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Contributors Apek Mulay Mulay’s Consultancy Services Apek Mulay Mulay’s Consultancy Services Susan Ershler International speaker Susan Ershler International speaker Chris Office Broker ChrisMeredith Meredith Office Broker IIkka Artimo Fujitsu Ilkka Artimo Fujitsu

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contents 8

In brief

The month that was

In this section youâ&#x20AC;&#x2122;ll find news, views and comments as we take a look back at the last month.

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Strategy

Charting realistic goals begins with self-assessment

How top performers do much more than dream. They develop a series of realistic goals that will propel them to where they want to be.

14 Technology

Why most experts fear for the future of technology Tech expert & macroeconomist explains Mooreâ&#x20AC;&#x2122;s law and what needs to change.

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Executive insight

Dr Paul Potgieter

The Chairman of Aerosud Aviation discusses the lessons he has learned throughout his career.

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Top ten

Top 10 tips on writing the perfect email

A good signature, no capital letters and no kisses have been named as some of the key pieces of advice for writing the perfect email

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technology

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Are wearables the next wave in the BYOD trend?

Companies canâ&#x20AC;&#x2122;t afford to ignore the incoming tide of wearables and how a bit of forward thinking can harness wearables in the bring your own device (BYOD) trend.

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contents

cover story

28 ABN AMRO D&JC

Banking on a sustainable diamond industry Diamonds are forever, as they say, and itâ&#x20AC;&#x2122;s a fact that they will always be desirable but the international diamond trade is not immune from economic volatility: we spoke to Erik A. Jens, CEO of Diamond and Jewellery Clients at ABN AMRO and one of the most influential financiers to the business.

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Conciel

Enabling Africa Conciel is evolving as fast as the needs of Africans to develop the communications on which economic development depends.

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44 MINES & MONEY SPECIAL FOCUS

Mines & Money London 2014 Where quality mining projects meet investors and secure capital Reviewing the imminent annual event at Londonâ&#x20AC;&#x2122;s Business Design Centre and featuring some of the companies attending the event.

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South Boulder Mines

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North American Nickel

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Precious opportunities Mariana Resources is in expansion mode and fast tracking its growing number of gold, copper and silver options towards definition and production.

Potash for produce The Colluli Project, an equal joint venture between South Boulder Mines and the Eritrean National Mining Company (ENAMCO) is a unique potash resource that will help feed the world.

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A good summer in Greenland North American Nickel (NAN) made significant progress this summer towards defining and expanding its world class nickel-copper property at Maniitsoq.

Mariana Resources

Base Resources

Shifting sands Base Resources is an ASX and AIM listed resources developer, whose flagship venture is the $350 million Kwale Mineral Sands Project, now close to full production and opening the door on a new industry in Kenya.

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Winners & losers

Ups and downs in the month that was...

Amazon The online retail giant plans to trial its fleet of unmanned drones in Cambridge as it looks to speed up the delivery of parcels to customers

Christmas Britain leads the world in compassion said Bob Geldof when sales of his new Band Aid single went ‘bonkers’ - all money raised is going to fight ebola

Australasia China and Australia sealed a major free trade agreement, and Chinese President Xi Jinping addresses parliament in Canberra

Serco Lost £7.3 million in the first half and its chairman Alistair Lyons

Football David Bernstein says UEFA and the UK should consider boycotting the World Cup

Objectivity and accuracy Russia is planning an alternative version of the Wikipedia

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Large people An article in PMJ says a Mediterranean diet may be better for sustained weight loss

Ayan Qureshi The youngest Microsoft Certified Professional after passing the exam at the age of five

Stuff Matters Prof Mark Miodownik’s book has won the £25k Royal Society Winton Prize for Science Books

Japan Japan’s economy shrank for a second consecutive quarter leaving the world’s third largest economy in technical recession

Franchisees Are preparing to fight a recent determination that could hold them responsible for the employment practices of their franchisees

Malaria US philanthropist Bill Gates to donate over $500 million to fight malaria and other infectious diseases in the developing world

in brief

supply chain

Bonfires and bad business Guy Fawkes cetainly had a lot to answer for - four centuries on he is fuelling an environmental bonfire and costing millions of supply chain pounds As UK local authorities and community groups packed up from another successful bonfire night back on November 5th, pallet pool provider LPR is counting the cost to the environment of more than 140,000 serviceable wooden pallets going up in smoke.

Based on calculations

by Europe’s second largest pallet pool operator, around £1.4 million could be wasted

in the UK each year by bonfire organisers who use pallets to fuel the flames. Beyond the financial cost, LPR has also highlighted the environmental impact of burning the 28,000 trees required to make these pallets.

Jane Gorick, managing director of LPR UK , comments: “There is a common misconception that pallets are disposable but this is far from the truth.

As a precision-engineered and expensive piece of equipment, the retail industry expects to receive a certain lifecycle from each pallet.

“Indeed, pallets have been designed to be reused a minimum of 50 times and, therefore, provide the most e nviro n m e ntally-f rie n dly method of moving goods to market. This is especially the case with pallets from LPR, as all of our timber comes from approved forestry sources.

“Every pallet burned on a bonfire is not only an example of handling stolen goods, but also causes significant environmental impact. We all love a good bonfire and there are now some fantastic reusable beacons which can provide a safe and effective structure for everyone to enjoy. So, let’s all make a pledge to keep pallets off the bonfires in 2015.”

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review

Leading Digital By: George Westerman, Didier Bonnet & Andrew McAfee

C

urrent research has found digital leaders are 26 percent more profitable than their industry peers, have 9 percent higher revenue from their physical assets and enjoy 12 percent higher market valuation: Leading Digital shows how technology can be a lever for business transformation.

94 percent of the business economy needs to change its approach and implement digital transformation, say the authors of this very timely and authoritative book. It can take 3-4 years to implement a complete digital transformation but with technology capabilities accelerating constantly there is no time to wait.

Leading Digital, coauthored by Didier Bonnet, Senior Vice-President at Capgemini Consulting, George Westerman, a Research Scientist with the MIT Sloan Initiative on the Digital Economy and Andrew McAfee, associate director of the Center for Digital Business at the MIT Sloan School of Management introduces “digital masters” - companies that have successfully used digital technologies to drive significantly higher levels of profit, productivity, and performance including digital transformation. Based on a study of more than four hundred global firms, including Asian Paints, Burberry, Caesars Entertainment, Codelco, Lloyds Banking Group, Nike, and Pernod Ricard, the

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book explains how companies can digitally transform in a clear, twopart framework; where to invest in digital capabilities and how to lead the transformation within the organization.

The book intgroduces the leader’s playbook for digital transformation .

This toolset provides concrete step-bystep management guidance to help organizations get started in creating their own digital advantage. Each section also provides a self-diagnostic exercise, as well as some useful examples and techniques to employ. Through reading the book and by completing the playbook for digital transformation executives will learn: • • • •

How How How How

to to to to

engage better with customers digitally enhance operations create a digital vision govern digital activities

Becoming a Digital Master is challenging, but there has never been a better time, they argue, while warning that the longer you wait the more difficult it will become.

“Within the next ten years, industries, economies, and probably entire societies will be transformed by a barrage of technologies that have until recently only existed in science fiction, but are now entering and reshaping the business world.”!

in brief

Best from the web this month

We’ve done the searching, so you don’t have to! ted talks

What do we do with all this big data?

Susan Etlinger Does a set of data make you feel more comfortable? More successful? Then your interpretation of it is likely wrong. In a surprisingly moving talk, Susan Etlinger explains why, as we receive more and more data, we need to deepen our critical thinking skills. Because it’s hard to move beyond counting things to really understanding them.

Watch it now

inc.com

Businessweek.com

The Internet Knows What Gifts You Really Want

How GoDaddy’s Bob Parsons Went From Bootstrapping to Big Business Bob Parsons Watch it now

Kyle Stock The trouble with discount-driven shopping sprees like Black Friday and Cyber Monday is that bargain hunters end up selecting gifts retailers want them to buy. The nationwide supersale is, in many ways, a brutally efficient exercise in inventory management. The biggest discounts are typically confined to either products that sell at high volumes or those starting to get a little dated.

Read the rest

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Charting realistic goals begins with self-assessment Words by

Susan Ershler

strategy

T

op performers do much more than dream. They develop a series of realistic goals that will propel them to where they want to be. They continue raising the bar, setting increasingly ambitious goals, until they achieve their ultimate vision of success.

Then they start the process all over again. In every case, this process begins with a realistic self-assessment of their current skills and capabilities.

Self-assessment can be a tricky business.

In business, some people may feel that their dreams are beyond their capabilities. They imagine insurmountable obstacles and decide that they simply can’t “go high” in their careers.

But that is not the case. Anyone can become a top performer. You – yes, you! – can become a top leader in your organization.

Let’s start with a self-assessment. Take a moment now to reflect on three basic questions:

1. W hat is preventing you from achieving your business goals?

2. What barriers are standing between you and your dreams?

3. What goals must you achieve to overcome them?

As you reflect, you may realize that some of the obstacles standing between you and your business goals have very little to do with business.

Consider every aspect of your life that might be preventing you from becoming a top performer: •D o I fully understand my company’s products and services?

• Do I fully grasp my competitor’s strengths and weaknesses?

• Do I truly give my best effort every day and tackle the most challenging tasks first?

• Am I getting enough sleep?

• Am I exercising regularly and rigorously?

• Am I maintaining a healthy and balanced diet?

• Am I maintaining my most important personal relationships?

No doubt you can come up with additional examples. Write all of them down. You now have a firm basis for creating an “obstacle elimination plan”!

Successful people achieve their vision by pursuing a series of realistic goals that they attain one by one in the same way we climb mountains: one step after the next. But, the number of steps we must take depends on where we start on our journey.

Effective plans are realistic and achievable.

But to get there, you need a realistic plan that reflects experience, past performance, and stage of professional development. These plans must address the unique sequence of goals you must fulfill to become number one.

About the author

Susan Ershler Susan and her husband, Phil, became the first couple in history to climb the Seven Summits.

She is a sought-after international speaker who has served in leadership positions for Fortune 500 companies for more than twenty years. Her client list includes such industry giants as Aflac, Boeing, Cisco, Eli Lilly, Microsoft, Nike, and Wells Fargo, to name a few. She is co-author of Together on Top of the World and lives in Washington State. www.susanershler.com

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Why most experts fear for the future of technology Tech expert and macroeconomist explains Mooreâ&#x20AC;&#x2122;s Law and what needs to change Words by

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Apek Mulay

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echnology moves so fast today that many of us, upon buying a brand new electronic device, may wonder how long it’ll take before the product is old news.

Is it less than a year; a few months; as soon as you pull it out of its packaging?

Throughout most of human history, the same methods and tools of trades were handed down generation after generation. How is it that, these days, cutting-edge technology earns antique status in less than a decade? The shortest answer is found in Moore’s Law, says tech expert and macroeconomist Apek Mulay.

“Moore’s Law, named after Intel co-founder Gordon Moore in 1965, is the observation that, in computing hardware, the size of transistors on a chip shrinks, enabling the number of transistors on a chip to roughly double every two years, thereby increasing their capacity for computation and energy,” says Mulay, author of Mass Capitalism: A Blueprint for Economic Revival, which presents solutions to the economic problems threatening the United States and global semiconductor industry. “ M oore’s L aw has profound implications both for technology and the national and global economy. As long as it can be sustained, we can continue benefitting from the technological innovations and new consumer electronic goods.”

While Moore’s Law is, on the one hand, a law of physics, many semiconductor industry professionals believe that the economics of manufacturing – specifically, the high costs of investments in shrinking transistor dimensions – will force its premature end. That would be disastrous for the economy – the end of growth for a huge sector, and associated sectors which depend upon it.

