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Breaking Ground: Sally Cox

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​MINING JOURNAL:  Op-ed: Breaking Ground: Sally Cox
Sally Cox has been appointed as the first female Melbourne Mining Club Chair
by Robert Kennedy

10 October 2024
​
Breaking ground, a universal expression applied to precious metals extraction going back to the global gold rushes of the mid 19th Century, has taken on a new meaning.

It is epitomised by the appointment of mining sector pioneer Sally Cox as the first female Melbourne Mining Club Chair in its 23-year history.

Cox is not a stranger to breaking ground in an industry with a reputation of being a late developer in embracing a more inclusionary profile.

It harks back to her early days when not only was she the single woman in the room but also the youngest.

That encouraged her to build the confidence to share opinions in an intimidating environment and inspired her to promote young women to pursue opportunities in the mining industry.

Cox has played a long-standing role with the MMC since returning to Australia from China and joining the Club's steering committee in 2018.

"For over 23 years, the MMC has promoted the resources sector offering unparalleled networking opportunities with senior leaders in global mining and mining services companies.

"We offer a forum to discuss the most important topics facing the global resources industry and hear from those at the very centre of these developments."

Going forward it is a priority for Cox to address the rapidly changing demographics, diversity and issues and challenges that the industry faces.

"We can do this through the speakers and companies we invite to participate at our events, the industry topics we choose to profile and the audience we attract."


The Melbourne Mining Club

The Melbourne Mining Club was instigated by former financial journalist Gavan Collery with the encouragement of his boss Western Mining Corporation chief executive officer, Hugh Morgan (now a MMC co-patron, with ex Rio Tinto CEO, Leigh Clifford).

WMC executive chairman and former BHP chair Sir Arvi Parbo became founding patron of the MMC and was the inaugural keynote speaker in August 2001.

A joint venture was formed with the Minerals Council of Australia and AusIMM and Collery formed a steering committee of the MMC with fellow journalist Ian Howarth and respected gold analyst Peter Rudd who became the first chairman.

Richard Morrow assumed the role of chair just before Rudd's passing in 2012 and has filled the position since then before passing the reins to Cox.

At inception, Collery's initial proposal to establish a body to promote the minerals industry and support responsible mining bore fruit in a discussion between a group of fellow working and former mining journalists at a local Melbourne pub, The Mitre Tavern. It is one of the oldest buildings in the city and traces its history to the Victorian Gold Rush, an event that put Australia on the global map.

The gold exported from Victoria to Britain in the 1850's paid off the Empire's foreign debts and helped lay the foundations for its enormous commercial expansion in the latter half of the 19th  Century.

During this period two tonnes of gold per week flowed through the Melbourne Treasury Building. 

Today the MMC runs its six core luncheon events and Cutting Edge series for small and medium cap companies at the iconic Melbourne Town Hall which was built mainly with the proceeds of the Gold Rush.

Cox became acquainted with the MMC and built on the relationship after returning to Australia from a three year stint working in China with German-based chemicals conglomerate BASF.

She was a regular participant at the club's events and took a support role in working with presenting CEO's to assist them to prepare their keynote speeches. It led to her becoming a member of the MMC steering committee.

Earlier this year a changing of the guard at the MMC was at hand when Richard Morrow advised that he intended to step down as chair and founder Collery indicated that he was looking to reduce his active role. 

It became apparent that a new appointment should be made at the top.

Because Cox had demonstrated commitment to the MMC's legacy and indicated a vision as to how the club should go forward in delivering for members, guests and the industry she received overwhelming support to take over the chair.

As Cox explains: "Our events and activities are organised by our voluntary steering committee of people like me who have full time day jobs on top of the work we do for the Club."

Her day job is Vice President of Global Business Services and Operational Effectiveness for leading global mining and infrastructure solutions provider, Orica.

Cox is a business and public relations graduate who started as a consultant before moving to an in-house role with the mining company that became MMG and subsequently joining BASF.

It was during this career phase that Cox was encouraged by mentors including Troy Hey (MMG) and David Hawkins (BASF) to broaden her skills and try new roles that she had never before  considered.

"Troy helped me broaden my skills and capabilities across the full spectrum of corporate and public affairs and David supported me to transition into Human Resources, change and transformation.

"Both helped me to see how career progression is not always linear but can be achieved through building a broader portfolio of skills and experiences, organisational understanding and corporate context."


Hong Kong

Something that she identified as an important issue was Environmental, Social and Governance which was then in its infancy. She describes her time with BASF in China based in Hong Kong as a major career milestone.

Cox witnessed first hand the collision of the 2019 protests against the Chinese Government's National Security Bill with the outbreak of the global Covid-19 pandemic. It was a time of mass emigration from Hong Kong and resulted in a crackdown on pro-democracy news media.

The bill was subsequently withdrawn and a victory by pro-democracy forces in a consequent election resulted in the resignation of Hong Kong chief executive Carrie Lam, the first female to be appointed to that position since the British handover of the colony in 1997.

"Working for a large European multinational at the time was a good example of the need to balance the global and local perceptions of such a complex situation.

"Locally our priority was for the safety and well being of our employees, maintaining our supply and relationships with our customers and licence to operate with local authorities.

"We had to find a way to balance these local needs with the views of our headquarters who were seeing the situation from a distance and through a different lens.

