Money of Mine

Former power trader Fred Seguy joins us to talk about hispath to the trading floors at EDF, Gunvor and Shell and on to running his own book.

Fred writes the Fred's Corner Substack and walks us throughhow he blends fundamentals, charts and risk management across commodities and equities, after decades honing his craft.
• Risk management, Taleb and why "nothing is guaranteed"• How he avoids killing profits from over-trading• His call on oil earlier this year and why he now sees an $80-85 floor• Why he's sitting out copper and doesn't buy the AI power demand story• Nickel's cost curve, uranium via Sprott and Yellowcake, and his PGM and gold positions• Brazil and Vietnam as EM value plays heading into elections
Fred’s Corner Substack: https://fredscorner.substack.com/
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TIMESTAMPS  
(00:00) Who is Fred Seguy
(04:50) Weather and Renewables Edge
(11:30) Oil Long Thesis Example
(18:20) Copper and the Narrative Trap
(25:00) Nickel Cost Curve and Carry
(30:30) PGMs and Gold Breakouts
(34:50) Oil Floors
(38:07) Emerging Market Bets
(43:52) Rapid Fire
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  

• Sandvik Ground Support⁠ – The only ground support you’ll ever need
• Titan Recruitment – Titan Recruitment - Specialists in engineering and mining technical services recruitment
• Focus by Marketech – All your mining news and market needs in one powerful platform | 10-day free trial
• SS&C Intralinks – Powering deals with unmatched security and efficiency
• Exceed Capital – Diversify your portfolio with Exceed’s property trusts
• IMARC 2026 – Sydney, October 27th – 29th. Get your tickets here – investors go free

…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠.

Marius Kloppers spent nearly a decade fighting to tear up the way the world priced iron ore. 
In his words, "I carry the scars on my back for bringing this matter to the attention of the world." 
After the most turbulent decade in recent commodity market history, he won. Iron ore would float on the open market. 
We relive the fight, and look at it in the context of today's standoff, with China's state buyer CMRG organising to claw back power from the Aussie majors. 

…………… 
 
TIMESTAMPS  
(0:00) BHP Ends the Benchmark
(7:10) How Annual Pricing Worked
(10:50) China Enters the Picture
(16:50) Meet Marius Kloppers
(22:50) 2000s Price Shocks and Freight
(28:50) Kloppers Pushes Market Pricing
(34:40) Takeover Bid and Benchmark Cracks
(40:40) GFC Fallout and Contract Defaults
(47:30) Stern Hu Arrest and Spot Victory
(56:10) CMRG Returns, Price Wars
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  
• ⁠⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠⁠ – The only ground supportyou’ll ever need
• ⁠⁠⁠⁠⁠⁠⁠Titan Recruitment⁠⁠⁠⁠⁠⁠⁠ – Specialists in engineering and technology recruitment
• ⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠SS&C Intralinks⁠⁠⁠⁠⁠⁠⁠ – Powering deals with unmatched security and efficiency
• ⁠⁠⁠⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property trusts
…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education andentertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠.

Ross Beaty's track record is one of the most elite you'll ever see in mining.

Founder of Pan American Silver, creator of the Lumina group of companies, and again founder of Equinox Gold.

He's in the pantheon of biggest wealth creators in our sector. We wanted to learn how he did it.

In this episode, Ross covers:

• The chart that convinced him to buy every copper deposit in the Americas in 2002

• Losing Fruta del Norte to Lukas Lundin, and what he bought for $3m instead

• Getting the Ducat silver deposit taken off him in Russia

• What he regrets selling most

• Why he thinks the critical minerals mania will completely collapse, and what smart investors should be doing now

…………… 
 
TIMESTAMPS  
(0:00) Why Ross Beaty Matters
(7:20) Copper Sine Wave Bet
(19:20) Ecuador Deals and CMOC
(25:40) Financing the Lumina Model
(37:50) Buying Frameworks and Terms
(44:30) Metal Bull Market Warning
(51:20) Closing Thanks and Wrap
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  
• ⁠⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠⁠ – The only ground supportyou’ll ever need
• ⁠⁠⁠⁠⁠⁠Titan Recruitment⁠⁠⁠⁠⁠⁠ – Specialists in engineering and technology recruitment
• ⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠SS&C Intralinks⁠⁠⁠⁠⁠⁠ – Powering deals with unmatched security and efficiency
• ⁠⁠⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property trusts
…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education andentertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠.