Moore’s Law can easily continue for the foreseeable future if the chip manufacturing industr y becomes sustainable by having a balanced economy, he says. That will require some major macro-economic reforms.

Mulay offers three remedies: 1. Refuse to accept monopoly capitalism in the global semiconductor industry In 1968, 256KB worth of memory for a mainframe computer would have cost you $100,000. Today, eight gigabytes of memory costs just $6. However, while the price of the basic technology has plunged steeper and faster than Moore predicted, the cost to consumers of products utilizing that technology is still high.

The plunging prices from the progress of Moore’s law have mainly benefitted the highest income earners, including investors, due to monopoly capitalism.

Government sanctioned monopolies

“Moore’s Law has profound implications both for technology and the national and global economy.

As long as it can be sustained, we can continue benefitting from the technological innovations and new consumer electronic goods”

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technology

“In 1968, 256KB worth of memory for a mainframe computer would have cost you $100,000. Today, eight gigabytes of memory costs just $6”

have succeeded in maintaining artificially high prices at the retail level in order to protect their profits and share value.

2. Implement a system of neo-cooperative ownership of companies by their employees Company decisions should not be controlled by outside investors due to their ownership. Instead, mass ownership and neo-cooperative management by a company’s employees not only benefits them but America’s overall national interests while helping to sustain Moore’s law. Employee owned/ operated companies are examples of mass capitalism as opposed to monopoly capitalism, which is driven almost entirely by profit seeking nonemployee investors. The manipulation of pricing endemic to monopoly capitalism is contributing to the early demise of Moore’s Law. Another benefit: Firms that are owned and guided by employees would provide better benefits to their workers, freeing the government of this task and reducing its deficits.

3. Reform our political system in order to mitigate the power of special interests In order to make the necessary

economic changes, we’ll have to reform our political democracy. Rather than having special interests and deep pockets dictate federal policy, power must be restored to the electorate. Representatives and senators should poll their constituents on a wide range of issues, from maintaining the military industrial complex to how best to deliver equitable health care. We should also consider decentralizing the Federal Election Commission in favor of putting such power and influence on the local level, thereby focusing democracy on localized issues. A civilian democracy can work successfully on a national level only when it can work at the grassroots level.

About the author

Apek Mulay Apek Mulay is CEO of Mulay’s Consultancy Services, a senior analyst and macroeconomist in the United States semiconductor industry and author of the new book, Mass Capitalism: A Blueprint for Economic Revival. www.apekmulay.com

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Dr Paul Potgieter Chairman of Aerosud Aviation

Executive insight Have you always liked aeroplanes?

‘Fraid so! I don’t know where it came from, but for as long as I remember flying has always been a passion of mine.

What’s so special about Aerosud?

I had the privilege of starting Aerosud as a one man company in 1990, albeit in the context of an agreement with my five other partners who would be following me later.

What do you consider your proudest achievement (in life or business)?

The fact that, despite lots of pressure and stress, my sons in the end opted to join me in the business; so maybe I have gotten at least something right, and that gives me great joy.

If you could hit just one more goal in life, what would that be?

That we should become an OEM in our own right, successfully manufacturing and supplying an aircraft of South African origin.

You’ve proved South Africa can compete at the top table – where next for manufacturing here?

We have to move firmly beyond make-to-print, by adding value using our own Intellectual Property (IP), such as we are already doing for CFRTP parts. Next to come must be our emerging Laser Additive Manufacturing technology.

Which pieces of wisdom would you pass on to your successor?

I believe the single most important trait in business is to be brutally honest with yourself.

In responding to any problem, challenge or opportunity, believe what you need to, and not what you want to. Saying the same

thing differently – being in denial renders it impossible to finding a solution.

Nobody’s perfect. What quality or ability do you wish you had?

Patience, patience, patience! And with that, the ability to better listen.

Name someone who has been an inspiration to you.

The late Dr. Tom Hugo, our Chief Director at the National Institute for Aeronautics and Systems Technology of the CSIR during the 70’s, where I started my engineering career (and where we did the first helicopter project called the XH1, a tandem version of the Alouette III). If only I could rekindle half his wisdom and insight ....

What mistakes have you made (professional or otherwise), and what did you learn from them?

Probably in getting the timing wrong – sometimes the idea is good, but the environment may not be ready for it. Comes back to impatience. But generally I have few if any regrets.

How has technology changed your working – and personal – life?

Cell phones, computers, emails, internet, TV of course, communications and information more generally, all of which have contributed to a vast change in the pace at which we live and do things. But the most profound change has been in computing power and related applications.

Could you imagine having been able to have done the Rooivalk helicopter using CATIA?

Learn more about Aerosud Aviation www.aerosud.co.za

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Top 10 tips on writing the perfect email A good signature, no capital letters and no kisses have been named as some of the key pieces of advice for writing the perfect email Words by

officebroker.com

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xperts at officebroker.com asked a focus group of office workers to find the top ten pieces of advice when writing work emails.

Other advice included, keeping the email short but polite, the rules over cc and bcc and the use of text speak.

Another spokesperson commented on the importance of getting the tone of emails just right.

He said: “Getting the correct tone of your email is essential. Far too often people fall out because they misinterpret emails as being rude and abrasive, when the sender is just trying to be succinct.

“There are a series of unwritten rules when it comes to writing the perfect email, but for some people they need the rules spelling out to them.”

Kisses Finishing an email with a kiss (X) is one of the most controversial areas of email etiquette.

Some people do it out of habit, others do it to try and curry favour, however, it makes most people feel very uncomfortable.

The best advice is to never use them and if someone sends you one politely forget to send one back.

Hi v Dear Choosing the right way to start an email is essential to building a strong online relationship. Whilst acceptable, ‘dear’ sounds old fashioned

and will make you come across as a bit of a fuddy-duddy, whereas ‘Hi’ creates a friendly and engaging tone.

The sign-off Don’t just let your email signature do all the work, as this will look rude and impersonal so end with ‘thanks’ or ‘best’. If you are someone who is always short for time then add a personal sign off into your signature.

Short but sweet If you are a very busy person then writing short emails maybe the most productive use of your time.

However, not everyone you email will know this and your usual two-word communiqué could be read as curt or off-hand.

There are ways of getting round this.

One is simply taking an extra second to think who you are emailing, the other is to have (p.s.) added into signature which lets people know about your short replies.

The signature A good email signature is one of the most vital elements of an email, and often the simpler the design the better. A company logo, basic contact information, links to your social media and a disclaimer are all you need.

Any more than that and it can be really distracting. A massive company logo is not necessary and neither is a picture of yourself.

“There are a series of unwritten rules when it comes to writing the perfect email, but for some people they need the rules spelling out to them.”

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top ten

“If you need to send one email to many contacts think carefully before you use the cc box. Ask yourself, do all the recipients know each other or would they mind their email being shared”

Capital letters If you write in capital letters it will come across as if you’re shouting, as will the exaggerated use of exclamation marks.

Don’t be trigger happy with punctuation as well. Ending an angry question with ‘?!?!?!?!’ is a sure fire way to get someone’s back up.

LOL :-) Abbreviations , emoticons and text-speak are becoming increasingly popular in work emails.

Perhaps not the best idea to use them when you are emailing someone for the first time but once a relationship is built they can be a great way to keep things light hearted.

The dangers of ‘reply all’ We have all heard the stories of people who have hit the reply all button to an email and sent something meant for just one person to the entire office.

This is at best embarrassing and at worst career damaging, so always double check that you click the correct reply button.

Make sure you send it to the right person Somewhat surprisingly, sending an email to the right person is incredibly important.

Often typing in a contact’s first name will bring up their email, however don’t fall into the trap of assuming the right address will appear.

Cc v Bcc This is a very subtle rule that many people often forget. If you need to send one email to many contacts think carefully before you use the cc box.

Ask yourself, do all the recipients know each other or would they mind their email being shared.

If the answer to either is no, use the bcc box, it is just common courtesy to keep others addresses private.

About the author Founded in 2001 by Jim Venables & Andy Haywood, the officebroker.com story began after the one time recruitment specialists switched from filling job vacancies to empty offices. Drawing upon their experience of working closely with clients and satisfying requirements, they soon began to offer a unique service to businesses seeking office space. www.officebroker.com

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Are wearables the next wave in the BYOD trend?

Companies canâ&#x20AC;&#x2122;t afford to ignore the incoming tide of wearables and how a bit of forward thinking can harness wearables in the bring your own device (BYOD) trend Words by

Ilkka Artimo

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he wearable technology market is beginning to gain traction with consumers and in the enterprise. A wide range of fitness tracking gadgets has hit the market already and they’re generating new data streams that represent huge untapped potential. Many of the big mobile players are unveiling smart watches and we’re seeing other categories like smart glasses offering unique solutions to common business problems.

“In 2013, the global smartwatch industry reached a global market volume of USD 700 million, ten times the size of 2012. In 2014, the industry will grow to USD 2.5 billion – 5% the size of the watch industry. In the years to follow, the smartwatch industry will keep growing at a 3-digit rate,” said Pascal Koenig, managing director of the Smartwatch Group, to Forbes earlier this year.

We haven’t seen growth like that since the smartphone took off and the rise in wearables has similar implications for the enterprise.

The BYOD trend brought productivity boosts and enabled mobile workspaces that would have been impossible before the smartphone.

The challenge was to manage security and compliance issues without creating barriers for employees accessing work systems around the clock from any location.

They can harvest useful personal data that can be analyzed to provide real insights for any business. They also allow for information to be presented to the user in new ways.

Augmented reality has huge potential to guide employees with everything from basic navigation to complex repair procedures, and wearables represent a better delivery system than smartphones or tablets. Information overlays, video, and audio streams through wearables could dramatically reduce training costs. Augmented reality can also increase efficiency and reduce the scope for human error.

This is about more than the hardware, though.

Software will really unleash the potential.

Extending the smartphone The majority of the first wave of wearables will be tethered to smartphones and tablets.

Trackers, watches, and glasses can extend the usefulness of mobile technology. The right wearable will dictate smartphone choice, as the iWatch will only work with the iPhone, the Moto 360 will only work with an Android.

Feeding data into enterprise apps It was the app revolution that drove smartphone adoption and there’s a thriving market in enterprise apps that enable companies to collaborate and administer every facet of their business. As cognizant computing takes off and we begin to generate more complex personalized data streams establishing secure

“In 2014, the global smartwatch industry will grow to USD 2.5 billion – 5% the size of the watch industry”

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technology

“In 2014, the global smartwatch industry will grow to USD 2.5 billion – 5% the size of the watch industry”

mobility solutions that connect wearables, smartphones, and enterprise apps together seamlessly becomes vital.

“By 2017, Gartner predicts that wearable devices will drive 50 percent of total app interactions,” suggested research director Brian Blau in a Gartner press release.

Mobile workspaces are all about freeing employees to collaborate and get productive with any device wherever and whenever they are able. From the desktop to the laptop, from the smartphone to the smartwatch, bringing useful hardware together with purpose-built enterprise apps can take businesses to the next level. But it must be handled carefully.

Privacy could be a thorny issue for employees.

Will they accept tracking by company devices or be comfortable allowing employers to access their own wearables? There has to be a clear divide between work and personal lives.

A holistic view is required that caters for security, provides management tools and oversight, and delivers a truly agile mobile workspace. Starting with a well thought out Enterprise Mobility Management (EMM) policy will boost the chances of success.

incoming tide, just as they couldn’t with smartphones and tablets. A bit of forward thinking can harness wearables as the next wave in the BYOD trend. There’s no fundamental shift here in the way the technology works or accesses data. In fact the heavy reliance on existing mobile hardware and software for pioneering wearables should help to ease the transition. An end-to-end system building on EMM policies to secure devices, applications, and data can certainly encompass wearables.