"Ultimately we were able to find that compromise within the organisation and manage through that difficult period."

Cox is a supporter of Diversity, Equity and Inclusion and realises that it is a subject that, while attracting increasing notice in the mining industry globally, is still in the early stages of its evolution.

In the US where there is an active focus on the issue, the Bureau of Labor Statistics estimates that women employed across the mining sector, including oil and gas extraction, account for 16% of the workforce compared with a 46.8% share of the total American labour pool.

A lot of the new opportunities have come from the US sector's support of education programmes, an issue that is also a focus for the MMC. Since foundation almost $A1 million has been donated to mining education programs overseen by AusIMM and the MCA.

This raises the question of how to have a career in the industry and the flexibility to provide a successful work/family life balance. Cox says: "It is definitely not easy and I don't have all the answers. I've worked for organisations with good policies in place and supportive managers who have provided me with flexible work solutions while providing me with rewarding and challenging work.

"I've learned to lean in and maximise that flexibility while remaining focused on delivering results in my jobs.
​

"My husband and I both have professional careers and in order to build and keep developing our careers we've each had to make compromises at different times. These choices are hard but have ultimately led to a rewarding and diverse career and one which I hope provides a role model for my two daughters as they think about their futures."
​



Goldfinger       The Man with the Midas Touch              金志頭                        Shanquan Li                           金志头

1/23/2019

2 Comments

 
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​By Robert Kennedy for Mining Journal
​It is not many global investment managers who are known as Jin Zhitou by their colleagues, but it is an epithet used to address Shanquan Li, who has been the portfolio manager of the Oppenheimer Gold and Special Minerals Fund for 23 years.

For the non-Cantonese speaking, the term means Goldfinger.  It is a reference to the Ian Fleming-inspired character, Auric Goldfinger, who conspired to infiltrate the impenetrable confines of Fort Knox with the help of Pussy Galore before being thwarted by James Bond in an Aston Martin.


Ironically, the major store of the world's global gold deposits is not in a fort in Kentucky, but is located within the Federal Reserve Bank of New York which is overlooked from Shanquan's office in the World Financial Centre in lower Manhattan.
Shanquan's nickname was coined by Oppenheimer Funds chief investment officer, George Evans, who more recently has lengthened the moniker to Jin Zhitou Wu Xing to reflect Shanquin's status as a top ranked investor by the major international investor ratings agencies.  (It translates to Goldfinger Five Star).
The Oppenheimer brand begins 2019 in an even more glaring spotlight than before following its recent merger with the Invesco Group of Atlanta, Georgia.  The combined operation handles a global investment behemoth with US$1.2 trillion of assets under management.

Shanquan, the sole nominated portfolio manager of the Gold and Special Minerals Fund, is in a positive mood going into the New Year.

Although the past five years in mining markets have represented a difficult period for mining investors, Shanquan believes 2019 should show that there is still a pot of gold to be found at the end of the rainbow.

"More recently, I believe that the major producers have over concentrated on repairing their balance sheets, mainly through asset sales, and were distracted from pursuing opportunities on the investment side," he told Mining Journal. 
​
"They have also neglected exploration spending.  This has resulted in depleted resources and shrinking of reserve life.  It is a situation that could reverse quickly."

Shanquan considers that dire predictions from pessimistic market elements that the gold price could fall below $1,000 an ounce "do not appear tenable."
Oppenheimer's mining portfolio contains many names with listings in the more traditional mining jurisdictions, notably North America and Australia (about 70% of the stocks in the portfolio).

However, Shanquan points out that the home domicile of many of his holdings bears little resemblance to how he has allocated his geographic and asset exposure.
"I may be invested in companies listed in say, Canada, that I have chosen specifically for their exposure in markets ranging from Latin America to Africa."

A graduate of the People's University of Beijing, he believes that the trend towards global mining investment models has been inevitable, citing the examples of Chinese, Japanese and Korean forays into various African constituencies as an example of which to take note.

Apart from geographical flexibility, Shanquan is equally conscious about asset mix.
"My exposure continues to be focussed on gold and silver while always being watchful of demand and developments in the new materials space.

"The mining industry is notorious for being slow to adapt technologically and innovatively to new demand trends and it is from here that you can identify tremendous potential as an investor.

"It may be in changes of the need for metals such as lithium, zinc or lead but when there is a shortage of required materials it can provide rare value that will deliver an advantage.
"It is important to anticipate the impact of new technology and try to identify the next growth area as we have seen most recently in areas like the development of the electric automotive industry and the resultant need for new battery technology."

But it is perhaps at the micro level that Shanquan places the most importance. He puts a premium on meeting companies in person and travels extensively to put this principle into practice.

"I like to meet companies selectively after careful research. I like to meet them at an early stage. I may not buy into them immediately, but will put them on my watch list and follow them over time."

He considers site visits to be among his most important tasks.
"I like to get a feel for a deposit, to assess its potential, its quality and to estimate a time horizon for its development.  A good deposit will not always transition to a significant mine.

"There are local eco-political factors to take into consideration and I also like to account for such basic issues as electricity and water supply and even the proximity to surrounding assets."
​
In the meantime, Shanquan is preparing for his next trip in February in his quest for value.  Destination: Ecuador and Mexico.


2 Comments

    Authors:

    Robert Kennedy
    ​Liz Levine

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