We Visited 7 Mines in Africa. Here's What We Found

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JD Money Miners don't know what
we're doing right now, but we're

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at the airport.
We've just finished seeing 7

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mines in 10 days all throughout
Africa.

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JD We started out, we visited
Ivanhoes, Ivan Platz's plant

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reef project.
Then we went to.

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Pronounce the next one.
Mate Izaro's grut the gluk.

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Grut the gluk.
Grut the Gluk massive coal mine

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second largest coal mine in the
world out of.

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America, the biggest, biggest
coal mine in the world outside

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of the America is just enormous
scale.

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And then we saw another
colliery.

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We went to Kanye that belongs to
Menard.

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So some of the the money miners
might remember we interviewed Vu

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Slat a bit over a year ago.
That's the the man who heads up

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these operations.
From there mate W wits, we

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checked out their koala shallows
mine.

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Very very new.
What's happening there?

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Yeah, poured first gold last
month.

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Pretty cool little operation on
the VIT.

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Borders run from there, mate.
We went to Zambia and had the

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absolute luxury of checking out
First Quantum's enormous copper

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operations there, being Sentinel
and Consanci and also.

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Enterprise that.
Don't forget enterprise mate.

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Nickel mine.
Money miners this episode in the

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1 1/2 hours that we've got
before boarding, hopefully we,

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we have, we have enough time,
mate.

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But we're going to tell you what
we what our big takeaways were

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from our trip to to Africa and
hopefully you learn something.

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From via our takeaways.
So obviously we've been, we've

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been thinking lots, what's the
investment angle, what's kind of

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interesting, what's different,
what sticks out to us from the

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the 10 odd days you mentioned 7
or 8 minds that we saw, we must

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have driven past at least 30
more, flown over countless more,

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you know, flying over Lumwana,
some of the biggest mines in the

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world, just fantastic to kind of
see.

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And we were, we're trying to
figure things out, right?

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We're trying to answer a few
questions for ourselves.

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Is Zambia investable?
Is South Africa investable?

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How does it compare to
Australia?

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What a quality mining operations
really look like?

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What is the, what is the scale,
you know, from much smaller

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operations that we saw all the
way through to those big

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behemoths.
So we were keen just to to have

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a chat about it and and share a
few of the our takeaways with

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each other and ask a few
questions.

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So I'm keen.
I'm keen to know what your

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takeaways are, mate.
Maybe we've got different

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takeaways.
We'll, you know, we, we'll,

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we'll find out on the fly.
I'll tell you what my first one

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was.
All right, let's go.

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I'm bullish Africa just in
general, I'm, I'm bullish Africa

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as an investment jurisdiction
relative to I think what, what

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the investment market, you know,
discounts this jurisdiction as I

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think, I think there's like a,
an incredibly punitive discount

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rate applied to, to investing in
Africa.

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And I know there's like
investing in Africa is not the

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same everywhere.
But like specifically speaking

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to the two jurisdictions that we
spent time in being South Africa

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and Zambia.
I'm, I'm, I'm very bullish then

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relative to what what the
investment landscape like

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discounts those jurisdictions.
Are yeah, absolutely.

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I think South Africa really
sticks out because people don't

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touch it, people don't go near
it.

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And anecdotally, we heard from
some of the people that do

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operate here, they kind of like
it that way.

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They don't like people coming in
on, on their turf.

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It works for them.
The, the rule of law, the mining

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code has, you know, it, it is
undergoing a, a couple changes

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right now, but it's largely been
the same for a long time.

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And the same can't be said for a
lot of other parts of the world.

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And if we dig in more
specifically, we saw coal mines,

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we saw PGM operations with, with
base metals attached to it, We

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saw gold mines.
And I want to hone in on PGM

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specifically because that is
like a trade we've been, we've

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been in on, we've been
enthusiastic about and it's one

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we've educated ourselves a bit
more on.

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Sinking shafts is an art form
and it's bloody hard work.

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And across the whole Bushfield
complex, East, West and N,

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there's only really been a
couple that have been done in

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the last 20 ish kind of years.
We saw, as you mentioned, Ivan

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Platts.
And we're going to overlay some

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some videos for those watching
because it is massive what

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they've built, you know, coming
coming on with the the third

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shaft now getting into it.
Will be massive.

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It's pretty.
It's modest at the moment.

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Yeah, yeah, yeah.
It's 110th of what the total

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output is gonna be in time.
But steps are being made.

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It's we've seen a a kind of
pilot plant with the the outline

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of free shafts and things are
things are happening there very

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exciting.
But it just goes to show like

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the upfront capital that needs
to be spent to bring new PGM

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operations online.
Like this is specifically in the

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northern limb that we saw in the
western limb you've seen only,

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you know, maybe one or two come
on in quite a long time.

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It makes me bullish the, the PGM
outlook, specifically platinum

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and rhodium, a fan of rhodium as
well.

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No one builds a mind just for,
for rhodium as we know and by

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product operations are not
always a great thing that can

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get you totally washed out when,
you know, take the cobalt,

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cobalt market, which we learnt a
lot about anecdotally being

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close to the DRC and, and
whatnot.

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And I come away from it being
more bullish on on PGMS. I'm,

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I'm, I'm with you.
I'm more, I'm definitely more

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bullish.
PGMS just like getting a better

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understanding of the complexity
to bringing you supply online.

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And one of the, when we were in
Zambia, it was, it was, we were

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with a bunch of other media
people effectively.

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I was talking to one guy.
He's like, anytime I write

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anything about PGMS, no one
clicks it.

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No one reads it.
You know, I, I write some of the

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diamonds and people read it, but
I don't read anything about PGM.

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And I'm like, I love that.
That's, that's, I guess me like

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extra excited about about PGM
because no one finds it sexy,

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which means I think the trade's
still early, but I want to

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circle back to, to bullish South
Africa before we, we move on to

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the next take away.
Because you, you mentioned the,

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the mining code, the there's
like the 26% like empowerment,

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like equity stake ownership that
has been, it has been that for a

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very long time.
And, and there has been like

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consistency in what, what that
make up looks like.

