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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."
​



Long-distance mentor Dewhurst discusses global Sprott view

5/30/2019

6 Comments

 
When Melbourne domiciled Ron Dewhurst assumed the chairmanship of US$10 billion North American global mining and resources investment powerhouse Sprott Inc two weeks ago it was not an unexpected appointment.n Melbourne domiciled Ron Dewhurst assumed the chairmanship of US$10 billion North American global mining and resources investment powerhouse Sprott Inc two weeks ago it was not an unexpected appointment.
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After leaving behind a distinguished early athletics background, notably as a successful coach, Dewhurst has built a four-decades business career, about half of which has been lived outside his native Australia.
Most of that has been spent in senior executive positions where he was called upon to focus on team building and mentoring.
The new post will require him to make the trip to Toronto on a regular basis but he is no stranger to the nomadic business life. His globetrotting path has led him to prolonged stretches in New York, London, Hong Kong and back to New York.
It was during his second US stint while working as the head of global investment managers at Legg Mason that he was introduced to Whitney George, then chief investment officer of Royce Funds. LM had acquired Royce in 2001.
About three years ago, George, now Sprott Inc president, reached out to Dewhurst for some advice.
"Initially, the company was looking to reshape the business and I was invited in to hear the long-term strategy and give them my thoughts on the best way forward. It was a well-known name as a small-to-mid-cap fund manager specializing in the precious metals space," Dewhurst told Mining Journal in his first interview since taking the Sprott role.
"I met with senior executives including Eric Sprott and Peter Grosskopf and it became clear that they were interested in taking it in a new direction." Soon after, he joined the board at the beginning of 2017.
"There has been a shift in emphasis with the company looking to broaden its well-honed skills in asset managing, lending, advisory work and direct capital investment by commodity and geographically."

Ron Dewhurst: No stranger to the nomadic business lifeDewhurst likens the new model to the traditional old-style UK-style merchant bank example.
"It is a style that had been ignored for a time but looks to be back in fashion," he said.
Sprott Inc CEO, Grosskopf has described the recent spate of new tech IPOs as being executed at price-to-sales valuations "based on ludicrous multiples eerily reminiscent of the dot-com bubble of 2000".
"We understand that it is hard to resist the siren song of the solid track record that has been created by the investment industry in the past 10 years and the three decades which preceded it as the boomer generation propelled the markets and the economy," Grosskopf said.
"There is also ample logic to suggest that when helicopter money drops one must have some allocation to solid growth and value stocks as well as dividend-paying real assets.
"These positions should broadly benefit from the growth and inflation that is initially generated as governments print more money."
The Sprott history dates back to 1981 when Eric Sprott, a pioneer of investing in precious metals, took the decision to take his investment model to a broader audience. It is a model that still holds up today as evidenced by his personal backing of the outstandingly successful development of the Fosterville gold mine in Victoria and Macassa property in Ontario by Kirkland Lake where he remains a 10% shareholder.
While Sprott no longer has active day-to-day involvement with the company that bears his name he remains a large shareholder and important supporter.
The Sprott Inc of today has evolved greatly from its original focus as an institutional broking firm working on behalf of mainly Canadian small to mid-cap natural resources companies. With a client base of more than 200,000, it is now a Toronto Stock Exchange listed global asset manager with interests ranging from physical bullion trusts, to mining Exchange Traded Funds, direct equity provision and resources lending.
The global emphasis is a concept that Dewhurst is most comfortable with and harks back to his sporting beginnings.
In 1975, the younger Ron self-financed a two month trip to Kiev, then a part of the Soviet Union, to observe the coaching methods employed by athletes such as the great Olympic champion Valeriy Borsov first hand.
"They were going through a phase of incredible success and I wanted to see what they were doing that we weren't in Australia," Dewhurst said.
Soon afterwards began his move into the finance sector.
However, five years later, he took a decision to put a temporary hold on his newfound flourishing business career.
After joining the boycott of the 1980 Moscow Olympics acclaimed Australian athlete Raelene Boyle reached out to Dewhurst, her long-time coach and confidant. The decision not to compete again at the highest level had been a profound moment for Boyle.
It appeared to some to signal the anti-climactic end to a distinguished career competing cleanly in an era tainted by rampant performance enhancing drug use.
After earnest consultation, Boyle and Dewhurst decided that there would be a last hurrah.
Boyle went on to take the gold medal in the 400m final in the 1982 Commonwealth Games in Brisbane and retired as the single highest medal winning athlete in those games' history. When Boyle was honoured with Legend status by The Sport Australia Hall of Fame in 2017 she delivered an emotional tribute to her old coach.
She said that as importantly as convincing and preparing her to run the 400m, a distance she detested because of the hard work involved, he had taught her about the need to balance her life after sport.
While his experience in competitive athletics is long past, for Dewhurst the coaching has never really stopped.
His international banking experience included time running JP Morgan Asset Management in New York after establishing and building the Wall Street bank's Asian equities operation in Hong Kong and overseeing the international equities operation in London. One of his most monumental moments came when heading up the JP Morgan unit on September 11, 2001, when he was managing people located about 2km from the Twin Towers.
While the company had advised staff to remain in the building, Dewhurst gave his charges the option of packing up their desks and leaving, particularly if they had family in Manhattan or even wanted to go outside to try to understand what was happening.
"Companies have disaster recovery plans but when something so utterly unpredictable occurs, people do unusual things," he said.
Coach Dewhurst left the decision in the hands of his players.

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