A safe and secure foundation will enable wearable technology to proliferate inside the enterprise without the uncertainty and challenges that accompanied the original BYOD trend. A mobility solution like Fujitsu’s Managed Mobile powered by Citrix XenMobile Enterprise can ensure secure mobile workspaces, leaving businesses free to explore the potential of wearable technology, keeping the focus on increased productivity and delivering business value for customers.

Managed mobile solutions While wearable technology certainly brings new possibilities, much of the potential is yet to be tapped. Hardware will evolve and software will be written to leverage it to maximum advantage, but the enterprise needs to prepare today. With consumer interest already piqued, it’s only a matter of time before wearables are flooding into workplaces and being tethered to mobile devices with workplace access.

Companies can’t afford to ignore the

Ilkka Artimo is based in Helsinki, Finland and is the Managed Mobile Solution Owner for Fujitsu, the leading Japanese information and communication technology company offering a full range of technology products, solutions and services. Approximately 162,000 Fujitsu people support customers in more than 100 countries. www.fujitsu.com/global

About the author

Ilkka Artimo

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[ Issue 83 ] BE Weekly

Banking on a sustainable diamond industry ABN AMRO D&JC Diamonds are forever, as they say, and itâ&#x20AC;&#x2122;s a fact that they will always be desirable but the international diamond trade is not immune from economic volatility: we spoke to Erik A. Jens, CEO of Diamond and Jewellery Clients at ABN AMRO and one of the most influential financiers to the business

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t will only ever be half true that diamonds are just another commodity.

They have been among the world’s most sought after natural resources since antiquity and still define individual aspirations all over the world. It’s well enough known that the low countries have been the centre of the diamond trade, with Antwerp in Belgium guarding the title of the world’s diamond capital for craftsmanship and Antwerp and Mumbai its financial powerhouses. while both having its share of the essential cutting and polishing phase.

The World Diamond Council (WDC) estimates that $13 billion worth of rough diamonds are produced every year. The diamond industry employs approximately ten million people around the world, both directly and indirectly, across a wide spectrum of roles from mining to retail. Global diamond jewellery sales continue to grow, increasing threefold in the past 25 years, and are currently worth in excess of $72 billion every year. It’s a massive industry supported by the world’s major financial institutions. However one of the most respected financial players, in which resides unrivalled specialist knowledge, is Amsterdam-based ABN AMRO. The bank has been owned by the Dutch government since 2008, and its Diamond & Jewellery Clients unit (D&JC) can claim to be the world’s oldest dedicated banking partner to the diamond sector with well over a century of experience

I

“The World Diamond Council (WDC) estimates that $13 billion worth of rough diamonds are produced every year”

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ABN AMRO D&JC

“China is rapidly gaining on America as the largest consumer of diamonds and other gemstones”

of supporting its leading companies through commercial banking services.

Erik A. Jens has led D&JC as its CEO since February 2012. Jens, who has been with ABN AMRO for more than 20 years has held various senior executive and leadership positions particularly in private banking and finance, and has also led its hedge fund operation Fortis Prime Fund Solutions. After nearly three years he is of the opinion that the mid-stream businesses (everything between mining and the jeweller’s shop), though squeezed over recent years between the rising cost of rough diamonds and pressures on margins imposed by retailers, is still in good heart: “There are signs that competitive pressures are forcing these businesses to become more efficient, encouraging an altogether more sustainable and transparent industry.”

The group he heads up is itself operating in increasingly competitive and changedriven banking world, but that only sets a premium on D&JC’s experience and networking. “One of the major facts of life we face is globalisation,” he says. “It’s a far cry from the days when we could claim to dominate this market, which is now far too complex and dispersed for that. China is rapidly gaining on America as the largest consumer of diamonds and other gemstones.

But we do have a global network, with people on the ground in markets like Dubai, Hong Kong, New York and Mumbai and of course

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Antwerp, but indirectly also in established centres like Singapore and London.”

Its local focus and presence is, he adds, one essential differentiator for D&JC as a partner for the mid-stream diamond cutters, polishers and manufacturers. However there’s now another seismic move in the industry as diamond producing countries seek to own a greater proportion of the value chain than they have commanded so far. Mining is an important employer in southern Africa, where the lion’s share of stones originate. In fact diamonds contribute more than 25 percent to GDP in Botswana, and more than 75 percent of total exports.

Nevertheless the number of jobs available is static whereas in the midstream employment is growing as it and its neighbours Namibia and South Africa. Africa is at last developing its own jewellery industry.

Jens believes that the growth of businesses in non-traditional regions will result in pressure being put on some less desirable traditional practices. The clusters of family businesses that have dominated this sector tend to keep their cards close to their chests and will have to adopt more transparent ways of doing business. In other words, he is looking for standards of governance and financial reporting that will bring the industry into the modern era. Lending a little less will, ironically, involve the bank more closely in the client’s business. There’s nothing new about banks demanding security for sums advanced, guarantees as to the sustainability of the

“This is a highly leveraged industry where purchasers of rough stones have become used to funding 100 percent of their rough stones purchases through bank credit: now they are happy to achieve 70 percent”

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ABN AMRO D&JC

the industry is run, at a time when business and the like - but these Did you know? sightholders are paying more for balances have been neglected rough stones and facing more where diamonds are concerned, aggressive deals from the design to nobody’s benefit. Banks have 25% and retail end. been expected to take the same Contibution that Despite this he remains very kind of risks that they take when diamonds give to optimistic about the ability of investing in businesses, without Botswana’s GDP the midstream to survive. “It is the collateral of equity, and that certainly competitive, and it is is not sustainable.

75% going to get more competitive, Already the major banks, Diamonds but there are plenty of strategies ABN AMRO included, were total export in that our clients can adopt to cutting the amount they will Botswana survive and grow.” Survival and offer to clients amid fears that sustainability are interdependent, gem prices are rising too fast. and can be ensured by the “The entire sector has relied willingness to meet challenges by adopting too heavily on the banks,” he says. This is a dynamic and flexible business plans, investing highly leveraged industry where purchasers in technology, and diversification, he says. of rough stones have become used to funding Those firms that are able to add significant 100 percent of their rough stones purchases value in the diamond cutting and polishing through bank credit: now they are happy to process are more likely to be successful, and achieve 70 percent. “The clients themselves today those highly innovative firms are as need to have more skin in the game,” he says. likely to be found around the globe.

This will bring much needed rigour to the way

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“For its part the bank will help clients to develop their internal structures”

So how does D&JC now assist its clients to maintain the smooth flow of acquisition through beneficiation to bracelet, as it were?

“As with any other investment we look at the business plans, accounting best practices and at the transparency with which they manage their inventory.” In the banking context, he explains, transparency includes identifying the ultimate ownership of a company and all intermediate corporate structures, producing complete and auditable accounts and thorough stock reporting, which needs to reveal the entire value chain. The best deals are available to the clients with the highest standards of fiscal management and compliance - and if they are prepared to commit their own money alongside the bank’s. For its part the bank will help clients to develop their internal structures.

The industry will be healthier if debt can be more evenly spread across the value chain.

“There is a clear lack of understanding by significant elements of the industry about the undue weight being place upon the banking community,” he concludes, And there needs to be much more communication and education throughout the supply chain about that.”

ABN AMRO D&JC

+31 10 - 241 17 20 info@abnamro.com @ABNAMRO www.abnamro.com

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Enabling

Africa Conciel Conciel is evolving as fast as the needs of Africans to develop the communications on which economic development depends

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ased in Lagos, Nigeria and run by Michel Maalouf the energetic Lebanese entrepreneur who founded it in 2005, Conciel started life as a management consultancy business, focusing on software solutions for communications and assisting companies to get ISO certifications in quality management or environmental performance, or to manage their data and automate their workflow. The company forged a niche for itself in telecommunications, later focusing on data centre management. As we reported in an article we published as recently as April this year Conciel’s core solutions for the market had emerged as electronic document management systems (EDMS), computerised maintenance management systems (CMMS) and risk business inspection (RBI) tools and more recently DCIM (data centre information management). One might have thought that not much would have changed in the space of eight months, and certainly the company has continued to grow its client base for these products.

But some companies and some individuals are more restless and more agile than others.

Conciel and Maalouf are among these. As we shall see, the scope of the company is growing rapidly. He has for some time been aware that data centres are not the sole domain of telecoms these days, and is actively pushing out his services to the banking and power generation sectors. Data centres have two

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“We make everything ready for the client to simply plug in their server - they don’t need to worry about power supply, cooling, fire safety or anything else”

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Conciel

“Conciel goes much further, devising, designing and managing all the service and software applications that the client might require” interdependent sides to them, he explains.

Active equipment includes the switches and the servers that store and transmit the data and which is bought in from global suppliers like IBM and Ericsson. Passive infrastructure is the domain of Conciel. “We make everything ready for the client to simply plug in their server - they don’t need to worry about power supply, cooling, fire safety or anything else.”

That’s when the data centre is set up, but Conciel goes much further, devising, designing and managing all the service and software applications that the client might require. This is the software as a service (SaaS) model, in which the system is put in place and maintained on behalf of the client in a way that the end users, their customers, can log into and use without problems - the client settles a monthly bill just like any utility. This is the kind of service that Conciel is offering its clients across west and central Africa, operating in the fields of telecommunications, oil and gas, facilities management, food and beverage, manufacturing, logistics and water supply.

However during the course of this year the company has added a number of important additional services, and is well advanced with some other packages that really amount to diversification, so far do they take the basic proposition. First off is a software package specifically targeted at telecoms operators who are having to find new ways to control

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costs while still offering the services and products that customers want, at the level of service they demand. “Price Simulator is a software tool that allows service providers to model complex pricing scenarios with dragand-drop ease, ensuring margins are in line with corporate objectives before new services are launched. It is a software that reads the data of the consumers in the database and runs certain algorithms that propose for the operator the best package that fits each consumer.” For example if a consumer shows a pattern of frequent calls to family members it can identify that pattern, and next time the caller has occasion to contact the call centre the agent may propose a lower cost ‘friends and family’ option. The customer wins because calls are cheaper, and the operator wins by retaining the customer - and perhaps make even more money from his increased usage.

That’s a very simple example that only scratches the surface of Price Simulator’s functionality. To cite another scenario, it allows marketing teams to work independently from IT. They can easily access all the data and reports they need without having to rely on other departments. This can save hours, days, and even weeks of valuable time. Conciel is selling Price Simulator into the West African market under an agreement with its developer, Redknee of Canada and has already provided it to one major operator, Etisalat Nigeria. The UAR company entered the Nigerian market in 2008, since when it has seen unprecedented growth with over 15 million subscribers to whom it offers world-class telecommunications services.

Another new platform that promises to make a serious difference to the way mobile

“Conciel has developed Contromote, a unique solution with added value features”

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Conciel

larger opportunities. Still in the banking is done in Nigeria is at Did you know? telecommunications space, he is an earlier stage. “Banking is a developing a range of services to new sector for us,” says Maalouf. operators to help them manage “Again this is a SaaS solution, 2007 the mobile networks. Masts but unlike the much vaunted Michel Maalouf require a lot of maintenance, mobile banking solutions that founded Conciel not often an easy task in Africa. operate on basic cellphones, They all need power. Some rely this is a concept that runs on the 7 on diesel, others have already banks’ servers, not SMS. So the Countries in invested in solar power, but end user is only being charged Africa where Conciel has now developed a for the bank transaction, not for Conciel is active solution that can be used by a the text message.” An additional telecom operator, but is also advantage of the system is that suitable for lighting up an entire it can encompass NFC (nearrural community in places where it unrealistic field communication) transactions, meaning to think of connecting it to the grid. “In that the customer can use it at the point of the coming year we will be marketing an sale in the growing number of retail outlets independent power plant - one that we can that using this type of technology. NFC utilises design, import the equipment, install it and electromagnetic radio fields and is more secure test it just as we already do for data centres.” than technologies such as Bluetooth and Wi-Fi Bringing power solutions to rural that focus on radio transmissions instead. communities is challenging, he admits. The These are exciting initiatives, but Maalouf client is usually a government agency, which has his eyes on some potentially even

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Conciel

“Price Simulator is a software tool that allows service providers to model complex pricing scenarios with drag-and-drop ease”

means a lot of red tape, but he believes it is worth the effort. “The Nigerian government ‘s strategy is to bring power to rural communities, and Project Light Up Nigeria is a government initiative that encourages the private sector to get involved.” Incentives to local authorities to invest in and own solar power schemes on an appropriate scale will, he believes, ensure that this is a dynamic new market.