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And I, and I think like, maybe
that will actually like, you

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know, there, there, there's
some, there's some chance that

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might actually reduce as opposed
to, to increase.

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And on top of that, like it's
not, there's, there's some

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certainty in predictability
about it.

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And like, if you think of, if
you think of like the, the model

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that actually works with, with,
with, with, with land owners,

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it, it's, I think equity
alignment is like the best

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possible alignment.
You can have no royalty

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royalties are de minimis in
South Africa.

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Like, but the 26% kind of, you
know, black empowerment

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ownership is what you kind of
can't navigate around.

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However, like it's, it's not
like, like that.

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If, if there's a project getting
going to development, it can

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still be developed and cash
flows can be funded by the other

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sources.
And then initial profitability

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repays the, the, the CapEx
proportion of black empowerment

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ownership if they can't fund it.
So it's, you know, there's,

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there's, it's not like a
completely free garried interest

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into production.
There's yeah.

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That, that stability component
is, is kind of key.

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And yeah, I think there's
there's a kind of bigger .0.

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Good, thank you.
I think there's a bigger

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conversation around like what I
think we both honed in on and

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saw on like the the enormous
positive impact that mining can

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make in in these places.
But we'll save that one for

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later because it ties in
directly with with the mining

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code, just like comparing
jurisdictions and why we're kind

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of bullish.
Africa power is a massive 1 as

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well.
And Zambia, South Africa and

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Australia all very massively.
Zambia had had their challenges.

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But right now if you compare the
energy cost, almost all of it

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comes from renewables, hydro in
in Zambia and the cost is half

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of what you're paying in
Australia.

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That is eye watering South
Africa as well.

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It's well publicized S comms had
it's had it's headaches.

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Everyone says it's been better,
but there's there's reasons why

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it's been better the last couple
of years, a lot of the ferro

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alloy smelters and other
smelters have gone offline.

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They've freed up energy capacity
for for households, but then it

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it ties in with renewables as
well because a lot of the

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households have slapped on solar
panels to what they can to be

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not reliant and kind of takes us
into I don't think.

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He's a perfect on the on the on
the energy front in in South

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Africa, but absolutely.
Not.

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But the point is they're not in
Australia either, and we we know

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that.
Unit costs are markedly cheaper

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than than Australia, but like 9
day on an energy front in in

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Zambia and in South Africa,
albeit, you know, imperfect

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energy systems.
Yeah, ESCOM has it's it's issues

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in Zambia, even though you
mentioned the renewables like a

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lot of what like you know the
large mines use they're they're

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importing their energy from
Mozambique and the likes which

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is a lot that's thermal.
And, and you're coming from an

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era where it was a state owned
power company that ran it and

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that came with a lot of problems
just like Escom is today.

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Zambia is, is kind of moving
away from that.

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So it's, it's really interesting
to see if we go through that

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list as well.
The other big one on my mind is

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productivity.
Productivity in Zambia versus

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productivity in Australia is
startling.

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We heard a stat from people that
build big, big mines.

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You know that I mean to to put
in a nutshell.

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Say the stat.
Say the stat.

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So the stat is.
The stat is five man hours to

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put a ton of steel above you
essentially in Zambia versus 25

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hours in Australia.
Now they are man hours.

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That doesn't even take your
wages into account.

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That's, that's the productivity
of of, of the individual worker.

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Yeah.
Not not multiplied by their

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salary five times.
I don't think we need to spell

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out that's.
That's that's I.

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Don't think we need to spell out
what the difference in salary is

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either.
Yeah and drive in drive out

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operations versus FIFO another
another thing massively like on

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on our minds as well.
But that productivity thing is

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like amazing.
And to your point of like on on

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cash cost being being cheaper,
they, they've got to be right.

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They, they Australia still does
have that rule of law that you

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can't fault it is still on that
on that rule.

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You know on that point better
than like places like Zambia and

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stuff, but the difference in
cost, the difference in cost it

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needs to be taken into.
Account there's no perfect place

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to build a mine everywhere is
hard.

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That's like a key take away.
But but the the challenges are

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different.
Yes, in Australia you have like

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better, better security of of of
title, you know, more stable

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mining regime for the most part.
However, like, you know, unit

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costs are, are completely
uncompetitive in so many

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different ways than, you know,
labour market tightness, energy

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tightness, productivity, these
things matter a lot.

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Ability to get things done in a
short period of time.

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Yeah, Africa's a bit of a, a, a,
a fast moving base with, with

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lower unit costs and, and you
know, really special geological

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deposits as well, albeit you
take on more risk on, on, on

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security of, of title and, and,
and government encroachment and

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those sorts of things.
Yeah.

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One one other thing as well that
like just jumps out is like

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logistics.
People always forget about

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logistics.
I remember when everyone was

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talking about Monono the the
great lithium deposit.

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Monono, it's in the central.
It's like it's right in the

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00:11:11,560 --> 00:11:15,160
middle of Africa, right?
Getting that lithium concentrate

224
00:11:15,240 --> 00:11:18,640
to that that spot concentrate to
port is a mammoth task.

225
00:11:18,640 --> 00:11:22,200
And like going through borders
is not the easiest job in the

226
00:11:22,200 --> 00:11:25,680
world.
Slapping up I think everyone

227
00:11:25,680 --> 00:11:28,960
knows between particular
borders, Take DRC to Zambia for

228
00:11:28,960 --> 00:11:33,440
instance, 60 kilometre lines
with trucks piled up one after

229
00:11:33,440 --> 00:11:36,720
the other.
Like the cost is just that much

230
00:11:36,720 --> 00:11:39,040
higher to get through and why?
Why is the cost higher?

231
00:11:39,560 --> 00:11:41,960
There's only people know this I.
Mean everyone needs their cut,

232
00:11:42,000 --> 00:11:44,680
everyone needs to get paid right
and that's and that's the way

233
00:11:44,680 --> 00:11:46,240
that and.
Then you get to shake it out.

