As global investors shift away from heavy industry in favor of cleaner sectors, ...
CAPE TOWN - As global investors shift away from heavy industry in favor of cleaner sectors, mining companies are losing billions in financing, raising the cost of capital and jeopardizing projects.
Environmental, social & governance concerns have driven money into specialized ESG funds which often exclude mining stocks among other ‘dirty’ assets. “You talk to anyone at the moment, they say there’s no money,” said Boris Kamstra, executive director of Alphamin Resources, which manages the Bisie tin project in Democratic Republic of Congo.
“Previous investors who would provide equity appear to have withdrawn. A number of specialist funds have shut up shop, and generalists aren’t investing in commodities anymore,” said Donally, who will be attending Mining Indaba, the world’s biggest mining investment conference, which takes place Feb. 3-6.
“If you’re a small coal explorer, I don’t think you stand much of a chance of raising any money at all,” said Fred White, associate director at Medea Capital Partners in London.
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