Speakers' Abstracts & Bios

Conference Schedule and Speakers' Abstracts and Bios Are Below

CTMF starts at Noon on Sunday April 30th and Ends at 1 PM Wednesday May 3rd All must register. The NY Section of SME thanks all Sponsors, Speakers and Delegates that registered to attend the 5th annual Current Trends in Mining Finance Conference. As noted, space is limited and as a result of the over whelming expressions of interest to date, the Committee has decided to close registration to attend the conference on Monday May 1 and Tuesday May 2. 

There remains space for those interested to attend the dinner or a workshop All must register in advance. We continue to monitor registrations periodically and may need to close registrations for the dinner and workshops too. A 4 page pdf schedule of the events, panels and workshops is here A 2 page pdf schedule is here The speakers' abstracts and bios are here 

More than 70 speakers will present case studies on how to employ best practices and technology to anticipate, track and manage the technical and non-technical risks associated with mining projects worldwide. Experts will discuss trends, solutions, risks and where the opportunities exist.

There are more than 20 panels, round tables and several key note speakers that will discuss the key trends and issues in global mining finance, including sessions about - and others

  • Bankers’ View of Capital Markets and Mine Financing multiple panels, round tables including about M&A, Restructurings, etc.
  • Evaluating, structuring finance and funding of mining companies and projects today, including royalties, streaming and project finance, etc.
  • Analysts’ View of Global Metals, Minerals Markets - more than 3 panels discussing global metals, mining, steel markets, trends, prices etc 
  • Proposed Changes in Regulations Affecting Mining Finance - two panels and others about interpretation, harmonization and managing with

  • Engaging Stakeholders For Success - two panels on Tuesday and other panels and round tables discussing and presenting case studies
  • Technology, Smart Data, Innovation - multiple panels, examples and experts using virtual, IoT and equipment to manage cost and risks 
  • Best Practices Re: Mineral Reserves and Resources, including discussion of recent proposed changes to Industry Guide 7 in the USA 


2017 CTMF Events and Conference Schedule with Speakers’ Abstracts and Bios
Content, Speakers, Order and Times are subject to change
as of 22 April 2017

All attendees must register in advance of the event. Register today on line (click here) to attend the workshops and or dinner. Registration to attend the conference on Monday May 1 and Tuesday May 2 is closed.

Register to attend either of two Pre-Conference Workshops on Sunday, April 30th and Two Post Conference Workshops on Wednesday May 3. Read more about the workshops by clicking here including the bios of the leaders and workshop descriptions.

Sunday April 30th – Two Pre-Conference Workshops Noon to 4:30; Followed by Dinner at Opia Restaurant 5 – 7:30 PM

Two Pre-Conference Workshops on Sunday April 30, 2017 Start at Noon, End at 4:30 PM at Opia Restaurant at 130 East 57th Street, at corner of Lexington Avenue

I.  Global Battery Raw Materials Supply Chain and Energy Storage: The 21st Century's New Oil led by Simon Moores, Managing Director Benchmark Mineral Intelligence Sunday April 30th Noon - 4:30 PM at Opia Restaurant

Setting the scene: The role critical mineral supply chains in 21st century industrial evolution

  • The Rise of the lithium ion battery megafactory - Simon Moores, Managing Director, Benchmark Mineral Intelligence
  • The Cobalt Conundrum - Caspar Rawles, Analyst, Benchmark Mineral Intelligence
  • Downstream Drivers for Battery Consumption - Michael Schmidt, Senior Geologist, German Mineral Resource Agency (DERA)
  • Lithium Deep-dive: State of the industry: Lithium brines - Patrick Highsmith, CEO, Pure Energy Minerals Limited
  • State of the industry: Lithium spodumene feedstock & Chinese conversion - Mike Tamlin, COO, Neometals Limited
  • Lithium Resources in the wake of the EV revolution - Salustio Guzma, President, 4m Advisors

Simon Moores is the Managing Director of Benchmark Mineral Intelligence, an independent publishing business focused on critical mineral supply chains and disruptive technologies. Simon has specialist knowledge in critical and strategic minerals and markets including graphite, lithium, cobalt, batteries, electric vehicles and China. He has specialized in the lithium ion battery supply chain and, in particular, the upstream sector from mine to battery cell manufacturing. In 2015, Simon and Benchmark advised Goldman Sachs on lithium and batteries in its Low Carbon Economy Report and with Deutsche Bank, Credit Suisse, UBS, and Canaccord Genuity on lithium ion battery supply chain roadshows. In addition, he launched subscription products, Benchmark Membership and Benchmark Data | Graphite and the events, Benchmark World Tour 2015 and Graphite Supply Chain 2016.

Caspar Rawles is an analyst at Benchmark Mineral Intelligence, an independent publishing company specialising in price and data collection and assessment of lithium, graphite and cobalt for the battery supply chain. Benchmark is unique in its data collection methods – first hand from active industry participants throughout the global supply chain. Caspar, a qualified geologist, joined Benchmark from a role as a precious metals broker at BGC Partners (part of Cantor Fitzgerald) where he traded a wide variety of financial products including vanilla and exotic options, swaps as well as heading up the COMEX and NYMEX trading of precious metals for BGC. Here he gained a first hand, deep understanding of the economic factors that drive commodity markets and how these markets react to change. 

Casper's previous role was as an exploration geologist for Rio Tinto, where he was a senior member of the team responsible for the drilling program of up to 27 drill rigs, which proved up an untapped resource of over 2 billion tonnes at the Simandou iron ore project in Guinea, West Africa. He also ran the drill program for Sundance Resources on the Mbalam-Nabeba Iron Ore Project in the Republic of the Congo. Caspar’s blend of geology, mining and financial markets is now being deployed in Benchmark’s coverage of the cobalt market with a focus of collecting and assessing market prices for battery grade chemical products. Caspar has a MSc in Water Resource and Technology Management and a BSc in Geology with Physical Geography from the University of Birmingham, UK.

Michael Schmidt from the German Mineral Resources Agency (DERA) will speak about how Germany is securing supply chains for the battery capacity expansions expected to take place there in the coming years.  Michael Schmidt is a research associate at the German Mineral Resources Agency (DERA) based in Berlin, which is part of the Federal Institute for Geosciences and Natural Resources (BGR). He is a geologist with practical experience in exploration, global market analysis and consultancy. Between 2009 and 2012, Michael worked for the Martin Luther University Halle – Wittenberg where he worked on CCS technology. He also worked for different Junior Mining Companies (mostly Silver and Gold but also Antimony). Since October 2012 he works in risk analysis for different commodities including Antimony, PGMs and Lithium. In this position he is also consultant to the German Industry in commodity related issues.

Patrick Highsmith, CEO and Director of Pure Energy Minerals is a seasoned resource company professional with over 25 years’ experience in exploration, operations, business development, and executive roles for various companies, including: Rio Tinto, BHP Billiton, Newmont, and Lithium One. Mr. Highsmith has evaluated and worked on more than 250 projects around the world. His project management experience includes leading diverse teams through major engineering and development milestones, including delineating several mineral resources, a successful PEA on the Sal de Vida lithium brine project. Patrick has BSc and MSc degrees from the Colorado School of Mines in Geological Engineering and Economic Geology (Geochemistry).

Michael Tamlin is Chief Operating Officer of Neometals Ltd. Mr Tamlin has more than 25 years’ experience in the mining and smelting industry with significant expertise in lithium, tantalum, vanadium, industrial minerals and chemicals. His lithium experience covers the development of the China chemical market and global technical spodumene markets for the Greenbushes Mine, the Zhangjiagang Lithium Carbonate Project and the Rincon Brine Project. He has a strong track record in maximising commercial performance, developing and implementing strategy and brings experience in the development of both hard rock and brine lithium projects, lithium supply negotiation, lithium markets and management at executive level.

Dr. Salustio Guzman, is President at 4M Advisors an independent advisory to the Natural Resources Industry and Corporate & Institutional Investors. Salustio has more than 30 years’ experience with multinational companies with businesses in the "Natural Resources Value Chain", possesses demonstrated expertise and insight for defining business strategies, technology transfer, the practice of state of the art technologies for mineral resource development, new mining & metallurgical projects and operating facilities in mining, extraction, processing, fabrication of materials, process design and problem solving in mining, extractive metallurgy, energy, resource recovery, recycle and environmental conservation including, supply/ demand/ prices, market trends and outlook of industrial minerals/ metals/alloys/semi-fabricated and fabricated materials. Prior, Dr. Guzman was Vice President Marketing and Technology at Titanium Corporation Inc., Director of Process Research & Environmental Research at Rio Tinto Iron and Titanium Inc., Manager of Process Research at Quebec Iron & Titanium Inc. and a Project Leader/Research Scientist at Alcan International Ltd. Doctor Guzman has been associated with the Academia as a Lecturer, given conferences and workshops on Technology, Materials, Energy and Environment at Columbia University in New York- USA, McGill University in Montreal-Canada and at the Mining and Metallurgical Faculties in Bolivia.  

II. Reliability of Mineral Resource Estimates for Exploration & Development of a Mining Project: What a Banker, Finance Expert & Analyst Should Know by Abani R. Samal, Ph. D., Principal, GeoGlobal LLC and Harry Parker Ph.D., Consulting Mining Geologist & Geo-Statistician, AMEC Foster Wheeler Sunday April 30th Noon - 4:30 PM at Opia Restaurant

Typically a computer based model is developed as part of resource estimations for mineral exploration projects at various stages of exploration and studies leading up to construction and operation. Increases in tonnage of material at an economic cutoff grade and improvement of ‘confidence’ in these estimates are treated as indicators for success for the project. For an example, the estimation of mineral resources at the beginning of a pre-feasibility study (PFS) is expected to have much higher level of confidence compared to the estimations developed during preliminary economic analyses (PEA) or a conceptual study. As the project moves to completion of a PFS, analysts, bankers and investors expect improved confidence of the resource estimates and make sure that the analyses are robust enough that a certain percentage of the total resources are qualifying to be termed as a mineral reserve – per relevant industry standards.

During exploration and development of a mining project it is important to understand some of the key technical risks and opportunities in terms of possibilities of the range of values surrounding estimates of grade and tonnage – and other measures. This is important for financial decision making in developing a deposit. Such decisions provide guidance to the project development team to focus on achieving success in two different areas: i) improving confidence of the mineral resources and ii) increasing the amount of mineral resources that can be mineable in foreseeable future.

In this workshop Dr. Samal will discuss the complex nature of mineral deposits and style of mineralization in various types of deposits such as massive (iron ore/ porphyry type copper deposits, VMS multi-metallic deposit), vein hosted precious metals (gold-silver deposits) and manto type silver-zinc systems etc. The geology of a mineral deposit dictates the resource estimation techniques. This work shop will also discuss the use of higher level mathematical, computer-based modeling techniques in the assessment of risks and opportunities that are used and lead to targeting and prioritizing activities during exploration to improve the confidence in estimation of resources. Using real-life based anonymous examples, participants will have an opportunity to understand how other factors such as land access can pose a threat to the value of the deposits (in terms of total tons of metal) and how to come up with a feasible solution.

Dr. Parker will present the evolution of reporting codes and standards and will give examples of current practice in classifying Exploration Information, Mineral Resources and Mineral Reserves. He will illustrate risk assessment using a score-card approach for several base metals projects. He will comment on responses to the SEC’s proposed replacement of Industry Guide 7.

Dr. Abani R Samal is owner and Principal of GeoGlobal LLC. providing consulting services to exploration and mining companies. Dr. Samal has worked worldwide on various projects since 1996.  Dr. Samal is well recognized for his expertise in advanced geostatistics, mineral resource estimation, and strategic advice for mineral resource development. Dr. Samal holds a Master of Technology (M Tech) degree from the Indian School of Mines (India); a DIC & MS in Mineral Deposit Evaluation from Imperial College, London and PhD from Southern Illinois University, Carbondale, USA. He has training and experience in mineral deposit evaluation. He is a Registered Member of SME, a Fellow of Society of Economic Geology (SEG), a Certified Professional Geologist (CPG) and contributing member of the committee that published the 2014 SME Guide for Reporting Exploration Results, Mineral Resources, and Mineral Reserves. He is an honorary representative of CRIRSCO in bringing India in as a member.

Dr. Harry Parker is Consulting Mining Geologist and Geo-statistician at AMEC Foster Wheeler Mining & Metals. Harry has world-wide experience in due diligence, resource modelling, and service as a Competent Person.  He holds Bachelors’ and PhD degrees in Geology from Stanford University and Masters’ degrees in Geology and Statistics from Harvard and Stanford Universities.  He served as an exploration and staff geologist for The Hanna Mining Company (1969-75).  He was General Manager Geology and Geo-statistics for Fluor (1975-89). From 1989 he has served in various roles for MRDI, Simons and Amec Foster Wheeler.  He is Co-Chairman of the SME Resources and Reserves Committee and is Past Chairman of CRIRSCO, the Committee for Reserves International Reporting Standards.  Harry has served as a Qualified Person for Ivanhoe Mines’ Kamoa and Platreef project disclosures and Duluth Metals’ Maturi project disclosures; he has served as a Competent Person in connection with the privatization of the Zambian Copperbelt, privatization of CVRD’s mineral deposits, and privatization of Ashanti Gold Fields.

Dinner on Sunday April 30, 2017 from 5 PM to 7:30 PM at Opia Restaurant at 130 East 57th Street starts at 5 PM and Ends at 7:30 PM with two guest speakers, starting at 6:10 PM and 6:40 PM.

  • Douglas Morrison, President & CEO of the Centre for Excellence in Mining Innovation (CEMI) and Director of theUltra-Deep Mining Networkin Sudbury, Canada. Doug will reflect on his many years' experience as an underground miner and recently at CEMI in Sudbury, Canada. Mining has a reputation for destroying value and perceiving innovation as ‘high risk’. We have to turn this around. The industry needs to embrace real change and innovation and investors have a role to play in making this happens. In a slow-growth economy, process innovation is the best way to increase productivity and deliver higher returns. Though, as mines go deeper and costs rise, without process improvement ROIs are guaranteed to decline further. Doug will discuss examples of CEMI's work that is focused on breaking ore and moving it, cheaper and faster.
  • Neal Rigby, PhD, CEng, AIME, MIMMM, Corporate Consultant (Mining) at SRK Consulting Neal's talk: "The more things change the more they stay the same” will cover a number of key insights, reflecting on his over a plus 40 year career. Neal will highlight some pluses, minuses, trends, lessons learned (or not) and of course his thoughts on outlook.

All attendees must register in advance of the event. Register today The Sunday dinner, after the two pre-conference workshops, is an enjoyable time to meet and network with other delegates and members of New York's banking, finance, investment, private equity and analyst community. Visit dinner for details.

Here is a schedule of the panels, round tables and receptions, refreshment and food breaks at the CTMF Conference.

Monday May 1, 2017 - Day One of the 2017 CTMF Conference

7:45     REGISTRATION AND BREAKFAST -
Sponsored by Behre Dolbear

8:30     WELCOME BY CONFERENCE CHAIR AND HOST
8:35     CONFERENCE CHAIRMAN’S OPENING REMARKS

8:40     I.1 CAPITAL MARKETS REVIEW AND KEY TRENDS IN MINING
9:20     I.2 BANKERS’ VIEW OF CAPITAL MARKETS AND MINE FINANCING


10:00   KEY NOTE ADDRESS: Tony O’Neill, Anglo American PLC, Group Director, Technical 

Technology and Innovation in Mining Today

10:30   REFRESHMENT BREAK - Sponsored by Newmont Mining Corporation

10:50   I.3A ANALYSTS’ VIEW OF THE METALS AND MINERALS MARKETS: PART ONE – SHEARMAN ROOM
10:50   I.4A PRECIOUS & BASE METALS PRICE RISK MANAGEMENT IN MINING PROJECTS & FINANCE: CONF ROOM G/H

11:35   1.3B PROPOSED CHANGES IN REGULATIONS AFFECTING MINING FINANCE – SHEARMAN ROOM
11:35   I.4B ANALYSTS’ VIEW OF THE METALS AND MINERALS MARKETS: PART TWO – CONFERENCE ROOM G/H

12:20   KEY NOTE SPEAKER LUNCHEON - SPONSORED BY THE GOVERNMENT OF QUEBEC

12:35   Dominique Anglade, Quebec's Minister of Economy, Science and Innovation; Minister responsible for the Digital Strategy

Quebec - A Premier Global Center of Mining, Technology and Innovation

1:30     I.5A WHAT ARE TRENDS AND ISSUES IN MINING M&A? – SHEARMAN ROOM
1:30     I.5B ANALYSTS’ VIEW OF THE METALS & MINERALS MARKETS PART THREE – CONFERENCE ROOM G/H

2:20     I.6 RESTRUCTURING MINING COMPANIES: A SECOND CHANCE FOR SUCCESS – SHEARMAN ROOM

3:10     REFRESHMENT BREAK - Sponsored by Newmont Mining Corporation

3:30     1.7 WHY SOME MINING PROJECTS SUCCEED AND WHY SOME FAIL – SHEARMAN ROOM
4:25     I.8 HOW MINING COMPANIES ARE RAISING CAPITAL TODAY

5:25     CONCLUSION OF DAY ONE OF CTMF CONFERENCE PROGRAM
  
5:30     RECEPTION – Food and Beverage in Rockefeller Center

Sponsored by Government of Quebec
  
8:00     CONCLUSION OF DAY ONE OF CTMF CONFERENCE

On Tuesday May 2, 2017 - Day Two of the 2017 CTMF Conference

7:45     REGISTRATION AND BREAKFAST - Sponsored by Behre Dolbear 

8:45     II.1 WHAT IS AND WHO PROVIDES ALTERNATIVE SOURCES OF CAPITAL? 
9:35     II.2 MINERAL AND MINING PROJECT VALUATION AND COSTS

10:20   REFRESHMENT BREAK - Sponsored by Newmont Mining Corporation

10:40   II-3 BEST PRACTICES RE MINERAL RESERVES AND RESOURCES
11:30   II.4 MINING REGULATIONS AND LAW – SHEARMAN ROOM


12:20   GUEST SPEAKER LUNCHEON - SPONSORED BY ERNST & YOUNG

12:35   JOHN W. ALLEN, CHAIRMAN AND CEO OF GREATER CHINA CORPORATION
-  

Major New Opportunities with China: What They Are and How to Participate * Five critical factors to  understand in dealing with China * Transformational new development in the mining sector * Major financial considerations and opportunities * New Technologies - The Key to the Chinese Market

1:30     II-5 SUCCESSFUL USE OF TECHNOLOGY AND SMART DATA IN MINING: TRACK ONE – I- SHEARMAN ROOM
2:30     II-5B SUCCESSFUL USE OF TECHNOLOGY AND SMART DATA IN MINING: TRACK ONE - II- SHEARMAN ROOM

1:30     II.6A ENGAGING STAKEHOLDERS FOR SUCCESS – TRACK TWO - I - CONFERENCE ROOM G/H
2:30     II.6B RESOLVING COMMUNITY WATER RISKS OF MINING: TRACK TWO – II -CONFERENCE ROOM G/H

3:25     REFRESHMENT BREAK - Sponsored by Newmont Mining Corporation

3:45     II.7 MANAGING MINING PROJECT EXECUTION – SHEARMAN ROOM
4:35     II.8 HOW TO PROSPER IN THIS MARKET

5:25     CLOSING REMARKS BY CONFERENCE CHAIR

5:30     RECEPTION – Food and Beverage at Shearman & Sterling’s Conference Center

Sponsored by Dassault Systemes, Ernst & Young, SRK Consulting         

8:00     CONCLUSION OF DAY TWO OF CTMF CONFERENCE

Two Post Conference Workshops on Wednesday May 3 at Shearman & Sterling LLP 599 Lexington Ave, at corner of 53rd St. Read about the workshops here  Breakfast 7:45 AM, Start 8:30 AM, End 11:30 AM, Lunch Ends 1 PM.