234
00:11:46,720 --> 00:11:47,760
You need to find your port as
well.

235
00:11:47,760 --> 00:11:50,080
You can't trust some of the
ports where your product goes to

236
00:11:50,120 --> 00:11:52,560
like logistics is a headache.
Even building roads.

237
00:11:52,560 --> 00:11:56,400
Like we heard a great anecdote
about the libido corridor.

238
00:11:56,400 --> 00:11:58,160
Everyone's talking about the
libido corridor.

239
00:11:58,320 --> 00:12:02,240
This is the railway that would
connect the Central African

240
00:12:02,240 --> 00:12:05,920
copper belt in Zambia and also
in the southern parts of the DIC

241
00:12:06,280 --> 00:12:09,240
to Angola.
And this got first mentioned I

242
00:12:09,240 --> 00:12:12,240
think in eighteen O 6.
So it's, it's been a long, long,

243
00:12:12,240 --> 00:12:15,320
long, long, long time coming.
Fingers crossed.

244
00:12:15,320 --> 00:12:16,880
It kind of gets there.
A lot of it is, is kind of

245
00:12:16,880 --> 00:12:18,120
built, but it needs to be
connected.

246
00:12:18,120 --> 00:12:21,360
And there's a lot of politics
to, to, to connect all these

247
00:12:21,360 --> 00:12:23,560
things up.
And then security with getting

248
00:12:23,560 --> 00:12:26,240
your your product out is
something to take into account.

249
00:12:26,240 --> 00:12:31,520
Too, Next take away is I'm
especially bullish Zambia and

250
00:12:31,520 --> 00:12:34,040
I'll tell you I'll tell you why
I'm like especially bullish

251
00:12:34,040 --> 00:12:38,880
Zambia.
You've got a, a, a like Zambia's

252
00:12:38,880 --> 00:12:41,520
had these like 10 year political
swings and right now they're

253
00:12:41,520 --> 00:12:46,200
five years into the the latest
like president elections around

254
00:12:46,200 --> 00:12:48,200
the corner.
Like I'm, I'm bullish Zambia

255
00:12:48,200 --> 00:12:51,000
contingent on on the status quo
being maintained there.

256
00:12:51,800 --> 00:12:54,520
Why?
Because because like Zambia has

257
00:12:54,520 --> 00:12:58,160
a mining jurisdiction.
It wants more mining.

258
00:12:58,480 --> 00:13:01,640
Like it has it produced 0.9
million tons of copper out of

259
00:13:01,640 --> 00:13:04,720
the country last year.
And it has like a, you know, a

260
00:13:04,720 --> 00:13:08,120
public vision aimed strategy to
reach 3,000,000 tons by 2031.

261
00:13:08,320 --> 00:13:10,320
Like how many, how many, how
many countries in the world say

262
00:13:10,320 --> 00:13:14,120
I want to triple by mine mining
output by, you know, within

263
00:13:14,120 --> 00:13:16,320
within five years?
It's so, so there's clearly like

264
00:13:16,320 --> 00:13:17,960
broad support at a political
level.

265
00:13:18,000 --> 00:13:20,360
You've had like stable
government regime for a long

266
00:13:20,360 --> 00:13:24,360
time or long enough time.
You've, you've got a diverse

267
00:13:24,360 --> 00:13:27,360
number of like players all in
that jurisdiction.

268
00:13:27,720 --> 00:13:30,520
You've got like exposure to, you
know, one of the most sought

269
00:13:30,520 --> 00:13:34,320
upon critical metals in the
world being cut by you've got

270
00:13:34,400 --> 00:13:38,000
generally under explored copper
belt because for the longest

271
00:13:38,000 --> 00:13:40,080
period of time it was like, you
know, one company owned it all.

272
00:13:40,360 --> 00:13:42,720
And so limited modern
exploration of a lot of that,

273
00:13:42,720 --> 00:13:44,920
that being the state.
Owned company, yeah, yeah.

274
00:13:45,200 --> 00:13:49,560
And, and you've got like an
increasingly skilled workforce

275
00:13:49,560 --> 00:13:54,360
that is like capable of, of, of,
of doing, like, you know, of, of

276
00:13:54,360 --> 00:13:57,600
doing all the things required to
extract and, and process copper

277
00:13:57,600 --> 00:13:59,680
ore into, into cathode or
Renault.

278
00:13:59,920 --> 00:14:00,520
Yeah.
And sought.

279
00:14:00,520 --> 00:14:03,200
After in many other parts of the
world, I think to put a bow on

280
00:14:03,720 --> 00:14:09,200
us being bullish Africa, the ore
bodies like the the projects are

281
00:14:09,720 --> 00:14:12,000
fantastic.
These these copper deposits.

282
00:14:13,320 --> 00:14:15,400
The grade is just it's just eye
watering.

283
00:14:15,400 --> 00:14:17,120
It doesn't exist in the.
The grade's not that.

284
00:14:17,120 --> 00:14:19,440
Eye watering it it.
Depends where you are, but it's

285
00:14:19,440 --> 00:14:20,760
like, it's not grade, it's the
scale.

286
00:14:20,760 --> 00:14:22,160
It's the scale, yeah.
It's a scale, yeah.

287
00:14:22,360 --> 00:14:28,600
It's like, So what, like
Sentinel's only like 0.60 point,

288
00:14:28,600 --> 00:14:30,760
4% copper.
I can't remember which one it

289
00:14:30,760 --> 00:14:32,800
is, but it's it's in and.
Around that level, but that has

290
00:14:32,800 --> 00:14:35,160
the scale, but you go to other
parts of the the copper belt and

291
00:14:35,160 --> 00:14:37,960
the grade is is significant,
right?

292
00:14:37,960 --> 00:14:41,520
And just compare, just compare
it with so many other parts of

293
00:14:41,520 --> 00:14:42,800
the world.
These things don't exist.

