2011 Events

December 6, 2011

Annual Holiday Event
Henry Krumb Lecture Series
"Discount Rates in Mineral Company & Mineral Property Valuation"
John Lizak, 
Mineral Valuations & Capital

The derivation of a discount rate is often the most contentious and flawed component of a mineral valuation. The Weighted Average Cost of Capital (WACC) is the discount rate that should be used in the common income approach to derive the present value of a company's, or a mineral lease's, future cash flows. The WACC method has many applications in investment management, corporate finance, and regulatory and tax proceedings. It is used in business valuation, regulatory proceedings, project selection, and shareholder value determinations. It is used in the valuation of entire mineral companies and mineral properties. The derivation of the WACC, and the resultant discount rate, will be examined in this paper. The historical discount rates and the risk premia for the energy mineral, the industrial mineral, and the metal industries will be tracked and compared to current transactional rates. The discount rates used to value entire mineral companies will be compared to the rates used to value mineral royalty interests

John Lizak has been involved in mineral valuation, acquisition and development for thirty years with "Fortune 100" and private companies. He is a Licensed Professional Geologist in Pennsylvania, Illinois, Indiana, and Kentucky. Mr. Lizak is a principal in Mineral Valuation & Capital, Inc. (MVC), and is also a principal in Lizak Geoscience & Engineering, Inc. (LGE), a mining and geological consulting company.

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May 10, 2011

"International Coal Scene at Mid-2011"
Donald Cooper,
Behre Dolbear Group,
Director, Global Coal Services

A perspective, regarding the global coal industry, based upon Behre Dolbear’s recent coal engagements around the world. Mr. Cooper will focus on Behre Dolbear’s recent work in the established coal fields of the world and he will comment on the countries that are emerging as potential forces in the industry. He will also comment on market trends, pricing and supply/demand scenarios.

Donald K. Cooper has been the Global Director of Coal Services for the Behre Dolbear Group since 1995. He was also president of the Group’s subsidiary, Behre Dolbear & Company (USA), Inc. until his retirement from that position in 2007. Mr. Cooper has over 40 years of experience in the domestic and international coal industries, having held positions of responsibility in coal project development, marketing and sales. During his time with Behre Dolbear, he has been either the study manager or the senior advisor for essentially all of the firm’s major coal studies.

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March 29, 2011

"CPM's View of the Molybdenum & Cobalt Markets"
Justin Honrath,
CPM Group,
Commodity Analyst

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October 18, 2011

"What's Next in Heavy Rare Earths & Industrial Metals"
Jack Lifton,

Jack Lifton is a Founding Principal of Technology Metals Research, LLC. He is also a consultant, author, and lecturer on the market fundamentals of the technology metals, the term that he coined to describe those strategic rare metals whose electronic properties make our technological society possible. These include the rare earths, lithium and most of the rare metals.

Educated as a physical chemist, specializing in high-temperature metallurgy, Jack was first a researcher before becoming both a marketing and manufacturing executive. Finally, he became a metal trader specializing in the field of technology metals and of rare metals. Today, after 48 years of industry involvement, he advises both OEM high tech industry and the global institutional-investment community, on the natural resource issues that impact either a proposed business model or a high-volume manufacturing plan for the mass market.

His work today is principally as a due-diligence consultant for institutional investors, looking into opportunities where rare and technology metals availability are a factor in determining the probability of commercial success of a metals-related venture.
Jack is a Senior Fellow of the Institute for the Analysis of Global Security.

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September 21, 2011

"Insider's Look at Building & Operating a Coal Mining Business in Mongolia"
Cathy Fong,
Lucky Strike Resources,
Chairman & CEO

Cathy Fong is an accomplished senior civil/structural professional engineer with over 20 years of experience in the mining, heavy industrial and commercial construction industries. She has completed detailed engineering assignments for Eskay Creek, Bell Creek, Lone Tree, Sigma, Gilbraltar, Enako, Loki, Campbell, Quinsam and Zaldivar Mines. Ms. Fong's professional experience includes completing projects for SNC-Lavalin, Hatch, BC Hydro, Proctor & Redfern and Quinn Dressel. She was the former president of Silvercorp Metals Inc.

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April 7, 2011

"Your Commodity Portfolio: Act 2, Scene 5 or Act 3, Scene 1 - Where Are We in the Cycle?"
Gianni Kovacevic,
Kovacevic Consulting,