The Real Obstacle in Mining Now Is Permitting, Not Geology
It's licence certainty, community buy-in and power access — not ore grade — that now decides which projects meet our return bar.
Ore grade is now the easiest thing to check in any project review. Geology can be measured directly; permitting, community consent and grid access often can't be properly measured until they go wrong.
Before we even look closely at the resource statement, we look at how secure the licence is, whether security can actually be enforced in that jurisdiction, and how credible the power plan is. A rich deposit with no route to production is a possibility, not an asset.
Where any of that is unclear, we build the structure around cash flow and offtake rather than the licence alone, releasing money in stages tied to confirmed delivery.
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Further items.
Rates Aren't Coming Back Down, and Mining Valuations Know It
Discount rates on long-life resource assets have reset for good, and it's valuation discipline, not leverage, that will keep portfolios intact.
Read →CommoditiesWhere the Money Is Actually Made in Physical Metals Finance
The real margin comes from logistics, paperwork and picking the right counterparties — not from guessing where the gold price goes next.
Read →ESGWhy Community Buy-In Now Belongs in the Financing Model
Social licence has stopped being a box-ticking exercise and has become a real driver of schedule, cost and what can ultimately be recovered.
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