294
00:14:42,800 --> 00:14:44,680
It's this.
Yeah, it's like you can have,

295
00:14:44,920 --> 00:14:48,680
you can have the economies of
scale to, to justify electric

296
00:14:48,680 --> 00:14:52,960
trolley or to justify like, you
know, AA678 kilometre conveyor

297
00:14:53,120 --> 00:14:54,800
to justify all of the things
that gives you economies of

298
00:14:54,800 --> 00:14:56,800
scale.
Because you've got a a deposit

299
00:14:56,800 --> 00:14:59,520
that is sufficient to have, you
know, 20 years of mine life

300
00:14:59,520 --> 00:15:02,840
while you're producing 50
million tons or processing 50

301
00:15:02,840 --> 00:15:06,280
million tons per annum through
its processing facility bulk

302
00:15:06,280 --> 00:15:08,560
mining.
Makes money bulk mining unit

303
00:15:08,560 --> 00:15:11,000
cost.
To be yeah, de minimis as a

304
00:15:11,000 --> 00:15:13,760
result of that, which is super
impressive, should.

305
00:15:13,760 --> 00:15:16,880
We jump on to some others.
I've got one in my mind.

306
00:15:16,880 --> 00:15:19,480
So as we mentioned, we went to
the Big Waters runs.

307
00:15:19,480 --> 00:15:22,200
It's produced, you know, some
estimates up to 40% of all the

308
00:15:22,200 --> 00:15:26,800
gold that is that's out there.
It's out there to this day and

309
00:15:27,240 --> 00:15:29,000
you can see it on Google Maps.
You don't appreciate it.

310
00:15:29,000 --> 00:15:34,840
You drive around the tailing
stacks from 130 years of gold

311
00:15:34,840 --> 00:15:38,840
production are staggering.
They are enormous and some of

312
00:15:38,840 --> 00:15:43,280
them grade better than new mines
coming online in in other parts

313
00:15:43,360 --> 00:15:46,480
of the world.
Like this is such an awesome

314
00:15:46,480 --> 00:15:49,680
like latent opportunity just
sitting there.

315
00:15:49,840 --> 00:15:51,440
There are companies like DRD
Gold.

316
00:15:51,440 --> 00:15:54,240
They have some Pan African is
doing a lot of tailings

317
00:15:54,440 --> 00:15:56,720
retreatment.
It's just something really worth

318
00:15:56,720 --> 00:15:59,720
investigating because the costs
are so low.

319
00:15:59,880 --> 00:16:02,240
What you're seeing is.
A lot of the.

320
00:16:02,240 --> 00:16:05,400
Much, much, much deeper gold
mines are turning offline in

321
00:16:05,400 --> 00:16:07,080
South Africa.
So you've got latent

322
00:16:07,200 --> 00:16:10,080
infrastructure, you've got
processing plants that need feed

323
00:16:10,520 --> 00:16:14,880
and mixed up in the case of
vestiges as we saw with their

324
00:16:15,880 --> 00:16:17,640
ore coming straight out the
ground as they just started

325
00:16:17,640 --> 00:16:19,280
producing in the last couple
months.

326
00:16:20,400 --> 00:16:22,200
What an opportunity, like what
an opportunity.

327
00:16:22,240 --> 00:16:24,320
I think these I.
Think these above ground dry

328
00:16:24,320 --> 00:16:26,960
stack tailings facilities which
are enormous in sky.

329
00:16:26,960 --> 00:16:30,520
I mean, we we drove past.
Was it the the stadium that was

330
00:16:30,680 --> 00:16:34,440
built for the Soccer City?
Yeah, home stadium to the 2010

331
00:16:34,480 --> 00:16:36,640
World Cup. 2010 World Cup.
And like, if you look on Google

332
00:16:36,640 --> 00:16:39,800
Maps, that's surrounded by these
giant town storage facilities,

333
00:16:39,800 --> 00:16:44,720
which are each maybe 20 times
the, this, you know, the area

334
00:16:45,040 --> 00:16:46,800
that, that that stadium takes
up.

335
00:16:46,840 --> 00:16:49,400
It's truly remarkable the scale
of these things.

336
00:16:49,400 --> 00:16:51,960
And the, you know, that, that
these tailings facilities have

337
00:16:53,040 --> 00:16:57,040
a, a, a like, you know, gold in
them, steel which, which can be

338
00:16:57,160 --> 00:17:01,880
retreated at, at at an economic
unit cost today as a result of,

339
00:17:01,880 --> 00:17:03,920
you know, gold price going up.
And I think it's a beautiful

340
00:17:04,160 --> 00:17:07,079
dynamic for the companies to
have the rights to process these

341
00:17:07,079 --> 00:17:10,560
facilities because because
normally you're mining and what

342
00:17:10,560 --> 00:17:13,440
happens when you're mining cut
off grade gets lowered over

343
00:17:13,440 --> 00:17:15,319
time.
You have like geology decline.

344
00:17:15,520 --> 00:17:18,400
You know, your unit costs scale
with inflation because your, of

345
00:17:18,400 --> 00:17:20,839
your underground mining, that's
mitigated because these deposits

346
00:17:20,960 --> 00:17:22,800
are sitting there above ground.
You don't have incremental

347
00:17:22,800 --> 00:17:24,200
mining costs.
Yes, you have processing costs.

348
00:17:24,440 --> 00:17:27,359
Yes, that like, yes, there's
some variability in, in what's

349
00:17:27,359 --> 00:17:29,240
in the, the tailings.
Yes, it requires expertise and

350
00:17:29,240 --> 00:17:33,640
skill to extract the gold.
However, these things are above

351
00:17:33,640 --> 00:17:35,960
ground already.
And as time goes on and gold

352
00:17:35,960 --> 00:17:38,280
price goes higher, they become
more and more valuable.

353
00:17:39,320 --> 00:17:42,400
I think that, yeah, like, like,
like Speaking of the companies

354
00:17:42,400 --> 00:17:45,280
that I learned about this trip
that that are listed and I find

355
00:17:45,280 --> 00:17:48,320
incredibly interesting that I
did not know about before, DRD

356
00:17:48,320 --> 00:17:50,640
gold is one of them.
They trade about 15 times, like

357
00:17:50,760 --> 00:17:53,680
on a PE ratio.
It's like a $3 billion market

358
00:17:53,680 --> 00:17:56,120
cap, 50.1% owned by Sabania
Stillwater.