III. Where Do Things Go Wrong in Mining Project Development? Red Flags to Watch Out For and Mitigants by Graham Clow, Chairman, Principal Mining Engineer and Jason Cox, EVP & Principal Mining Engineer of Roscoe Postle Associates Inc and Chris Ryan and Jonathan L. Greenblatt, Partners of Shearman & Sterling LLP 7:45 Breakfast/8:30 – 11:30 AM

IV. Understanding the Importance of Using Hedging in a Volatile Price Environment by Miners and Developers of Resource Projects by Sean Russo, Founder & Managing Director Noah’s Rule 7:45 Breakfast/8:30 – 11:30 AM

Noon to 1 PM – Lunch
1 PM Concludes Lunch and the 2017 CTMF Conference

Details of CTMF Conference Monday, May 1 and Tuesday, May 2 with Speakers’ Bios and Abstracts are below
Content, Speakers, Order and Times are subject to change
All attendees must register in advance of the event. 
as of 22 April 2017

Monday May 1, 2017
SME’s 5
th Current Trends in Mining Finance (CTMF) Conference
Managing through the Cycle, Investing for the Future
Connecting Mining, Finance and Engineering Executives
Shearman & Sterling LLP
599 Lexington Ave at corner of 53rd Street, New York
Content, Speakers, Order and Times are subject to change
as of 22 April 2017
All attendees must register in advance of the event. 

7:45     REGISTRATION AND BREAKFAST: SHEARMAN ROOM AND CONFERENCE ROOMS G/H & J

Sponsored by Behre Dolbear

8:30     WELCOME BY CONFERENCE CHAIR AND HOST: SHEARMAN ROOM, LIVE FEED CONFERENCE ROOMS G/H & J

Program Chair and Executive Director of NY SME and TAA Advisory LLC, Tim Alch, Managing Partner

Tim is known for his project management, collaborative team building and analytical skills about markets and challenges facing owners, management, investors and lenders. His career spans equities analysis and management and investment advisory of technical, financial, investment, management issues working with leading firms and experts. He is an honors graduate of Amherst College, B.A. Geology; and continued study in M.Sc. Mineral Economics (ABD) at Penn State. Tim is a member of the Society of Mining, Metallurgy and Exploration (SME) and American Exploration and Mining Association (AEMA), Executive Committee Member of NY SME since 2008, Chair (2016), Executive Director (2016/17), Co-Chair of Current Trends in Mining Finance Conferences 2013-2017 and Member of SME’s Finance Strategic Committee (2017). 

Shearman & Sterling LLP, Cynthia Urda Kassis, Partner, Project, Development and Finance Group and Co‑Head of the firm’s Mining and Metals group
              
Cynthia Urda Kassis is a senior partner in the Project Development and Finance practice and co–head of the Mining and Metals group of Shearman & Sterling LLP. Her depth of experience includes representing sponsors, lenders and other investors in project, corporate and acquisition financings with respect to precious, base and specialty metal and energy mineral projects around the globe most notably in multiple countries in the United States and Latin America. Cynthia acted as Trustee-at-Large of the Rocky Mountain Mineral Law Foundation (RMMLF) from 2011-2014 and is a Member of the Steering Committee of RMMLF’s 2017 Special Institute on International Mining and Oil & Gas Law, Development, and Investment conference. She is ranked as a leading project finance lawyer by Chambers Global, Chambers Latin America, Chambers USA, IFLR 1000, Legal 500, Guide to the World’s Leading Lawyers in Project Finance and The International Who’s Who of Project Finance Lawyers, of Banking Lawyers and of Mining Lawyers. She has also been named “Dealmaker of the Year” by The American Lawyer, “Projects/Energy Lawyer of the Year” by Chambers & Partners and "Project Finance Lawyer of the Year” by Who’s Who Legal.

8:35     CONFERENCE CHAIRMAN’S OPENING REMARKS: SHEARMAN ROOM: LIVE FEED CONFERENCE ROOMS G/H & J

Society for Mining, Metallurgy & Exploration, Inc. – Steven Gardner, P.E., P.S., R.M., President (2015) SME

Steve Gardner, P.E., President and CEO of ECSI, LLC, served as 2015 President of the Society of Mining, Metallurgy, and Exploration (SME) until February 2016, an active member of SME since 1975 and attained the status of Registered Member. He is licensed PE in several states. Steve has over 40 years’ experience in natural resources, reserves, mining, engineering, reclamation, environmental, health and safety issues. He received a BS in Agricultural Engineering and an MS in Mining Engineering with an Environmental Systems Certificate from the University of Kentucky. In 2011 he was inducted into the UK College of Engineering Hall of Distinction. Steve serves many organizations, including the UK Mining Engineering Foundation Board, UK Biosystems and Agricultural Engineering Advisory Board, Kentucky Geological Survey Advisory Board, and member of the Kentucky Board of Licensure for Professional Engineers and Surveyors from 2004-12.

8:40     I.1 CAPITAL MARKETS REVIEW AND KEY TRENDS IN MINING: SHEARMAN ROOM: LIVE FEED CONF G/H & J

What is the current environment and outlook? What sources of capital are helping miners to survive?  
What are the key drivers? How much capital has been raised in private, public markets, stock exchanges, etc.?
Is the recent pop in the metals and mining markets for real? What has been the impact in capital markets?
Are Junior, Medium & Large Companies, Brown & Greenfield Projects getting funded? How? Where?

Citi Corporate & Investment Banking, Michael Cramer, P. Eng., Managing and Senior Technical Director - Global Metals & Mining Group
BNP Paribas, Carlos A. Urquiaga,
Managing Director, Head for the Americas, Structured Debt Metals & Mining

Current Environment for Metals and Mining Resource Funding.  Mr. Cramer will highlight industry themes in 2016 and how companies have managed themselves through the cycle. The key driver: Capital Allocation. Have additional financial markets opened up this year? Yes. Recent trends for key financial products such as debt, equity and alternative financings will be updated. Drivers of the industry will be summarized along with the appropriate product array for mining companies in various points in the mine development cycle.

Michael Cramer P.E. is Managing and Technical Director in the Global Metals and Mining Group at Citi. Mike has been a senior industry specialist for metals, mining, energy and industrial minerals for 30+ years, more than 20 years at Citi where he has been involved in numerous corporate, project, commodity and acquisition financings, public and private underwritings, equity, leveraged and asset backed financings and M&A for mines, smelters and refineries worldwide. Mike received a B.S. in geochemical engineering from the NJ Institute of Technology/Rutgers, a M.S. in mining engineering from the Krumb School of Mines and an ABD professional degree in mineral finance from Columbia University. He is registered as a P.E. in NJ and PA; CP in mining with the AusIMM; RM in mining with SME; QP in mining and ore reserves with MMSA; and a Senior Credit Officer at Citibank.

Carlos will highlight recent trends and key drivers in the global metals and mining sectors and deals closed for juniors, mid and senior companies involving streaming and private equity firms and capital market trends.

Carlos Urquiaga is a Managing Director and Head of BNP Paribas’ mine financing team for the Americas based in New York. He has been a financier of metals and mining, energy and infrastructure assets for over 20 years and was involved in strategic corporate finance activities before transitioning to his banking career in New York. Prior to joining BNP Paribas in 2008, Mr. Urquiaga was a Director in Citigroup’s Global Project Finance team, where he held different positions including origination, execution and portfolio management. He has advised on and/or financed the acquisition, development and expansion of mining and metal assets, infrastructure transportation assets, natural gas pipelines, refineries and electric generation projects throughout the Americas.

9:20     I.2 BANKERS’ VIEW OF CAPITAL MARKETS & MINE FINANCING: SHEARMAN ROOM; LIVE FEED CONF G/H & J 

How are deals and financings being structured? How are terms and conditions changing?
What is the outlook? Has the sector bottomed? What are sector and regional issues?
What are debt and credit trends in mining telling us about performance and risk today?
What are consequences of raising funds from PEs, ECAs, MDIs, SOEs, SWFs, and Governments?
Which types of projects are attracting bankers, lenders, investors and alternative sources of capital?
 
Commonwealth Bank of Australia, Alain Halimi, Managing Director, Metals & Mining
Export-Import Bank of the United States, John Craynon PhD, PE, Senior Mining Engineer
Torex Gold Resources Inc., Jeff Swinoga CPA, CA, MBA, Chief Financial Officer
Trafigura PTE, Frederick Guanich, Structured Finance Manager

Mr. Halimi will lead a discussion among the panel about key trends regarding funding mining projects, key bankability issues when lending; impact of and importance of confidence levels of geologic, feasibility studies; the quality of deposits and arrangement between off-takers and miners; whether hedging is advisable; factors that influence the level of equity and debt in structuring a mining company; and how to figure unknowns in to financing structures.

Alain Halimi is Head, Metals & Mining, Americas, Director, Specialized Finance, Institutional Banking & Markets of Commonwealth Bank of Australia Alain leads Commonwealth Bank of Australia’s (CBA) mining and metals debt platform for base, precious and specialty metals and bulk commodities in the Americas and EMEA. Alain has been a financier in natural resources, energy and infrastructure for 10+ years, originating secured and unsecured debt financing, project financing, acquisition financing, capital markets, mezzanine and holdco PIK financings and advising clients on a range of project financings, acquisitions and divestitures transactions. He has completed 100+ transactions with combined value of US$30+ billion in the Americas, EMEA and Asia Pacific. Earlier, Mr. Halimi was a VP at BNP Paribas New York in the Metals & Mining Structured Debt Group advising or arranging transactions for international mining and metals clients including origination, structuring, negotiation and closing of numerous limited and non‐recourse project & structured financings, in the capacity of agent/underwriter.

As mining projects around the world become larger and more expensive, most projects require complex, structured financing.  Dr. Craynon will review typical structures for recent mining project financing, the role of ECAs, such as the Export-Import Bank of the United States, and will use aspects of recent deals to illustrate the current and future of financing options for large mining projects.

Dr. John R. Craynon has been Senior Mining Engineer at the Export-Import Bank of the United States in the Engineering and Environment Division since April 2016. He was previously Director of Environmental Programs and ARIES Project Director at the Virginia Center for Coal and Energy Research at Virginia Tech, from March 2011 through April 2016.  His earlier government career, which spanned nearly 28 years at various organizations within the U.S. Department of the Interior, focused on mining and the environment and the technical, legal, and public policy issues related to mining.  Dr. Craynon is a professional engineer in the Commonwealth of Virginia and has bachelor, masters and doctorate degrees in Mining and Minerals Engineering from Virginia Tech.

Mr. Swinoga is CFO of Torex Gold Resources. Mr. Swinoga is a senior executive with over 25 years of international experience in the mining and finance industries. His expertise includes business strategy, securing financing, planning, financial analysis, managing banking relationships, including successfully leading finance teams through the different stages of project financing, construction and into production. He has served as Executive Vice President Finance & CFO of Golden Star Resources Ltd, Vice President Finance & CFO of North American Palladium, Vice President, Finance & CFO of HudBay Minerals Inc., and was Director, Treasury Finance of Barrick Gold Corporation for seven years. He also has served on the board of directors and audit committee of a publicly traded company. At Torex, Mr. Swinoga successfully completed the US$375 million project finance for the construction of the ELG Mine. Mr. Swinoga is a Chartered Professional Accountant and also holds a Master of Business Administration degree from the University of Toronto and an Honours Economics degree from the University of Western Ontario.

Mr. Guanich will discuss the various structures and methods Trafigura uses to help finance mining companies. Frederick Guanich heads the Structured Trade Finance team for Trafigura in Latin America. With almost 5 years with the company in Mexico and now Montevideo/Uruguay, his role is to provide credit assistance to clients in the group’s metal & mineral and energy divisions in the region, managing the origination, structuring, execution of finance transactions in these markets, and monitor the risk exposures and recoveries on funded deals. Responsibilities also encompass finding adequate financing structures to meet these requirements, including for Trafigura’s own financing needs for working capital or larger infrastructure projects. Mr. Guanich was previously with Scotiabank for 17 years in Argentina, New York and Mexico, primarily originating and structuring loans for corporate counterparties in several industries. Mr. Guanich holds an MBA from Thunderbird in Arizona and BA from McGill University in Montreal.

10:00   KEY NOTE ADDRESS: TONY O'NEILL, ANGLO AMERICAN PLC, GROUP DIRECTOR, TECHNICAL SHEARMAN ROOM; LIVE FEED CONF G/H & J 

Technology and Innovation in Mining Today

Tony O’Neill, BE (Mining Engineering) and MBA, has been Group Director, Technical of Anglo American since September 2013. He is a member of the Anglo American Board and Group Management Committee (GMC) and is a non-executive director of Anglo American Platinum and De Beers. Having worked across five continents, 17 countries and eight commodities, he has built a reputation based on his deep industry, technical and commercial knowledge, and is recognized as an industry leader with a track record of building high performance teams, delivering improvements across all facets of the business, leading major business restructuring and outcome driven innovation. In his current role, Tony has led the creation of Anglo American’s industry leading technical strategic advantage, through the building of a highly capable, innovative and cohesive team that focuses on establishing best practice across all disciplines, pushes boundaries on business performance, and is positioned to re-define the technical ecosystem through game changing innovation.

10:30   REFRESHMENT BREAK – Coffee, Phones, Emails, Etc.      

Sponsored by Newmont Mining Corporation

10:50 I.3 ANALYSTS’ VIEW OF METALS & MINERALS MARKETS PART ONE SHEARMAN ROOM LIVE FEED CONF G/H & J

What are the hot markets? Which are best positioned? Why? What are the key changes?
Which sectors have seen resurgence in the past year? Which are continuing to struggle? 
What are market, technical and regional issues, demand drivers and margin trends in these sectors?
What is the outlook for China’s and India’s use of steel, iron ore, coal and impact on global markets? 

Agapito Associates Inc., Vanessa Santos P.G., Chief Geologist    
McKinsey’s MineLens, Kenneth Hoffman, 
Client Development Executive 

World Steel Dynamics, Peter Marcus, Founder and Managing Partner

Potash, Trona and other industrial minerals - Can technology change the outlook in a low price environment? Greenfield projects in both commodities face obstacles for project advancement due to the strength of existing players, high capital investment and long lead times.  Efficiencies exist in the planning and implementation of these projects but lower production demands a sharp pencil to control cost.

Potash, Trona and other industrial minerals - Can technology change the outlook in a low price environment? Potash is still in a challenging environment.  Persistent low price, decreased demand and low agricultural commodity prices compound the lack of recovery. Trona on the other hand has maintained price stability and stronger markets.  Greenfield projects in both commodities face obstacles for project advancement due to the strength of existing players, high capital investment and long lead times. They are adjusting investment, scaling production and receiving capital from outside the traditional arena.  Solution mining has become the default application for potash and trona and existing operators are looking as well.  Efficiencies exist in the planning and implementation of these projects but lower production demands a sharp pencil to control cost.

Vanessa Santos is Chief Geologist and Senior Associate with Agapito Associates, a firm specializing in domestic and international solution and underground mine design, geo-and mining engineering, industrial mineral exploration and the preparation of compliant Resource, Reserves, Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study and Due Diligence. Vanessa has worked in exploration, beginning with BHP International Coal and Industrial Mineral Group living in Egypt and South Africa. She served as Chief Geologist for Zemex Industrial Minerals, Vulcan Materials and Albion/Unimin with cross-functional responsibility for multiple plants and mines for a wide variety of industrial minerals in reporting and responsibility, due diligence, project assessment, product development and process improvement. She has broad experience in potash, trona, phosphate, feldspar, clays, mica, high purity quartz, limestone and aggregate and marine diamonds.

Utilizing its model of over 900 producing copper mines and projects, Chris Mulligan, CEO of MineLens will present its synthesized view of the near-term and longer-term copper supply trends. He will discuss the cost structure of the copper industry, the major inputs, and direction of the marginal cost structure and provide its view of demand for refined copper and scrap usage, in order to share MineLens’ view of the forward looking market balance, as well major sources of risks to our view. With nearly 300 consultants working around the globe in mining and metals, McKinsey is well-positioned to synthesize a viewpoint of the global copper market. McKinsey’s MineSpans focuses on bottom-up modelling of global commodity industries, with an initial emphasis on copper and iron ore.