Finally though, it’s back to the telecoms clients, and here is where the real innovation lies. Not in solar power as such; not even in remote monitoring of mast sites, but in a much more comprehensive solution for managing the network. Conciel has developed Contromote, a unique solution with added value features such as camera control and monitoring, Google Maps interface and a comprehensive software package that enables the operator to log in securely, control the camera and monitor maintenance issues like fuel levels, battery charge levels and security. One problem all companies face is that of vandalism, whether malicious or accidental. Cameras at the site will go a long way to saving the money this costs to the operators.

One Conciel site in Lagos is already using the new Contromote technology and the coming year will be one of intense marketing.

The face of mobile telecoms in Africa is changing fast, as companies like Orange and Airtel address the cost of ownership of their networks. Additionally the proliferation of masts and operators has meant that in Nigeria particularly, with the largest mobile take-up on the continent, the service has not

improved as fast as it should. Many operators are now selling their mast sites to colocation companies, then leasing back the capacity they need. This is a much more stable business model and it means that the phone companies can concentrate on their core service and not worry about engineering and maintenance.

The market is thus wide open for Conciel to sell its best in class solution, either directly to the operators or to the colocation companies themselves: given the scale of their operations they will need the kind of support that Conciel can provide, Maalouf believes.

In other parts of Africa the opportunities are endless. It is already established as a partner for data centres in the Republic of Congo, DRC and Sierra Leone, though in the last of these countries a $10 million data centre for Airtel is delayed by Ebola. Conciel is the design and management partner for this project, however the execution phase is being held up because equipment already delivered to Freetown can’t be sent up country under present conditions. Undaunted he has his eye firmly on geographical as well as technological expansion: “This year we are continuing to target West Africa, and we are also bidding for some projects in East Africa too.”

CONCIEL

+337 8248 8844 info@conciel.com @CONCIELT www.conciel.com

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Mines & Money

Where quality mining projects m Mines and Money London 2014

1-5 December 2013 Business Design Centre, London Much of the mining industry and the supporting investment sector is making its way to Mines and Money 2014. The event is looking bigger and better than previous years with many improvements to the programme developed in conjuntion with market research from the mining community.

Some of the enhancements this year include Better content Africa, Latin America and Europe were key regions of interest from the market. so the first day has changed from ‘Canada and Australia’ day to an ‘Around the World Mining Investment day’ with content covering all the continents.

There are 3 new streams in response to feedback: • Commodities investing – 2 December • Base, bulk and industrial metals – 3 December • Mining for Good summit – 4 December Better speakers There was significant demand for fresh speakers who hadn’t appeared on the programme before.

For 2014 there will be the opportunity to learn from over 200 industry experts of which over

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50% have never spoken at the event before to guarantee that you will get fresh insights.

Better networking Through the event there are numerous networking opportunities. Everyone who registers will get the opportunity to use the one-to-one planner where you can pre-arrange meetings with our delegates.

A variety of interactive roundtables where you can have more informal discussions on a particular topic with a smaller group of people.

Drinks receptions on the first 3 days including the now famous Women in Mining drinks reception on 3rd December that this year has a “Find the Diamond in the champagne glass” theme.

Last but my no means least there is a Gala Dinner and Mining Journal Outstanding Achievement Awards on December 4th. This year is extra special as the awards and gala dinner takes place on St Barbara’s Day, the patron saint of mining.

Better value Qualified investors still go free, although for 2014 there is a more proactive policy to target the leading institutional fund managers, investors and private equity players that are actively looking at and investing in the mining industry.

In response to the tough market conditions Mines and Money have also introduced a lower price for mining companies.

event preview

y London 2014

meet investors and secure capital

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Potash for produce South Boulder MineS is a 50% owner of the Colluli Mining Share Company (CMSC) which is currently developing the Colluli Potash Project in Eritrea, East Africa.

The Colluli resource contains over 1 billion tonnes of potassium bearing salts suitable for the production of potash. South Boulder Mines is managing a pre-feasibility study for the production of sulphate of potash (SOP), an essential fertiliser for high value crops which achieves a substantial price premium over regular potash (potassium chloride). The combination of salts in the Colluli resource supports low energy input, high potassium yield conversion to potassium sulphate using a simple, proven process, which has been validated by metallurgical testwork.

The study will be complete in February 2015.

Visit us at booth F10 to find out more.

For more information contact: Paul Donaldson e pdonaldson@southbouldermines.com.au t +61863151409

www.southbouldermines.com.au

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Keynote speakers NEW FOR 2014

Ross Beaty, Chairman, Pan-American Silver

Frank Giustra, President & CEO, Fiore Financial Corporation Founder Lions Gate Entertainment

Clem Sunter, Scenario Planner and Former Chairman & CEO Gold and Uranium Division Anglo American

BACK BY POPULAR DEMAND

Frank Holmes CEO and Chief Investment Officer US Global Investors

Peter Grosskopf CEO Sprott Asset Management

Mark Bristow CEO Randgold Resources

Why do you attend Mines and Money?

Mines and Money London is Europe’s leading mining investment and capital raising conference and exhibition, bring together over 3,000 investors, financiers, brokers and mining developers, for up to five days of business matching, knowledge sharing and deal-making.

Investors: • Discover and meet pre-qualified junior mining projects across all commodity classes to evaluate winning investment opportunities • The only event which brings together over 200 mining companies from 5 continents for you to assess in just 1 week.

• Investment, country/regional and commodity roundtables enabling you to discuss the latest market trends and opportunities in a more intimate environment • New for 2014 – a greater focus on mid-tiers and majors both in terms of content and targeted attendance Mining companies: • Mines and Money London attracts 1000+ investors from all stages of the mining

“Mines & Money is the premier mining conference in London bringing together all of the relevant stakeholders in the industry” Stewart Dickson, Managing Director Cantor Fitzgerald Europe

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www.northamericannickel.com

TSX-V: NAN WSCRF:US Frankfurt: N84

MANIITSOQ, GREENLAND

The World’s Next Nickel Sulphide District?

ICE AFFECTED WATERS

MANIITSOQ

GREENLAND Nuuk OPEN WATERS

Raglan

Voisey’s Bay

CANADA

MANIITSOQ PROJECT

Long Harbour Montreal Toronto

Highlights North American Nickel Inc. is a Canadian junior mineral exploration company focused on advancing and developing high quality Ni-Cu sulphide projects.

The Company’s key asset is its 100% owned Maniitsoq Project located in southwest Greenland. North American Nickel is listed on the TSX Venture exchange and is well funded with strong cornerstone investors.

• 3,601 sq km land package with potential to host a new nickel district • Property encompasses 75 km x 15 km Greenland Norite Belt hosting numerous Ni-Cu sulphide prospects and > 200 exploration targets • High grade nickel sulphide mineralization (locally over 7% Ni) at the Imiak Hill Complex • Exciting new intersections of mineralized norite at widely spaced regional targets (Fossilik, Pingo, P-013 and P-053) • Geological setting with similarities to major nickel deposits of Thompson and Voisey’s Bay • Only 25% of property covered by helicopter-borne electromagnetic geophysical surveys • Large exploration program planned for 2015

About Greenland • Stable, democratic country with pro-mining government • Transparent regulatory system with competitive mining tax regime and no land claim issues • Southwest coast free of pack-ice due to warm ocean currents enabling year round shipping • Capital of Nuuk is a modern, well serviced port with European standard logistical support services

Visit us at booth E28 to find out more.

Tel: 604.986.2020 info@northamericannickel.com

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Delivering 3,000 Attendees

200 Leading experts speaking

200 Mining companies in the exhibition

1,000 Investors and financiers in attendance

75 Countries represented

“Very impressed by the knowledge and expertise of the speakers, particularly when they were prepared to predict the future direction of metal prices” Richard Allen, Asset Manager, Parks Allen Capital

investment cycle: private investors, boutique asset managers, large fund and private equity players, institutional investors – a one stop shop to access capital and solve your funding requirements • D etailed discussion on how to access alternative forms of finance such as streamed and royalty models in light of the ongoing liquidity crunch • An event with a 12 year record of deal making: it’s where the mining and investment industries come to do business. Whether you are an explorer looking to raise initial investment, or a junior

miner developer looking to take your company to the next level of growth, this is for you.

Mining service providers: • Europe’s only event which brings together 3000 miners and investors • Take advantage of our one-toone meeting system enabling you to maximise your networking at the event • By request we are limiting the number of mining service providers to ensure that Mines and Money continues to deliver a dedicated mining investment and capital raising forum.

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Tuesday December 2 – Mines and Money London - Conference Day One 08.00 Registration opens 08.30 Welcome from the organiser Andrew Thake, Conference Director, Mines and Money 08.40 Introduction to Interactive Polling

11.50

Mining spotlight 18 Metallon Corporation

12.00 Fireside Chat: The Broken Slot Machine Ross Beaty, Chairman, Pan-American Silver in conversation with Rod Whyte, Principal, Whyte & Associates

08.50 Chair’s Opening remarks Anthony Desir, Partner Hong Kong, Sami African Mineral Solutions

12.30

09.00 Opening address: UK Government (invited)

12.30 – 14.30

09.10 Keynote address: 5 years after the GFC – where is the global economy heading?

Peter Boockvar, Chief Market Analyst, The Lindsey Group 09.40 Keynote panel discussion: How are leading fund managers reviewing, re-evaluating and rebalancing their portfolios in light of the new mining investment landscape?

Panellists: Neil Gregson, Managing Director, & Portfolio Manager, Global Natural Resources, JP Morgan Asset Management Will Smith, Portfolio Manager, CQS Frank Holmes, CEO and Chief Investment Officer, US Global Investors George Oliver, Chief Investment Officer, Geologic Resource Partners Moderator: Chris Welch, Chairman, Association of Mining Analysts 10.20

Financing projects in Africa: what has changed?

Rajat Kohli, Global Head of Mining and Metals, Standard Bank

10.40 Presentation: Reviewing the current status of private equity mining investment Bert Koth, Director Metals & Mining, Denham Capital Management 11.00

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11.40 Mining Spotlight 17 Jeff Easton, Founder and Managing Director, The Lind Partners

The Big Question: Will private equity fill the mining funding gap?

Panellists: Mark Sawyer, Senior Partner, Greenstone Resources. Ross Bhappu, Partner, Resource Capital Funds. Geoff McNamara, Investment Director, Pacific Road Capital Moderator: David Glennie, Managing Partner London Office, Blakes Cassels & Graydon

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Lunch and break into streams Lunchtime commodity investment roundtables (Chatham House Rules)

Stream A: What is the future of mining finance?

12.40 Chair’s opening remarks Tom Eldridge, Partner, Dentons 12.50

Presentation: A new investment paradigm - predicting the trends in the mergers, acquisitions and divestments landscape for the mining industry over the next 12 months

13.10

anel Discussion: How are mining P companies overcoming the ongoing challenges of sourcing liquidity?

