Mark Connelly on Why Every Miner is for Sale
We sat down with Mark Connolly, one of the most prolific deal-makers in the Australian mining industry, to dig into what it really takes to build and sell a mining business.With a track record that includes Adamas → Endeavour, Papillon → B2Gold, Cardinal → Shangdong and many more, Mark has been at the table for more transactions than almost anyone in the ASX mining space.
In this conversation, Mark covers:
His “go or grow” philosophy and how he sets expectations from day one on a board
Why the CEO role is the loneliest job in the company — and what makes a great one
The difference between a good non-exec director and one who overreaches
How to navigate activist shareholders, private equity and misaligned investor horizons
What really happens behind the scenes during a takeover and why speed and certainty win
Why mining needs more M&A
Follow Mark on socials:
Linkedin: https://www.linkedin.com/in/mark-connelly-57a9694/
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TIMESTAMPS
(0:00) Everything For Sale
(2:50) Chair Role and Board Boundaries
(12:20) Board Alignment and Incentives
(18:20) M&A Offers and Deal Process
(25:40) Valuation Cycles and Case Studies
(48:20) Capricorn Deal Mechanics
(49:50) How the Deal Began
(52:30) Retail Pushback Explained
(55:40) Takeover Battles and Board Judgment
(1:16:30) Industry Incentives and Wrap Up
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• Email us Word on the Decline: gc@moneyofmine.com
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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.