Ken Hoffman is a Client Development Executive for MineLens and MineSpans by McKinsey.  Prior to McKinsey, Ken was the global head of metals and mining research for Bloomberg Intelligence. Mr. Hoffman began his career at Prudential Securities, covering base and precious metals as well as the global steel industry, and headed Prudential's global steel research team for five years. Mr. Hoffman ran the top quartile Orbitex Energy & Basic Materials fund for three years and for four years was a partner and head of research at MarCap European Investors fund, which focused on Northern European industrial and commodity shares.  Mr. Hoffman has been widely sought after for his engaging talks about industry trends, speaking at Mines & Money Hong Kog for the past 3 years, The China Mining 2015 Convention, PDAC Conference, as well as hosting major precious metals and base metal conferences in London for the past 5 years, attracting more than 3,000 investors. He is a regular speaker on Bloomberg TV and BNN Canada. A CFA charter holder, Mr. Hoffman holds a BS in finance from Syracuse University and an MBA from Duke University.

From the second half of 2008 through 2015, the non-Chinese steel industry has suffered through a period of no demand growth, endemic overcapacity and even more-devastating price competition.  Since 2015 the world’s steel industry, producing a total of 1.6 billion tonnes in 2016, has an unprecedented game-changing calamity of hot rolled band on the world market reaching a nadir of about $270 per tonne, FOB the port of export – about $75 per tonne below the marginal cost of median-cost Chinese mill and about $55 per tonne below that of the median-cost of non-Chinese steel mills. Where is the steel industry today in 2017? What is its outlook and the impact on global iron ore, coal demand?

Peter Marcus is Managing Partner of World Steel Dynamics. Peter F. Marcus, a steel securities analyst, is founder of World Steel Dynamics and a consultant to the steel industry. He began his career on Wall Street in 1961 with L.F. Rothschild & Co. In early 1999, after 28 years at PaineWebber, Peter with his World Steel Dynamics staff formed their own separate and independent company. Peter graduated from Cornell University in 1960 and received a MBA from New York University in 1965.

10:50    I.4A PRECIOUS & BASE METALS PRICE RISK MANAGEMENT IN MINING PROJECTS & FINANCE: CONF ROOM G/H

Jeff Christian will open with a brief presentation on the price outlook for gold, silver, copper, lead and zinc, and then he and Sean Russo will address these questions and more.
What can be done to manage risk, uncertainty, volatility and declining prices and to raise capital?
Hedging strategies that can help companies: Why should you hedge? Why didn’t you hedge?
What is rationale for shareholders’ revolt when price risk management is implemented?
Critical elements of timing and structure: When and how do you develop a hedge?
How do you protect against volatile prices if you don’t hedge? What are the risks?

Bloomberg Intelligence, Michael McGlone, Senior Commodity Strategist
CPM Group LLC, Jeff Christian,
Managing Director  
Noah’s Rule, Sean Russo, Founder and Managing Director

Mike McGlone is a senior commodity analyst for Bloomberg Intelligence. Mr. McGlone specializes in the broad investible commodity markets. Mr. McGlone joined Bloomberg in 2016 with over 25 years of futures and commodity trading and investing experience, beginning at the Chicago Board of Trade. Prior to joining Bloomberg, he was a head of US research at ETF Securities. Prior to ETF Securities, Mr. McGlone headed the commodity business at S&P Indices. His previous roles included head of futures research at ABN Amro and VP research, analyst, trader, sales at Aubrey G. Lanston / IBJ Futures. He is a CFA Charter holder and has earned a Financial Risk Manager (FRM) designation.

Jeff Christian and Sean Russo will provide some context and the economic background about the precious metals industry’s use of hedging and engage in a discussion about the Pros and Cons of Hedging and whether in the current reflating market, now is a better time than in recent years, when concerns were whether deflation was taking hold.

Jeffrey M. Christian is Managing Partner of CPM Group. He has been a prominent analyst and advisor on precious metals and commodities markets since the 1970’s, with work spanning precious metals, energy markets, base metals, agricultural markets, and economic analysis in general. Mr. Christian is considered one of the most knowledgeable experts on precious metals markets, commodities in general, and financial engineering using options for hedging and investing purposes. He is the author of Commodities Rising, 2006. He founded the company in 1986, spinning off the Commodities Research Group from Goldman, Sachs & Co and its commodities trading arm, J. Aron & Company.  He has advised many of the world’s largest corporations and institutional investors on managing their commodities price and market exposures, as well as providing advisory services to the World Bank, United Nations, International Monetary Fund, and numerous governments.

Despite being a very valuable tool that many other industries would love to have hedging remains hated by gold miners– How did we get here? The amount of hedging carried out by gold mining companies rises and falls on the underlying social mood towards gold and the expectation for future prices. In many ways it is no less a victim of fashion than woman’s hem-lines. In not a dissimilar, but inverse, manner the amount of debt funding provided to mining companies by banks and bond buyers also reflects the social mood towards gold and the expectation for future prices. The consequence of this is that coming out of a period of great ebullience around gold price forecasts, that failed to materialize, the debt levels of miners, which were  very high, remain high by historic measures, while hedge levels, albeit rising slowly, remain at multi-decade lows.  All but a few gold mining companies, their lenders/bondholders and all their stakeholders remain highly fragile to the potential impacts of lower gold prices.  Selling gold mines might help to reduce debt in the short term but it also reduces the capacity of miners’ to make money in the long run. Is a return to sensible price protection (hedging) by indebted miners overdue? Is there a middle road that can help miners to survive the downturns and still thrive on the upturns?  Sean Russo founder of Noah’s Rule believes the answer is yes and the way forward is to check your gold price view at the door, not be a victim of fashion and match your cover to your debt and broader circumstances.

Sean Russo, Founder and Managing Director of Noah’s Rule Sean is actively involved at Noah's Rule providing strategic Debt and Hedging Advisory services to CEO's, Company Boards and Senior Management with significant financial market and commodity market risks. Prior to forming Noah's Rule Pty Ltd in August 2004, Sean was the Managing Director of Treasury and a member of the Executive Committee of NM Rothschild and Sons (Australia) Limited. In over 20 years with the Rothschild Group, Sean gained extensive experience in the international bullion and financial markets working in their offices in Perth, Sydney, London and Singapore, in roles covering trading, sales and management.

11:35 1.3B PROPOSED CHANGES IN REGULATIONS AFFECTING MINING FINANCE – SHEARMAN ROOM

This discussion will highlight important proposed changes to various regulations and codes being discussed today that impact the financing of and mining and exploration industry, in general. The panelists will each present a view about critical topics, such as the potential impact the Trump Administration may have on U.S. tax reform as well as the composition and direction of the Federal Reserve and its implications on inflation, interest rates and precious metals. Other issues to be addressed include proposed changes to U.S. Industry Guide 7 about reporting of mineral resources as well as the current tenure of permitting and licensing in mining.  The panel will be led by moderator Greg McNab, Partner from Baker & McKenzie who will share his view about how current changes in China may impact the demand and investment for mining projects around the world – and encourage the audience to participate with Q&A.

Baker McKenzie LLP, Greg McNab, Partner, Corporate & Securities Practice Group
Behre Dolbear Group, Bernard ‘Barney’ Guarnera, Director
Discovery Investing, Michael Berry, President
Ernst & Young LLP, Thomas J. Minor, Mining & Metals Leader, Americas Tax
Greystone Investment Management LLC, Douglass N. Loud, Esq., Executive Director

Greg McNab is a member of Baker & McKenzie’s Corporate & Securities Practice Group in Toronto and is co-head of its Mining and Climate Change practice groups in Canada and a member of the global mining group. He has represented buyers, sellers and developers from a wide range of industries, including the oil and gas, power (including wind and solar) and mining industries. Greg is actively involved in private equity/venture capital transactions and public markets transactions and has substantial experience in public and private fund investments, domestically and internationally. He also advises on corporate governance, regulatory compliance, continuous disclosure and stock exchange matters for public issuers. Mr. McNab is the Canadian Chair of the Canadian Australian Chamber of Commerce and the co-chair of the International Emissions Trading Association's global carbon capture and storage working group.

Barney Guarnera will highlight the proposed changes to U.S. Securities Exchange Commission’s Industry Guide 7 about reporting requirements for mining properties as well as general trends around the world re permitting and licensing.

Barney Guarnera, Director and former Chairman of Behre Dolbear from 1991 to 2011 has over 45 years of experience in the international mining industry encompassing six continents and ferrous, non‐ferrous, base metal, industrial and energy minerals. He is a Certified Mineral Appraiser with the IIMA, Chartered Professional with AusIMM, Qualified Professional with MMSA, a Registered Professional Engineer (Texas), and a Registered Geologist (Idaho and Oregon). Barney specializes in assessing the technical and economic viability of mineral projects and properties and the valuation of mineral properties and mining companies. He has participated in billions of dollars of transactions related to the mining industry and also acted as the principal advisor to the Stock Exchange of Hong Kong as well as that entity's acquisition of the London Metal Exchange.

In September the Federal Reserve was out of ammunition completely. Mike Berry presented at the Fed in September of 2016 - a time at which the Fed appeared to have no good options for growth of the US economy. All that changed since November 8, 2016. Now the Fed is talking about the possibility of three interest rate hikes. Notwithstanding, the apparent antipathy between Chairwoman Yellen and President Trump - the complexion of the Board of Governors is likely to change drastically this year. In addition fiscal spending on infrastructure, which is expected, can contribute to making a completely different scenario for the metals space. In that context, Mike Berry will talk about several metals that will be in demand and that the inflation / deflation tug of war is not yet fully under control by the Fed. But no doubt it appears to be a different world for commodity investors and radically different for the Federal Reserve and its relationship to the Trump Administration

Dr. Michael Berry, Co-Editor of the Disruptive Discoveries Journal was born in Colombia, raised in Canada and has now lived in the US for many years.  After earning a Ph.D. from Arizona State University (specializing in investment finance), he was a professor at the Colgate Darden Graduate School of Business Administration at the University of Virginia.  He followed winning the Wheat First Endowed Chair at James Madison University in Harrisonburg, Virginia. Over time his career evolved into managing small and mid-cap value portfolios for Kemper Scudder and Milwaukee based Heartland Advisors. During the past 8 years he has been a guest lecturer at the Federal Reserve twice each year and in 2010 he testified to U.S. Congress on natural resource policy, specifically strategic mineral supply chain development.

Thomas Minor, EY’s Mining & Metals Leader, Americas Tax will discuss potential U.S. tax reform. Republican control of both houses of Congress and the White House makes the prospect of achieving significant tax reform much more likely within the next year. The Republicans in the House have been working on a cash-flow destination-based business tax that would include lower rates, an overhaul of the current international tax system, immediate expensing of all capital expenditures, eliminating deductibility of interest expense, and border adjustments. These potential changes will have significant impacts on many businesses and the uncertainty around what the final tax law will look like is already causing many in the financing and deal markets concern.

Thomas Minor has 27 years of experience in public accounting, serving publicly and privately-held, tax clients. Thomas has recently taken over as EY’s Mining & Metals Tax Leader for the Americas where he coordinates all of our resources in this sector across North and South America, including oversight over our U.S. Tax Mining & Metals Center of Excellence. In serving  the Mining & Metals sector, Thomas regularly assists companies with tax technical aspects related to the stages of the mining process, including exploration, mine development, depletion, depreciation,  and reclamation/closure.  Thomas has significant experience in assisting clients with IRS examinations, mergers and acquisitions, like kind exchanges, and state and local tax issues. He also has significant experience in working with ASC 740 and IFRS issues. Thomas has a B.S in accounting from Auburn University and is a CPA licensed in Alabama.

Douglass Loud will discuss the effects of FATCA, Anti-money Laundering, Anti-Terrorism, Anti-Drug Money efforts and FINRA/SEC fraud and suitability concerns on the ability to raise and move capital. The untimely collision of the HIRE Act, FATCA, Anti-money Laundering, Anti-Terrorism, Anti-Drug Money efforts and FINRA/SEC fraud concerns have created a Perfect Storm and regulatory morass.  This morass affects the ability of small companies to raise money, especially in the mining space which involves cross boarder funds transfers.  This Perfect Storm has caused compliance people to worry about what the SEC and/or FINRA might do, to worry about investment suitability issues, and to be concerned with potential SAR notices and AML investigations, including bank queries about the source of funds and location of clients.

Mr. Loud joined Greystone Investment Management, LLC in November 2005, to manage investments in the mining space, focusing on gold, silver and copper stocks. He has also been Senior Managing Director of Axiom Capital Management Inc. since May 2009. He has over 40 years of investment management and securities industry experience, including managing the affairs of an SBIC and participating in over 100 investments. He is a graduate of Phillips Exeter Academy, Yale University, and has a law degree from the University of California, Berkeley. He is admitted to practice law in New York and Hawaii and is a member of the Board of Trustees of the Fay School, Southborough, MA. He currently holds the Series 7, 9, and 66 licenses from FINRA.

11:35   I.4B ANALYSTS’ VIEW OF THE METALS & MINERALS MARKETS PART TWO – CONFERENCE ROOM G/H

Where are the metals and minerals markets trending? What are the hot markets? Which are best positioned? 
Which sectors have seen resurgence in the past year? Which Energy Metals will continue to surge? Why? 
What is the outlook and are key trends for batteries, energy storage and related mineral supply chains? 
How important is exploration spending? Where are key opportunities for funding exploration?

Benchmark Minerals Intelligence, Simon Moores, Founder and President
House Mountain Partners, Chris Berry,
President
Mining & Geological Industrial Consultants, LLC, John Clema,
President

The Global Battery Raw Materials Supply Chain and Energy Storage: The 21st Century's New Oil With the energy storage revolution’s ever growing pace, together with the resurgence of the solar industry, Simon Moores will discuss the key drivers of the sector, where the bottlenecks are, and the outlook for batteries, electric vehicles (EVs), energy storage, and raw materials, i.e. principally lithium, cobalt, graphite and nickel – and whether the supply chains are adequate and how these markets, i.e. specialty chemical markets can keep up with forecast demand.

Simon Moores is the Managing Director of Benchmark Mineral Intelligence, an independent publishing business focused on critical mineral supply chains and disruptive technologies. Simon has specialist knowledge in critical and strategic minerals and markets including graphite, lithium, cobalt, batteries, electric vehicles and China. He has specialized in the lithium ion battery supply chain and, in particular, the upstream sector from mine to battery cell manufacturing. In 2015, Simon and Benchmark advised Goldman Sachs on lithium and batteries in its Low Carbon Economy Report and with Deutsche Bank, Credit Suisse, UBS, and Canaccord Genuity on lithium ion battery supply chain roadshows. In addition, he launched subscription products, Benchmark Membership and Benchmark Data | Graphite and the events, Benchmark World Tour 2015 and Graphite Supply Chain 2016.

Chris will discuss What is the Outlook for the Energy Metals? As the processes for how we generate, use, and store energy change at an increasingly fast rate, what does this mean for the supply and demand dynamics for metals crucial to this transformation including lithium, cobalt, graphite, and nickel? This presentation will examine the macro forces propelling this change and provide a clear picture of the demand drivers as well as the costs associated with the supply response. A case study approach will be used to show how companies, regardless of market capitalization, are re-positioning their business models to capture market share in this dynamic space. 

Chris Berry, President, House Mountain Partners is an independent commodity analyst with a focus on how disruptive trends in energy, strategic metals, and technology create opportunities.  He provides strategic insights to clients in the academic and corporate worlds on the above topics and has a specific focus on Energy Metals including lithium, cobalt, graphite, vanadium, and rare earths. He speaks at conferences around the world and is frequently quoted in the press providing a vision on these topics. Chris has additional experience as the co-founder of a start-up for investors which dealt with "computing with words" and also occasionally writes a blog titled The Disruptive Discoveries Journal.  Chris holds a Master of Business Administration in finance with an international focus from Fordham University, and a Bachelor of Arts in international studies from The Virginia Military Institute.

Mineral Exploration, Risk Capital and the Mining Project Pipeline. John’s presentation will highlight the importance of exploration and the investment of risk capital to replenish and increase the pipeline of mining projects in the United States. The goal is to build a solid bridge between finance and good mining projects. Successes in other countries indicate that the risk/reward is more than justified. John will discuss the importance of access to mineral properties ready for development in the United States from the perspective of national security of minerals and job opportunities for American workers. An important part of ensuring mining projects for the supply chain is looking at old properties that may have been closed for economic reasons rather than a lack of ore. Obstacles to redeveloping old and new projects are availability of risk capital, hostile regulation, and political advocacy against mining.

John Clema a qualified exploration/economic geologist has worked for over 40 years on developing mineral deposits around the world. John’s experience as an exploration geologist has resulted in discovery, acquisition and development of mineral properties on three continents. He has been a Director of public companies and has been instrumental in completing environmentally and socially successful grass roots exploration projects as well as recovering old projects. The projects involved energy minerals, base and industrial minerals including gold, copper/lead/zinc, tin, tungsten, and coal. He has assembled multiple property investments and joint ventures. His skills with developing corporate strategy and management have revived failing companies, restructured companies and turned them into successful operations.

12:20   KEY NOTE SPEAKER LUNCHEON: SHEARMAN ROOM AND LIVE FEED CONFERENCE ROOMS G/H & J

Sponsored by the Government of Quebec

12:35   Dominique Anglade, Minister Government of Quebec – Shearman Room: Live Feed Conference Rooms G/H & J

Quebec - A Premier Global Center of Mining, Technology and Innovation

Dominique Anglade – Quebec’s Minister of Economy, Science and Innovation Minister responsible for the Digital Strategy

Born in Montreal in 1974, Dominique Anglade is a businesswoman and politician involved in the community. With a Bachelor in Industrial Engineering from École Polytechnique de Montréal and a Masters in Business Administration (MBA) from HEC Montréal, she started her career in 1996 at Procter & Gamble as an Engineer. Two years later, Mrs. Anglade, then 24 years old, was promoted to Head of an Operations Department and led more than 100 employees. From 2000 to 2003, she worked at Nortel Networks, which allowed her to specialize in the strategic management of the supply chain and global market forecasts. In 2004, she became the company’s Director of External and Government Affairs in Quebec. From 2005 to 2012, Mrs. Anglade joined the firm McKinsey & Company, where she developed recognized expertise in the field of major organizational transformations.

