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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."
​



From Bond Street to Lexington Avenue for Sugar

2/6/2019

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​Bond Street to Lexington Ave for Sugar
At the height of the Global Financial Crisis a decade ago when the oft-quoted “too big to fail” theory disintegrated in the face of collapses by Wall Street giants like Lehman Brothers and Bear Sterns an ex floor broker from the Sydney stock exchange thought it would be a great idea to take the high-risk decision to establish a mining and energy corporate advisory and funding boutique in the middle of Manhattan.

Eddie Sugar had come a long way from running orders directly for Brent Potts at Potts West Trumbull in Bond Street in the 1980s to his seat in a senior executive position at Jefferies & Co, one of the Wall Street banking houses to survive intact in the midst of the GFC carnage. From Potts West, he had rounded out his experience range by acting as the senior advisor for the family office of Melbourne retail entrepreneur, Solomon Lew, working with Marc Rich and running the New York international sales trading desk of Barclays de Zoete Wedd before alighting at Jefferies.

It was from that comparatively safe haven that Sugar decided to execute his plan to establish EAS Advisors as the go-to focus point for the international mining community.

Ten years later, EAS has grown to an office of eight professionals having completed US$6.5 billion of transactions in deals ranging in size from $5 million to $1.2 billion.

Those include his two landmark deals involving the assembly of much of the early stage US support for Andrew ‘Twiggy' Forrest's Fortescue Metals and his anchoring role behind the development of African Minerals before it was privatised by Chinese interests.

Sugar defends his decision to embark on something of a career change in establishing himself as the sole principal of a new venture in the middle of the GFC crisis. "In hindsight, I can see why it might have seemed to be an unusual time to launch but I think the move proved to be quite fortuitous," he told Mining Journal.

"The real answer is that there is no right time to make such a move. You just have to make the decision and do it.

"I think we discovered that if you can survive through a tough period in the market, it proves that you can always find capital for the right project if it is based on sound fundamentals and structured on appropriate terms. Flexibility is a key. Each deal has its own nuances."

Discretion, apparently, is also a factor.

An example of this is EAS's support of the ASX-listed Elk Petroleum, an $80 million market cap company which was looking to buy a $185 million US asset.

"It was a deal that was viable through the application of an innovative funding method. It took six months to put together and at no point was there a leak," Sugar said.

He stressed also that EAS had a track record built on many lessons learned and that some mistakes had occurred along the way.
Eddie Sugar: "Each deal has its own nuances"

It has provided the basis of his maxim that the structure of the team behind a project is paramount to what he looks for in getting behind a deal. "As important as the CEO may be, it does not stop there," he said. "There has to be a strong team from the engineer to the geologist and beyond. Everyone has to be aligned and have a complementary skill set. Each member has to know where he sits in the process.

"Also, it is crucial that each team is familiar with the materials they are dealing with and have executed successfully before. Gold mining is as different to lithium as lithium is to graphite."

Another important ingredient is matching the appropriate investment audience to the company type and size and the asset mix involved.

"It is crucial that each company knows where it sits in the cost curve and seeks to deliver on that basis," Sugar said.

He believes that many junior private companies seek to come to the public markets too early because it is what the brokers tell them to do.

"The early stage private companies appeal to a completely different shareholder base," he said.

"It is far better for this group to stay private and wait to come to the market when their projects reach a stage of maturity where they have established strong public company investment credentials."

So, 10 years in, what may be the next chapter for EAS?

"We would like to put ourselves in a position to take more of a merchant banking role," Sugar said.

That may be by setting up house funds to invest in areas such as special materials and new energy.

​ The objective will be quite straight forward. "The goal will be to achieve outsized returns by applying efficiency of capital." 

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