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Trusted independent financial
advisor to the mining sector
2020: Advisor to
2021: Advisor to
2021: Advisor to

Diversified Minerals
Cassini Resources
Diversified Minerals
Geopacific Resources

Advised on the US$100m
Joint defence advisor in
Advised on the A$20m sale

of the Henty gold mine in
of the Dargues gold mine in
financing (Loan and Stream)
relation to the A$76m

takeover by OZ Minerals.
for the greenfield Woodlark
Tasmania to Catalyst Metals.
NSW to Aurelia.

gold project.

2018: Advisor to
2017: Advisor to

2016: Advisor to
2018: Advisor to
Explaurum Limited
PanAust
Stanmore Coal
OZ Minerals

Defence advisor in relation to

Advised on the US$90m
Advised on the financing
the unsolicited A$89m

acquisition of the Wotonga
strategy for the greenfield
refinancing of the Ban
takeover by Ramelius
development of the
Houayxai and Phu Kam

South Project from
Resources.
Carrapateena copper-gold
copper-gold mines in Laos.
Peabody Energy.
mine in SA.
neWs Advised on the A$30m 2020: Joint Advisor to Advised on the A$200m sale
New metals pact could redraw
world supply T +61 2 9133 9000 | www.icapartners.com.au
metallic NATO is starting to take country that can. of great competition”.
A shape, though no-one is calling it that “Friend-shoring is the idea that coun- The first tangible rewards of all this
just yet. tries that espouse a common set of heightened mineral diplomacy are start-
The Minerals Security Partnership values...get the benefits of trade so we ing to be seen.
(MSP) is in theory open to all countries have multiple sources of supply and are Rare earths have posed a particular
that are committed to “responsible criti- not reliant excessively on sourcing criti- headache for Western countries because
cal mineral supply chains to support eco- cal goods from countries where we have of China’s dominance of the supply chain,
nomic prosperity and climate objectives”. geopolitical concerns,” US Treasury Sec- particularly the processing stage of pro-
But the coalition assembled by the US retary Janet Yellen said in “a fireside chat” duction.
is one of like-minded countries such as with Canada’s Deputy Prime Minister and The only operating rare earths mine in
Australia, Canada, the UK, France and Minister of Finance Chrystia Freeland. the US, for example, has been shipping
Germany with an Asian axis in the form of The process was already well under its concentrate to China for refining.
Japan and South Korea. way before the US State Department The DoD is investing $US120 million in
It is defined as much as anything by announced the formation of the MSP on a new plant for heavy rare earths separa-
who is not on the invite list – China and June 14. tion. It has chosen an Australian company
Russia. US and Canadian officials have been as its partner.
China’s dominance of key enabling working closely as Canada fleshes out a Lynas Rare Earths Ltd will supply the
minerals such as lithium and rare earths promised $C3.8 billion package to boost plant in Texas with mixed rare earths car-
is the single biggest reason why Western production of lithium, copper and other bonate from its mine in Western Australia
countries are looking to build their own strategic minerals. as well as working with third-party suppli-
supply chains. European Commission Vice-President ers “as they become available” it said.
Russia, a major producer of nickel, alu- Maroš Šefčovič has just been in Norway The plant is due to become operational
minium and PGMs, is now also a highly to seal “a strategic partnership” on battery in 2025 and Lynas and the DoD are al-
problematic trading partner as its war in technologies and critical raw materials. ready working on a complementary light
Ukraine grinds on. The Pentagon is getting in on the rare earths separation facility.
A previously highly globalised miner- friend-shoring trend too. Expect many more “friendly” tie-ups in
als supply network looks set to split into It has asked Congress to amend the the coming months as the US and Europe
politically polarised spheres of influence, Cold War-era Defense Production Act attempt to pivot away from “unfriendly”
a tectonic realignment with far-reaching (DPA) to allow it to invest directly in Aus- nations.
implications. tralia and the UK. As for China and Russia, “we’re still go-
The US and Europe have realised that The Defense Department (DoD) says it ing to have a relationship with countries
they can’t build out purely domestic sup- is “unnecessarily” constrained by the ex- outside this closest circle but it’s going to
ply chains quickly enough to meet de- isting requirement to invest only on home be a...relationship that has less trust at its
mand from the electric vehicle transition. soil or in Canada. Leveraging the resourc- heart,” according to Freeland.
The answer is “friend-shoring”. If you es of two “closest allies” would “increase The days of unlimited Chinese mining
can’t produce it yourself, find a friendly the nation’s advantage in an environment investment in countries such as Canada
Trusted independent financial Trusted independent financial
advisor to the mining sectoradvisor to the mining sector

Page 6 aUgUST 2022 aUSTRaLIa’S PaYDIRT

2021: Advisor to 2021: Advisor to 2021: Advisor to 2021: Advisor to 2020: Joint Advisor to 2020: Joint Advisor to 2020: Advisor to 2020: Advisor to 2019: Advisor to 2019: Advisor to
Geopacific ResourcesGeopacific Resources Diversified MineralsDiversified Minerals Cassini ResourcesCassini Resources Diversified MineralsDiversified Minerals Diversified MineralsDiversified Minerals
Advised on the US$100m Advised on the US$100m Advised on the A$20m sale Advised on the A$20m sale Joint defence advisor in Joint defence advisor in Advised on the A$200m sale Advised on the A$200m sale Advised on the A$100m Advised on the A$100m
financing (Loan and Stream) financing (Loan and Stream) of the Henty gold mine in of the Henty gold mine in relation to the A$76m relation to the A$76m of the Dargues gold mine in of the Dargues gold mine in financing (Loan and financing (Loan and
for the greenfield Woodlark for the greenfield Woodlark Tasmania to Catalyst Metals.Tasmania to Catalyst Metals. takeover by OZ Minerals.takeover by OZ Minerals. NSW to Aurelia.NSW to Aurelia. Royalty) for the greenfield Royalty) for the greenfield
gold project.gold project. development of the Dargues development of the Dargues
gold mine in NSW.gold mine in NSW.

2018: Advisor to 2018: Advisor to 2018: Advisor to 2018: Advisor to 2017: Advisor to 2017: Advisor to 2016: Advisor to 2016: Advisor to 2014: Advisor to 2014: Advisor to
Explaurum LimitedExplaurum Limited Stanmore CoalStanmore Coal OZ MineralsOZ Minerals PanAustPanAust Discovery MetalsDiscovery Metals
Defence advisor in relation to Defence advisor in relation to Advised on the A$30m Advised on the A$30m Advised on the financing Advised on the financing Advised on the US$90mAdvised on the US$90m Advised in relation to the Advised in relation to the
the unsolicited A$89m the unsolicited A$89m acquisition of the Wotonga acquisition of the Wotonga strategy for the greenfield strategy for the greenfield refinancing of the Ban refinancing of the Ban recapitalisation options and recapitalisation options and
takeover by Ramelius takeover by Ramelius South Project from South Project from development of the development of the Houayxai and Phu Kam Houayxai and Phu Kam sale to Cupric Canyon.sale to Cupric Canyon.
Resources.Resources. Peabody Energy.Peabody Energy. Carrapateena copper-gold Carrapateena copper-gold copper-gold mines in Laos.copper-gold mines in Laos.
mine in SA. mine in SA.

T +61 2 9133 9000 | www.icapartners.com.auT +61 2 9133 9000 | www.icapartners.com.au