Drilling Deeper - What 40 years of mining has taught Norman Seckold скачать в хорошем качестве

Drilling Deeper - What 40 years of mining has taught Norman Seckold

John Forwood, CIO of the Lowell Resources Fund (ASX:LRT) welcomed Norman Seckold, Chairman of multiple ASX‑listed companies, including Nickel Industries Ltd (NIC), Sky Metals Ltd (SKY), & Mineral Exploration Ltd (MEX), Norman continues to sit at the forefront of global trends shaping the future of critical minerals, energy transition commodities & precious metals. His leadership has guided companies through every stage of the mining lifecycle from early exploration to feasibility, development & successful production. In this session of Drilling Deeper Webinar, Norman walked us through his past successes at projects like the Nagambie & Ballarat East Gold Mines in Victoria & the Palmarejo & Guadalupe Gold & Silver Mines in Mexico, more recent ventures with Nickel Industries in Indonesia, Sky Metals in NSW, & Mineral Exploration Ltd in New Zealand, & finished with his key learnings that any level of investor will want to hear. Interview Summary: Norm Seckold Mining Career & Market Insights 0:00–0:40 – Introduction Webinar format: market overview → Norm Seckold career insights → Q&A. Focus includes nickel market trends and lessons from ~40 years in mining. 0:40–7:30 – Nickel Market Overview Nickel prices rose recently due to supply restrictions from Indonesia, the dominant global producer Indonesia reduced mining quotas to support prices & improve industry profitability Major consumer: China, using 60%+ of global nickel, mainly for stainless steel Battery demand (EVs) is growing but still secondary Indonesian policy caps new nickel pig iron (NPI) plants to control supply Estimated sustainable nickel price range: ~$17k–$18k per tonne, high enough for margins but not so high that dormant global supply restarts 7:30–12:00 – Career Beginnings Seckold’s mining career started accidentally while working part-time & studying Joined stockbroker Patrick & Co. as a junior mining analyst shortly before the famous Poseidon Nickel Boom Mentorship played a major role; influential mentor Ken Phillips helped shape his approach 12:00–15:50 – Early Exploration Strategy Focused on exploring old mining districts using modern methods rather than pure grassroots exploration Example: a project near the historic Homestake Mine Lesson: “Best place to find a new mine is near an old one” Re-evaluating past data & historic mines often reveals overlooked resources 15:50–21:00 – Georgia Gold Project (Bali/Quartzite JV) Early post-Soviet opportunity in Georgia Stockpiled material originally discarded during copper mining turned into a profitable gold operation Improved resource est from 12Mt @ 1.3g/t to 18Mt @ 1.8g/t gold after correcting poor core recovery assumptions Political risks included court challenges & even armed theft of gold dore Project achieved ~60% operating margins when gold was ~$280/oz 21:00–24:00 – Mexico Discovery & Sale Exploration in Chihuahua led to the Pinos Altos / Palmarejo region discovery Aggressive drilling (up to 9 rigs) outlined ~3 million oz gold equivalent in ~2 yrs Company sold to Coeur Mining for ~$330M High producing district 24:00–29:10 – Current Project: Sky Metals (Tin) Focused on tin exploration in New South Wales Tallebung project: ~15.6 Mt resource at ~0.15% tin with strong potential expansion Simple gravity processing (“trommel/sorter”) yields ~98% recovery with low capex Exploration target up to ~30 Mt Doradilla project could be a major system with large volume of tin 29:10–33:00 – Lithium Exploration (Fulcrum) Lithium clay projects in Nevada Inspired by developments like Thacker Pass Belief that Australian operators can build projects more efficiently and with lower capital costs than typical North American developments 33:00–39:20 – Key Lessons from 40 Years in Mining Business is hard: mining involves constant risk & uncertainty Trust and relationships matter—avoid working with people you distrust Focus beats diversification: concentrate resources on a few strong projects Commodity cycles repeat (roughly every 5–6 years); understand where you are in the cycle Admit mistakes quickly; ego destroys companies Directors should be major shareholders to align with investors Project quality comes first, then jurisdiction Avoid marginal projects—aim for the lowest cost quartile Beware overpaying for scale during boom-cycle M&A 39:20–47:00 – Q&A Highlights Geologists should focus on discovery skills first, with business training later if moving into mgmt. Modern permitting makes rapid mine development harder; historically some projects moved from discovery to production in ~18m. Biggest management challenge: balancing risk & bold decision-making without missing the commodity cycle. ✅ Takeaway: Successful mining careers rely on discipline in project selection, understanding commodity cycles, strong partnerships, and bold but calculated risk-taking. Note: This interview and update is not to be taken as financial advice. consult a financial professional before making any investment decision.