Where mining meets equity markets, and noise gets cut to signal. We unpack the stories moving commodities, companies, and capital without the fluff. Featuring candid conversations with fund managers, executives, and commodity specialists. Hosted by Travis Ricciardo and Jonas Dorling.
Where mining meets equity markets, and noise gets cut to signal. We unpack the stories moving commodities, companies, and capital without the fluff. Featuring candid conversations with fund managers, executives, and commodity specialists. Hosted by Travis Ricciardo and Jonas Dorling.
This week’s wrap is packed – featuring special guest James Nicholls, a resources M&A lawyer with an abundance of deal-making experience.
We kick off with the industry’s biggest shake-up in a decade: Teck and Anglo American’s plan to tie the knot – a deal we could spend hours dissecting. From there, James takes us into his sweet spot, unpacking the rise of retail shareholder activism through the lens of Capricorn and Warriedar.
Grade Control
- BHP & Rio in the wake of the mega-deal
- Rio’s challenges with Guinea’s downstream push
- Iluka shelving Cataby & SR2
- Genesis’ approval for Tower Hill
Sweet & Sour Deals
- Jindalee’s SPAC agreement
- Alcoa’s cheque for Western Gas
- Marimaca’s “non-deal roadshow”
- Elemental Royalty & EMX’s merger
- New Found Gold’s takeover of Maritime
Stocks covered: AAL.L, TECK.TO, BHP, RIO, WA8, CMM, AVL, ILU, GMD, JLL, AAI, MC2, ELE.C, EMX.C, NFG.C, MAE.V
Hidden Gems:
Grant Williams & Tony Deden Interview
This was recorded on 10/9/2025.
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TIMESTAMPS
(00:00) — Teck and Anglo American's Deal
(00:42) — Deal Background & Context
(02:33) — Market Reaction & Synergies
(04:19) — Regulatory Hurdles & Interloper Risk
(13:27) — Rise of Retail Shareholder Activism
(13:34) — Background of Capricorn-Warriedar Deal
(14:42) — Retail Shareholder Response
(16:14) — Evolution of Shareholder Activism
(35:24) — Grade Control
(35:43) — BHP & Rio in the wake of the mega-deal
(38:23) — Rio’s challenges with Guinea’s downstream push
(40:26) — Iluka shelving Cataby & SR2
(42:33) — Genesis’ approval for Tower Hill
(45:54) — Sweet & Sour Deals
(45:54) — Jindalee’s SPAC agreement
(48:18) — Alcoa’s cheque for Western Gas
(50:02) — Marimaca’s “non-deal roadshow”
(51:08) — Elemental Royalty & EMX’s merger
(52:25) — New Found Gold’s takeover of Maritime
(54:09) — Hidden Gems
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