Until recently, she was President and CEO of Montreal International, an organization committed to attracting foreign investments, international organizations and strategic talent in the Greater Montreal area. The community involvement of this mother of three has often been highlighted over the last 20 years. She sat on the BOD of some 15 organizations, including Centraide and Sainte-Justine Hospital Foundation, in addition to presiding some of them. Mrs. Anglade also co-founded the KANPE Foundation, which supports vulnerable Haitian families in their transition to economic independence. During her career, she received more than 25 distinctions, such as the Bourse Émérite Fondation Desjardins for MBA graduates. The Ordre des ingénieurs du Québec also recognized the exceptional contribution of Dominique Anglade to the profession because of her great social involvement.

1:30     I.5A WHAT ARE TRENDS AND ISSUES IN MINING M&A? – SHEARMAN ROOM 

Have the sale of non-core assets by the majors ended? Achieved objectives? Planted seeds for others?
What issues and metrics impact valuations, M&A, impairments, write offs and deals getting done
How are M&A deals changing and non-technical, ESG and other issues being handled?
Where is M&A activity greatest? By Commodity? Geography? Size of firm?
Are there more cross border transactions?  Have sale prices bottomed?   

Blake, Cassels & Graydon LLP, Geoffrey S. Belsher, New York Office Managing Partner
ERM, Tom Perchiazzi, Partner 
Ernst & Young, Robert Stall, Partner, MRICS, ASA, Partner, Transaction Advisory Services
Holland & Hart LLP, Robert A. Bassett, Mining Team Leader

Mr. Belsher will discuss current legal trends in mining mergers and acquisitions, including increasing and decreasing use of various transaction structures, friendly acquisitions, hostile takeover bids, joint ventures and minority investments. He will also review some of the legal considerations when considering investment by alternative investment funds, including private equity funds and family offices

Geoffrey S. Belsher is the managing partner of Blakes New York office. He specializes in cross-border M&A and corporate finance with a focus on the mining sector. Mr. Belsher advises Canadian, U.S. and international public and private companies, investment dealers, private equity, venture capital and alternative investment funds with respect to Canadian law matters. He frequently acts as lead special counsel to boards of directors and special committees in M&A and has been special counsel in a number of high-profile Canadian hostile takeover bids in the mining sector. Geoff is one of only a few lawyers in New York City ranked as a leading lawyer by The International Who’s Who of Business Lawyers – Mining 2016. He taught advanced M&A at the University of British Columbia Law School for 10 years before relocating to New York.

As the mining industry improves, what drives the flow of capital is broadening. As a result, environmental, social and governance (ESG) considerations are becoming more material in the context of M&A deals and project investments. Mr. Perchiazzi will analyze what ESG factors investors should consider, and how they may differ across the spectrum of mining clients (from Juniors to Majors). It will also show how an understanding of your ESG risks can be mapped out to help mitigate risks through a project’s lifecycle.

Tom Perchiazzi is a Partner with ERM focused on account management and the M&A service offering to key clients in the Mining Sector.  He has over 30 years' experience in the mining, chemical and downstream oil & gas sectors. Prior to joining ERM, Tom most recently worked for Rio Tinto where he was the General Manager of Business Development for the Diamonds and Minerals Product Group. He also held leadership positions for BP, INEOS/Innovene and Amoco.  Tom has extensive experience leading transactions, due diligence assessments, and developing and implementing integration plans. He has also worked with clients to help them manage their risks, provide EHS related solutions and deliver value. He brings an international perspective from living in Europe and having worked with clients across the world.

Mr. Stall will discuss M&A trends and the use of the debt market by the mining industry.

Robert Stall is a principal in EY’s Transaction Advisory Services group.  He is the Mining & Metals Sector Leader for Americas TAS, the Americas Director of the Capital Equipment Group and leads the firm’s southeast and southwest area Valuation Advisors practices. Mr. Stall represents the Capital Equipment team on EY’s Global Valuation and Business Modeling Steering Committee.  He has been active in the appraisal industry since 1987.  Mr. Stall specializes in valuing machinery and equipment in numerous industries. These studies have addressed a variety of value premises, including fair market value, fair value, investment value, liquidation value and forced liquidation value. These studies have been conducted for the purpose of financial and tax allocations, residual forecasting, sale-leaseback financing, asset based financing, bankruptcy proceedings, interest expense apportionment, ad valorem tax and litigation.

Securing Your Investment in US Mining Deals. Bob will discuss recent issues in mine financings where real property, equipment, stock and other assets are pledged, mortgaged as security and highlight some of the worst assumptions investors, joint venture partners, and acquirers can make when structuring an investment in US mining properties.

Robert A. Bassett is the Mining Team Leader at Holland & Hart, LLP. He has 30 years of experience in mining law. He has acted as counsel for many financings of mining companies, in complex mining M&A transactions, and has represented clients before government agencies for the development of mining projects and for property rights acquisitions.  Mr. Bassett has been an adjunct professor at the University of Denver, College of Law Master’s Degree program in international mining law and policy, a lecturer at the Centre for Energy, Petroleum and Mineral Law and Policy at the University of Dundee, Scotland, a member of the Executive Committee and Chair of the International Committee of the Rocky Mountain Mineral Law Foundation, and a member of the International Bar Association Section on Energy and Natural Resources Law.

1:30   I.5B ANALYSTS’ VIEW OF THE METALS & MINERALS MARKETS PART 3 – CONFERENCE ROOM G/H

What the key trends in the global base metals, steel and iron ore and industrial minerals markets?
What are key factors, drivers and data in China and elsewhere about the metals markets near and longer term?
What are market, technical and regional issues, demand drivers and margin trends in these sectors?
Are Potash, other salts and industrial minerals an attractive investment? Why?

Bradford Research Inc., Charles A. Bradford CFA, President
CRU, Alex Laugharne,
Principal Consultant, Consulting
Raw Materials & Ironmaking Global Consulting, Dr. Joseph J. Poveromo,
President
Respec Consulting, Karri Howlett, CFA, C.Dir, President

Chuck will focus on two issues. Now that steel seems to be a focus of the Trump administration, what can you believe? Is the data any good and why focus on an area that represents on 0.5% of U.S. employment? And What’s really going on in China. Do they really have 1.2 billion tonnes of crude steel capacity? What about their shipments being 30% greater than crude steel production. What about raw materials and Chinese authorities reducing output, which led to better pricing. Can this be reversed?

Chuck Bradford has been a metals analyst for more than 50 years. Formerly partner and metals analyst with Affiliated Research Group and Metals Industries Advisory Group.  He was the senior steel analyst at Smith Barney and prior to that with UBS Securities, a subsidiary of the Union Bank of Switzerland (6 years). He had been the senior metals analyst with Merrill Lynch for 14 years. Chuck is president of Bradford Research, Inc., an international investment consulting firm. Chuck has been placed on the Institutional Investor magazine "All American" Research Team 26 times, covering (at various times) nonferrous metals, coal and steel. Chuck was named the #1 independent metals analyst for 2007 and #2 in 2005 by the Institutional Investor Magazine.

Alex will present an overview of CRU’s outlooks across mining and metals markets across numerous commodities. After ending 2016 on a high, mining and metals markets have cooled somewhat in the first few months of 2017. Cautious optimism prevails, but a backdrop of uncertainty and volatility remains a drag on growth and activity, and drivers of future prospects vary considerably across different commodities and regions. This presentation will highlight CRU’s views on the outlook for various markets, picking out key trends and themes – including the influence of China on demand and exports, access to capital and investments in new brownfield and greenfield supply, trends in costs and margins, environmental factors – and discussing their implications for prices and market activity across commodities.

Alex is a Principal Consultant based in CRU's New York office, having relocated in 2015 after eight years with CRU Consulting in London. Over this period Alex has been involved in a wide variety of consulting projects across numerous commodities, building up particular experience in the iron ore, stainless steel, nickel, and ferroalloy sectors. Alex has particularly extensive experience in cost and value-in-use modelling, having created several such models for iron ore, stainless steel, manganese ore, vanadium products, nickel raw materials - in the course of conducting consulting studies.  Alex now works across a broad range of commodities supporting predominately North American clients, whilst also providing important contributions to consulting projects related to his various commodity specialties.

Dr. Joseph J. Poveromo will discuss iron ore markets: products, projects and steel related commodities; the iron ore price discussion will include the current strategy of “Big Three”. He will differentiate among iron ore types: fines, lumps, pellets, DR grade and discuss the China market including its short, intermediate and long term outlook will be outlined. Joe will conclude with the Challenges and opportunities in developing new iron ore projects.

Joseph J. Poveromo received his Ph.D. in 1974 at the Center for Process Metallurgy, State University of New York at Buffalo (SUNYAB) after receiving a BS Chem. Eng. from Rensselaer Poly. He then joined Bethlehem Steel’s Homer Research Laboratories. In 1993 he formed Raw Materials & Ironmaking Global Consulting, a consultancy for steel, iron ore, other resource, technology provider, financial and consultancy companies. Dr. Poveromo is a Distinguished Member of AIST (Assoc. of Iron & Steel Technology); his awards include the T. L. Joseph Award for long-standing contributions to ironmaking technology. He is also a Special Member of the IIMA (International Iron Metallics Association).

Karri will provide an overview of the economic viability of global evaporite deposits and alternate uses, with potash as one example. Potash is a strategic commodity as it contains potassium chloride (KCl), an essential nutrient for achieving increased yields of many food crops.  In 2014, the USGS released their paper, Potash—A Global Overview of Evaporite-Related Potash Resources, Including Spatial Databases of Deposits, Occurrences, and Permissive Tracts, which describes the geological occurrence of potash deposits globally.  Building from this paper, and incorporating RESPEC’s 35 years of experience in potash resource assessment and engineering research, the technical and economic viability of extracting potash from the various global basins is examined.  The geological characteristics of a potash deposit are critical to the evaluation of an efficient, safe, and economically viable project.  Our evaluation applies public information on mining techniques and costs to examine the economic viability of extracting potash in each basin.  We will also examine how companies in the potash industry, from exploration to production, are managing through the current cycle of low potash prices through cost-saving measures and innovative mining techniques.  Given the current potash price environment, many potash deposits will remain uneconomic to mine, reducing “true” global supply.  The demand for potash will continue its steady upward trend due to the importance of potassium to global food supply, steadying the long-term price for potash.  Investing in the potash industry requires careful examination of the technical and economic viability of global potash deposits to achieve desired returns.

Karri Howlett has 20 years of experience in corporate strategy, mergers and acquisitions, financial due diligence, risk analysis and has conducted advisement and financial modelling for several mining and energy projects, and mergers of financial institutions ranging in size from $75 million to $3 billion in assets.  Karri is President and Member of the Board of Directors of North Rim Exploration Ltd., a wholly owned subsidiary of RESPEC, a geosciences and engineering consulting firm based in Saskatoon, Saskatchewan.  Karri holds a Bachelor of Commerce, with Honours in Finance, from the University of Saskatchewan and has earned the Chartered Financial Analyst designation and the Chartered Director Designation. She currently sits on the boards of SaskPower (where she is Chair of the Environment, Health and Safety Committee), North Rim Exploration Ltd., and RSI Consulting Inc.

2:20 I.6 RESTRUCTURING MINING COMPANIES: SECOND CHANCE FOR SUCCESS: SHEARMAN ROOM LIVE FEED G/H & J

A panel of distress financing, bankruptcy and work out specialists in a roundtable format will discuss: Financial options and legal strategies for viable firms that are in various level of distress; Key factors in a successful restructuring; Potential positive outcomes of a successful restructuring; New sources of financing and compromised liabilities;  How to work with and handle the claims of creditors, royalties, stream agreements and secured lenders to find an effective solution for all stakeholders;  What to do before it is too late; and How to prepare for bankruptcy.

Ernst & Young (EY) LLP, Keith McGregor, Partner, Corporate Natural Restructuring Practice
Goodmans LLP, Grant McGlaughlin,
Partner, Co-Head of Mining and Natural Resources
Goodmans LLP, Brendan O’Neill,
Partner, Mining and Natural Resources, Restructurings
Mirabela Nickel Limited, Milson Mundim Filho, CEO
Shearman & Sterling LLP – Fredric Sosnick, Partner
Practice Leader Financial Restructuring & Insolvency
SRK Consulting, Neal Rigby, PhD, CEng, AIME, MIMMM,Corporate Consultant (Mining)

Mr. McGregor will discuss: How mining companies have shifted from surviving to thriving and are driving success in tomorrow’s mining sector.

Keith McGregor is a Principal in the Restructuring Advisory practice based in New York, specializing in working with underperforming corporates to achieve strategic, operational and financial restructurings.  He has over 25 years’ experience in global restructurings across many industry sectors including Energy (Metals & Mining, Oil & gas and Power & Utilities), drawn from roles as adviser, banker and Chief Restructuring Officer in industry.  Since the onset of the GCC, Keith has advised on restructurings with aggregate enterprise value of over $100bn.

Grant McGlaughlin is a partner whose practice is focused on mergers and acquisitions, corporate finance, governance and complex and sensitive transactions.  He provides expert legal advice and superior service to public and private issuers, underwriters and private equity funds in a broad range of industries including mining and natural resources, technology and industrial.  Grant is consistently recognized as a leading practitioner in Lexpert for Leading Canadian Lawyers in Global Mining, Canadian Legal Lexpert Directory for Corporate Finance and The Best Lawyers in Canada for Mergers & Acquisitions Law and Securities Law.

Brendan O’Neill is a partner in the Corporate Restructuring Group, based in the Toronto office of Goodman's. His practice focuses on cross-border and transnational insolvencies and restructurings, US Chapter 11 reorganizations, Canadian CCAA/CBCA restructurings, out-of-court restructurings and workouts, bankruptcy-based acquisitions, litigation and near-insolvency investing scenarios. Clients include debtors, lenders, creditors, creditors’ committees, court-appointed monitors and other stakeholders. He has been counsel on resource restructurings that include Aurcana, Compton Petroleum, Connacher Oil & Gas, Frontera Copper, Lone Pine, Lightstream Resources and Pacific Exploration.

Fredric Sosnick is the Practice Group Leader of Shearman & Sterling’s Financial Restructuring & Insolvency Group. He has extensive experience representing official creditors’ committees, lender groups, DIP lenders, creditors, acquirers of assets and debtors in large and complex domestic and international out-of-court restructurings and U.S. Chapter 11 cases. Fred is recognized as a leading lawyer in the Restructuring and Insolvency section of the 2016 IFLR1000 – The Guide to the World’s Leading Financial Law Firms and is individually noted in the firm’s 2015 The Legal 500 United States Corporate Restructuring listing. He is a former member of the firm’s Executive Group and Policy Committee.

Milson Mundim Filho is currently CEO of Mirabela Nickel Limited and involved with its financial structuring. He is a Brazilian Economist, graduated from Federal University in Minas Gerais and earned an MBA from Thunderbird in Arizona.  Early in his career, Milson worked for 6 years in the US including in M&A and financial structuring in the Energy Industry in Houston and as an Investment Officer at the IFC in Washington DC.  He has held CFO positions at Kinross in Brazil, Hidrovias do Brazil, a Patria/ Blackstone Investment, Verde Potash plc, and Mirabela Nickel Limited both in Australia and in Brazil.  Milson has developed projects in mining and energy generation in Brazil, Uruguay, Argentina, Congo, Mauritania and elsewhere.

Neal Rigby, PhD, CEng, AIME, MIMMM Corporate Consultant (Mining) at SRK Consulting was the SRK Global Group Chairman for 15 years (1995-2010). He has performed mining engineering, project management and management consulting for a wide range of metalliferous, coal, diamond and industrial mineral projects.  The major focus of Neal's consulting work for the past 30 years has been as the director of various SRK multi-disciplinary teams in numerous major due diligence audits, competent person’s reports, and other reports supporting the rationalization, merger, disposal, financing and acquisition activities of international mining companies and mining finance institutions. In this role Neal has been in a position to independently certify to shareholders, stock exchanges and financial institutions the “bankability” i.e. fundamental value and risks and opportunities of mining projects. Most recently, Neal’s consulting work has been directed at the restructuring and sale of mining assets and the scoping and implementation of business improvement strategies. He has held a variety of positions in production, academia, business and consulting. Neal has undertaken projects in over 60 countries including Europe, Africa, Australasia, North, Central and South America, the Middle East, the Far East, Asia, Russia and the FSU. Neal has also been increasingly called upon to serve as an expert in international arbitration and litigation cases providing his expert opinion on mining related issues.

3:10     REFRESHMENT BREAK – Coffee, Phones, Emails, Etc.

Sponsored by Newmont Mining Corporation

3:30     1.7 WHY SOME MINING PROJECTS SUCCEED & WHY SOME FAIL: SHEARMAN ROOM: LIVE FEED CONF G/H & J

Developing a mine is difficult at the best of times and is becoming more difficult as projects get more complex, lower grade and are in more remote locations.  Besides properly defining technical issues such as resources, ground conditions, and metallurgy, the capital and operating cost estimation and project execution has become challenging reflecting local and jurisdictional and non-technical issues. This panel will highlight common threads in successful and unsuccessful projects and speak to other issues to be addressed in other CTMF panels including resource estimation, water, power and societal issues and assessing risks and opportunities that contribute to project success.

Colorado School of Mines, Dr Corby Anderson QP CEng FIMMM FIChemE, Kroll Institute of Extractive Metallurgy
Golder Associates, Al Kuestermeyer, Project Engineer Metallurgy
Independent Mining Consultants, Inc., John Marek, P.E
., President
Nemaska Lithium Inc., Steve Nadeau, CPA, CGA,
Chief Financial Officer
Pullen Dockendorff, William Pullen, Managing Director

Recent global capital estimation and project execution failures. Reasons for this will be formulated.  It will further peer into the future as the resource sector now recovers and we face an even more severe professional demographic gap in technical skills and experience. The two topics are directly related and if we are not aware, our project execution and investment troubles will continue.

