APAC’s Strategic Holding Approach

Brett describes APAC's fund structure, long-term strategic holdings and constraints from Hong Kong exchange rules.

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Episode notes

Brett Smith joins us for an unexpectedly open conversation about Metals X, its turnaround and the state of the global tin industry.

We have criticised Metals X in the past, which makes Brett an unlikely guest, but he leans straight into the tough topics. He walks through how a now $700m producer had to slim costs to one employee, capital allocation strategy, his views on the entire tin project pipeline, from the credible contenders to the ones that will never get built.

A candid, valuable episode.

Stocks mentioned:

Metals X (MLX.AX), Mount Gibson (MGX.AX), Elementos (ELT.AX), First Tin (1SN.L), Nico Resources (NC1.AX), Northern Star (NST.AX), Tanami Gold (TAM.AX), AIC Mines (A1M.AX), Maronan Metals (MMA.AX), True North Copper (TNC.AX), Fenix (FEX.AX), Alphamin (AFM.V), Cornish Metals (CUSN.L), Rome Resources (RMR.L), Stellar Resources (SRZ.AX)

Connect with Brett on LinkedIn here.

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TIMESTAMPS

(00:00:00) Introduction

(00:03:25) Fixing Metals X, Nifty exit, spin out of Nico Resources (NC1.AX)

(00:06:04) Refocusing on tin, Renison as Metals X’s core asset

(00:07:28) Global tin supply, Myanmar, Indonesia, China smelter pressure

(00:12:15) M&A strategy, stakes in Elementos (ELT.AX) and First Tin (1SN.L)

(00:14:53) Permitting risk and why Metals X has listed stakes

(00:18:05) Projects Metals X passed on, views on Stellar and global tin assets

(00:21:27) Stellar (SRZ.AX) near Renison and JV boundary considerations

(00:22:21) Renison JV structure, Yunnan, Green Tech situation