In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Darren McLean of Muddy Waters about investing in the mining sector. Darren shares how informational edges and a deep understanding of data can yield outsized returns in a space often overlooked by generalists. They discuss the inefficiencies in mining markets, the value of unconventional data analysis, and why mining offers compelling alpha for those willing to do the work. Darren also explores the evolution of mining capital, the brain drain in the industry, and the outsized rewards of discovering and developing world-class assets. Tune in to uncover the realities of resource investing and how expertise can change the game.
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[00:00:00] Andrew introduces podcast and Darren McLean
[00:03:15] Why Darren sees alpha in mining
[00:04:50] Examples of unconventional data collection
[00:07:46] Darren discovers major inefficiency firsthand
[00:10:23] Lack of diligence in asset qualification
[00:15:51] The post-China supercycle mining collapse
[00:20:57] Why mining offers inevitable investment returns
[00:24:03] The Bre-X scandal and manipulation
[00:27:42] Why supermajors avoid early-stage projects
[00:31:26] When site visits are essential
[00:38:47] Brain drain and generational void in mining
[00:39:18] Can generalists invest in mining successfully?
[00:43:17] Montage Gold: A re-rate case study
[00:46:17] Value of strong reputations and strategic entry
[00:51:13] Darren’s track record and strategy success
[00:53:36] Why mining gives clear investment feedback
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