A credit crunch and a mining bear market have created a new generation of investors — realists — making funding challenging for some

Bankrolling the next project is not what it used to be.

The global downturn that started with a housing market crash a decade ago and continues in Europe was termed a “credit crunch.” While the central bankers move to exit the strategies deployed to ease lending and increase money velocity, in some sectors money remains tight. Manipulating interest rates and monetizing bad bets only goes so far. Miners, suppliers and their financiers say that, since the downturn, investors with expectations shaped by the crunch, new conservative investment vehicles, and high technology have changed the task of sourcing funds. A couple of recent success stories illustrate this point.

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