359
00:17:56,120 --> 00:17:58,360
How did Sabania become the major
shareholder?

360
00:17:58,360 --> 00:18:03,200
They, they sold into DRD, you
know, one of the tailings rich

361
00:18:03,640 --> 00:18:06,400
tailing storage facilities and
they will continue to do that

362
00:18:06,400 --> 00:18:08,280
over time.
So there's like line of sight to

363
00:18:08,320 --> 00:18:13,720
a very like a very large amount
of like a very large pipeline of

364
00:18:13,800 --> 00:18:17,720
of gold to be processed by by
the ID and Sibanya and the

365
00:18:17,720 --> 00:18:20,080
latest calls on record are
saying that they do overtime

366
00:18:20,080 --> 00:18:23,720
want to increase their ownership
in DID so like one day I'm sure

367
00:18:23,720 --> 00:18:25,040
they'll they'll try and
consolidate it.

368
00:18:25,040 --> 00:18:27,880
But super interesting doesn't
trade at a very low like

369
00:18:27,880 --> 00:18:30,000
multiple, but but probably
rightfully so, because it's a

370
00:18:30,000 --> 00:18:32,320
super interesting business model
that's not akin to a normal

371
00:18:32,320 --> 00:18:33,640
minor.
Yeah, consistent.

372
00:18:33,640 --> 00:18:35,440
Dividend payer as well. 19 years
in a.

373
00:18:35,440 --> 00:18:37,040
Row place of dividend, Yeah,
that's awesome.

374
00:18:37,040 --> 00:18:37,720
All right.
Next one?

375
00:18:37,840 --> 00:18:38,760
Oh, I've got.
No, I've got another.

376
00:18:38,760 --> 00:18:40,320
Company that I found really
interesting too.

377
00:18:40,320 --> 00:18:41,400
I want to share.
All right, here we go.

378
00:18:41,720 --> 00:18:44,920
So this company I did not know
about, did not realize was

379
00:18:44,920 --> 00:18:48,320
listed and it's actually the
most interesting listed company

380
00:18:48,320 --> 00:18:49,600
I've come across in a very long
time.

381
00:18:50,320 --> 00:18:56,000
It's ZCCM So.
And how did you find out about

382
00:18:56,000 --> 00:18:57,240
this one?
We were on the plane.

383
00:18:57,400 --> 00:19:00,880
And you, you, you were pointing
to a magazine like mate, look,

384
00:19:01,000 --> 00:19:05,160
look at this.
So ZCCM is the the state like

385
00:19:05,200 --> 00:19:08,800
Zambian state owned copper
miner, but it's not entirely

386
00:19:08,960 --> 00:19:11,480
owned and, and I hate is, I
think investment holdings.

387
00:19:11,480 --> 00:19:15,240
So it's like a holdings vehicle
for the state owned interests in

388
00:19:15,520 --> 00:19:18,600
the copper mines.
Now what are those interests?

389
00:19:18,680 --> 00:19:23,120
Well, ZCCM has, it's like, you
know, like it has a minority

390
00:19:23,120 --> 00:19:27,000
interest in almost every
producing copper mine in the

391
00:19:27,000 --> 00:19:30,600
country that it has like, you
know, in some cases a, a 50%

392
00:19:30,600 --> 00:19:33,120
interest, in some cases a a 100%
interest.

393
00:19:33,120 --> 00:19:37,080
And, and in, in, in many cases
they're not getting dividends on

394
00:19:37,080 --> 00:19:39,920
those assets yet from their
equity interest, but they will

395
00:19:39,920 --> 00:19:44,480
in time as those mines start to
make money and and the the state

396
00:19:44,720 --> 00:19:47,200
miner share is like paid off
from the free cash flow.

397
00:19:47,240 --> 00:19:49,440
Yeah, if these.
Projects get get restarted.

398
00:19:49,440 --> 00:19:50,840
I think Kasanchi is a great
example.

399
00:19:50,840 --> 00:19:53,680
They own 20% of Kasanchi so so
that. 20% of Kasanchi got

400
00:19:53,680 --> 00:19:58,080
converted to a three-point 3.3
or 3.6% gross royalty.

401
00:19:58,800 --> 00:20:00,800
No, this is Kasanchi.
OK, I'm pretty sure it's

402
00:20:00,800 --> 00:20:02,200
Kasanchi.
So.

403
00:20:02,600 --> 00:20:06,000
In the, in the case of Konsanji,
their interest is now a, a, a

404
00:20:06,000 --> 00:20:08,840
gross royalty.
And I think that is by far and

405
00:20:08,840 --> 00:20:13,120
above the biggest contributor to
the, to the, to the earnings of

406
00:20:13,280 --> 00:20:16,920
ZCCM because the, the, you know,
the, the rest are, are getting

407
00:20:16,920 --> 00:20:18,280
there.
But I think the conversion of

408
00:20:18,280 --> 00:20:21,320
the royalty is probably
indicative of what will happen

409
00:20:21,320 --> 00:20:25,200
in the future as the producing
mines start to be to, you know,

410
00:20:25,320 --> 00:20:27,280
to get to the stage of paying
dividends, I think the state

411
00:20:27,280 --> 00:20:29,280
will push in the direction of
converting them to royalties.

412
00:20:30,320 --> 00:20:32,800
Now, why is this interesting
from an investor's perspective?

413
00:20:33,080 --> 00:20:35,200
Because I think it's less than
10%.

414
00:20:35,200 --> 00:20:39,000
It's like maybe 6 point
something percent of ZCCM is

415
00:20:39,000 --> 00:20:41,000
listed on the Lusaka Stock
Exchange.