Panellists: Christopher Eibl, Founder, Tiberius Group Ignacio de Calonje, Principal Investment Officer, Infrastructure and Natural Resources Department, IFC John Meyer, Partner – Head of Resources, SP Angel Moderator: Robert Edel, Partner, DLA Piper

13.50

Mining spotlight 19 Reservoir Minerals

14.00 Mining spotlight 20 Argex Titanium 14.10

Mining spotlight 21 Venture Minerals

14.20

Presentation: Special situations in mining investments – how to create value for investors Kimberly Tara, Chief Executive Officer, FourWinds Capital Management

14.30

Mining spotlight 22 South Boulder Mines

14.40

ining spotlight 23 Potash M West & Cobre Montana

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14.50

Mining spotlight 24 Gulf Minerals

15.00

Mining spotlight 25 Mawson West

Stream A: Focus on China 15.10

Presentation: The continuing rise of Chinese SOE and POE investment - how can you capitalise on the opportunity?

Anthony Desir, Partner Hong Kong, Sami African Mineral Solutions

15.30

Presentation: Chinese outbound investment flows, how does China perceive Africa and where does it plan to invest in the future?

Jeff Dong, Associate Director, Loncin China

15.50

I nvestor Panel Discussion: Where are the Chinese investing their money?

Panellists: Keith Spence, President & Partner, Global Mining Capital Biao Chen, Managing Partner, Jinjiang Mining Fund Jeff Dong, Associate Director, Loncin China

Stream B: Precious and speciality minerals 12.40

Chair’s opening remarks

12.50 Presentation: London gold and silver price benchmarks Ruth Crowell, Chief Executive, London Bullion Market Association 13.10

ebate: Buying gold D A strategic safe investment?

Panellists: Shayne McGuire, Head of Research & Portfolio Manager, GBI Gold Fund, Teacher Retirement System of Texas. Marcus Grubb, Managing Director, Investment Strategy, The World Gold Council. Ani Markova, Vice President and Portfolio Manager, AGF Investments Ned Naylor-Leyland, Investment Director, Cheviot Asset Management Moderator: Travis G. McPherson, Editor & Commodities Analyst, CEO.CA

13.50

Mining spotlight 29 Nautilus Minerals

14.00 Mining spotlight 30 Caledonia Mining Stream A: Plenary session 16.20 Global commodity demand patterns: What will this mean to miners developing projects in Africa?

Keith Scott, Managing Director, The MSA Group, South Africa 16.40

Mining spotlight 26 Fission Uranium

16.50

Mining spotlight 27 Dawnus Construction

17.00

Mining spotlight 28

17.10

Panel Discussion: Private equity investment strategies in mining Panellists: Bert Koth, Director Metals & Mining, Denham Capital Management Peter Weidmann, Investor Relations, The Sentient Group Nick Farr-Jones, Director, Taurus Funds Management (tbc)

17.50

14.10

Mining spotlight 31 Doray Minerals

14.20

“Out of the Box Presentation”: Laboratory produced diamonds – the end of the diamond industry?

Johanna O’Brien, Founder, Deluxe Diamonds

14.40 Panel Discussion: In an era of risk adverse investment, what are the opportunities for diamonds and other precious stones?

Panellists: Jamie Strauss, Founding Partner, Strauss Partners Edward Sterck, Vice President Analyst, Equity Research, Metals & Mining, BMO Capital Markets Krisztina Kalman-Schueler, World Diamond Mark 15.20

Mining spotlight 32 Rye Patch Gold

15.30

Presentation: Gold – a rigged game?

Chris Powell, Secretary/Treasurer, GATA in conversation with:

15.50

Mining spotlight 33 Revett Minerals

Chair’s closing remarks 16.10 Gold Quo Vadis?

Marcus Grubb, Manager Investment & Strategy, World Gold Council

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Tuesday December 2 – Mines and Money London - Conference Day One 16.30

Mining spotlight 34 Minera IRL

16.40

Mining spotlight 35 Shore Gold

16.50

Mining spotlight 36 Orbis Gold

17.00

Physical Gold – a low risk investment in a high risk world Egon von Greyerz, Managing Partner, Matterhorn Asset Management

15.00

resentation: India’s new government – how P will it impact commodity investment?

Kunal Shah, Head of Commodities Research, Nirmal Bang Commodities

15.20

Mining spotlight 42

15.30

Mining spotlight 43

17.30

Mining spotlight 37 Sol Gold

15.40 Presentation: Successful hedge fund strategies for investing into and trading commodities Marcus Storr, Head of Hedge Funds, FERI AG

17.40

Mining spotlight 38 Stratex International

16.10

17.50

Chair’s closing remarks

anel Discussion: Predicting future demand for P commodities and how you can translate them into investment opportunities Panellists: Marcus Storr, Head of Hedge Funds, FERI AG Seth R. Freeman, CEO and Chief Investment Officer, EM Capital Management Egon von Greyerz, Managing Partner, Matterhorn Asset Management Berdibek Ahmedov, Senior Vice President, Real Return Product Manager, PIMCO Europe

16.40

Mining spotlight 44

16.50

Mining spotlight 45

17.00

Mining spotlight 46

Stream C: Commodities investing 12.40

Chair’s opening remarks

12.50

Presentation: Are we in a commodities supercycle?

Chris Watling, CEO and Chief Market Strategist, Longview Economics

13.10

13.50

ebate: Who is driving the commodities D market? China or the US? Panellists: Eugen Weinberg, Head of Commodity Research, Commerzbank A.G. Michael Lewis, Global Head of Commodity Research, Deutsche Bank Tom Kendall, Head of Global Commodities Research, Credit Suisse Kunal Shah, Head of Commodities Research, Nirmal Bang Commodities Mining spotlight 39

14.00 Mining spotlight 40 14.10

Mining spotlight 41

14.20 Presentation: Enhancing your investment portfolio through proper usage of commodity ETFs Reserved for ETF / Index Provider 14.40

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valuating commodity indexing E as an investment tool Berdibek Ahmedov, Senior Vice President, Real Return Product Manager, PIMCO Europe

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17.20 Presentation: What is the influence of ETFs on gold and silver?

Florian Grummes, Analyst, Pro Aurum KG, Midas Touch Consulting and Author, Gold Newsletter 17.50

Chair’s closing remarks

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Wednesday December 3 – Mines and Money London - Conference Day TWO 08.00 Registration opens

12.30

European Minister address

08.30 – 08.50 Investor only breakfast briefing: Breakfast with Belkin - Analysing industry fundamentals to identify and capitalise on the major investment themes in the mining industry for the next 5 years Michael Belkin, Author, The Belkin Report

12.50

Former Soviet Union minister address

08.50 Welcome from the organiser Andrew Thake, Conference Director 09.00 C hair’s Opening remarks Seth R. Freeman, CEO and Chief Investment Officer, EM Capital Management 09.10

eynote Analyst Address: Cycle theory and K how you can use it to map the commodities markets Robin Griffiths, Chief Technical Strategist, ECU Group

09.40 K eynote Panel Discussion: Is this the ‘new normal’ investment climate and if so what does it mean for the mining industry?

Panellists: Adrian Day, Chairman & CEO, Adrian Day Asset Management. Marcel De Groot, Founder and President, Pathway Capital, Daniel Oliver, Founder and Managing Member, Myrmikan Capital. Egon von Greyerz, Founder & Managing Partner, Matterhorn Asset Management Moderator: Robert Edel, Partner, DLA Piper 10.20

Presentation: Developing innovative structures in mining finance Mark Tyler, Head of Resources, Nedbank Capital

10.40 K eynote Address: How can mining companies maximise shareholder return?

Mark Bristow, CEO, Randgold Resources 11.00

Keynote Address: Mining Funds - Version 2.0 Peter Grosskopf, CEO, Sprott

11.30

Mining spotlight 47

11.40

Mining spotlight 48

11.50

Fireside Chat: The master of market timing

12.20

Break into streams

12.20 – 14.20 M eet the investor roundtables (Chatham House Rules) Stream A: Mining Ministers Summit 12.20 Chair’s opening remarks

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13.10 Case study: Bridging the gap between public / private partnership in infrastructure development Arno D. Tomowski, Head of Portfolio Development Raw Materials, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) 13.30

Mining spotlight 49 Business Oulu

13.40 Mining spotlight 50 Stockholm Business Development 13.50

Mining spotlight 51 Macusani Yellowcake

14.00 P resentation: Opportunities in Ontario from precious metals to industrial minerals Sean MacLean, Information Officer, Mineral Sector Analysis and Promotion (MSAP) Ministry of Northern Development and Mines 14.20

African minister address

14.40

Mining spotlight 52 Gold Group

14.50

Mining spotlight 53

15.00

Mining spotlight 54

15.10

Australian minister address

15.30

Latin American minister address

15.50

Chair’s closing remarks and return to plenary

Stream B: Managing risk in mining investment 12.20

Chair’s opening remarks

12.30

resentation: Applying quantitative tools and P qualitative judgement to predict as accurately as possible the dangers of political risk in a given region / country Reserved for risk management consultant

12.50

I nvestor Panel Discussion: Proven successful strategies for identifying growth opportunities and avoiding risks in the junior mining sector Panellists: Ed Bowie, Investment Manager, Altus Resource Capital Lawrence Roulston, Editor, CIS, Resource Opportunities, Metallica Development Fund Dave Lotan, Portfolio Manager, Polar Capital

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13.30

Mining spotlight 55 Auriant Mining

13.50

13.40

Mining spotlight 56

13.50

Presentation: Reviewing the current geo-political climate and how it will impact mining investment decision-making Simon Handelsman, Contributing Editor/Adjunct Professor, University of British Columbia

14.00 P resentation: Where is the price of coal heading?

Dr Fabio Gabrieli, Director, Dry Bulk Analysis & Strategy, Mercuria Energy Trading

14.10

Presentation: Hedging: Did the baby get thrown out with the bath water?

Sean Russo, Managing Director, Noah’s Rule

14.30

resentation: Developing a practical checklist P to identifying and mitigating regulatory risk in mining Reserved for Law Firm

14.50

ession: 7 months after the South African S election - what now for the mining industry?

Tom Wilson, Director of Intelligence and Analysis, africapractice

15.10

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15.20

anel Discussion: What is the impact of the P current political uncertainty in the CIS on mining or is its importance overstated?

Panellists: Anthony Mileswski, Principal, Black Vulcan Resources, Denis Alexandrov, CEO, Auriant Mining

15.50

Chair’s closing remarks and return to plenary

14.30 Mining spotlight 61 VMS Ventures (North American Nickel) 14.40

12.30

Analyst outlook: From A to Z - key market themes and investment climate: the outlook from aluminium to zinc Phil Newman, CEO, CRU Strategies

13.00

here does the future of copper W supply lie? Chile or elsewhere?

Carlos Risopatron, Director of Economics and Environment, International Copper Study Group

Mining company spotlights This will consist of three 10 minute presentations

13.30

Mining spotlight 58 Orbite Aluminae

13.40

Mining spotlight 59 Panoro Minerals

Mining spotlight 62 International Ferro Metals

Stream C: Speciality minerals 14.50

resentation: Assessing and evaluating the P latest breakthroughs in speciality and energy metals – how can you can capitalise on this exciting but price volatile market?

Chris Berry, Founder, House Mountain Partners, Co-Author, The Disruptive Discoveries Journal

15.20

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15.30

Mining company 64

15.40

Mining company 65

15.50

Chair’s closing remarks and return to plenary Main Plenary

16.00 Case Study: From a junior to a mid-tier: why do only some mining companies succeed?

Frank Holmes, CEO and Chief Investment Officer, US Global Investors 16.18

Fireside chat: Kidnapping, ransom demands, hostage negotiation and piracy – dealing with the dark side of risk management Doug Milne, CEO, Special Contingency Risks

17.00

anel Discussion: Evaluating which innovations P in technology will help improve mining operations, lower cost and drive profitability for both owners and investors Panellists: Andrew Scott, Senior Director Mining Information Technology and Automation, Barrick Gold Chris Berry, Founder, House Mountain Partners, Co-Author, The Disruptive Discoveries Journal Clem Sunter, Scenario Planner and Former Chairman & CEO Gold & Uranium Division, Anglo American Two places reserved for METs suppliers

17.40

Chair’s closing remarks

Stream C: Base, Bulk and industrial minerals 12.20 Chair’s opening remarks

Mining spotlight 60 Royal Nickel

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thursday December 4 – Mines and Money London - Conference Day three 08.30 Registration opens 08.30 – 08.50 Investor only breakfast briefing: Appreciating the value of optionality in mining investment Daniel Oliver, Founder and Managing Member, Myrmikan Capital 08.50 W elcome from the organiser Andrew Thake, Conference Director, Mines and Money 09.00 Chair’s Opening remarks 09.10

resentation: Where next for global markets?

