News

December 02, 2008

Day One At Mines And Money: Not Too Much Money In Evidence, But A Refreshing Lack Of Gloom Too

By Alastair Ford

They came, they saw, and they had mixed opinions. Day one of this year’s Mines and Money conference met with a mixed reception from delegates. Some, having arrived in the expectation of a fairer hearing here than they were getting on markets were disappointed. Companies that are going under will find no stop-gap or release here, even if it is the key event in London’s mining corporate calendar, and the last best hope of the cash-strapped and the nearly busted. One waggish delegate, who left early, coined the choice phrase: “Mines and No Money” for this event, but actually, the general mood inside the conference room wasn’t quite that bleak.

To be sure, the days of loose money and the speculative punt are long gone, and there are no sympathetic sugar daddies to be had anywhere. In many cases the sugar daddies themselves have gone bust, or at least, have moved on in the face of changing market conditions. Where was Fidelity’s Ben Payton this year, with his ready wallet and his happy history of wide ranging and successful investments across the sector? Long gone, is the answer. Where was Ian Henderson? Not in evidence today, though...