416
00:20:42,480 --> 00:20:45,760
And it is, it is incredibly
interesting because if you think

417
00:20:45,760 --> 00:20:49,040
of like, if you think of the
ways you get rug pulled

418
00:20:49,680 --> 00:20:52,720
investing in African miners,
it's because the government

419
00:20:53,040 --> 00:20:54,760
takes incremental stakes from
you.

420
00:20:55,040 --> 00:20:58,600
Imagine investing in the
government, like what, what?

421
00:20:58,880 --> 00:21:02,960
And, and not only that, right,
Not only that, being like being

422
00:21:02,960 --> 00:21:06,560
on the side of, of, of
government, who, who has, you

423
00:21:06,560 --> 00:21:08,720
know, the equity interest in one
of the most interesting, you

424
00:21:08,720 --> 00:21:11,080
know, copper exposures over
time.

425
00:21:11,480 --> 00:21:15,120
It's like it's income is more
akin to a royalty than an actual

426
00:21:15,120 --> 00:21:18,920
miner.
And over time it should command

427
00:21:18,920 --> 00:21:20,760
a royalty multiple, not a
miner's multiple.

428
00:21:20,760 --> 00:21:24,000
Already most of it's income is
royalty linked.

429
00:21:24,640 --> 00:21:26,480
And guess what PE ratio it
trades on?

430
00:21:26,920 --> 00:21:35,600
Tell me. 6. .5 times royalty
companies like like 20 times

431
00:21:35,680 --> 00:21:39,240
right north of 20 times
Sometimes it is so there's the.

432
00:21:39,240 --> 00:21:42,800
African discount and I I don't
think it's beyond reason to

433
00:21:42,800 --> 00:21:45,480
think that there could be a way
in which a very minority

434
00:21:45,480 --> 00:21:47,960
shareholder doesn't get the same
outcome as other people.

435
00:21:48,200 --> 00:21:53,080
But the the margin, the margin
of safety there is is worth

436
00:21:53,080 --> 00:21:55,120
doing some more homework on
mate, it's on the.

437
00:21:55,120 --> 00:21:58,000
Lusaka Stock Exchange So it's
like I just think people don't

438
00:21:58,000 --> 00:22:00,560
know about this company or like,
you know, I don't don't have

439
00:22:00,560 --> 00:22:03,000
permission to buy equities in on
the Lusaka Stock Exchange.

440
00:22:03,000 --> 00:22:07,440
But like imagine buying a it's
like a state owned royalty

441
00:22:07,440 --> 00:22:11,480
company trading trading at AAPE
less than yeah, most miners

442
00:22:11,600 --> 00:22:13,640
Yeah, and.
And I think that ties in as well

443
00:22:13,640 --> 00:22:15,960
with just like being bullish EM
emerging markets.

444
00:22:15,960 --> 00:22:20,480
Like if you look at the MSCI
World index in a time where the

445
00:22:20,640 --> 00:22:24,120
US makes up more than 70%,
that's just bonkers.

446
00:22:24,120 --> 00:22:26,680
And emerging markets around the
world have been like running.

447
00:22:26,680 --> 00:22:28,720
Look at Brazil for example.
Great example.

448
00:22:29,720 --> 00:22:31,600
Africa has.
Like some fantastic businesses

449
00:22:31,600 --> 00:22:34,400
you can look in and one of the
problems is how many people

450
00:22:34,400 --> 00:22:37,120
can't invest there, but they're,
they're some seriously

451
00:22:37,120 --> 00:22:40,000
attractive businesses to, to, to
get intrigued by.

452
00:22:40,440 --> 00:22:42,800
I've got a.
Couple other things that yeah,

453
00:22:42,840 --> 00:22:43,920
I've got.
I've got another one to.

454
00:22:43,960 --> 00:22:48,720
To serve that, yeah, starting
out small scale, starting out

455
00:22:48,720 --> 00:22:51,840
with a pilot plant.
This plays into like the

456
00:22:51,920 --> 00:22:56,400
optionality which can be so
mouth watering in in my opinion.

457
00:22:56,400 --> 00:22:59,600
And we saw it many times today.
So plant Reef essentially did a

458
00:22:59,600 --> 00:23:02,240
pilot plant.
They tinkered with what the

459
00:23:02,240 --> 00:23:03,800
final processing plant is going
to look like.

460
00:23:03,800 --> 00:23:08,240
They got much more familiar with
the the ore body, the the

461
00:23:08,240 --> 00:23:11,720
metallurgy of the rock coming
out the ground.

462
00:23:12,120 --> 00:23:14,720
Very took a look that started I
think 6,000,000 tonnes per

463
00:23:14,720 --> 00:23:17,160
annum, now has capacity beyond
30 million tonnes per annum.

464
00:23:17,520 --> 00:23:21,440
Kansanshi was way smaller.
They started with what later

465
00:23:21,440 --> 00:23:25,240
became known as S0, the
processing plant S1S2.

466
00:23:25,240 --> 00:23:28,280
And in September last year S3
was commissioned.

467
00:23:29,600 --> 00:23:32,120
Enormous, like this thing now
has processing capacity for over

468
00:23:32,120 --> 00:23:34,400
50 million tonnes.
But first Quantum in their own

469
00:23:34,400 --> 00:23:36,760
words, didn't have the money to
build out the full scale thing

470
00:23:37,040 --> 00:23:39,600
at the beginning.
So now they've done it, they've

471
00:23:39,600 --> 00:23:44,120
put the money in the ground.
Vicunia is another project that

472
00:23:44,120 --> 00:23:46,920
is thinking about this type of
optionality, this type of

473
00:23:46,920 --> 00:23:48,720
expansion using your free cash
flows.

474
00:23:49,280 --> 00:23:51,240
Investors don't always love it,
but I think it's like a

475
00:23:51,240 --> 00:23:54,600
fantastic way of maintaining
that equity ownership and not

476
00:23:54,600 --> 00:23:56,920
diluting along the way.
You just need to have a long

477
00:23:56,920 --> 00:23:59,120
term time horizon to to really
play this one.

