Denham Capital, a leading resources and energy-focused global private equity firm, has closed its first stand-alone mining fund, the Denham Mining Fund, at $558 million to expand its portfolio in Australia, Canada, South America and Africa. It will continue to partner with management teams with proven track record to acquire companies and assets in the metals and minerals sectors that are close or already in production, the company said.
“This marks a significant and strategic milestone for Denham Capital,” said Carl Tricoli, managing partner and co-founder, 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.”
The fund targets investments in base metals, metallurgical coal, and industrial and specialty minerals in Australia, Canada, South America and Africa.
“It’s an attractive market where we see in many jurisdictions the opportunity to secure projects that meet our investment criteria,” added Bert Koth, managing director and partner, Denham Mining Fund at Denham Capital. “We seek to partner with local management teams who understand capital efficiency and can demonstrate edge in accessing opportunity and execution through their superior technical experience and regional knowledge.”
The closing of the fund brings the amount of invested and committed capital under Denham’s management to approximately $9.8 billion. The firm’s current mining portfolio includes 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 Ltd., a Johannesburg-based African mining platform targeting and developing projects in several African countries; Santiago Metals, a Chilean mining venture developing copper mines in Chile; and Stellar Mining, a mining and exploration company in Peru. The firm announced the sale of JDS Silver in 2017.