P Asset allocation strategies for 2015 Michael Belkin, Author, The Belkin Report

09.40 Presentation: Streaming – the innovative funding solution Randy Smallwood, CEO, Silver Wheaton 10.10

pecial Address: 21st Century megatrends S and the implications for the mining industry – how a fox sees them Clem Sunter, Scenario Planner and Former Chairman & CEO Gold & Uranium Division, Anglo American

10.50

Presentation: Designing more accurate and reliable transaction metrics for the mining industry Dr Iestyn Humphreys, Managing Director of the UK Office, SRK Consulting

11.20

eynote address: Credit bubbles K and what can we learn from them Daniel Oliver, Founder and Managing Member, Myrmikan Capital

11.50

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12.00

Mining spotlight 67

12.10

Break into streams

Country/regional discussion roundtables (Chatham House Rules)

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Stream A: What is the future of mining finance?

12.10

Chair’s opening remarks

12.20

Presentation: Evaluating the continuing rise of offtake finance deals in mining: how successful have they been in practice?

Reserved for alternative mining provider

12.40 Presentation: What are private equity companies looking for in a mining investment?

Lawrence Roulston, Editor, CIS, Resource Opportunities, Metallica Development Fund 13.00

Mining spotlight 68

13.10

Mining spotlight 69

13.20

Mining spotlight 70

13.50

ession: How are exchanges helping the mining S industry in today’s economic climate?

Harriet Hunnable, Managing Director of Precious Metals Futures and Options, CME Group Paulina McGroarty, Head of EMEA, SGX Reserved for other exchanges

14.30

Chair’s closing remarks and return to plenary

Stream B: Mining for Good Summit 12.10

Chair’s opening remarks

12.20

eynote address: Delivering value to K shareholders, stakeholders and the wider community: a checklist for mining companies Mpho Litha, Head of Community Engagement and Development, Anglo American

12.40

Women in Mining Session: The business case for gender diversity in mining boards Led By: Amanda Van Dyke, Chair, Women in Mining (UK)

13.40

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13.50

Presentation: Sustainable development ethical concept, a risk management tool, or a platform for growth and profitability?

Howard Mann, Senior International Law Advisor, IISD

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14.10

14.30

Benefit sharing in natural resources Tom Butler, Global Head of Mining, IFC - International Finance Corporation

Plenary Session 14.40

Chair’s closing remarks and return to the plenary

resentation: Are too many junior mining P companies guilty of overhyping the market or are investors guilty of not conducting proper due diligence?

Seth R. Freeman, CEO and Chief Investment Officer, EM Capital Management

Stream C: Pot Pourri 12.10

Chair’s opening remarks

12.20 Presentation: Driving efficiency and cost reduction in your mine’s operation Reserved for METS 12.40

Debate: What matters most when investing into a mining company? Quality of management or quality of the deposit?

Panellists: Richard Crookes, Investment Director, EMR Capital Lawrence Roulston, Editor, Resource Opportunities & CIS, Metallica Development Fund

15.00 Presentation: Miners or Explorers—Where is the highest potential at the least risk?

Adrian Day, Chairman & CEO, Adrian Day Asset Management 15.30 Presentation: The evolving energy mix: what impact will new energy sources such as shale gas have on bulk demand?

Peter Atherton, Equity Research – Utilities, Liberum Capital 15.50

Locknote Panel Discussion: Mines and Money London 2014 – what are the key takeaways?

Panellists: Mike Price, Advisor, RCF Michael Rawlinson, Global Head of Mining and Metals, Barclays Mark Wellesley Wood, Ex – Chairman, DRD Gold Ian Henderson, Ex - Fund Manager, JP Morgan Asset Management Mark Bristow, CEO, Randgold Resources Richard Roberts, Editor, Mining Journal Moderator: Andrew Thake, Organiser, Mines and Money

16.20

Chair’s closing remarks

16.30

Close of conference and exhibition

13.00 Presentation: An active long-only manager’s perspective on investing in stocks vs. bullion Ani Markova, VP and Portfolio Manager, AGF Investments 13.20 Presentation: The reintegration of gold into mainstream finance Shayne McGuire, GBI Gold Fund, Teacher Retirement System of Texas 13.40

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13.50 Presentation: Avoiding bad decision making and reducing capital investment risks within mining companies Dr Geoffrey Cowley, Chairman, Energy Mining Advisory Partnership 14.10 Off the record with Clem Sunter Clem Sunter, Scenario Planner and Former Chairman & CEO Gold and Uranium Division, Anglo American 14.30 Chair’s closing remarks and return to plenary

If you want to find out how to attend visit www.minesandmoney.com for more information. Keep an eye out in the next issue for our complete guide to the event programme.

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Potash for produce South Boulder Mines The Colluli Project, an equal joint venture between South Boulder Mines and the Eritrean National Mining Company (ENAMCO) is a unique potash resource that will help feed the world

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here’s no arguing with the fundamentals. Growing populations, reduction in arable land, changing dietary preferences, climate change and the escalating demands of emerging economies have placed food security at the top of the political as well as the economic agenda.

World population is growing by some 75 million every year. By 2050 almost 9.3 billion people are expected to inhabit the earth. Food production will have to increase by almost 50 percent to feed them, and this means a huge global demand for fertilisers, already forecast to reach 190 million tonnes by 2016.

The market for potassium fertilisers, or potash, is currently around 60 million tonnes. Demand is forecast to grow at

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Colluli is an extensive, 400 square kilometre resource. Drilling that started in 2010 has established that it contains more than a billion tonnes of potassium bearing salts. Subsequent to this, the company set about disposing of its other assets, spinning out the gold and nickel tenements into a separate company, Duketon Mining, and putting all its efforts into developing Colluli. South Boulder’s present CEO Paul Donaldson, a vastly experienced mining professional with more than 20 years’ experience at BHP Billiton, who had joined as Chief Operating Officer, had been attracted by the market potential for potash and the ideal location of Colluli to supply the product to key markets in Australasia, India and southern Europe as well as the sheer size

“The Colluli resource is the shallowest known potash deposit in the world: mineralisation starts at 16 metres and it runs down to about 140 metres so it is perfect for open cut mining” approaching five percent per annum, much faster than nitrogen and phosphorus based fertilisers. It was this fact that attracted the attention of South Boulder Mines’ founder and Australian entrepreneur Liam Cornelius. The ASX listed company he founded in 2003 had gold and nickel exploration interests, and in 2007 it acquired some tenements in the Pilbara region of Western Australia to gain an initial foothold in the potash market. Its focus on potash, however, was sharpened in 2009 when, following careful research into the characteristics of the Danakil Depression that straddles Ethiopia and Eritrea, it was granted exploration tenements for the Colluli concession in southern Eritrea.

of the resource, “The Colluli resource is the shallowest known potash deposit in the world: mineralisation starts at 16 metres and it runs down to about 140 metres so it is perfect for open cut mining which is much cheaper than developing an underground mine. Open cut mining also gives very high resource recovery relative to underground and solution mining methods used for potash mining.”

However he felt the original plan did not take full advantage of the way the deposit is composed. “The strategy had been to build a flotation circuit, bring the top level sylvinite into production of potassium chloride and then deal with the ancillary polysulphate, carnallite and kainite resources at a later point,” he explains. “The problem with that

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A sealed drill collar at the Colluli site

approach was that top salt is only 16 percent of the resource. With a resource covering such a big land area, you could end up with very high mining costs. So the economics of the project did not look as attractive when potash prices declined back in early 2013.” At this point the company went through a restructuring from which Donaldson emerged as CEO from his Chief Operating Officer position, embarking on a new development path that involved full resource utilisation and at the same time shifting the production focus from potassium chloride to potassium sulphate.

Though potassium chloride is in widespread demand, it is not suitable for every kind of crop. Potassium sulphate (referred to as Sulphate of Potash or SOP) is used in crops that are sensitive to chloride or fertiliser burn, like coffee, tobacco, pineapple, avocado and many other fruits, or where sulphur is deficient.

“We found that the combination of salts that we had in the resource is highly favourable for the low cost production of potassium sulphate rather than potassium chloride,” he says. The bottom line is that potassium sulphate creates a premium potash fertiliser that sees a price premium in the market - and there are limited production centres globally.

“We use a very simple liberation and flotation process, simply mixing the kainite with other salts: under ambient conditions you then get a conversion that takes it to potassium sulphate.

We have validated this with our metallurgical test program.” This is something that cannot be done by most other producers, since it is rare to have the right combination of salts in a single resource - and where that does

“We found that the combination of salts that we had in the resource is highly favourable for the low cost production of potassium sulphate rather than potassium chloride”

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South Boulder Mines

Colluli exploration camp

happen the salts are usually held potassium chloride path was Did you know? abandoned in favour of the in brine, which contains about premium product, though it a tonne of water that has to be always has the option to make evaporated to obtain around five 16-140 metres the former in the future. Since kilogrammes of potassium.

Depth of the one of the key differences of Because the resource is so Colluli resource the Colluli resource relative to shallow, it can all be dug out operations producing potassium and is immediately ready to 1 billion tonnes sulphate from brines, is that enter the flotation circuit. This Potassium the salts exist in solid form is another advantage Colluli has salts identified and therefore do not require over kainite resources that occur at Colluli evaporation to produce the feed deep underground. In those for the processing plant, this cases the only way to obtain it is substantially reduces the overall solution mining, however kainite footprint required, reduces land disturbance is difficult to dissolve and in these conditions and environmental impact, reduces the requires either heat or a long period of amount of double handling of raw materials, saturation. Kainite represents approximately and most importantly gives reliability of 60 percent of the Colluli resource with the product delivery, as production rates are not remaining salts consisting of sylvinite and significantly impacted by ambient conditions. carnallitite which are commonly used for the Salts from the Colluli resource will simply production of potassium chloride. be mined, stockpiled to the allocated areas On this basis Colluli embarked on a and fed directly to the processing plant. The completely new development path. The

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â&#x20AC;&#x153;The resource is 120 metres below sea level, and most of the process water is in fact seawater that we will pipe from the coast under gravityâ&#x20AC;? change in approach has allowed the company to scale back its development plan radically, from $800 million to the anticipated region of $350 million. The operational costs and procurement strategy is being further refined, he says, to bring capital and operating costs down to a fundable level that mitigates

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the risks of safety in an emerging mining jurisdiction and balances capital outlay against resource risks, he adds.

The resource is 180 kilometres from the well-established port of Massawa, a town of around 30,000 inhabitants which has four working berths handling bulk and container

South Boulder Mines

The vast Colluli resource contains over 1 billion tonnes of potassium bearing salts

traffic. Massawa is connected to the country’s second port via a 500 kilometre coastal highway that runs south from Massawa to Assab the second port. The Red Sea is one of the world’s busiest shipping routes.

Colluli’s planned ship loading facility at Anfile Bay provides deepwater access suitable for loading up to Panamax size vessels. Massawa port itself is Eritrea’s primary import-export facility and will form a key part of the consumables supply chain for the Colluli operation. The port currently exports over 250,000 tonnes of copper concentrate from existing mining operations. Massawa also represents the local recruitment pool for Colluli. Employees will be bussed to the site.

