Ross Beaty Revived my Gold Optimism
From The Maven Letter: 25 January 2024
I didn’t expect to leave these conferences feeling more bullish. Perhaps the last too many years of weak mining markets have worn me down, but I had very low expectations around finding bullish sentiment.
What’s notable is that I found it from some of the voices I respect the most.
A prime example is that I had a long chat with Ross Beaty. Ross is one of the most successful investors in the mining space in modern times, right alongside folks like Lukas Lundin and Frank Guistra. He is known best for Lumina Copper, which was a vehicle he built in the early 2000s. He picked up five large copper projects free of fatal flaws when the copper market was still very weak and advanced them meaningfully for 4 years or so, demonstrating that each made sense as a mine. All five were acquired in the hot markets of 2007 to 2011, returning over one hundredfold for Beaty and his investors.
He had the same bull thesis for silver as for copper and that led him to found Pan American Silver, with the idea that investors had few options for pure silver
…
