Gold Soars & China Corners BHP (Jeff Quartermaine)

We had the privilege of being joined by the outgoing Perseusboss Jeff Quartermaine for the latest Weekly Wrap episode.

The conversation began by unpacking Jeff’s 12-year rein as CEO to his ultimate departure, having built a ~$7B business. He shares the deals that could’ve been, the lessons learnt and what history has taught him about this bull market.

For our big stories, we unpack the double announcement byNewmont and Barrick announced that new CEO’s would be taking charge, as well as BHP’s enormous tussle with its largest customer, China.

Grade control covers:

• Alcoa’s closure of Kwinana

• Albanese spruiking Australia’s critical minerals reserve

• Grasberg suspension

• Wia Gold’s scoping study 

Sweet & sour deal unpacks: 

• MMG’s zero-coupon financing

• Zijin Gold’s bumper IPO

• Capital raising galore

Stocks mentioned: PRU, NEM, B.NYSE, BHP, AAI, FCX.NYSE, WIA, 1208.HK, 2899.HK, NXG, HGO, TSO, STN, JBY, NGEX.TO, PEX

You can connect with Jeff on LinkedIn; he just created an account. 

This was recorded on 2.10.2025. 

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TIMESTAMPS  

(0:00) – Intro  

(3:00) – Jeff Quartermaine's reflections from Perseus 

(7:40) – Managing Relationships With Investors 

(13:10) – Must-Haves When Running A Mining Business 

(16:20) – The African Mining Landscape And What Next forPerseus 

(20:30) – Competing With Chinese Capital 

(24:20) – Barrick & Newmont Leadership Changes (MarkBristow) 

(26:20) – Mark Bristow’s Legacy And The Mali Situation 

(35:00) – China’s Ban On BHP And Iron Ore Trade Dynamics 

(42:20) – Grade Control 

(1:02:40) – Sweet Deal / Sour Deal 

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