Willem Middelkoop, CEO & Founder, Commodity Discovery Fund
Jonathan Guy, Senior Analyst, Mining Equities, Berenberg
Angelos Damaskos, CEO, Sector Investor Managers

Adam Thompson:
Today we’re discussing gold, gold mining equities, and the prospect for African mining companies. Willem, your fund is focused on discovery-stage investments. How do you interpret the industry-wide need for bringing more exploration development projects online against the difficult backdrop of declining grades in production within the global gold market?

Willem Middelkoop:
I always sell our funds to new investors by pointing out that we could enter a perfect storm scenario in which there’s a new bull market. This bear market started in 2011, so it’s taken a full decade to get here.

With a new bull market beginning, there is huge demand for metals. But not enough new discoveries have been made in the last decade. There has been underinvestment in our space, and that means that we see more and more tightness developing in many metals…

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