Dr. Corby Anderson of Butte, America is a registered engineer with over 37 years of global experience in operations, management, engineering, design, economics, consulting, teaching, research and professional service. He holds a BSc ChE from Montana State, an MSc MetE from Montana Tech and a PhD Mining Eng - Metallurgy from U of Idaho. He is an IChemE and IOM3 Fellow, and a Distinguished Member of SME and the U of Idaho AOE.  He shares 11 international patents with 5 new patent applications. 

With the start of the world’s financial crisis in 2008, the mining industry has seen several factors impacting the success (and failures) of both greenfield and operating mining projects around the world. There have been several factors which impacted the mining industry such as low metal/commodity prices, capital cost overruns, project delays and inadequate technical studies.  These are not only problematic to the mining companies, but also to the financial community.  Although traditionally associated with the junior market sector, now even the major mining companies are experiencing risks and challenges.  This presentation examines the risks and challenges facing the mining industry for 2017-2018.

Mr. Alva Kuestermeyer, Project Engineer Metallurgy at Golder Associates, is a metallurgical engineer and mineral economist with over 40 years of engineering, operating and consulting experience.in the mining industry. Mr. Kuestermeyer has a B.S. degree in Metallurgical Engineering from South Dakota School of Mines and a M.S. in Mineral Economics from Colorado School of Mines.  He has performed costing and engineering studies Mr. Kuestermeyer joined Golder Associates in September 2015.  Prior to Golder, he has worked at ASARCO, Tetra Tech, SRK, PAH, Behre Dolbear and European Resources.  He is a Registered Member of Society of Mining Engineers and a Fellow Member of AusIMM.

John M. Marek, P.E., President of Independent Mining Consultants graduated with an M.S. in Mining Engineering and B.S. Physics from the Colorado School of Mines. John has 40 years of experience in the minerals industry.  Mr. Marek shares responsibility of all aspects of project engineering and management of this multi-disciplined mining consulting group.  Financial analysis, mine planning, reserve verification and review are some of the areas of his expertise.  Project specialties include determination of mine operating policy integrating all disciplines and constraints.

Steve Nadeau, CPA, CGA is Chief Financial Officer of Nemaska Lithium. Mr. Steve Nadeau is a certified professional accountant since 1998. Amongst other things, he brings more than 21 years of experience and knowhow in management and negotiation, financing structures, strategic planning, accounting and finance; of which, over 15 years in the mining industry. He acted as a key negotiator in the impact beneficiary agreement signed with the Cree Nation of Nemaska and also in other important agreements. As an officer of Nemaska Lithium since its inception in 2008, he played a key role in negotiating over $150M through a combination of equity, grants and advance payments in order to fund the Company’s projects. Prior to joining Nemaska, Mr. Nadeau held several senior financial positions for companies which were either mining or manufacturing products related to the granite industry, electronics and automotive field.

Understanding social perspective of mining has become a critical factor, since projects and operations are submitted to increasing levels of scrutiny and activism from society, Government and NGO’s. The Social License to Operate concept (SLTO) provides a robust practical approach to understand and predict social conflicts, as the dynamics that rule the relationship between the company and its neighbors. William will discuss the fundamentals and applications of CRAMM NSC, an LSTO evaluating model, in the context of two years and over 650 cases evaluated form several industries in Chile. It also provides a practical framework for defining and managing sustainability. The objective is to provide a practical and useful framework, capable to deal with the increasing complexity of social tensions and changes.

William Pullen received an MBA from University Adolfo Ibáñez; specialized in Corporate Government and Philosophy at University of Andes and Leadership from University Finis Terrae, all in Santiago, Chile. He completed short courses in Strategy and Innovation Degree at the Massachusetts Institute of Technology and in Risks and Corporate Government at University of Chile and was Professor of Ethics and Reputation University of Catolica and Universidad del Dasarrollo. Before founding Pullen & Dockendorff, where he created CRAMM CSN or Net Social Capital Management Model, William worked as Executive Director and an international consultant at Reputation Institute, a consulting firm with regional responsibilities in LATAM and as General Manager at Generación Empresarial, an NGO devoted to promote corporate ethics in Chile, among other professional challenges.

4:25     I.8 HOW MINING COMPANIES ARE RAISING CAPITAL TODAY: SHEARMAN ROOM & LIVE FEED CONF G/H & J

How is today different than in years past for operators, lenders and investors agreeing on terms
What are debt, credit and investor trends in mining telling us about performance and risk today?
What are key issues and terms help mining companies to succeed and agree to raise funds?
What are salient features of recent project financings and alternatively financed deals? 

CPM Group LLC, Douglas Sherrod, Managing Partner, Corporate Finance Advisory
DRTP Consulting Inc., Stéphane Dupuis,
Senior Partner – advisor to Matamec Explorations Inc.
ING Capital, LLC, Remko van de Water, Head of Metals & Mining, Americas
Northcott Capital, Richard Reeves, Managing Director
Tory’s LLP, Michael T. Pickersgill, Partner, Co-Head of the Mining and Metals group

“How Hedging Can Help Companies Raise Capital”  Hedging is often an anathema to management at precious metal producers however price moves in precious metals over the past year has triggered the use of price risk management programs among producers, from juniors to mid-tiers.  As well, corporate term financing solutions often involve some form of metal price hedging – how does it work, how can you manage it and most importantly, how can you optimize it?       

Doug Sherrod is a Managing Director at CPM Group. He leads the Corporate Finance Advisory practice at CPM Group LLC, a global provider of commodity research, asset management and investment banking services. His background in investment banking and structured finance stems from stints with Citibank, Sharps Pixley, Deutsche Bank and Dresdner Kleinwort Wasserstein. He has originated and executed financing transactions and advisory mandates for clients in the commodities and natural resources sectors over the past 30+ years. His transactional expertise spans M&A advisory, equity & debt capital markets, loan markets and risk management. Among his recent assignments at CPM, Mr. Sherrod advised a Korean steel company on its strategic investment in a greenfield molybdenum project in Canada. He is currently advising a client on monetizing a stream of silver production from a greenfield base metals project. Doug holds a BS in Economics from The Wharton School of the University of Pennsylvania.

Stéphane DuPuis is Senior Partner at DRTP Consulting Inc., where he provides consulting services in transfer pricing (TP), valuation, economics research and strategic planning. Stéphane started his career in consulting at EY (New York Office) in 1997. Prior to founding DRTP Consulting in 2012, Stéphane was Partner in KPMG’s global TP practice (Montreal Office) and Chief Economist of KPMG’s Eastern Canada TP practice (2003 – 2012). His expertise in supply chain management and the knowledge of the mining industry that he acquired through the years have led him to act as a close advisor to Matamec Explorations, Inc.  He earned an M.Sc. Economics., M.Sc. International Business, and B. Sc. Math.

What Financing Structures Work and Key Issues. Remko van de Water will discuss the structures of recently closed mining (project) finance transactions in the Americas. He will touch on some of the pros and cons of the various financing alternatives, including private equity, streaming, strategic investors and off-takers, export credit agencies and development banks, together with commercial (project finance) lenders, and how these can work together.

Remko van de Water heads ING’s Metals & Mining group in New York, and is responsible for the origination and execution of structured financings in the Americas. He has over 15 years of experience in leading transactions in the natural resources sector globally, having closed many landmark transactions. Some recent transactions include the financings for Guyana Goldfields’ Aurora project in Guyana, Torex Gold’s Miner Media Luna project in Mexico, Romarco Minerals’ Haile project in the U.S., Mountain Province’s Gacho Kue diamond project in Canada, Hudbay’s Constancia project in Peru and Antofagasta’s Esperanza and Antucoya projects in Chile. Remko holds an M.Sc. degree in Chemical Engineering from the Delft Technical University, and an M.B.A. from NYU Stern School of Business, NY.

Rick Reeves will discuss What a difference a year can make! While precious metal prices still reflect the strong dollar, coal base and ferrous metals are showing life; are we starting to see the long-awaited bottom and upturn in the markets?  We appear to have a more industry friendly stance in both the Executive and Legislative branches of the US government. Does this portend opportunities or is it transitory?  Will equity and debt investors conclude improved prices and a more favorable regulatory environment is long term and invest more, or will they stay on the sidelines?  While it is impossible to answer any of these questions definitively, Rick will attempt to provide a framework in which to consider them as part of making a decision to develop new capacity and approach the markets for financing.

Rick Reeves is a Managing Director at Northcott Capital, providing independent financial advisory services to clients in the Americas. He has 21 years of experience in: marketing, structuring and executing mining finance transactions and advisory; valuation; and mine feasibility and mineral development projects. Previously, Mr. Reeves worked as an investment banker at MUFG, Deutsche Bank and Barclays BZW. He has led or played integral roles in many transactions, e.g.: privatizations of British Coal and Siderúrgica del Orinoco, project financings of the Antamina mine and expansion of Cerro Matoso, valuation of Carbones del Caribe in advance of its sale by Cementos del Caribe, Walter Energy’s acquisition of Western Coal, and refinancing of the Esperanza mine. Mr. Reeves has a B.Sc. in Mining Engineering from the Colorado School of Mines and an MBA from the University of Chicago. He is a registered P.E. in Colorado, and holds Mine Manager/Foreman and Shotfirer certification in Colorado and Illinois.

Michael Pickersgill practises corporate and securities law, with an emphasis on corporate finance and mergers and acquisitions. He also advises companies on continuous disclosure, stock exchange matters and shareholder arrangements. Mike is the co-head of Torys' Mining and Metals Practice. Mike has particular expertise in the areas of public and private equity, streaming and royalty finance and M&A in the mining sector. He recently led the team that assisted in the sale of the largest thermal coal producer in Canada. Mike also regularly advises offshore clients investing in Canadian resource companies.

5:25     CONCLUSION OF DAY ONE OF CTMF CONFERENCE

5:30     RECEPTION – Food and Beverage 

A by invitation-only (non-transferable) reception at the Government of Quebec’s offices in Rockefeller Center for an evening of networking with conference delegates and speakers and invited executives and analysts from the New York banking, finance and investment community.

Sponsored by Government of Quebec

8:30     CONCLUSION OF DAY ONE OF THE CTMF CONFERENCE

Tuesday May 2nd, 2017
SME’s 5th Current Trends in Mining Finance Conference
Managing through the Cycle, Investing for the Future
Shearman & Sterling LLP
599 Lexington Ave at corner of 53rd Street, New York
Content, Speakers, Order and Times are subject to change
as of 22 April 2017
All attendees must register in advance of the event. 

7:45     REGISTRATION AND BREAKFAST

Sponsored by Behre Dolbear

8:45     II.1 WHAT IS & WHO PROVIDES ALTERNATIVE SOURCES OF CAPITAL? SHEARMAN ROOM: LIVE FEED G/H & J

What trends should miners know about available sources of capital today? Is all private or public capital equal?
What should you know re crowd funding, private equity, commodity financing and other capital sources?
Are royalty and streaming financings et al the right capital? What are the costs and recent trends?
Are green and or brown field projects better suited to tap alternative sources of capital? Why?

Headwaters MB, Joel Schneyer, Managing Director Minerals Capital & Advisory Practice                         
Lind Partners, Philip Valliere, Partner and Managing Director
Panoro Minerals Ltd., Luquman Shaheen, P.Eng., MBA, President, CEO, Director
Resource Capital Funds, Jennifer MacPherson, Investment Analyst
Riverside Resources Inc., John-Mark Staude,
CEO and President

Joel Schneyer is a Managing Director in the Minerals, Capital & Advisory Practice of Headwaters MB; an independent, middle market investment banking firm providing strategic merger and acquisition advice, capital raising and special situations advisory with its headquarters in Denver, Colorado.  His international career spans 30 plus years as an investment banker, financial analyst, metals trader and geologist.  Joel joined Headwaters from Mercantile Resource Finance, an advisory firm to the natural resource sector that he founded in 1996. Prior to that, he was Manager of Derivative Finance in the metals group of Barclays Bank, and a Senior Analyst in the New Business and Strategic Planning Group at Billiton Royal Dutch Shell.  Before commencing on his banking career, Joel worked as an oil and gas exploration geologist with Celeron Oil & Gas and IP Petroleum (International Paper), and as a field geologist for the U.S. Geological Survey.  He earned a B.A. in Geology with High Honors from Colgate University, a M.A. in Geology from the University of Texas at Austin, and a M.S. in Mineral Economics from the Colorado School of Mines. 

Phillip Valliere is a Partner and Managing Director at Lind Partners, an institutional fund management firm focused on small- and mid-cap public companies traded in Australia, Canada, the United States and the United Kingdom across the mining, oil and gas, biotech and technology sectors. Mr. Valliere serves as a Non-Executive Director of UXA Resources Limited. Philip has over 20 years of institutional investing and investment banking experience and has completed hundreds of investments in the U.S. and around the world using public equity, private equity, convertible debt, mezzanine, subordinated debt and senior debt. Previously he was Vice President at a US$2 billion New York hedge fund and led that firm’s energy investments. He started his career at Benedetto, Gartland & Co. where he executed private capital fundraising (equity, debt and mezzanine), M&A, restructurings and strategic advisory assignments on behalf of middle-market and Fortune 500 clients.

Luquman Shaheen will discuss Mineral Exploration Financing in Turbulent Markets – and Financing Trends: Precious Metals Streaming.  As background, Panoro Minerals has completed a precious metals streaming agreement with Silver Wheaton last year, as was announced in news releases and corporate presentation.  This agreement was a first-of-its-kind for Silver Wheaton where they agreed to a stream on a copper project at a relatively early stage of PEA, all of their other streams are on producing assets. The deal between Silver Wheaton and Panoro was unique not just because of the early stage of the Cotabambas project but also it was custom designed to fit both our objectives which allowed Panoro, an explorations and development company, to raise equity in a very difficult financing environment.  It also permitted Panoro to minimize dilution of our stockholders and positioned the firm to demonstrate the attractive investment opportunity of Panoro.  

Mr. Luquman Shaheen is an accomplished Mining Industry professional with over 25 years of extensive global experience and over a decade of experience in senior management and board roles with publicly listed mining and exploration companies.  He has negotiated over $300 million in financings through private placements, prospectus offerings, joint ventures and precious metal streaming transactions. Under his leadership Panoro has invested $55 million into exploration at two principal projects where the resource base was increased 500% over 4 years and has completed three economic assessments demonstrating over $900 million of project valuation. Luquman has positioned Panoro to take advantage of the coming global copper deficit by building a second to none copper development portfolio ready to move forward in the leading copper development nation, Peru. A multilingual professional with first-hand experience in leading multicultural teams of senior management and professionals based in overseas operations.

Jennifer will discuss how RCF pioneered the concept of mining-focused private equity nearly twenty years ago. Since then, the firm has been providing its portfolio companies with patient capital and a broad range of financial solutions, in-house technical, commercial and operational expertise to assist its portfolio companies in assessing, de-risking and advancing mining projects around the world. Through its ability to play across the capital structure, RCF provides tailored combinations of equity, streaming, debt and royalty financing to meet the needs of a broad range of mining companies, whether they’re seeking project development financing, capital development studies or support for an M&A transaction. By targeting growth-oriented mining companies where its capital, expertise and capabilities can help management create value, RCF has positioned itself as a partner of management teams throughout the industry.  

Jennifer MacPherson is an investment analyst at Resource Capital Funds (“RCF”), a mining-focused private equity firm. Her primary role is to source, analyze and execute on investment opportunities across multiple commodities including precious, base and bulk metals. She has a combined 10 years of experience in mining finance, mineral exploration, and mine development. Ms. MacPherson holds an MBA from Queen’s University and an Honors Degree in Earth and Environmental Science from the University of British Columbia and is a registered Professional Geologist with APEGBC. 

John-Mark Staude has over 20 years of diverse mining and exploration experience in precious and base metals. He holds a Ph.D. in economic geology, earned a Masters of Science from Harvard University and a Ph.D. in economic geology from the University of Arizona. Mr. Staude held positions of increasing responsibility with a number of major international mining companies and worked with smaller commodity-focused companies consulted to private investment groups. Mr. Staude's extensive Latin America mineral resource experience began in Mexico. Recently, he has ventured into Europe and Asia initiating companies and managing successful exploration programs in Turkey, Romania and China. Mr. Staude has been successful in creating shareholder value through discoveries of gold and copper in Mexico, Peru and Turkey. Through Riverside Resources, Mr. Staude will continue to build strong portfolios and profitable businesses through prospect generation, early stage partnering and drill discoveries.

9:35     II.2 MINERAL AND MINING PROJECT VALUATION AND COSTS: SHEARMAN ROOM & LIVE FEED CONF G/H & J

How do definitions and measures used in technical-economic evaluations and valuations differ? 
How can management, financiers and investors bridge different perceived valuation?
What are the key parameters, risks and valuations in transactions, disputes and financings?
How have valuations, appraisals, trends and due diligence changed in recent years?

Duff & Phelps LLC, Edward Lee, Managing Director, Valuation Advisory Services
RPA Inc., Bill Roscoe Ph.D., P. Eng., Chairman Emeritus
Sínese, Consultoria, Lda, Luis Chambel, General Manager 
SRK Consulting, Grant Malensek, Principal Consultant - Mineral Project Evaluation

Edward will highlight What is the importance of valuations in transactions, disputes and financings?

Edward Lee is a managing director of Duff & Phelps.  Edward has more than 30 years of corporate finance experience. Previously, he worked in line management and consulting roles in the mining industry. Edward specializes in valuation of mining businesses, covering many commodities and prepared for a wide variety of purposes, e.g. privatization, financing, corporate restructuring, tax and financial reporting. Edward holds a B.S. in mining engineering from Imperial College at London University and qualified as a chartered management accountant. He is a member of SME, the Royal School of Mines Association and holds Series 63 and 79 FINRA licenses.

Bill Roscoe will discuss RPA’s review of trends in gold transaction worldwide from January 2014 to March 2017 on almost 200 gold properties containing mineral resources and mineral reserves.  Trends in $/oz values are examined over the 39-month period for producing and non-producing properties, and for location.

