Joburg Indaba
Joburg Indaba podcast links
Reflections on the SA Mining Industry and the Government’s impact
On the same day that Minister of Mineral Resources Gwede Mantashe lashed out at Neal Froneman of Sibanye-Stillwater for his criticism of the government, Rutherford shared some of his reflections about the SA mining industry and the government’s impact. When a critic with no other agenda calls it as he…
Capital allocation: a lone, early voice from London
Way before capital allocation was even a thing, a visit to Rutherford’s offices in London would not be complete without a deep and often fractious debate about value creation, sustainability and of course, capital allocation. It’s no surprise that we revisit this topic in this short clip where I ask…
Jim Rutherford: Did the poacher turn gamekeeper?
During his 15 years as a sell-side analyst, Jim Rutherford emerged as a significant force in the world of mining, including in South Africa, as part of the US-based investment firm Capital Group. Rutherford was largely responsible for the company’s global investments in the metals and mining industry. Then, seven…
Dealing with mining’s men
So much of a leader’s role is to engage with her people. Mining makes this even more challenging due to the tough conditions, skeptical audiences and language barriers. Listen to Naidoo’s response to my question about engaging the “manne” at the coal face.
Role of mentors
Listen to Naidoo’s insights about what she has learned about leadership from mentors like Cynthia Carroll and Tom Albanese, among others.
Testimony of perseverance
Naidoo’s journey from her roots in Phoenix, in KwaZulu-Natal, all the way to the executive suites of the mining industry is a testimony to perseverance, deliberateness and hard work, but also the story of a humble leader who acknowledges the contribution of many others in her success. Listen to Naidoo’s…
The daughter of Kamala
While the thought of a “liberal” American vice president may make some readers distinctly uncomfortable, VP-elect Kamala Harris has cracked, if not shattered a significant glass ceiling for women worldwide. In the days following the US election, TV stations aired stories of emotional parents sharing their daughters crying with joy…
The last word
The last word goes to Jongisa Magagula of ARM who shares how a diversified SA-based mining company thinks about dividends.
The big D-debate!
In the gold mining industry that I grew up in, two unquestionable truths predominated. On the one hand you had the mining company executives’ mantra of “anyone who pays dividends doesn’t understand (gold) mining”, and on the other was the mining investors’ response to dividends: “Why are you returning capital,…
How to create capital in uncertain times
One of my favourite sessions involves former AngloGold Ashanti CEO Srinivasan “Venkat” Venkatakrishnan. Perhaps being in lockdown in London, away from his Joburg-based family, is to blame for his insight and wisdom regarding how this pandemic will impact on capital allocation in the mining industry. He highlights how the scale,…
How South32 does it
Mike Fraser, the COO of South32, shares the miner’s approach to capital allocation. South32 has a clear framework and all capital allocation is governed by that. He addresses the disposal of the SA coal assets to Seriti, and South32’s plans for ferrochrome and their investment in new mines as part…
Where will the growth come from?
It’s worth listening to Olivia Markham (Managing Director, Natural Resources, BlackRock) sharing her views about how the mining industry has managed to get its house in order. She talks about how the industry progressed from ill-advised capital allocation to M&A projects, to clear policies and consistent behaviour during the boom…
Is the industry getting the balance right?
Sir Mick Davis reflects on how major mining companies need to accept the responsibility to convince investors of the need to invest enough capital to continuously replace what is being mined. He argues that the recent focus on cost has made the majors more resilient, but he is not convinced…
The one priority to top them all
As is the norm, such an in-depth and comprehensive conversation should conclude on a more serious note. In this short clip Sir Mick shares his view regarding the one priority that the South African mining industry needs to get right.
Taking the Mick(ey) out of Sir Mick!
Sir Mick Davis is a hard-nosed businessman who served as the CEO of the Conservative Party in the UK for some time. So he takes insults, banter, sarcasm and jokes all in his stride. Listen to why I described him (to his face of course) as “at least being a…
To merge, or not to merge? Who better to ask than Sir Mick Davis!
In this clip Sir Mick shares some of his learnings with regards to megamergers. He reflects on how difficult it is to get shareholder support for such mergers and how politicians leverage antitrust issues to extract benefits and strategic advantages for their countries. But he is most critical, by far,…
Too much hype around hydrogen?
As it generally happens so often with new technologies, we tend to overestimate their impact in the short term, but almost always underestimate their long term impact. Davis believes that there are many technical hurdles, such as storage to overcome, but still clearly believes that South Africa should position itself…
It does not need to take decades to fix Eskom
Sir Mick argues that unlike the skills and healthcare challenges facing South Africa which may require decades to fix, Eskom’s problems are comparatively easier. He expands on his views, which are incisive as well as relevant due to his recent role on one of the many task teams created to…
Despite having seen beneficiation from up close, Mick is not a believer
Davis shares the obvious point that without a significant local market, South Africa’s obsession with beneficiation is misdirected and does not create value. Instead, he argues that mining companies should focus their attention on increasing efficiencies in mining and logistics, thereby ensuring that they are cost-effective suppliers to international customers…
Getting to know Sir Mick Davis
Everyone in the mining industry knows Sir Mick Davis. His amazing career took him from his position as CFO of Eskom, to become Brian Gilbertson’s right hand man during the Gencor/ Billiton days and then culminated at Xstrata, where he really made his mark. And yet, according to Sir Mick,…