Columbus Circle Corporate
  • HOME
  • The Mining Investment Event of the North
  • 2024 IMARC Sydney
  • About
  • Columbus Circle
  • Contact
  • Mining Blog
    • Mining Blog 2023
    • Mining Blog 2022
  • The Mining Investment Event of the North 2025
  • I Georgious
  • DISNEY US OPEN
The Mining Investment Event of the North 2025

Breaking Ground: Sally Cox

Picture

























​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."
​



Ospraie becomes the Phoenix

4/1/2019

2 Comments

 
Picture

​​It is 10 years ago now that former Tiger Cub champion, Dwight Anderson, stunned the hedge fund world by announcing that Ospraie, his $9 billion landmark commodities behemoth, had exhausted its avenues for return in the post GFC environment.

Picture
Picture

​He decided his best recourse would be to wind down its activities and return the funds under management to its investors.

Did this mean that Anderson would be reducing his public exposure and moving on to greener pastures?

Move the clock forward to 2019. The reemergent Ospraie, with Anderson still firmly at the helm, has extended the reach of its traditional mining and energy hedge fund business into new areas including the food supply chain, agricultural science and technology.

His interest in food and agriculture goes back to his Tiger Management days when he was encouraged under the tutelage of hedge fund pioneer, Julian Robertson, to immerse himself as he wanted.

This enabled him to devote time to pursue themes that he found of paramount interest ranging from turning over the rocks in various mines across the African continent to building a comprehensive network of global agriculture experts.

​Enter Nathan Ebeling, a four-year US Army field artillery officer and Notre Dame graduate who was eager to break into Wall Street. After a five-year stint cutting his teeth in commodities at Goldman Sachs, he secured a place on the Ospraie energy trading desk in 2005.

Since then, he has earned a spot with fellow partner and Ospraie co-founder, Jason Mraz, as a trusted lieutenant working alongside Anderson overseeing the metals and mining portfolio while retaining a significant role in the firm's hedge fund business.
Ebeling stresses the global commodities hedge trading platform and commitment to mining continues to provide the bedrock of the business.

He also believes intelligence gained as a result of the diversification increases the ability of the trading desk to capitalize on opportunities that might not have been anticipated in the past. The model has evolved from the company he first joined through the introduction of more niche strategies in metals and agriculture. 

The name Ospraie is derived from the latin word for the bird of prey. The firm was developed within and seeded by Tudor Investment Corporation - Paul Tudor Jones' investment firm - which Anderson joined from Tiger and which became the cornerstone principle of the new venture. The Ospraie has become the phoenix.

​Ebeling posits a key momentum advance for the company to have been its 2015 decision to back London-based commodities identity Mark Hansen to set up on his own.

Hansen was leaving his position as head of trading at Noble Group to begin the new enterprise, Concord Resources, during the worst commodity crash in a generation.
Ebeling, fellow Ospraie partner Mraz and Hansen worked hand-in-hand to raise the capital to establish Concord as a global resources merchant with a focus on the supply chain, risk management and non-ferrous metals and raw materials trading.

Ebeling said: "It was a matter of picking the right partner in the right environment. In addition to making what have turned out to be great investments, Dwight and I have retained positions on the Concord board. We are focused on achieving a great outcome together with Mark and his team.

"Concord is achieving returns well in excess of 20% and with just over 50 employees in Hong Kong, London and New York has delivered 2 million tonnes of physical commodities in 2018 to more than 400 customers and counterparties around the world.

"It is poised to continue the upward momentum and consolidate its position as one of the top global commodities traders."

A  growing area of interest is the private financing opportunities offered in the smaller metals and mining industry space as a result of Ospraie's network of relationships and experience in the area.

An example is Pandion Mine Finance, one of several companies Ospraie has backed in partnership with the MKS PAMP Group, one of the largest global precious metals trading and refining companies.

Pandion has raised $175 million and has so far invested half of it across six projects in higher quality jurisdictions.

Ebeling said: "They are in Utah, Arizona, Canada, Brazil, Peru and Finland. We give a premium to a good rule of law and geographies that have a history of promoting mining.

"There is a dearth of capital in smaller deals between $10-100 million. We see significant opportunities here which may be overlooked by larger private investment firms.

"It is an area where non-traditional capabilities are a distinct advantage and the ability to apply bespoke financing principes to particular situations is essential. To be able to move quickly and decisively is paramount."

Ebeling describes the agricultural sciences business as the third leg of the stool for the group. The new incubator, Ospraie Ag Science, was created just over a year ago to bolster its presence in agricultural technology.

One of its first steps was to zero in on a biopesticide provider, Marrone Bio Innovations, where it became a cornerstone investor before recapitalizing the company. MBI has now become a leading ag tech platform.

"The investment rationale is to look for early stage operating companies with an emphasis on a rigid process to enhance the quality adjusted yield of the crop targets.

"We believe that the introduction of biopesticides by farmers for crop protection will enhance the future growth of organic production and yield quality."

Ebeling believes it is an area that has tremendous upside as farmers move away from the use of synthetic chemicals for pest management to satisfy consumer demand in the organic and gluten free markets.

Although Ospraie has increased its exposure in the food supply sector it has been involved in the agricultural investment space since 2002.

It was an early stage investor in NYSE-listed Adecoagro one of the largest agricultural companies in South America with interests in Argentina, Brazil and Uruguay.

In 2007 it formed Teays River Investments, the largest farming company in the US and played a key role in the restructuring of Nebraska-based grain merchant Gavilon ahead of its sale to Japanese trading house Marubeni for $3.6 billion in 2012.

​"The agricultural science space has several similarities to the metals and mining industry," Ebeling said. "We plan to continue to leverage our network and track record of backing strong management teams to identify niche capital opportunities to provide strong risk-adjusted returns."

View my profile on LinkedIn

Robert W Kennedy, author

Rob moved into the corporate relations sphere after 30 years in financial markets in Sydney, London and New York.  He ran the Australian, Japanese and Asian equity sales operations in the US for Barclays Capital andis on the international advisory board of the Melbourne Mining Club.

Before entering the securities industry, he worked in financial journalism with the Sydney Morning Herald, the Financial Times of London and the South China Morning Post of Hong Kong. He is a weekly contributor to the #Mining Journal.

2 Comments
liana link
10/14/2022 09:42:11 pm

thanks for info

Reply
Nolan Shaw link
8/3/2024 06:48:34 pm

This wwas lovely to read

Reply



Leave a Reply.

    Authors:

    Robert Kennedy
    ​Liz Levine

    Archives

    December 2022
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    September 2018
    December 2017
    November 2017
    July 2017
    May 2017
    May 2016
    November 2015

    Categories

    All
    Asset Managers
    Cobalt
    Corporate Access
    EU Legislation
    Gold Mining
    Gold Sector
    Lithium
    Mariana Resources
    Markets In Financial Instruments Directive
    Market Transparency
    Mifid II
    Mining
    Ospraie
    PDAC
    Quality
    Research
    Resources
    Rick Eule
    RonDewhurst ChairmanSprott
    Sandstrom Gold
    Sprott Asset Management
    Trafe Reporting
    Triffids
    Zen And The Art Of Motor Cycle Maintenance

    RSS Feed

  • HOME
  • The Mining Investment Event of the North
  • 2024 IMARC Sydney
  • About
  • Columbus Circle
  • Contact
  • Mining Blog
    • Mining Blog 2023
    • Mining Blog 2022
  • The Mining Investment Event of the North 2025
  • I Georgious
  • DISNEY US OPEN