RPA has reviewed transactions globally from January 2014 to March 2017 on almost 200 gold properties containing mineral resources and mineral reserves.  The property values derived from the transactions have been normalized in terms of $/oz contained gold or gold equivalent where gold is the dominant component.  Trends in $/oz values are examined over the 39-month period for producing versus non-producing properties, in different political jurisdictions, and with different resource/reserve sizes.

Bill Roscoe is Chairman Emeritus and Principal Geologist with RPA Inc. (formerly Roscoe Postle Associates Inc.) which he co-founded in 1985.  Among the services he provides are valuation of mineral properties, and mineral resource estimates and audits.  He is Co-Chair of the CIMVal Committee developed Standards and Guidelines for Valuation of Mineral Properties in 2003. From 2001 to 2008, Dr. Roscoe was on a Task Force which prepared a Guidance Note on Valuation in the Extractive Industries for the International Valuation Standards.  He is Chair of an international group (IMVAL) working toward harmonization of mineral valuation standards in several countries.

Mr. Chambel will discuss Risk undervaluation in mineral projects. Mining is risky; exploration is riskier.  Either due to price volatility, political, operational, financial, or technological uncertainty or human failure in modelling or reporting reality, risk is ubiquitous in mineral projects, in a degree perhaps surpassing most industries. The industry and regulators acknowledge the key role of risk in the valuation process, yet the industry fails to incorporate a good measure of risk in project analysis. As a rule, projects fail to create the value predicted in feasibility studies. The commodity price forecasts and the project’s (DCF model) discount rate are, perhaps, the two variables with most impact in the valuation of a mining project.  This study compiles and analyses information (discount rate, commodity, jurisdiction, stage, and other) on several recent dozens of feasibility or pre-feasibility studies of mineral projects. Overall, the discount rates used in the reports are too low and their values, with exceptions, are not discussed or justified. In addition, competent persons authoring the reports often seem to lack the knowledge or the critical thinking to discriminate different projects’ risk levels, with the same rate being used in projects located in sub-Saharan Africa, Western Europe or Canada, for instance.     

Luís Chambel is currently the general manager of Sínese – Consultoria Lda., a specialized economical geology consulting company based in Lisbon, Portugal. The company has been involved in projects in Southern Africa, Western Europe and South America, especially in Portuguese-speaking countries - Angola, Portugal, Brazil and Mozambique. Active in several commodities (ranging from Au, Mn, Nb-Ta and oil to industrial minerals and natural stone), most of the company’s activity is centered-around the exploration, evaluation and mining of diamond kimberlite and alluvial deposits. Luís Chambel is a mining engineer, with MSc in Geological Engineering, MBA and PhD in Engineering Sciences.

Grant will discuss “Financial Reporting for All-in Costs, especially Streaming Costs” which proposes a “Modified AIC” metric that captures project financing costs along with income taxes and working capital.  The main benefit of this Modified AIC is to make it easier to determine the health of a company or project – either for a quick margin analysis per oz. of metal sold or when adding up positive cash transactions and subtracting AIC to determine how much cash the company has generated for a certain time period as “Distributable Cash Flow”.

Grant Malensek is a Principal Consultant at SRK Consulting (U.S.) Inc. with more than 18 years of experience in mineral project valuations and corporate finance, most notably with Newmont Mining’s Project Business Analysis group prior to joining SRK. Previously, Grant worked over a decade as a mineral exploration/development geologist in Papua New Guinea, Indonesia, Canada, USA, and South America. He has a Bachelor’s degree in Geology from the University of British Columbia, a Master’s degree in Geological Engineering from the Colorado School of Mines and a Graduate Business Certificate in Finance from the University of Denver. He holds a dual Professional Engineer/Professional Geologist registration with the Association of Professional Engineers and Geoscientists of British Columbia.

10:20    REFRESHMENT BREAK – Coffee, Phones, Emails, Etc.

Sponsored by Newmont Mining Corporation

10:40    II-3 BEST PRACTICES RE MINERAL RESERVES & RESOURCES: SHEARMAN ROOM & LIVE FEED CONF G/H & J

How to define, estimate and report on resource and reserves re US, JORC, NI 43-101 regimes?
How can mining companies be compliant about reports about core assets, i.e. ore resources?
What measures and issues do mining companies, bankers, lenders, regulators, investors focus on?
How can the public and analysts interpret management reporting and its reliability and progress?         

AMEC Foster Wheeler, Harry Parker, PhD, Consulting Mining Geologist and Geo-Statistician
GeoGlobal LLC, Abani Samal, PhD, Principal
Newmont Mining Corp., Donald Doe, Group Executive, Reserves & Resources

Harry Parker will provide an overview of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) and the codes, standards and Guides used in various countries.  He will also provide an update as to changes to Industry Guide 7 proposed by the US SEC, responses for public comment and potential path(s) forward.

Harry Parker is Consulting Mining Geologist and Geostatistician for Amec Foster Wheeler and past Chairperson of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO). Harry is a geologist and geo-statistician with a world-wide consulting practice involving due diligence, resource modelling, and service as a Competent Person. He holds Bachelors’ and PhD degrees in Geology from Stanford University and Masters’ degrees in Geology and Statistics from Harvard and Stanford Universities.  He served as an exploration and staff geologist for The Hanna Mining Company (1969-75).  He was General Manager Geology and Geo-statistics for Fluor (1975-89).  From 1989 he has served in various roles for MRDI, Simons and Amec Foster Wheeler.  He is currently Consulting Mining Geologist and Geo-statistician.   He is also Co-Chairman of the SME Resources and Reserves Committee and is Past Chairman of CRIRSCO, the Committee for Reserves International Reporting Standards.  Harry has served as a Qualified Person for Ivanhoe Mines’ Kamoa and Platreef project disclosures and Duluth Metals’ Maturi project disclosures; he has served as a Competent Person in connection with the privatization of the Zambian Copperbelt, privatization of CVRD’s mineral deposits, and privatization of Ashanti Gold Fields.

Dr. Abani Samal will discuss on technical details which the investors should look for in a resource report that is written as per one of the international guidelines such as JORC or NI-43-101. Some examples will be used to explain some of those details such as geology, validation techniques etc. that would help potential investors to assess robustness and reliability of the estimated mineral resources as stated in any particular report.

Dr. Abani R. Samal is the owner and Principal of GeoGlobal, LLC, Salt Lake City, Utah. He is in mining industry since 1996. He has worked worldwide in various projects. Dr. Samal is well recognized in industry for his expertise in advanced geo-statistics, mineral resource estimation, and strategic advice for mineral resource development. Currently he is providing consulting services to exploration and mining companies. He holds an M Tech degree from Indian School of Mines (India); DIC & MS from Imperial College, London and PhD from SIU, Carbondale, USA. He is a Registered Member of SME and a Fellow of Society of Economic Geology (SEG) and a Certified Professional Geologist (CPG). He is an active contributing member of the committee that published the new SME guide (2014). He is an honorary representative of CRIRSCO in bringing India in as a member.

Preparing for Change: Newmont’s approach to Reserve reporting and its alignment with the proposed update to Industry Guide 7. Newmont is the largest US-based gold producer and has been publically traded since 1925. Newmont’s stock also has been publicly traded on the New York Stock Exchange (NYSE) since 1940 and the Company is governed by rules issued through the US Securities and Exchange Commission (SEC). An update to the primary rule for the reporting of Reserves, Industry Guide 7, was proposed by the SEC in 2016. The proposed rule’s intention was to provide investors with a more comprehensive understanding of a registrant’s mining properties and to modernize disclosure requirements and polices for mining properties by aligning them with current industry and global regulatory practices and standards. Comments to the proposed rule are currently being reviewed; however Newmont already has a robust process for reporting reserves and the Company is confident it is well positioned for any rule-making outcome. This presentation will discuss Newmont’s comments on the proposed rule and provide an overview of our internal processes and procedures regarding the reporting of Reserves.

Donald Doe is currently Group Executive, Reserves at Newmont Mining Corporation.  Don has almost 30 years of experience in mining across a variety of industries and countries, including over 15 years with Newmont.   Don has held mine engineering roles at Newmont’s operating sites in Nevada and Peru and at the corporate office.  Don has a B.Sc. and M.Sc. in Mining Engineering from the University of Alberta.  He is a Professional Engineer in Alberta and an SME Registered Member. Don sits on the SME Registered Member and Reserves and Resources Committees.

11:30   II.4 MINING REGULATIONS AND LAW – SHEARMAN ROOM & LIVE FEED CONFERENCE ROOMS G/H & J

How does changing regulations impact foreign direct investment, exploration, development and operations?
How do societal and economic regulatory codes impact raising capital, project viability and construction?
What is the state of the international regulatory environment? Is harmonization a reality? A dream?
What should investors, lenders and management know about best practices, changing regulations etc.?

Colorado School of Mines, Graham A. Davis, Professor of Mineral Economics
ECSI, LLC, J. Steven Gardner PE, President and CEO           
German Mineral Resources Agency (DERA), Sven-Uwe Schulz, Head of the Evaluation of Mineral Resources Unit       
Mining Standards International, Robert Milbourne, Managing Director
Shearman & Sterling LLP, Anthony LePere, Counsel, Project Development and Finance Group

“Financial and operating impacts of the proposed CERCLA 108(b) hardrock mining financial assurance rule.” Graham Davis will discuss the financial and operating impacts of the proposed CERCLA 108(b) hard rock mining financial rule. On January 11, 2017 the EPA issued a 125 page Federal Registry notice outlining its proposed rulemaking and asking for public comment. The EPA also issued 2,545 pages of background documentation and discussion. Those documents cite another 100,000 pages of documentation. My remarks explain how the EPA is proposing to calculate the required financial assurance for each mining site, how it came to the financial assurance formula it proposes to use, the likely magnitudes of financial assurance requirements based on that formula, and how mine operators can design their mines to reduce the financial assurance requirement. The final rulemaking will come into force December 1, 2017.

Graham Davis is a professor in the Division of Economics and Business at the Colorado School of Mines, where he teaches a range of courses including applied microeconomics, mineral and energy asset valuation, and research methodology. Professor Davis has been in the School’s faculty since 1993. Professor Davis consults in mine and project valuation for several large mining companies and has significant experience as an expert witness in litigation involving mine valuations and damages from temporary takings. From 1982 – 1987 he was a metallurgical engineer at a number of mines globally. Professor Davis is a Qualified Person under the Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, with professional membership status in both the Society for Mining, Metallurgy, and Exploration and the Australasian Institute of Mining and Metallurgy.

Steven Gardner P.E., President and CEO of ECSI, LLC, served as 2015 President of the Society of Mining, Metallurgy, and Exploration (SME) until February 2016. Steve has been an active member of SME since 1975 and has attained the status of Registered Member. Steve has over 40 years’ experience in mining, engineering, reclamation, environmental, health and safety issues. He received a BS in Agricultural Engineering and an MS in Mining Engineering with an Environmental Systems Certificate from the University of Kentucky. In 2011 he was inducted into the UK College of Engineering Hall of Distinction. Steve serves many organizations, including the UK Mining Engineering Foundation Board, UK Biosystems and Agricultural Engineering Advisory Board, Kentucky Geological Survey Advisory Board, plus he served eight years on the Kentucky Board of Licensure for Professional Engineers and Surveyors.

Sven-Uwe Schulz serves as Head of the Evaluation of Mineral Resources Unit for the German Mineral Resources Agency (DERA) at the Federal Institute for Geosciences and Natural Resources (BGR), the federal geological survey of Germany. That is a subsidiary organization of the German Ministry for Economic Affairs and Energy. He has more than 15 years’ experience in mining engineering, consulting, and project evaluation. Schulz worked for engineering consultants and a university before he joined DERA in 2013. He holds a doctoral degree of Technical University of Berlin, Germany, and a master’s degree in mining engineering of the same university.

Rob Milbourne will discuss Developments in International Mining and Natural Resources Law - Harmonization and Best Practices in the 21st Century.  The presentation will look at the various movements impacting mining regulation and its impact on project valuation, approvals and management. From efforts such as conflict minerals and EITI to model law efforts and regulatory reform projects, the presentation will address how project investors and sponsors can look more critically at regulatory developments and their impact on project viability and success indicators.

Mr. Milbourne is Managing Director of Mining Standards International, specializing in strategic advisory services in the mining sector. Robert has 14 years’ experience in the mining sector including 7 years as in house counsel with Vale and 7 years as partner with two international law firms (Norton Rose and K&L Gates). An adjunct professor and PHd candidate, Robert combines both an academic interest in international resources regulation with a practice advising governments, mining firms, investors and other stakeholders in most commodities and in most major resources jurisdictions around the world. He has been recognized in most major mining directories as a leading mining and resources corporate lawyer. Based in Australia, Robert regularly works on projects throughout the Americas, Africa and Asia.

Anthony Lepere is counsel in Shearman & Sterling’s project development and finance group, based in London. Anthony’s practice focuses upon corporate and project development work in the mining sector. He advises sponsors, lenders and governments in relation to structural, financial and operational issues in both mature and emerging markets. Anthony trained as a mining lawyer in Perth, Western Australia during the period now referred to as the commodities super-cycle and has spent much of the past decade helping mining industry participants to engage with political and economic regulators around the world.

12:20    KEY NOTE SPEAKER LUNCHEON – SHEARMAN ROOM & LIVE FEED CONFERENCE ROOMS G/H & J

Sponsored by Ernst & Young

12:35    JOHN W. ALLEN, CHAIRMAN AND CEO OF GREATER CHINA CORPORATION

Major New Opportunities with China: What They Are and How to Participate * Five critical factors to understand in dealing with China * Transformational new development in the mining sector * Major financial considerations and opportunities * New Technologies - The Key to the Chinese Market

John W. Allen 約翰-艾伦 has been actively involved with China from the days of Mao Zedong to Xie Jinping.  He is currently Chairman and CEO of Greater China Corporation, Trustee of the Chinese Cultural Foundation and Co-founder of the China Investment Group. As a Global Investment Banker he has been instrumental in starting, developing, acquiring and financing dozens of companies, several of which have become multi-$billion enterprises.  He headed the International investment arm of the Bank of Boston, was Assistant to James D. Wolfensohn (former head of the World Bank) at Schroder Bank and Trust, and President of the International Securities Exchange Corporation. He has also been active in global policy and philanthropic activities with the Business Council of the United Nations, the Open Society Foundation (with George Soros), International Science Foundation (with James Watson, discoverer of DNA), the World Policy Institute, the AIESEC international student exchange program and other organizations. He is a graduate of Yale University and Harvard Business School and a frequent speaker at many universities and conferences world-wide.

1:30     II-5A SUCCESSFUL USE OF TECHNOLOGY AND SMART DATA IN MINING: PART ONE – SHEARMAN ROOM

What tools and technology are available to reduce costs and project risk? Is the virtual mine a reality?
What obstacles do technical services, management and strategic mine planning need to overcome?       
Where can technology make the most meaningful, cost effective impact in any part of mine life cycle?
Are all types of companies and stakeholders able to benefit from use of technology and smart data?

Dassault Systèmes, Francois Bouffard, Industry Affairs Director
Maptek, Ian Lipchak P. Eng., Senior Solutions Specialist
McGill University, Dr. Roussos Dimitrakopoulos, Professor and Canada Research Chair
Stratalis Consulting, George Hemingway, Partner & Innovation Practice Lead 

Driving Mining Excellence in the Virtual World Mining companies are seeking out innovative solutions to help them transform their mining operations from technological laggards into ones that can compete with any other industry. By gathering real-time data from across each operation, they will be able to create digital or “virtual” versions of them to test improvements that would otherwise be cost-prohibitive to try out in the real world. This virtual version of the mine will also provide new Operational Excellence capabilities proven in other industries to ensure maximum productivity down to the shift level, delivering cost control and improved productivity.

Francois Bouffard is Industry Affairs Director, Dassault Systemes Canada Inc. Francois Bouffard joined Dassault Systèmes (3DS) in 2001 and is currently responsible for the global business development for the Natural Resources industry. In his current role, he is responsible for the promotion of 3DS Industry Solutions in establishing strong and valuable business partnerships with the TOP IT and software organizations, in addition to major academic institutions. With over 30 years of business development experience, Mr. Bouffard had been instrumental in the realization of very important transactions for 3DS and other employers often involving strategic business partners for a number of industrial and software companies, both in Canada and the USA. Mr. Bouffard is a graduate of Laval University in Quebec City and is involved in many business and social associations.

Ian Lipchak, P.Eng. will discuss Quantifying Risk in the Mine Planning Process. Stochastic simulation methods are becoming increasingly popular for estimating a resource.  Using these methods to produce a resource model recognizes the inherent uncertainty of the grades in the model.  The logical next step is to bring this valuable information forward into the mine planning stage, but this is rarely done.  It is possible, for instance, to produce a set of stope shapes that, in addition to the most probable grade and tonnes, also quantify the probability that the stope would be economic.  This ability to quantify risk in a mine plan based on a simulated geological model allows for better decision making in the mine planning process.

Ian Lipchak is a registered Professional Mining Engineer in the Province of British Columbia. His 15 years of industry experience spans mining operations, consulting and technology with companies including Newmont, Barrick, Placer Dome, Goldcorp, SRK Consulting and Datamine. Ian is currently a Senior Solutions Specialist with mining technology leader, Maptek. Ian holds a Bachelor of Science (BSc) degree in Mining Engineering from Queen's University in Kingston, Ontario, where Ian is also now an Adjunct Faculty member. Ian resides in Vancouver. Ian Lipchak is a registered Professional Mining Engineer in the Province of British Columbia. His 15 years of industry experience spans mining operations, consulting and technology with companies including Newmont, Barrick, Placer Dome, Goldcorp, SRK Consulting and Datamine.  Ian is currently a Senior Solutions Specialist with mining technology leader, Maptek. Ian holds a Bachelor of Science (BSc) degree in Mining Engineering from Queen's University in Kingston, Ontario, where Ian is also now an Adjunct Faculty member. Ian resides in Vancouver.

