Metals and Mining IB
As a sophomore recruiting for this, I'm trying to find a sector that I'm really interested in, and have landed on mining. Coffeed a couple corp dev people at mining companies and read extensively and it really interests me, however, my lack of understanding in terms of the terminology (which is the easiest to learn in this scenario) as well other things such as M&M M&A, the business model itself, as well as other related facets is starting to become a hindrance.
In short, where/how can I learn about M&M and M&M M&A/IB as a beginner (in mining) with little to no background? Haven't been able to find a course that has it and any books that I find go deep into the science behind the minerals and metals and not the finance/company-related aspect.
Ah, the world of Metals and Mining! It's a fascinating sector, isn't it? Now, to get a solid understanding of M&M and M&M M&A/IB, I'd recommend a few steps:
Start with the basics: Get a good grasp of financial modeling, DCF, M&A, LBO, Comps and Excel Modeling. We have a Modeling & Valuation Bootcamp that covers these topics in detail. It's a 2-day intensive course that will give you a strong foundation.
Dive into industry-specific knowledge: Once you have the basics down, you can start learning about the specific nuances of the M&M industry. Unfortunately, I don't have a specific course on M&M, but our Advanced Industry-Specific courses might have relevant content.
Read widely: While I don't have specific book recommendations, I'd suggest reading financial news and analysis related to the M&M sector. This will help you understand the business model, the key players, and the trends in the industry.
Network: You're already doing this, which is great! Keep talking to people in the industry. They can provide insights that you won't find in any book or course.
Remember, it's a journey. Take it one step at a time, and don't be afraid to ask questions. Good luck!
Sources: How can I learn about the inudstry as a complete beginner? (Possibly stupid question), At a Top Business School - ZERO Banking Experience - Going to do M&A - But Have No Idea How I'm Going to Do it...., Non Target -> MMIB -> MMPE -> M7
chatgpt
I'd look at past transactions and see the sub-verticals each company operates in. Continue to dive deeper and understand the industry trends.
Bump
BMO and RBC both have well-reputed Metals & Mining coverage groups. If your goal is to get smart on the sector, I'd start by just looking at the corresponding sections of their websites to get a sense for how investments banks view and cover the M&M sector. It might also be useful to go through their recent transactions and simply browse the websites of past clients, buyers/investors, etc. Do enough reading and you'll start to notice the same themes, buzzwords, and trends showing up regularly; any M&M coverage banker is likely thinking and talking about these same topics on a regular basis.
You can go through the same exercise with any of the world's largest mining companies: Rio Tinto, Glencore, BHP, Vale, etc. These firms acquire mines and raise capital all the time, and it should be easy enough to search for recent news/press releases talking about what they're doing and why (which, again, is exactly what a coverage banker in the M&M space would be doing to stay up to speed). Investor presentations can be equally helpful sources of information, and all of the companies I just listed are publicly traded.
BMO and CIBC have the strongest mining teams, no? I always thought RBCs was the weakest of their teams in general, and among the big 5
I guess it just depends who you ask. All of the Canadian banks tend to have respectable M&M coverage groups and show near the top on most mining-specific league tables. I won't claim to have much personal knowledge about RBC's team though.
Yup RBC mining is not good. Minimal dealflow and endless pitching.
A good book is the Mining Valuation Handbook by Vic Rudenno (sp?). A good exercise is to try and recreate the asset model in the back of that.
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