An equity firm, with an extensive portfolio in the energy and resources sector, has closed its first stand-alone mining vehicles, strengthening its global mining portfolio.
Denham Capital announced in a statement this week that it has closed its very first stand-alone mining fund at $558 million to expand its existing mining portfolio in Australia, Canada, South America and Africa.
The Denham Mining Fund will continue the company’s strategy of partnering with management teams with proven rack records to acquire companies and assets in the metals and minerals sectors.
The assets are either close to or already in production, with the fund specifically targeting base metals, metallurgical coal and industrial and speciality minerals.
“The close of our first mining fund marks a significant and strategic milestone for Denham Capital. We are pleased that our limited partners share our belief that there is a robust pipeline of opportunities across the global mining sector and that they chose to work with us,” said Carl Tricoli, Managing Partner and Co-Founder, Denham Capital. “We are grateful to have the support of our partners who see value in backing our plans to expand Denham’s mining portfolio.”
With the closing of the fund, Denham has now invested around $9.8 billion globally across its entire portfolio.
Some of its current mining assets include; Pembroke Resources, a Sydney based company pursuing and developing metallurgical coal projects in the Asia-Pacific region, Auctus Minerals, a Perth-based company developing base metals assets throughout Australia; Mining Ventures Brazil, a company currently developing a heavy rare earths project in Brazil; Pangea Limited, a Johannesburg based African mining platform targeting and developing projects in several African countries.