478
00:23:59,240 --> 00:24:01,240
I and I think there's.
There's certain ore bodies that

479
00:24:01,240 --> 00:24:03,160
lend themselves to the
incremental expansion over time

480
00:24:03,160 --> 00:24:05,280
as well the long.
Life ore bodies, of course, of

481
00:24:05,280 --> 00:24:06,440
course, the long life ore
bodies.

482
00:24:06,440 --> 00:24:11,560
But I, I think that's you, you
learn so much in that process as

483
00:24:11,560 --> 00:24:14,600
well about the ore body, about
the processing that needs to be

484
00:24:14,600 --> 00:24:17,480
done, about operating in
country, everything like that,

485
00:24:17,480 --> 00:24:20,600
that it, it, there can be so
many benefits downstream that

486
00:24:20,600 --> 00:24:22,280
come from that, that that kind
of jumped out at me.

487
00:24:22,280 --> 00:24:24,400
So the flip the.
Flip side of that is like

488
00:24:26,040 --> 00:24:28,960
Sentinel was developed 50
million tons per annum out the

489
00:24:28,960 --> 00:24:30,520
gate.
Like everything was kind of

490
00:24:30,520 --> 00:24:34,160
like, you know, designed to
without, without incremental

491
00:24:34,160 --> 00:24:36,240
expansion.
Because like First Quantum had

492
00:24:36,360 --> 00:24:39,080
had the learnings had and had
the balance sheet to, to fund it

493
00:24:39,120 --> 00:24:42,040
in the certain way and had the
expertise to just port over from

494
00:24:42,040 --> 00:24:44,640
everything that they'd done at
Konsanji to to Sentinel.

495
00:24:44,880 --> 00:24:47,440
They had the balance.
Sheet from Konsanji 10 years

496
00:24:47,440 --> 00:24:50,720
earlier and and other and other
operations, but I find that

497
00:24:50,720 --> 00:24:54,560
super interesting.
OK, another another couple quick

498
00:24:54,560 --> 00:24:57,200
ones for me and then I think
we'd better get to the gate

499
00:24:57,200 --> 00:25:00,440
mate.
But one is don't fade mining

500
00:25:00,440 --> 00:25:04,680
electrification trend entirely.
So I I'm guilty of being like,

501
00:25:04,800 --> 00:25:07,400
you know, a bit cynical about
the whole like, you know,

502
00:25:07,400 --> 00:25:12,240
overindulgent over glamorization
of like, you know, our our minds

503
00:25:12,240 --> 00:25:16,520
becoming electric.
And I was pleasantly surprised

504
00:25:16,520 --> 00:25:21,040
to see just the, the uptake of
some, you know, some, some novel

505
00:25:21,040 --> 00:25:23,760
engineering stuff from really
reputable engineers,

506
00:25:24,480 --> 00:25:28,400
particularly Kansanci and, and
also at, at Sentinel, but also

507
00:25:28,560 --> 00:25:31,480
also at they, they all had
trolleys And what like, you

508
00:25:31,480 --> 00:25:33,920
know, these are those, you know,
there's wires that go above the

509
00:25:33,920 --> 00:25:38,280
long ramps, go going, going to
the pits where the, the trucks

510
00:25:38,280 --> 00:25:41,600
kind of like clip onto them.
And, and you know, they get,

511
00:25:41,600 --> 00:25:45,560
they get electricity, save
massive savings and diesel if

512
00:25:45,640 --> 00:25:47,920
these things go faster.
Like, we'll play a bit of

513
00:25:47,920 --> 00:25:50,920
footage now with like one of
these big trucks on the trolley,

514
00:25:50,920 --> 00:25:55,360
just like racing and beating
uphill across smaller truck 300

515
00:25:55,360 --> 00:26:00,800
and. 20 to 340 I think even 360
ton trucks that genuinely look

516
00:26:00,800 --> 00:26:04,280
like they're going quick uphill,
double double the speed of

517
00:26:04,560 --> 00:26:06,320
conventional like now why does
that work?

518
00:26:06,320 --> 00:26:09,280
Because unit cost.
Of energy on you know from the

519
00:26:09,400 --> 00:26:12,040
from the grid much much lower.
Yeah, yeah.

520
00:26:12,040 --> 00:26:14,640
But.
Yeah, technology that they're

521
00:26:14,640 --> 00:26:20,280
advancing as well, challenging
conventional conveyor systems as

522
00:26:20,280 --> 00:26:22,120
well.
Super interesting stuff.

523
00:26:22,160 --> 00:26:24,680
Yeah, super interesting stuff.
And yet like there's, there's a

524
00:26:24,680 --> 00:26:28,400
broader point about small nimble
teams, flat organizational

525
00:26:28,400 --> 00:26:32,840
structures where you've just got
people that own their own their

526
00:26:32,840 --> 00:26:35,520
space, like really own their
space held accountable.

527
00:26:36,000 --> 00:26:38,800
And some of the people we met
along the way were super

528
00:26:38,800 --> 00:26:40,880
impressive, like, yeah.
Totally agree.

529
00:26:40,920 --> 00:26:44,920
Like first Quantum is just a
like A1A marvellous company that

530
00:26:45,080 --> 00:26:48,160
hopefully one day we can we can
do justice telling a story that

531
00:26:48,160 --> 00:26:50,560
that organization 'cause it's
it's wicked and remarkable.

532
00:26:50,560 --> 00:26:52,680
And they do all of this
engineering in house.

533
00:26:52,680 --> 00:26:54,640
They take on the impossible and
there's a lot of competitive

534
00:26:54,640 --> 00:26:57,960
advantage in that model.
But you know, likewise the the

535
00:26:57,960 --> 00:27:00,560
operators at an Ivan place were
super impressive.

536
00:27:00,720 --> 00:27:04,560
The operators are Minar like a a
modest small scale operation was

537
00:27:04,560 --> 00:27:06,160
super impressive.
Like, yeah.

538
00:27:06,440 --> 00:27:09,520
Across the like the there were
people I was impressed with that

539
00:27:09,680 --> 00:27:12,160
every operation we went to, it
was it was really awesome.

