – Proprietary Limited (in Australia)

Re-insurance – insuring an insurer and thus spreading liability Revolving credit/debt – a flexible facility by which loans are made and repaid with interest over time, up to an agreed limit and without a fixed rate of repayment Ring trader – see London Metal Exchange Royalties – payments made for the use of an asset (in the case of mining usually a produced metal or mineral) delivered to the “owner” of the asset (usually a government), either at gross or net value of the asset, as determined by the owner

SE – Stock Exchange Securities – see Bond Senior debt/debenture – a debt which has priority in any conversion to equity etc. Shares – also called “equities” or stock – is that portion of a limited company’s capital, registered either in the owner’s name or in an account held by a bank, stock broker, or other intermediary (known as a bearer share). (See also Footnote 2). Share option – a privilege, sold by one party to another that gives the buyer the right, but not the obligation, to buy (call) or sell (put) a stock at an agreed-upon price within a certain period, or on a specific date. Share warrant – a paid-up share which can be transferred by its holder to another party without any need for a registered transfer (UK) (see also Warrant) Special situations – hedge fund jargon for taking advantage of failing companies, usually by “shorting” the asset – i.e. betting on the failure itself. The term is also a euphemism for “vulture funds” which buy failing equity or bonds, and government debt, at a cheap rate, in order to cash in on their collapse SPVs/SPEs – Special Purpose Vehicles or Entities provide a means of isolating risks taken by a bank or other company, often in order to escape taxation or regulation. They were one of the main concoctions used by Enron, to criminally conceal its vast financial losses during the late 1990s Stock – ordinary or common shares held in a company Sub-account – a category of general insurance, aimed at a specific sector (e.g. buildings, shipping, accident) SWF – Sovereign Wealth Fund: an investment agency of a state government in onshore and offshore companies

Underwriting – the process by which an issue of equity, debt, bonds, is afforded credit worthiness Unit – the minimum amount of stocks, bonds, commodities, or other securities accepted for trading on an exchange. While one unit often equates to one share, it may also include a subscription warrant (qv)"

Venture Capital – start-up funding provided for new companies (in the case of mining, usually junior exploration companies) and generally classified as part of private equity (qv) Voting shares – see 0rdinary shares

Warrant – a piece of paper which entitles the owner to purchase shares in a specific company, at a specified price (known as “exercising” the warrant(s)

Sources

Bank Secrets – “Bank Secrets; Banks and their Alarming Investment Practices”, Netwerk Vlaanderen in association with BankTrack, December 2007

Financing Global Mining – “Financing Global Mining: The Complete Picture” (ed. Rob Morrison), pfi market intelligence, Thomson’s 2007

Hemscott – Hemscott supplies daily-updated information on share prices and equity investment in companies registered on the London Stock Exchange (including AIM), along with the company’s own official announcements. (See also Footnote 4).

FT – Financial Times (UK)

MJ – Mining Journal, published weekly in London

Piplinks 2007 – Research (currently being updated) on mining companies active in the Philippines, carried out by Philippine Indigenous Peoples’ Links (Piplinks) UK

An excellent prime source of information on all aspects of Canadian mine finance is:

Mining Investors: Understanding the legal structure of a mining company and Identifying its management, shareholders and relationship with the financial markets, by Joan Kuyek, Mining Watch Canada, November 2007; available for download at: http://www.miningwatch.ca/updir/Mining_Investors.pdf

Mined U - Financing of new uranium mines, WISE (World Information Service on Energy) Amsterdam, March 1998.