Do you agree with Mark Bristow on the issue of all in sustaining cost (AICS) vs cash cost?
The gold mining industry was fundamentally broke at a gold price of $1 300/oz, Randgold Resources CEO Dr Mark Bristow said on Wednesday.Speaking to journalists at a media lunch, Bristow said the industry was unable to make returns at that low level of gold price range.
As promised, here is the second article on Mick Davis. Again, it is a great read for a little glimpse into the investing and business development side of the mining industry. This article focuses more on his current venture, X2 Resources and its development. Have a read and let me know what you think.
Building another resource giant? Photo: X2 Resources
One of the best quotes about Mick Davis, the founder CEO of Xstrata, comes from former JP Morgan banker Ian Hannam who assisted with a number of transactions for Davis.
He said: “There are four people who claim they brought Billiton to London: [Brian] Gilbertson, myself, Adrian Coates [a well-known banker in London, then at HSBC] and Davis. The answer is – it was Davis. He saw the opportunity and managed to persuade Gilbertson that it would create a platform to build a new company to rival Rio [Tinto]”. Continue reading
I came across two interesting articles recently published on the South African mining news website Miningmx about Mick Davis, his past and a bit on his new venture, X2 Resources. Many of you might followed him at Xstrata and the subsequent merger with Glencore, or maybe you followed the listing of Billiton on the LSE and its merger with BHP. These two articles give quite interesting insight into the investor and business development side of the mining industry, worth a read for any geologist. The first of the two articles, written by David McKay follows.
New mining giant on the way? Photo: X2 Resources