The resource itself is extremely flat and free of vegetation. Roads will be improved as the project progresses, says Donaldson. Generators are being used for the exploration work, however on-site power generation will have to be built for the plant construction and operational phases. Though it is an arid region, water should not be a problem, he believes. “The resource is 120 metres below sea level, and most of the process water is in fact seawater that we will pipe from the coast under gravity.” Fresh water for drinking and other purposes will probably require the installation of a solar desalination plant at the site, he adds.

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Paul Donaldson CEO & MD

Baseline environmental assessments are well underway

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Paul was appointed as CEO in February 2013 and joins South Boulder from a series of senior management roles spanning more than 20 years with BHP Billiton (â&#x20AC;&#x153;BHPâ&#x20AC;?). Mr Donaldson holds a Masters Degree in Business and Technology from the University of NSW, and a degree in Chemical Engineering from the University of Newcastle.

Paul has extensive operational experience in management of large scale open cut mines, mining development projects, and supply chain management, which is complimented by commercial, marketing and strategic roles which have focussed on product quality, pricing, placement and integration with multisite supply chains.

South Boulder Mines

“We think these are marketable products because of our proximity to the coast and the low logistics cost of bringing them to market”

Apart from the potassium chloride potential already mentioned the resource contains 200 million tonnes of magnesium chloride and there are other by-products of the mine that could be sold. Chief among these is a large quantity of high quality rock salt and plenty of gypsum. “We think these are marketable products because of our proximity to the coast and the low logistics cost of bringing them to market.”

The partnership with a government ministry does a lot to take the risk out of the project, as it ensures full cooperation with permitting, access to the port and highway authorities and the many other official agencies that are involved. That is a factor in getting Colluli products to world markets with as little delay as possible. A pre-feasibility study (PFS) was initiated in May 2014 for the production of potassium sulphate from the various potassium bearing salts in the resource, and this is expected to be completed in early 2015, with the final definitive feasibility study (DFS) completed in the second half of 2015. Environmental studies supporting the project are well advanced. Eight baseline assessments were submitted to the Eritrean Ministry of Energy and Mines in August of this year as part of a three stage submission process to ensure sufficient time is allowed to address any concerns - though none are anticipated. “As

The port of Massawa, Eritrea’s key import-export facility located 180kms from the Colluli site

soon as the PFS is finished we will start the process of obtaining funding and getting our mining licence established so we can get into production as fast as possible,” concludes Paul Donaldson. “As far as we are concerned, keeping up momentum on the upfront work is critical and as soon as the definitive study is finished we will commence the design engineering of the processing plant - probably towards the third quarter of 2015 - so that when we secure funding we can go into construction as fast as possible.”

South Boulder Mines

+618 6315 1409 info@southbouldermines.com.au www.southbouldermines.com.au

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A good summer in Greenland North American Nickel North American Nickel (NAN) made significant progress this summer towards defining and expanding its world class nickel-copper property at Maniitsoq

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Helicopter-assisted off-loading of equipment and supplies at NANâ&#x20AC;&#x2122;s Maniitsoq property in Greenland

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North American Nickel

hough it’s barely six months since we last reported on progress at NAN’s 3,000 square kilometre property, which encapsulates the nickel-rich Greenland norite belt (GNB) and where the company was embarking on an ambitious drilling programme, the results and the indication of future discoveries has been so encouraging that it is quite difficult to know where to start. As NAN’s President and interim CEO Dr Mark Fedikow told us not that long ago: “This year we have said we will drill a minimum of 4,700 metres of core but that could be increased to as much as 10,000 metres if no unforeseen difficulties are encountered.” With their efficient technical and drill team firing on all cylinders a total of 8,773 metres was drilled in 2014.

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the subsurface. “We tested gravity because of the significant difference in density between norite and the surrounding felsic gneisses. Concurrently we ran deep time domain EM surveys (TDEM) in the same area.

Both surveys started in early April and ran for a good six to eight weeks.”

One question answered satisfactorily was that of how effectively the norite could be mapped below surface, using gravity surveys.

“Starting with a desktop-sized outcrop we found we could map it as it plunges beneath a boulder field, or soils or younger rocks. We were very happy with the ground gravity results and with these and the TDEM in hand we continued our drill programme, with the goal of expanding the three targets there.”

“We went into our 2014 drill programme with the game plan of getting onto the ground as early as possible, and we managed to get in and start ground geophysical surveys in April” That is impressive, as were the results obtained with high grade nickel, copper and PGM mineralisation, but there remain many more exploration targets identified and more geophysical surveying required. This summer’s work focused mainly on the Imiak Hill complex, which includes Imiak Hill, Mikissoq (previously referred to as Imiak North) and Spotty Hill, three mineralised zones within 1.6 kilometres of one another, and Fossilik, another large area of norite. “We went into our 2014 drill programme with the game plan of getting onto the ground as early as possible, and we managed to get in and start ground geophysical surveys in April,” says Fedikow. And these surveys were designed to test gravity as an effective tool to map mineralisation-hosting norite in

One headache that has not yet gone away was caused by the discovery that the very high nickel/copper mineralisation at Imiak Hill was truncated at depth by a fault. “Try as we might using down-hole pulse EM, but to date we have not been able to locate the remainder of that mineralised zone.” Knowing that the mineralisation may not be far away is one thing, finding it another. It has been displaced downwards or sideways and its elusiveness is frustrating. However over the summer NAN seized an opportunity to benchmark on Hudbay Mineral’s geophysical work at the Lalor zinc-copper-gold project in northern Manitoba. “They opened their books on their exploration approach to that body, which is the single most geophysically-surveyed massive

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Dr. Mark Fedikow President & Interim CEO Mark has 35 years of industry and government experience as an exploration geochemist and mineral deposits geologist. He has worked for major and junior mining exploration companies and the Manitoba Geological Survey completing his employment at the Survey as Chief Geologist of the Mineral Deposits Section. In 2001, Mark was the recipient of the Provincial Geologists Medal, a Canadian national award for outstanding geoscientific achievement. Mark is also a Fellow of the Association of Applied Geochemists.

sulphide type deposit in the world,” Fedikow enthuses. For Greenland the chance to assess the use of some of the latest geophysical technologies, capable of sensing mineralised zones at depths of up to a kilometre, is compelling. Whatever it takes, the displaced norite will receive a great deal of attention in time for renewed exploration in 2015.

Spotty Hill, a large disseminated nickel sulphide zone with encouraging grades, was also drilled in 2014 with the intent to expand it and following the mineralisation to depth. It is, he explains graphically, a carrot shaped zone.

“We intersected massive and near massive nickel-copper mineralisation encapsulated in the lower-grade disseminated material this year which bodes well for both grade and tonnage of the zone.” Spotty Hill hosts valuable platinum, and palladium, the so called platinum group metals or PGM as well as gold; the summer programme identified nearly one gram a tonne of these metals, giving useful added value to the project. Spotty Hill is still open at depth, and further drilling will take place there in 2015.

The third target in this complex, Mikissoq, also showed a mixture of disseminated and massive mineralisation, with what Fedikow describes as very significant nickel assays.

However the greatest joy came unexpectedly with the results from 3,700 metres drilled in 22 holes, testing regional targets outside of the Imiak Hill Complex. No fewer than eight new mineralised zones were discovered, all hosted by norite to Mark Fedikow’s delight stating: “Each one of those eight targets has the potential to be another Imiak Hill! Next

“Next year we will be going back and doing quite a bit more drilling on those eight targets trying to define how much is there”

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year we will undertake more nickel and copper assays from Did you know? our 2014 drilling.” These results drilling on those eight targets are causing Fedikow and his trying to define the extent of colleagues to consider the the mineralised zones.” These 20 miles exploration potential outside of regional discoveries have Diameter of the the GNB Maniitsoq is proving to demonstrated that nickel-copper meteor that created be a world class nickel sulphide mineralisation has now been the Maniitsoq exploration project, but it is discovered from the northern nickel deposit possible that its potential to host portion of the GNB through multiple nickel sulphide deposits the central area to the southern 10 kilometres has hardly been, metaphorically extremity of the belt over a This year’s optimum or literally, scratched. distance of 75 by 15 kilometres. drilling target The Imiak Hill Complex is The exploration potential of the logistically feasible for mining GNB is far from exhausted. purposes in terms of proximity But the GNB is not the only to tide water and is the most advanced part table in NAN’s game. Further surprises of the project. Once a nickel-copper resource came when airborne surveys showed an has been established an exploration road can anomaly referred to as Pingo at the north be built to the nearby fjord and mining can end of the property, well outside the GNB. commence. Concentrate would be shipped Fedikow explained Pingo as: “A very large two overseas, likely to Vale’s new nickel smelter kilometre long sheet with very respectable

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“We are considering hydro electric schemes for the power supply, and how we might deal with transportation” at Long Harbour Newfoundland. NAN is already thinking ahead to this phase. “We are contemplating hydro-electric schemes for the power supply, and how we might deal with transportation of the ore. Maniitsoq village which is adjacent to the property has generator power costing $0.40 a kWh. We think that if we can develop a hydro-electric

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power source we could knock that down to 3 or 4 cents. The more we can reduce our mining costs the better we are positioned to develop a nickel-copper ore body.”

Once operational the mine can produce and ship ore year round from the pack ice free south west Greenland coast. In the more immediate term, he hopes to address the short

North American Nickel

season in which the remaining exploration work can be reliably carried out. One simple answer, he thinks, would be to have a country manager permanently stationed at Maniitsoq and able to mobilize stand by teams at short notice during off-season periods of clear weather. Even drilling, he thinks, could continue for most of the year once an initial resource has been established.

So the company is geared up for a very productive year in 2015. Given the buoyant prospects of the nickel market and backed by a long term commitment from its principal investor, Sentient Group and its supportive smaller investors, he is confident of funding a minimum 5,000 metre drilling programme next year and expand the sophisticated

airborne and ground geophysical surveying technologies we talked about earlier. The priority will still be production from Imiak Hill, but just look at the long term potential that is unfolding from the GNB itself - and the as yet uncertain but highly promising prospectivity of the remaining three quarters of this huge concession.

North American Nickel (NAN)

604-986-2020 info@northamericannickel.com @NAmericanNickel www.northamericannickel.com

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Mariana R

Precious opp

Mariana Resources is in e tracking its growing numbe options towards defin

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Resources

portunities

expansion mode and fast er of gold, copper and silver nition and production

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here’s so much going on at Mariana Resources that it’s hard to know where to start, but probably the best place would be in Argentina where we finally caught up with the company’s CEO Glen Parsons. Glen is an accountant and banker by training, who joined the board of Mariana Resources in March 2010 as director of finance and corporate development and took over the lead role in early 2013 following a restructuring at the Sydney based, AIM listed company.

Mariana is a company whose stated focus is on developing its gold, copper and silver assets in South America and this is where we found Parsons between arriving from the 100 percent owned Las Calandrias and Los Cisnes projects and leaving for Australia - he is, he admits, a very hands on leader, who likes to keep abreast in person with what is happening on the ground. Though the current areas of interest are the more advanced projects in Argentina and Peru, the company also has assets in Suriname, Turkey and Chile if a takeover deal is approved, giving force to its statement that it intends to be driven by considerations of asset scale, prospectivity and potential without geographical limitations.

Las Calandrias, Mariana’s most advanced asset in Argentina with 520,000 ounces of gold equivalent is the first bulk tonnage discovery in the Santa Cruz province to the central east, in Patagonia in an area known as the Deseado Massif, 210 kilometres south of Comodoro Rivadavia and 150 kilometres from the port of Caleta Olivia. “It is fairly remote,” says Parsons, “But it has the advantage of being accessible and relatively easy to explore.

