PODCAST: 'The wonderful thing is the sense that there's another project coming, and another one beyond that,' says Bruce Williamson of IntegralAsset Management to SimonPB MoneywebNOW Podcast Download the podcast below. Moneyweb mining
SIMON BROWN: I’m chatting with Bruce Williamson from Integral Asset Management. Bruce, I appreciate the early morning. When I spoke with Andries van Heerden on results a couple of weeks ago, he talked about being like a kid in a candy store. They’ve subsequently issued a cautionary. It doesn’t say much at all, but the one thing we know about Andries and his team at Afrimat is they are huge dealmakers. They always show a slide around the deals they’ve made in their results presentation.
BRUCE WILLIAMSON: And so that means that they can look for the right-sized projects. So you’ll see that they’re not going for projects where they employ 10/20/25 000 people. It’s very, very difficult to manage that size. The labour force, Nkomati is a point in case; in the last three years since they’ve been there they’ve drilled more holes than had been drilled by all the previous owners. So they have a very, very good idea of what that ore body is.
The manganese project may be due to water-licence-related and environmental issues. They’ve had to walk away. So it could be in South Africa, but it might be in surrounding countries as long as you can find services – water, logistics, road, rail, port, power – and of course you need to be able to keep finding skills. But they’re very, very good at building a good team around a new project.
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