Roussos will present New Technologies for the Smarter Management of Technical Risk using comparisons with reality. A mining complex is an integrated business starting from the extraction of materials from a group of mines, the processing and treatment of these materials through different processing facilities, all leading to a set of sellable products delivered to customers and/or the spot market. With funding from some of the largest global mining companies, new smart digital technologies have been developed introducing the simultaneous stochastic optimization of mining complexes. A comparative study of reality versus forecasts from the new technologies as well as conventional ones in an operating mining complex, documents the superior performance of the new technologies when compared to reality: (i) major improvement in the reliability of the operation’s meeting production forecasts; (ii) larger amounts of metal are produced from the same mineral resource; and (iii) substantially higher economic value than with existing methods - all of which positively impacts the company and other stakeholders.

Roussos Dimitrakopoulos is Professor and Canada Research Chair in Sustainable Mineral Resource Development and Optimization under Uncertainty and Director, COSMO - Stochastic Mine Planning Laboratory. He holds a PhD from École Polytechnique de Montréal and an MSc from the University of Alberta. He works on risk-based simulation and stochastic optimization in mine planning and production scheduling, the simultaneous optimization of mining complexes and mineral value chains under uncertainty. He maintains large competitive grants from the National Science and Engineering Research Council of Canada. He received the Synergy Award of Innovation in 2012 by the Governor General of Canada for research contributions to mining science and engineering and his long-standing partnership with Anglo Gold Ashanti, Barrick Gold, BHP Billiton, De Beers, Newmont Mining, Vale and Kinross. In 2013, he received AIME’s Mineral Economics Award. In 2015-2016 was Distinguished Lecturer of the Canadian Institute of Mining Metallurgy and Petroleum.

George Hemingway is Partner and Innovation Practice Lead at Stratalis, a global growth and innovation consultancy focused on helping organizations to become future focused and outperform in uncertain markets. He is the originator of the 7 Lenses; a powerful set of tools to help companies break from past thinking and author of “3 Keys to Conquering Uncertainty”. He is a sought-after keynote speaker and columnist on the future of industry and how organizations can prepare for disruption and grow. George has advised a wide-range of companies, such as BASF, Vale, BHP Billiton, Teck Resources, Anglo American, PepsiCo, AIG, Blue Cross, Nextel, The Gap, Cliffs Natural Resources, Henry Schein, Butterball and Tesco. As an executive, he was the CEO of a publicly traded European company and is a member of several boards, including Budapest Honvéd FC, a top-flight soccer club, Riemann A/S and the Chamber Orchestra of New York. He holds a MBA from Columbia Business School and a BS from the NYU Stern School.

2:30     II-5B SUCCESSFUL USE OF TECHNOLOGY AND SMART DATA IN MINING: PART TWO - SHEARMAN ROOM

What techniques and technology can help tap more cash flow and manage and reduce costs?
Is equipment, software or automation the ‘Holy Grail’ or is Human Ingenuity and Work the answer?
Can drones, robots and automation in exploration, development, and operations improve productivity?
How can data and the IoT able to modify, optimize operations and behavior to raise productivity?
Where is real time data collection and integration with planning and operations making a difference?          

BlackRock Metals, Jean Rainville, President and CEO
BQ Energy, James S. Falsetti, Founder and Director  
Centre for Excellence in Mining Innovation, Douglas Morrison, President & CEO, & Dir. Of Ultra-Deep Mining Network Dassault Systèmes, Andy Kalambi, Global Vice President of 3DEXPERIENCE platform
EnviroSuite, Matt Scholl, Vice President and General Manager

Jean Rainville President and CEO of BlackRock Metals will discuss the benefits and potential of using drones, robots and automation in the mining industry. 

Jean Rainville, B. Eng. Mining, B.Comm., has over 35 years of experience in the mining industry and financial markets. One of the founding members and the first employee of the Company, he has held the position of President and Chief Executive Officer at BlackRock Metals since 2008. Jean Rainville has worked as an engineer, fund manager and corporate finance manager, and also served as Director of several private and public companies. He holds a Bachelor of Mining Engineering and Metallurgy as well as a Bachelor of Administration from McGill University.

Jim will speak about opportunities for project development in the mining industry.  Existing infrastructure and under- utilized sites can lead to significant cost reductions for solar and wind projects. These projects can generate revenue from otherwise depleted assets through site lease agreements, power sales or direct energy savings for on-site operations. 

James S. Falsetti is a Director and Founder of BQ Energy, founded in 2002 that is a recognized leader in developing, financing, building, and managing renewable energy projects on landfills and brownfield sites. Jim manages BQ Energy’s project development, technical management and supplier negotiations. Jim has over 25 years of experience with in the energy industries. He has held executive level positions in both Texaco and Shell and has been the overall executive director of several completed projects, with project values greater than $200 Million. Jim holds an MBA degree from Columbia University and a BS in Chemical Engineering from SUNY Buffalo. In addition to his work with BQ Energy, Jim is a frequent instructor on energy matters especially on new technologies. Jim is a native of the Buffalo, New York area.

Douglas will talk about the importance of reducing mining and waste management cost noting that the trend of more metal resources being produced from underground mines rather than surface will continue as will declining ore grades and deeper, hotter mines. New mine discoveries will be ever more remote from the infrastructure that connects them to market and the public’s demand for greater protection of the environmental and local populations will only intensify. It is 35 years since the last major transformation in productive technology, the next change is long overdue and improved data management and digital mining is simply not sufficient. Mines have to break and move many thousands of tonnes of rock every day and manage mineral process facilities; making substantial reductions in the cost of mine production and tailings management is essential and urgent.

Douglas has 14 years of operating experience in the deep nickel mines of the Sudbury Basin in Ontario, Canada, followed by 16 years as a consultant at Golder Associates working on strategic mine design, productivity and safety issues. He has lived and worked in Australia, South America and southern Africa, as well as Canada and the US. Throughout his career, he remained connected to various research and innovation groups and in 2012 he was appointed President and CEO of the Centre for Excellence in Mining Innovation (CEMI).  In 2014, CEMI initiated the Ultra-Deep Mining Network, a 5-year, $35M Program developing practical solutions to the challenges of bulk mining below 2.5km. Douglas believes that for the mining industry to meet the economy’s long-term demand for metals and also achieve attractive returns for investors we have to abandon the economies of scale we have relied on for 35 years and return to the fundamentals, introducing the leaning process to every aspect of our business.   

Living and working in a digital world – understand what is truly digital and how do we transform all data into a corporate asset, breaking information silos to drive the digital strategy.  Andy will discuss that we live in a digital world but we don’t work in one. How can we take lessons from our day-to-day digital experiences and apply them to our work life and ensure that we digitally accelerate our business? Andy will also discuss a new breakthrough technology called Immersive Virtuality which enables us to leverage VR/AR to solve real business problems.

Andy Kalambi is the Global Vice President of Dassault Systèmes’ 3DEXPERIENCE platform. Previously he was the CEO of the ENOVIA brand within 3DS, leading the adoption of new digital technologies in over 3,000 large enterprises across 12 industries. Andy is deeply engaged with large enterprises in their digital business transformation initiatives. His experience in the application of technology to drive business transformation has spanned three decades and has led to pioneering work in the adoption of technologies from ERP/SCM in the 90’s to the current digital technologies. These technologies are enabling the digitalization of internal value streams; development of intelligent products and digitalizing the customer experience.

Improving operational performance and managing environmental risks with innovative software. Matt’s presentation will showcase how mining operators can make better planning and operational decisions with the support of information provided by cloud based software that integrates real-time data from monitoring sensor networks with inbuilt modeling systems and analytical features. Case examples will be used to outline the financial benefits that can be achieved via optimized efficiency, avoided risks and improved social license to operate.

Matt Scholl is Vice President and General Manager of EnviroSuite.  He has a bachelor of Chemical Engineering and almost 20 years of experience providing consulting and technology solutions for leading organizations around the world, including an extensive list of mining and resources projects. In his role at EnviroSuite, Matt is focused on improving operational efficiency, managing risk and supporting better performance of operations using automated proactive management technology solutions.

1:30     II.6A CASE STUDY: ENGAGING STAKEHOLDERS FOR SUCCESS – TRACK TWO CONFERENCE ROOM G/H

What are best practices, methods to engage with stakeholders for success and avoid conflict?
How to evaluate and track compliance with environmental, sustainability and Lender standards
How does public agency mission impact permit, licensing and stakeholder land use and values?
How to navigate permitting and licenses and local societal and economic rules and requirements?

Columbia University, Nicolas Maennling, Senior Economics and Policy Researcher
Independent Consultant, Project Management, Andrew Goode, Principal
Ramboll Environ, Alicia de la Cruz-Novey,
Senior Associate
Ramboll Environ, Sharon Maharg,
Senior Manager, International Finance
Univ. of Delaware, Saleem H. Ali PhD, Blue & Gold Distinguished Prof of Energy and the Environment
Watson Environmental, Leslie Watson, Senior Environmental Analyst

How automation may change the dynamics to receive the social license to operate. There has been a strong tendency in resource rich countries to push for more stringent local content regulations. Yet the mining industry is looking to move towards increased automation, thereby reducing the potential for local employment and procurement opportunities. This session will explore possible results of these two trends and explore ways in which governments and firms might address these.

Nicolas Maennling leads the economics and policy research at CCSI and is a development economist with experience in the public and private sectors. His focus is on designing strategies and tools to maximize the benefits and minimize the negative externalities of extractive industry investments. He has led trainings and advisory projects in various countries on taxation systems, financial modeling, economic and infrastructure linkages to extractive industry projects, macro- economic and revenue management in resource rich countries, and risk analysis. Prior to joining CCSI, Nicolas advised the Ministry of Finance in Timor-Leste and the Ministry of Industry and Trade in Mozambique, and worked for private sector companies engaging in mining projects in these countries.

Andrew will discuss The Project Manager’s Challenges to Bridge the Abyss with Governments in Developing Countries

Andrew Goode is a mining engineer with 38 years’ experience in the development, operations and management of open-cut and underground mines.  He has worked extensively with stakeholder engagement, environmental management, and post extraction use of the mine landscape.  Before mining Andrew worked in farming, forestry and meteorology.  His career has taken him to seven continents.

Alicia will discuss the importance of Mining companies obtaining the social license to operate from communities to be affected by their projects.

Alicia De la Cruz-Novey, is a Senior Associate in the International Finance & ESIA Services practice area at Ramboll Environ. She has 20 years’ experience working on transactions in more than 10 Latin American countries. She is an expert in social and biodiversity due diligence, project monitoring for lenders and promoters, social research methods, survey design, and quantitative and qualitative techniques for data collection. Alicia holds a PhD degree in Social Sciences with a focus on Stakeholder Engagement, a M.Sc. degree in Ecotourism and a Bachelor degree in Biology with focus on ecology.

Sharon will discuss the value that Mining companies, investors and lenders should place on projects conducting stakeholder engagement for the life of the project, especially with local communities.

Sharon Maharg is a Senior Manager at Ramboll Environ and the US East Coast Team Leader for the International Finance & ESIA Services practice area, specializing in social and reputational risk consulting. She has more than 14 years’ experience in sustainable finance and consulting, more than 20 years’ experience in multiple areas of emerging markets finance, and is expert in developing Environmental and Social Impact Assessments (ESIAs), performing due diligence and project monitoring for lenders and private equity clients and assessing projects for compliance with Equator Principles, IFC Performance Standards and EHS Guidelines, and other international standards.  She has been involved in many projects in natural resources, energy, power, transportation and waste treatment, and worked on projects and structured finance transactions in more than 25 countries in Latin America, Caribbean, EurAsia and FSU. Earlier she was Regional Head of Sustainability Management for Latin America at WestLB AG and a leader among the Equator Principle Financial Institutions (EPFIs), representing one of four founding EPFIs, and co-author of the Equator Principles II (2006).

Prof. Saleem H. Ali’s talk "Environmental conflicts around mining are often caused by a disjuncture between perceptions and salience of science in industry versus communities" will focus on environmental and social conflicts in mining and working towards an integrative resolution. Mining is a highly polarized industry in terms of social perceptions. While many mining towns and their residents show pride in their heritage and contribution to development, activists, often from metropolitan urban areas, have entrenched negative views of the sector. Dr. Ali will discuss ways by which this rural-urban divide can be bridged through a deliberative process of risk sharing and communication. Based on extensive case research by Dr. Ali during his five-year tenure as director of the Centre for Social Responsibility in Mining (Univ. of Queensland, Australia), his presentation will provide concrete examples of what strategies to resolve conflicts have worked and the reasons for their success.

Saleem H. Ali is an environmental planner whose research and practice focuses on ways of resolving ecological conflicts. He holds the Blue and Gold Distinguished Professorship in Energy and the Environment with tenure in Department of Geography at the University of Delaware. He is also a Senior Fellow at Columbia University’s Centre on Sustainable Investment. Professor Ali has held the Chair in Sustainable Resources Development at the University of Queensland’s Sustainable Minerals Institute in Brisbane, Australia (where he retains professorial affiliation). His books include "Treasures of the Earth" (Yale University Press). Prof. Ali received his doctorate in environmental planning from MIT.

Leslie Watson will speak about baseline data: a bedrock of information for permitting, stakeholders, and operations. Baseline data, the initial information collected prior to operation, is a bedrock of information that can be used to engage stakeholders and manage risk. Baseline data integrated into planning supports managing risk and can improve efficiency during operations in meeting regulatory reporting requirements. For example, incorporating water quality baseline data provides information on point and diffuse pollutant sources prior to proposed project and help engage stakeholders with independent monitoring activities.

Leslie Watson has more than 25 years’ experience working with local, state, tribal, and federal governments in various types of policy and environmental analyses in natural resources including mineral and energy development projects. Leslie provides her expertise to stakeholder management, social impact assessment in relation to meeting resource use goals and objectives. Her work supporting social and environmental analysis efforts have contributed to successful resource decisions by federal, local, and state agencies with a focus on the transition from exploration and development to implementation and operation.

2:30   II.6B CASE STUDY: RESOLVING COMMUNITY WATER RISKS OF MINING: TRACK TWO CONFERENCE ROOM G/H

Company knowledge of water management has greatly increased over time, and the prevention of water contamination is an important component mine operation and closure plans.  Despite greater attention to water management, a leading concern from local communities surrounding mining projects is centered upon complaints about potential impacts on water quality and the availability of water supply.  Solid technical and environmental controls, without attendant water social management strategy, is not sufficient in most mining projects and consequently can lead to conflict that can undermine an operation's success.  This session will explain the importance of combining technical and social expertise to facilitate open, transparent and trust-based dialogue with local communities. This session will be a lively discussion about the challenges and solutions to resolving community water risks in the mining sector.

Columbia University, Professor Upmanu Lall, Director of the Columbia Water Center
Ecodyne, Peter Dolph,
General Sales Manager 
International Finance Corporation, Robin Weisman, Principal Investment Officer
International Finance Corp., Arjun Bhalla, Senior Operations Officer, IFC's Infrastructure & Natural Resources Department

Professor Lall will emphasize the importance of sound technical data to accurately quantify water risks.

Dr. Upmanu Lall is the Director of the Columbia Water Center and the Alan and Carol Silberstein Professor of Engineering at Columbia University. He has broad interests in hydrology, climate dynamics, water resource systems analysis, risk management and sustainability. He is motivated by challenging questions at the intersection of these fields, especially where they have relevance to societal outcomes or to the advancement of science towards innovative application. He has been engaged in high level public and scientific discussion through the media, the World Economic Forum, and with governments, foundations, development banks, and corporations. He has served on several national and international panels. He was one of the originators of the Consortium of Universities for the Advancement of Hydrologic Science, and is currently the President-Elect of the Natural Hazards Focus Group of the American Geophysical Union.

Peter Dolph will discuss his commercial experience of evaluating and arranging the financing of various water treatment and handling technologies within the mining and other industries.

Peter Dolph has been involved with the investigation and promotion of innovative finance solutions to the mining industry for the past 20 years.  He has worked with many consultants including Schlumberger, Golder, and AMECFW and financial management teams in evaluating up-front build-own programs as well as final closure and remediation cost cap approaches to project execution that can help companies shed liability using project insurance and financial strategies. 

Robin Weisman will provide an investor-perspective about how water can constrain investments

Robin Weisman, Principal Investment Officer, International Finance Corporation (IFC). Ms. Weisman works in the IFC’s Infrastructure and Natural Resource department with a team that has a portfolio of US$800 million spread across 20 countries. In prior roles with IFC she led initiatives to de-risk extractive industry clients through activities such as supplier development programs, municipal revenue management systems, and strategic community investment. Robin has also led a team to develop a good practice handbook advising companies how to launch local procurement programs. In addition to the mining sector, Ms. Weisman has managed project finance transactions with companies in a range of industries including general manufacturing and tourism. She has primarily worked in Africa, Russia and Latin America. Before joining IFC, Ms. Weisman worked for Citibank and Standard Chartered Bank. Ms. Weisman has a MBA from University of Chicago.

Arjun Bhalla will provide an overview of how companies can work with communities to build trust around water and minimize conflicts.

Arjun Bhalla is a Senior Operations Officer for IFC’s Natural Resources and Infrastructure Department. He is responsible for social risk management and advising private sector projects on sustainability issues such as community and supply chain development, land acquisition, human rights and water management. He has in-depth experience in the extractives industry, forestry and agribusiness sectors in Africa, East Asia and Pacific, Latin America and South Asia. Prior to this assignment, Mr. Bhalla worked as a legal analyst in the Office of the Prosecutor for the International Criminal Court in The Hague and as a development officer with Global Affairs Canada. Mr. Bhalla received his BA with honors from Queen’s University in Canada and an International Law degree from the London School of Economics, United Kingdom.

3:25     REFRESHMENT BREAK – Coffee, Phones, Emails, Etc.

Sponsored by Newmont Mining Corporation

3:45     II.7 MANAGING MINING PROJECT EXECUTION – SHEARMAN ROOM: LIVE FEED CONFERENCE ROOMS G/H & J

How engineers, management and funders manage and predict uncertainty, project and operating risk
How best to optimize activities and achieve and communicate progress to add value?
How to comply and communicate with stakeholders during planning, construction and operation?
How to best manage growth, capital and operating budgets? What is the outlook?                          