There’s a highway, grid power, a gas pipeline and an airstrip all inside 20 kilometres from the property and we have had no problem getting our equipment to the site and target areas.” It is also devoid of vegetation, which is a great help when it comes to geophysical surveying. Further to the south, however, the Los Cisnes project, also 100 percent owned

by Mariana, is potentially twice as big with

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Soledad Cu Au Ag project Peru - Sulphide veining from Breccia

Mariana Resources

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Soledad in Peru - Strongly mineralised Breccia 1

similar characteristics to Las Calandrias. This was a new greenfield discovery on the part of Mariana, acquired as part of its in-country diversification strategy.

The company is so excited about Los Cisnes that it has negotiated a 60 percent earn in with the owner of three adjacent properties, Tierra Exploration, to further grow the economy of scale, he says. Since it is similar to Las Calandrias in terms of mineralisation that is hosted in a large rhyolite dome complex (which offers bulk tonnage and high grade potential with high grade ‘breccias’, as well as the dome hosted mineralisation), the experience gained at Las Calandrias has been invaluable when approaching Los Cisnes. “We have seen bonanza silver results coming from Los Cisnes as well as gold with bulk tonnage potential. We have also been able to identify targets that we can drill next year, and that programme will be very exciting as we unlock the mineralisation below surface.”

The support of the Argentine government has been crucial in developing these assets, Glen Parsons emphasises. Earlier this year the company received a windfall of $600,000 in the form of a VAT refund from the Argentinian tax authorities. This meant that the 2014 exploration programme could be funded without recourse to the banks or the shareholders.

But it is not all happening in Argentina. Two projects on the other side of the continent in Peru have been the focus of Mariana. The first of these is the Condor de Oro project in the north of the country, on the border with Ecuador. Here Mariana completed an 8 hole drill program in a large multiphased Cu Au

“Las Calandrias is fairly remote but it has the advantage of being accessible and relatively easy to explore”

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Mariana Resources

Los Cisnes Southern Argentina - El Brio structure with bonanza silver grades

drilling again in the first quarter Mo porphyry system. Grades Did you know? of next year, and doing that in however are not defining a viable conjunction with the nearby, resource , he says, but indicate strategic high grade gold, that further deeper drilling is 2,000 hectares Rurimarac property that we required to show potential.

Size of the optioned from Tinka Resources The exploration at the Rurimarac in September.” second Peru site, Soledad, property in Peru Mariana wasted no time in situated further south in the sampling outcropping rocks region of Ancash in the Aija 2,084 metres at Rurimarac, which lies only polymetallic mining district, Drilled this year four kilometres from Soledad. just 34 kilometres south of the at Soledad The rock chip channel samples Pierina gold/silver mine that confirmed high grade gold and was operated by Barrick Gold silver mineralisation - between Corporation, has yielded much two and five grammes per tonne (g/t) as more positive results. This is also an earn-in, well as 5 samples up to an ounce gold and again from Condor, that will give Mariana a including up to 31 g/t silver. Glen Parsons 70 percent interest, and again the company describes this as a bonanza result: “We successfully completed its 2,084 metre, have already identified new mineralised twelve hole drilling commitment ahead of the target areas in this 2,000 hectare underOctober 2014 deadline. The drilling confirmed explored property, and intend to commence the presence of a number of tourmaline drilling on at least eight core holes following quartz breccia pipes which appear to expand our next Soledad drill programme.” Once as they go deeper below ground. “We will be

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again, two highly promising properties in close proximity promising to offer excellent economies of scale.

We also spoke of Mariana’s recently announced acquisition of Aegean Metals Group, a company with gold, silver and copper projects in Turkey and Chile. Once approved by shareholders in January the aquisition will add to the company’s portfolio two advanced goldcopper exploration projects, Ergama and Hot Maden in Turkey. This deal made compelling sense for Mariana, he says, and should

not prove a drain on Mariana’s exploration resources, financial or human, because the Turkish projects are currently optioned out to strong joint venture partners Teck Resources Ltd and the Turkish Lidya Madencilik group respectively, and are fully funded. This will be a share only deal, says Parsons, and one that advances Mariana’s diversification policy.

Aegean’s 100 percent owned Chile interests expand Mariana’s footprint in South America as well. The first quarter of next year will see further drilling on both the Soledad

“We have seen bonanza silver results coming from Los Cisnes as well as gold with bulk tonnage potential”

Rurimarac Project Peru - Newly acquired high grade gold option just 4km from Soledad

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Mariana Resources

Nassau Gold Project Suriname Current artisinal alluvial gold working

and the associated Rurimarac properties.

The acquisition of data from deep sensing geophysics by induced polarisation (IP) and resistivity methods will hopefully confirm the presence of the mineralised porphyry or breccia roots zones at depth.

It is going to be a very busy year for all the South American projects with drilling at the Argentinian, Peruvian and Chilean assets - and also at Mariana’s newest option, the Nassau Gold project in Suriname where it can earn a 50.1 percent interest in a joint venture with Sumin Resources. This is another very exciting gold prospect, says Glen Parsons, where artisanal workings indicate a primary source higher in the Nassau Plateau. Mariana already has a team sampling and mapping on the ground here and has commissioned the aerial geophysical company Terraquest to acquire high resolution aeromagnetic and

radiometric data from the entire licence area.

“The Nassau project is just 20 kilometres from the newly announced development project by Newmont for the $1 billion construction of its Merian Project with anticipated significant production of up to 500,000 ounces of gold per annum,” he points out.

“We are looking forward to a very busy and exciting 2015,” says Glen Parsons, and with active projects in five countries and two continents to cover, this begins to look like something of an understatement.

Mariana Resources

+61 2 9437 4588 info@marinanaresources.com www.marinanaresources.com

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Base Re

Shifting

Base Resources is an ASX listed resourc the $305 million Kwale Mineral Sand and opening the door on 84

[ Dec/Jan ] BE Monthly

esources

g sands

ces developer, whose flagship venture is ds Project, now close to full production a new industry in Kenya BE Monthly [ Dec/Jan ]

85

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Base Resources

enya has seen a burst of investor interest as global demand for precious metals and minerals has risen in recent years. However there is really only one serious project in operation, so all eyes are on Kwale. Kenya’s regulatory framework has been subject to a number of amendments over the past two years culminating in the establishment of a new Ministry of Mining in April 2013, with former MP Najib Balala installed as the first minister. A new mining bill, which will replace the Mining Act of 1940, has been passed by parliament and is awaiting enactment. Once approved it will vest the new ministry with a range of new oversight powers and improve transparency in the licensing process.

K

new system, says Schwartz, however for any mining operation devolution is going to mean a greater emphasis on consultation with local stakeholders and communities, something the company addressed by appointing a senior executive, Colin Forbes, to work exclusively on community and environmental affairs. Like it or not, Kwale will be a benchmark for the new extractive projects that the government is encouraging: it is therefore very important to get every stage right.

Though it is of its nature a benign operation, with very little in the way of chemicals in the process, it still has to be carefully managed, emphasised Joe Schwartz. “Our approach to our environmental responsibility has been to devote serious resources on to it across

“Our approach to our environmental responsibility has been to devote serious resources on to it across the board so that we can at the very least meet IFC standards and Equator principles.”

The old Mining Act was archaic and needed bringing up to modern legislative standards, says Joe Schwartz, General Manager of External Affairs at Base Resources. “One of the most significant aspects of the new bill is that it provides for royalties to be shared in a structured way with the relevant county governments and local communities. Though the national government still gets the largest share, there are practical provisions for these benefits to flow back to the area they came from, something that never happened before.” Kenya’s 2010 constitution created a decentralised system of government with the primary objective devolving power, resources and representation down to the local level.

The country is still finding its feet with the

the board so that we can at the very least meet IFC standards and Equator principles.”

As a result Kwale is being held up as a prime example of how to do environmental management properly. Though the project is only in its first year of operation, it is already planning for closure in 13 years time. “We have more than 20,000 indigenous tree seedling already planted and growing. They are already being planted out in those areas that were cleared for construction but not needed for operations.” Biodiversity corridors have been established, wetland areas restored, and parts of the site returned to its former use for small scale cultivation of traditional crops like cashew, mango, coconut and cassava.

Not content with just restoring the

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agricultural status quo, though, Base Resources is now starting some ambitious new agricultural programmes. It recently ran a very successful potato growing trial with local farmers, and is now starting trial planting of cotton. “This could cascade down into getting properly organised commercial programmes under way, introducing new crops. For example we have recently signed an MoU with a potato crisp company to purchase the Kwale farmers’ potatoes.”

The terms of operation bind Base Resources into an obligation to decommission, restore

and rehabilitate following mine closure, and the first thing that is done when a site is cleared is to remove and store the topsoil in preparation for that. Additionally, when the mine goes enhanced infrastructure will be left behind. A fine access road, an 8.5 million cubic metre dam and a 132 kV power supply will help when it comes to future development. However this does not include the $3 million already spent, or the further $4 million budgeted this financial year, on a host of community and social projects. “We have built five schools, a health

“We have recently signed an MoU with a potato crisp company to purchase the Kwale farmers’ potatoes”

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Base Resources

Since our last report in April centre, dispensaries, water Did you know?

2013, construction, permitting, boreholes among other things,” recruitment and, as we have he says with pride. seen, community engagement, It is estimated that the $300 million have all proceeded smoothly.

Kwale Project will go on to Estimation on The inevitable teething problems contribute some $300 million what the Kwale were all solved, and above all, to the government of Kenya in Project will the mining operation threw direct tax and royalty payments contribute to up no nasty surprises, he says. alone over the 13 year life of the Kenya’s economy “Recoveries and throughputs are mine, which is now approaching all to expectation, budget, design, full production of the titanium and in some cases better!” producing minerals ilmenite Construction of the process plant itself and rutile. The zircon circuit is following on, was the job of the very experience Australian because it requires slightly more complex project management and engineering separation processes. However the first bulk contractor Ausenco, which was able to subshipment of ilmenite out of the company’s contract to a good many local firms for services wholly owned loading and storage facility such as transportation, catering, security at Likoni took place in February, an event services, fabrication, concrete roadworks and attended by government ministers and one earthworks. Ausenco has its own community that received much local attention as marking engagement programme, building among other the launch of a new era of exportation things a multi-purpose hall at nearby Magaoni in for Kenya. Rutile and zircon shipments support of Base Titanium’s school there. followed in early April.

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“We are doing a lot of training and skill transfer to reduce our reliance on expatriates as fast as possible” The construction labour force peaked at around 2,500 people. In the operational phase, this came down to just under 900 of which about 240 are employed by local contractors, says Schwartz. “We tried to focus on maximising job opportunities for people from the Kwale region and have so far managed to get to a figure around 60 percent is Kwale. We are doing a lot of training and skill

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transfer to reduce our reliance on expatriates as fast as possible,” he adds.

Classroom training, on- the job mentoring by experienced staff are part of this effort, and in addition some 20 apprentices benefit from a three year programme run in collaboration with the Technical University of Mombasa.

“We also have a graduate programme where we take up to 15 graduates who spend 18

Base Resources

months working in their area of speciality and are provided with structured exposure to other areas, write assignments, make presentations. Afterwards we either take some of them on, or if they leave us they are equipped with some significant hands-on experience to find work elsewhere.” Kenya has plenty of demand for people who understand safety, use of equipment, and have real workplace skills, he points out.

This project is the first large scale mining enterprise in Kenya, a point that can’t be made too often, Joe Schwartz believes.

“It is a pioneering project that really puts mining on the map here. It has been a steep learning curve for everybody, but we

have set ourselves the highest standards of international best practice in relationships with community, environment, health and safety order that his project is seen as a flagship in which we set a benchmark for how a project can be well done in Kenya, hopefully for others to follow.”

Base Resources

+618 9413 7400 info@baseresources.com.au @BaseResources www.baseresources.com.au

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