Metals and Mining
Would being in this group pigeon hole you?
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yes. the cost of insuring a guy with black lung is ridiculous.
Not as much as Real Estate or FIG.
Edit: nevermind, listen to Valk
Although it varies, any group where you'll gain a specialized/esoteric skillset will pigeonhole you. This includes mining. Knowing how to model head grades and production declines or in-situ vs heap leaching processes etc. isn't very applicable to other sectors, and generalist PE firms rarely invest in the sector.
On the flip side, mining deal-flow will always be there and mining bankers can do very well for themselves. Seems like the space is gonna heat up this year, especially if the Glencore-Xstrata deal goes through (Will be the largest mining deal in history, and could potentially be the largest deal this year globally).
Not so if M&M is something you truly like to do!
Metals and Mining Exit Opps (Originally Posted: 05/16/2010)
How are the exit opps in metals and mining banking? Since pretty much no PE firms invests in metals and mining companies, are your exit opps limited to HFs?
other ibanks, maybe one of your mining companies?
that's just a guess.
first reserve is a m&m focused pe fund....
but i think exit options are abit limited for m&m analysts
Mining IB Analyst Exit Opps? (Originally Posted: 01/09/2010)
Hey guys,
What are some of the typical exit opps you see for an investment banking analyst in the mining group?
It would be great if former analysts in Canada or the US could help me on this.
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You could get a cushy job working as an in-house principal investments/acquisitions analyst at something like Rio Tinto/Xstrata/BHP Billiton. You could move to a hedge fund (either a metals fund like Red Kite or a long/short equity fund that has a metals/mining component). You might be able to move to an asset management firm and become a junior PM within their metals/mining groups.
You're unlikely to have many VC opportunities, and I can't speak intelligently on the PE space within the mining sector, but I doubt it's very large.
Thanks for the good insight, brotherbear.
How would one get the corporate development-like opportunities that you mentioned -- headhunters, networking?
I'm not interested in VC, but PE is an option I'm also interested in.
In the resource sector PE and VC refer to the same thing (merchant banking).
You can't do an LBO of mining or oil & gas companies (high capex), so "private equity" in the standard definition is non existent. The "private equity" firms in the space are actually venture capital (providing early stage capital to exploration companies). Too bad this term got hijacked by tech companies in the 90's.
If you're in Canada, you could contact Vlaad. He has occasionally has some business development opportunities in the sector.
Good point raised, yung_gekko. In that space, I would think companies like Endeavour Financial come to mind. Are there any other companies like Endeavour in Canada - especially those that have historically placed IB analysts?
Keep the ideas flowing - thanks a lot so far.
There actually are a few players in the PE space who do resources deals (Resource Land Holdings to name one). Many of the players in the energy space more broadly do mining deals (coal).
Their are also a number of MLPs that own finite life mines of various types. I have known people who went over to them as well.
As a fairly specialized space, basically your options are, Corp Dev, PE/VC in a related firm, or continue with IB. Anyone you deal with as a client or competitor is a likely exit opp. So, if you do a deal where ETP is looking at acquiring some of ANR's assets, those are two exit opps.
Thanks a lot for the insight. PowerMonkey.
I'm interested in staying in Canada.
Appreciate the help so far -- anyone else, especially with a knowledge of Canadian exit opps?
Exit opps in Mining except for Corp Dev (Originally Posted: 09/09/2012)
Hey guys,
Started out in M&A at a BB but was recently moved to Mining due to a couple guys leaving – I was initially pretty keen on doing PE after my M&A stint but after being moved to cover an industry group, it seems like my exit opps narrowed into only going into Corp Dev for Mining companies.
I might be misinformed since I’m not too familiar in the mining world, but are there any good exit opps to move into PE after mining? IMO, seems like PE is pretty diversified and they seem to have the preference of hiring guys that are well rounded as opposed to focused on one specific industry.
Also, if anyone could throw some good company names around that specialize in Mining in North America, that’d be greatly appreciated.
Thanks
How long were you in m&a for? Might not be entirely impossible on pe if your still interested
good amount of PE funds that invest in natural resources and mining, including Apollo
Anyone on this site currently working in the sector? Curious about the sources of optimism at the moment given some pretty heavy headwinds (i.e. is there a state of the world in which one might make an upside bet by pivoting from M&A to M&M)?
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