Gold, copper, tungsten, antimony, macro, micro… we cover it all in this ep with David Finch. 
We’ve got one of the sharpest operators in the commodity investment landscape on the show today. 
He joins us to chat through:  
Commodities from a macro lens 

The cost pressures facing companies 

What margins are looking like 

How equities have performed against the underlying 

+ a heap of the companies he follows closely 

…………… 
 
TIMESTAMPS  
(0:00) Hot Streak in Miners
(2:30) Gold Bull Case Stages
(5:30) Why Gold Stocks Outperform
(8:00) Barrick Strategy Questions
(10:50) M&A Discipline Debate
(14:10) Costs, Diesel, and Inflation
(18:40) Energy Metals Copper Run
(24:50) Rapid Fire Company Takes
(40:50) Wrap Up, Risks, and Thanks
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  
• ⁠⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠⁠ – The only ground supportyou’ll ever need
• ⁠⁠⁠⁠⁠Titan Recruitment⁠⁠⁠⁠⁠ – Specialists in engineering and technology recruitment
• ⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠SS&C Intralinks⁠⁠⁠⁠⁠ – Powering deals with unmatched security and efficiency
• ⁠⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property trusts
…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education andentertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠.

Rupert Mitchell spent 25 years on the sell side, running equity capital markets desks for Citi and Goldman in Hong Kong and taking hundreds of companies public, including none other than Glencore.

Now was the perfect time to have him on the show as he's just finished the resources sleeve of a portfolio built to be held until 2046.

We don't believe mining stocks are meant to be owned for 20 years - which is precisely what makes the exercise interesting.Rupert covers:

• The systematic screen that spat out Vale, Anglo and didn't deliver a single copper stock

• Why Agnico scored worse than Newmont (stale price decks!)

• Glencore as his captain's call

• Why he stepped away from uranium this year

• How he works energy companies into the mix

US$135 off Blind Squirrel Macro Subscription: https://www.blindsquirrelmacro.com/moneyofmine

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TIMESTAMPS  
(0:00) Can You Hold Miners?
(4:10) China Capitalism Reality
(10:20) Scoring Resources Stocks
(15:20) Glencore Deep Dive
(32:00) China Tech and Energy Bets
(47:00) Wrap Up, Picks, and Disclaimers
…………… 
 
Join 19k+ subscribers to the ⁠⁠⁠⁠⁠Director’s Special⁠⁠⁠⁠⁠:one daily email with all the news that matters in mining  
…………… 
 
PARTNERS 
Thank you to the mining services businesses that make this content possible:  
• ⁠⁠⁠⁠Sandvik Ground Support⁠⁠⁠⁠⁠ – The only ground supportyou’ll ever need
• ⁠⁠⁠⁠Titan Recruitment⁠⁠⁠⁠ – Specialists in engineering and technology recruitment
• ⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠
• ⁠⁠⁠⁠SS&C Intralinks⁠⁠⁠⁠ – Powering deals with unmatched security and efficiency
• ⁠⁠⁠⁠Exceed Capital⁠⁠⁠⁠ – Diversify your portfolio with Exceed’s property trusts
…………… 
 
FOLLOW & CONNECT 
• YouTube: ⁠⁠⁠⁠⁠@MoneyofMine⁠⁠⁠⁠⁠   
• Twitter / X: ⁠⁠⁠⁠⁠@moneyofminepod⁠⁠⁠⁠⁠
• ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠ 
• Travis Ricciardo: ⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠ 
• Jonas Dorling: ⁠⁠⁠⁠⁠@JDmoneyofmine⁠⁠⁠⁠⁠⁠ 
• Email us Word on the Decline: ⁠⁠⁠⁠gc@moneyofmine.com⁠⁠⁠⁠ 
…………… 
 
DISCLAIMER 
All information in this podcast is for education andentertainment purposes only and is of general nature only. Please ensure you read our ⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠.