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Some of the largest and most active are Resource Capital Funds, Pacific Road, CEF and Sentinel. A bunch of the mega shops have started looking into the mining space, including Apollo, Carlyle, Warburg Pincus and Blackstone (but are finding it hard because they cannot control commodity prices and thus a hurdle rate is hard to achieve).
A bunch of old mining execs have also started funds (or more accurately effectively management teams which are funded by investors) - Mick Davis (Xstrata) started X2, Aaron Regent started Magris, Lloyd Pengilly did QKR, etc. So far it has mostly been fund raising but Magris purchased a niobium asset from IAMGold a few months back.
Hope this helps
Thanks Punchey, I have the active shops down. Was there a database (can be paid) that have all the mining funds compiled?
Not to my knowledge, but there have been some good articles you can find online which have a good summary of activities in the space. As of now, there is not enough volume for it to be a worthwhile service
multiples used in mining? (Originally Posted: 09/17/2010)
Question to anyone in a mining or natural resources group,
While doing comps, what are the most commonly used multiples for mining companies that are in the production stage, and have positive revenue, ebitda and net income?
Do people still look at EV/EBITDA etc or levered multiples ie. P/E, price/cash flow?
thanks in advance
P/NAV for some
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