Coeur Mining, Inc. Terry Smith, Vice President North American Operations
Independent Project Analysis, Inc., Baqun Ding, Manager of the Mining, Minerals, and Metals Business Area
Rio Tinto, Nita Singh, CPA (USA), CRMA, Manager Assurance Delivery | Group Internal Audit
Victoria Gold Corp., John McConnell, President, Director and Chief Executive Officer

Since joining Coeur in 2013, Mr. Smith has overseen capital spending at Coeur’s Kensington, Wharf and Rochester mines.  Mr. Smith will discuss some projects which were successfully delivered (on time and on budget), and others that were not and why.  Coeur has recently implemented a ‘Project Delivery System’ which will help derisk project execution leading to improving the company’s capital efficiency.

Mr. Smith is Vice President, North American Operations with Coeur Mining, a precious metals company with operations in the US and Latin Americas.  Mr. Smith has 17 years of experience in project evaluation, development and operations for both underground and open pit mines having held positions previously with consulting firms Minefill Services, Pincock Allen and Holt and Golder Associates as well as mining companies including Teck Resources, Barrick Gold and Hunter Dickinson Inc.  He graduated from Laurentian University in Ontario, Canada with a Bachelor in Mining Engineering.

Best Practices for Mining Projects - Trends in Practice Implementation and Project Success. Baqun Ding will discuss the top 5 lessons from capital project execution based on a review of over 120 mining projects implemented by several top mining company leaders during the last commodity boom.

Baqun Ding currently serves as Manager of the Mining, Minerals, and Metals Business Area. Since joining IPA in January 2006, Dr. Ding has been involved in the analysis of mining and minerals, and exploration & production projects of different sizes for major international companies, and contributed to IPA’s intellectual property development for mine project evaluation. In recent years, he has been mainly focused on the evaluation of complex megaprojects planned and executed by various industries. Dr. Ding is also a member of IPA's Review Board. His areas of expertise include reserve estimates, mineral property evaluations, mineral project feasibility studies, and detailed mine planning and design. Prior to joining IPA, Dr. Ding worked as a mining engineer for approximately 20 years, which included years of hands-on experience with China Gold. 

Unfortunately it is all too common for cost overruns to occur during the execution of a project. The key to prevent overspending is to identify the key risks and developing a strong governance framework from the onset. I propose discussing the various risks in project execution and some of the best practices that can be implemented to avoid surprises or any cost overruns.  Common claims and complaints arising against EPCM contractors for breach of its primary professional obligations include: the initial base estimate on which the decision to proceed with the project was based was negligently low; that proper updates and costs estimates have not been provided; that the Owner’s authorization was not obtained when contractors were incurring additional costs; and that contractors’ claims for payment have not been properly assessed and certified. One common way of incentivizing good performance by the EPCM contractor is by offering an early completion bonus so that achieving the project and/or key milestones by or before the scheduled dates, generates a bonus for the EPCM contractor. Another risk is that the EPCM contractor has significant turnover which causes delays and additional cost. One way to overcome this is to stipulate in contracts that certain key roles will remain on the project until the project is delivered.

Nita Singh has over 16 years of managerial experience in the mining and metals and oil and gas industries. She is currently employed as a Manager of Internal Audit at Rio Tinto and has worked at EY and Alcan Inc.. She has international experience and has managed major fraud investigations. Her current focus is on increasing the efficiency and effectiveness of internal controls and processes by applying lean principles. Nita holds a Bachelor of Commerce with a Major in Accountancy, is a US Certified Public Accountant (CPA) and possesses a Certification in Risk Management Assurance (CRMA) designation. She is the first person selected by the International Women in Mining Association’s SpeakUp project to increase the presence of women speakers at mining conferences.

John McConnell will discuss the Challenges of Developing a Mine in Canada’s North.

John McConnell has more than 35 years of mining experience, mostly spent in Canada's northern territories. Previously, he was President and CEO of Western Keltic Mines until it was acquired by Sherwood Copper. During his career he was Vice President, Northwest Territories Projects for De Beers Canada where he was primarily responsible for the permitting and development of the Snap Lake Diamond Mine. His experience also includes 12 years with Breakwater Resources Ltd / Nanisivik Mines Ltd in operations at the Nanisivik Zinc and Lead Mine on the northern tip of Baffin Island, and he spent six years with Strathcona Mineral Services Ltd. where his work included engineering, feasibility studies and project development. John is a graduate of the Colorado School of Mines, with a B.Sc. in Mining Engineering. He is also a Director of public companies; Hudson Resources Inc., Abacus Mining & Exploration Corp. A strong advocate for the mining industry, he is also a director of industry organizations; Klondike Placer Miners' Association (KPMA), Yukon Chamber of Mines (YCM) and the Mining Association of Canada (MAC).

4:35     II.8 HOW TO PROSPER IN THIS MARKET – SHEARMAN ROOM: LIVE FEED CONFERENCE ROOMS G/H & J

What sectors are attractive? What can be done to adjust, leverage value and prosper?
Key financial and economic metrics used to analyze and model project risk, cash flows and returns?         
How to prepare mining companies and projects for financing and what are the financing options?
What the industry can do to raise capital, lower cost and risk, and increase cash flow and profits?
What strategies companies can take to balance the importance of the technical and non-technical issues?          

Hatch Ltd., Nishit Patel, M. Eng., P. Eng., Consultant
Hecla Mining Company
, Lindsay Hall, Senior Vice President and Chief Financial Officer
Red Cloud Klondike Strike Inc., Chad Williams P.Eng., Founder, President & CEO
UBS, AG, Andrew Gubbels, Executive Director, Investment Banking, Natural Resources Group                     

Nishit will speak about the business case for the mine of the future - an evaluation of the business case and investment risks for various emerging, innovative technologies in the mining industry such as autonomous vehicles and equipment, electric mining equipment, mine digitalization, alternative / renewable energy sources, railveyors, genomics and airships. Adoption of recent technological advances may determine which mining companies survive through the prolonged commodity down-cycle and which companies fail to stay competitive. But with limited capital resources available, mining companies must decide what technologies to invest in that will ensure long term shareholder value.

Nishit Patel is a consultant with Hatch Advisory, the management consulting / investment and business planning group in Hatch. His expertise is with operating cost and financial modelling, performing techno-economic studies, and analyzing and benchmarking costs to assist clients in assessing investment opportunities. His experience includes developing financial analyses for metals clients worldwide, while his technical expertise spans the entire project lifecycle, from feasibility and scoping studies through to commissioning.  Nishit has experience with all types of metals and mining production, with detailed operating cost structure estimates, KPI modelling and benchmarking and financial modelling for facility valuation and feasibility studies. He works with the Hatch benchmarking database to manage a wide range of industry data in iron and steelmaking, mining, gold production and other metals production. He managed capital projects as part of the Hatch/U.S. Steel Alliance while closely engaging with the client to develop optimal solutions to their operational issues. Nishit has also assisted clients with developing blast furnace campaign extension strategies, and has worked on process studies related to blast furnaces, integrated steel plants, alternative ironmaking and coke making technologies, and incremental improvements to steel plants in North America and the Middle East.

Lindsay A. Hall was appointed Senior Vice President and Chief Financial Officer effective July 18, 2016. Prior to his appointment, Mr. Hall was Chief Financial Officer for Goldcorp Inc. from April 2006 to March 2016 and also Executive Vice President from March 2006 to March 2016. Mr. Hall served as Chief Financial Officer and Executive Vice President for Placer Dome from November 2005 to February 2006. He served as Vice President and Treasurer of Duke Energy Corporation from June 2005 to October 2005 and prior to his appointment as Treasurer, he served as Group Vice President and Chief Financial Officer of Duke Energy Americas.

Financing Mining Projects in 2017: Chad will review current trends in mining finance and identify how mining companies of all sizes are leveraging the capital markets in 2017 to secure the funding needed to execute projects and deliver shareholder value.

As Founder, President & CEO of Red Cloud KS, Chad and his team are building a community of online investors to revitalize and democratize mining investment. Chad has extensive experience in mining finance and management, having previously held the positions of CEO of Victoria Gold, Head of Mining Investment Banking at Blackmont Capital and a top-ranked mining analyst at TD Bank. Mr. Williams has been a Director of several emerging mining companies and was a founder of Agilith Capital (fund) and Westwind Capital (broker). He also serves as a director of the Denver Gold Group. Mr. Williams holds both a P.Eng in Mining and an MBA from McGill University.

Andrew will discuss How to prepare mining companies and projects for financing? What are the financing options?

Andrew Gubbels is an Executive Director and the Head of Americas Metals & Mining in the Investment Banking department based in Toronto. Prior to joining UBS ten years ago Andrew spent three years in the Mergers & Acquisitions department of CIBC World Markets, with a focus on clients in the Metals & Mining sector. Over the course of his career, which includes secondments in Sydney and New York, Andrew has advised on over 40 transactions valued at more than US$100 billion. Andrew graduated with a Bachelors of Commerce (Honors) from Queen's University and a Masters of Finance from the University of Toronto.

5:25     CLOSING REMARKS BY CONFERENCE CHAIR: SHEARMAN ROOM: LIVE FEED CONFERENCE ROOMS G/H & J

Program Chair, Executive Director NY SME and TAA Advisory LLC, Tim Alch, Managing Partner

5:30     RECEPTION – Food and Beverage -
at Shearman & Sterling’s Conference Center          

Join us for a by invitation-only (non-transferable) reception of networking with conference delegates and speakers and invited executives and analysts from New York’s banking, finance and investment community.

Sponsored by Dassault Systemes; Ernst & Young; and SRK Consulting

8:30     CONCLUSION OF DAY TWO OF THE CTMF CONFERENCE

There are two Post Conference Workshops on Wednesday, May 3. Read more about the workshops by clicking here including the bios of the workshop leaders and workshop descriptions.

Two Post-Conference Workshops on Wednesday May 3, 2017 at 7:45 AM to 11:30 AM at Shearman & Sterling LLP at 599 Lexington Ave, corner of 53rd Street. Breakfast starts at 7:45 AM, Refreshment Break 9:30 AM, Lunch at Noon to 1 PM

III. Where Do Things Go Wrong in Mining Project Development? Red Flags to Watch Out For and Mitigants by Graham Clow, Chairman, Principal Mining Engineer and Jason Cox, EVP & Principal Mining Engineer of Roscoe Postle Associates Inc and Chris Ryan, Partner and Jonathan L. Greenblatt, Partner of Shearman & Sterling LLP 7:45/8:30 – 11:30 AM; Delegates Lunch is at 12 - 1 PM

Developing and operating a mine is difficult at the best of times and is becoming more difficult as projects get more complex from both technical and commercial, and legal perspectives. This workshop will focus on what to look for in assessing the risks and opportunities in factors that contribute to project success and highlight methods of identifying and mitigating disputes. Whether disputes arise in the exploration, construction, or operational phase of the project, they are an almost-inevitable part of a mining project. This workshop will include real-world examples.

Through the course of its work as Independent Engineer and general due diligence advisory, Roscoe Postle Associates (RPA) has observed that besides properly defining an array of technical issues including resources, ground conditions, and metallurgy, capital and operating cost estimation and project execution has become increasingly challenging. RPA has identified a number of common threads in both successful and unsuccessful projects and will discuss key areas including resource estimation, matching production rate to the deposit, metallurgical testing, and capital design/estimation man hours.

Graham G. Clow, P. Eng., is Chairman and Principal Mining Engineer of RPA.  He is a senior mining executive with more than 40 years of experience in all aspects of mine exploration, feasibility, finance, development, construction, operations, and closure.  His experience ranges from the high arctic to the tropics, in base and precious metals, diamonds, and industrial minerals.  Within RPA, Mr. Clow developed and led the practice in advising public companies on technical disclosure and controls for listed companies through IPO’s, listing documents, financings, and other interactions with regulators.  As part of this practice he has advised most of the major institutions involved in debt and equity financings for the mining industry. 

Graham is a Fellow of the Canadian Institute of Mining, Metallurgy, and Petroleum and Past Chairman of the Metal Mining Division.  He was a Member of the Committee on Ore Reserve Definitions that established the requirements for Canadian Regulatory Standard NI43-101 for mining companies.  For a number of years, Mr. Clow was an Adjunct Professor at the Lassonde Mineral Institute, University of Toronto, where he lectured in resource and reserve estimation. He is a director of Barrick Gold and Dominion Diamond Corporation.  In 2016, he was awarded the Vale Medal for Meritorious Contributions to the Industry.

Jason Cox, P. Eng, is Executive Vice President of Mine Engineering and a Principal Mining Engineer of RPA specializing in project management, mine design, cost estimation, and cash flow forecasting.  Mr. Cox has over 20 years of experience in all stages of mine development; resource and reserve estimation, engineering studies, construction, operation, and closure. 

Mr. Cox leads project teams in engineering studies, with responsibility for base metal, gold, nickel, PGM, rare earths, uranium, and other commodities in a variety of environments across Canada, as well as the USA, Latin America, Africa, Australia, Europe, and Asia.  Prior to his work as a consultant, Mr. Cox held progressively senior positions with a major Canadian mining company. Where he was in charge of the engineering department at a remote lead/zinc mine located in the high Arctic and helped lead the construction of a lead/zinc mine in the U.S., which was put into production on schedule and under budget.

Shearman & Sterling observes there is a high likelihood that the owners, operators and various parties involved with a mining project will be forced to resort to some form of dispute resolution process to settle problems. It will speak about these and a number of steps that can be taken over the course of a project to lessen the risks associated with such disputes and to best protect a party’s investment and or commercial interests. These steps start from the moment the deal is first conceptualized by ensuring that it is structured in a way that allows a mining company to take advantage of the most advantageous legal protections available, including protections provided by international investment law.  Beyond that, it is important to ensure that the various key agreements that arise during the project contain provisions that help protect a mining company’s interests in the event a dispute arises. It will also speak about steps that can be taken by a mining company while the project is under construction and, ultimately, operational, that will help mitigate legal and commercial risks in the event a dispute arises.

Christopher Ryan is a partner in the International Arbitration Group at Shearman & Sterling. He has extensive experience in international arbitration and litigation, and has represented private and governmental clients in disputes before ICC, AAA, ICSID, UNCITRAL and ad hoc arbitral tribunals, NAFTA Chapter 19 dispute resolution panels, and U.S. federal courts. Mr. Ryan also has advised U.S. and foreign companies on various issues of public and private international law, investment and trade policy, and strategies for mitigating the risks associated with foreign investment. Mr. Ryan is a Lecturer at the University of Virginia, School of Law where he teaches a course on international investment law and investor-State disputes. Mr. Ryan also teaches a course on international commercial arbitration at The George Washington University Law School. In 2005, Mr. Ryan was a Visiting Scholar at Yale Law School, where he researched and wrote on the calculation of damages in international arbitration.

Jonathan Greenblatt is a partner in both the International Arbitration and Litigation Groups and has extensive experience in commercial and international litigation, including complex commercial arbitrations. He is the Co-Managing Partner of our firm’s Washington, D.C. office.

IV. Understanding the Importance of Using Hedging in a Volatile Price Environment by Miners and Developers of Resource Projects by Sean Russo, Founder & Managing Director Noah’s Rule 7:45/8:30 – 11:30 AM; Lunch 12-1 PM

The importance of having a proper price risk management program in place has been painfully highlighted over the past few years. Much like a mine safety program that protects a company’s human capital, sound risk management protects and preserves a company’s financial capital. However many companies do not have the processes or devote even one-tenth of the effort on protecting the livelihood of their employees that they spend on their health and safety.

Mining firms large and small have developed impressive, bespoke programs to actively manage many of the industry’s diverse risks, allowing them to produce metal safely, in an environmentally sustainable way, and at a low cost.  However, for a variety of reasons, there is one risk that many firms have opted to deemphasize, or simply ignore: their exposure to adverse price trends.  While all firms with superior safety programs preserve human capital, the firms that also engage in monitoring and managing price risk preserve financial capital; effectively protecting hard-working (and hard to replace) employees from layoffs in down markets and all other stakeholders.  Against a backdrop of volatile and declining prices over the past few years, firms that have addressed price risk have developed stronger balance sheets than the competition.  Their management has been able to seize opportunities and ride out lean markets while many peers were on their heels.  In short, understanding how to manage price risk deserves as much attention as other significant risks/threats constantly being reviewed and managed by mining companies.

The Noah’s Rule philosophy “predicting rain doesn’t count; building arks does” forms the core of our approach to market risk management and encapsulates our belief that protection is more important than prediction and that prudent risk management requires companies to work out from their corporate strategy, rather than in from a ‘market price view’.

Noah’s Rule has designed a workshop that provides participants with an understanding of hedging products and techniques, the benefits and risks of hedging and how to apply hedging to their overall risk management strategy. The course is designed to assist management answer the perennial hedging questions for their circumstance: When should we hedge? How much should we hedge?  Can I afford not to hedge??

Organizer's Bio

Sean Russo: Founder and Managing Director of Noah’s Rule Sean is actively involved at Noah's Rule providing strategic Debt and Hedging Advisory services to CEO's, Company Boards and Senior Management with significant financial market and commodity market risks. He is a passionate advocate for companies developing a high degree of risk awareness and of the possibilities to harness market risk and not simply be a price taker, riding the price cycle for good or bad. Prior to forming Noah's Rule Pty Ltd in August 2004, Sean was the Managing Director of Treasury and a member of the Executive Committee of NM Rothschild and Sons (Australia) Limited. In over 20 years with the Rothschild Group, Sean gained extensive experience in the international bullion and financial markets working in their offices in Perth, Sydney, London and Singapore, in roles covering trading, sales and management. In all his positions Sean has taken a very active interest in the delivery of responsible and innovative 'needs based solutions' to producer, consumer and Central Bank clients.

At Noon to 1 PM – Delegates to Workshops III & IV are welcome to enjoy a pleasant lunch together.
1 PM Concludes Lunch and the 2017 CTMF Conference

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Content, speakers, order and times are subject to change.