540
00:27:12,240 --> 00:27:15,720
Awesome to see.
You know, last point, just a

541
00:27:15,720 --> 00:27:17,800
short 1.
You always have to build in

542
00:27:17,800 --> 00:27:20,000
where the contingencies that
we've joked about it from, from

543
00:27:20,000 --> 00:27:23,400
the days 29 metals, Capricorn
copper first got flooded.

544
00:27:23,760 --> 00:27:27,480
But there there is just so much
out of your control in mining as

545
00:27:27,480 --> 00:27:29,400
well.
The contingency needs to be

546
00:27:29,400 --> 00:27:30,600
baked in.
I don't think we need to dwell

547
00:27:30,600 --> 00:27:33,840
on that point, but it it, it
stuck out like a sore thumb.

548
00:27:34,520 --> 00:27:38,960
And the the last one from me is
like, especially when we in

549
00:27:38,960 --> 00:27:42,360
Zambia and we stayed at Kizansi
and Sentinel, like these are

550
00:27:42,400 --> 00:27:46,280
these are towns that that that
had incredibly undemanding, you

551
00:27:46,280 --> 00:27:49,520
know, populations before these
mines were were built there.

552
00:27:49,520 --> 00:27:52,960
And it's always he went from.
40,000 people to 380,000 people

553
00:27:52,960 --> 00:27:55,960
in 20 years, yeah.
Then yeah.

554
00:27:56,040 --> 00:27:58,160
So there's not quite.
Shenzhen in in China, but it's,

555
00:27:58,160 --> 00:27:59,640
it's unbelievable.
So there's probably, there's

556
00:27:59,640 --> 00:28:01,920
probably.
Two points out of this one is 1

557
00:28:01,920 --> 00:28:06,520
is like, you know, mining is a a
tremendous force of, of, of, of,

558
00:28:07,320 --> 00:28:09,960
you know, positive things for
the world, especially in the

559
00:28:09,960 --> 00:28:14,040
developing world.
The second point is some of

560
00:28:14,040 --> 00:28:17,280
those, those places we stayed
like I've, I've never I, I, I

561
00:28:17,280 --> 00:28:20,120
wasn't around to know what it
was like living in, in a WMC

562
00:28:20,120 --> 00:28:22,640
town.
Like, yes, I grew up in

563
00:28:22,680 --> 00:28:25,560
Kalgoorlie, which which felt
like, you know, the the last of

564
00:28:25,560 --> 00:28:30,400
the true mining towns for most
of my life, but then it just

565
00:28:30,400 --> 00:28:32,600
feels a lot more hollowed out
from FIFO since then.

566
00:28:32,800 --> 00:28:35,040
But when we were in consanguine,
when we were in Sentinel, like

567
00:28:35,040 --> 00:28:38,120
these felt like what I imagine
the WMC towns would have felt

568
00:28:38,120 --> 00:28:39,640
like.
These are true kind of mining

569
00:28:39,640 --> 00:28:41,200
communities.
The people who work on those

570
00:28:41,200 --> 00:28:43,080
mines, they live in the towns,
they build all the

571
00:28:43,080 --> 00:28:45,680
infrastructure in the towns.
There's, you know, the, the, the

572
00:28:45,680 --> 00:28:47,920
golf clubs and everything that's
all built by the miners and

573
00:28:47,920 --> 00:28:49,480
everyone who, you know, works
there.

574
00:28:49,480 --> 00:28:51,200
They they, they move there with
their families.

575
00:28:51,200 --> 00:28:53,240
They do family stuff on the
weekends and you know, they go

576
00:28:53,240 --> 00:28:56,080
to kids birthday parties.
They the kids do all sport and

577
00:28:56,080 --> 00:28:58,280
everything on the weekdays.
It just it just felt it felt

578
00:28:58,280 --> 00:29:00,560
pretty wholesome, like from the
whole gunny, you know, community

579
00:29:00,560 --> 00:29:05,080
buying perspective and it left
AI don't know, like a a

580
00:29:05,080 --> 00:29:07,680
nostalgic taste in my mouth.
Not that I have nostalgic

581
00:29:07,680 --> 00:29:10,360
because I didn't experience what
that would have been like.

582
00:29:10,360 --> 00:29:14,200
But yeah, there's there's the
obvious advantages from that

583
00:29:14,200 --> 00:29:16,840
model from a cost perspective,
like the you know, the unit

584
00:29:16,840 --> 00:29:19,600
costs are so much more
attractive when your workforce

585
00:29:19,600 --> 00:29:21,480
is in FIFO.
But then there's all of those

586
00:29:21,480 --> 00:29:23,400
intangible things that come from
the, you know, the rich

587
00:29:23,400 --> 00:29:25,960
community and work life that you
have when everyone, when

588
00:29:25,960 --> 00:29:28,000
everyone in the families are
living in that, in that town

589
00:29:28,000 --> 00:29:32,840
too, which unfortunately over
time doesn't exist in WA

590
00:29:32,840 --> 00:29:34,040
anymore.
Yeah, it's.

591
00:29:34,080 --> 00:29:38,200
It's very true that ability to
have a positive impact is, is

592
00:29:38,200 --> 00:29:40,600
astounding, especially like you
said in, in the developed world.

593
00:29:40,600 --> 00:29:44,000
We, we saw it first hand,
companies that tried very hard

594
00:29:44,000 --> 00:29:46,720
to, to do that.
Obviously the same can't be said

595
00:29:46,720 --> 00:29:48,120
for, for every mining company
out there.

596
00:29:48,120 --> 00:29:50,800
But it was really awesome to see
like a lot of people trying to

597
00:29:50,800 --> 00:29:54,040
pull their way, trying to trying
to help help everyone around

598
00:29:54,040 --> 00:29:56,520
them to, to move forward was
fantastic to see.

599
00:29:57,160 --> 00:30:00,200
I'll just list a couple really
cool things that that stuck out.

600
00:30:00,640 --> 00:30:03,200
We had the privilege of going to
a copper smelter.

601
00:30:03,880 --> 00:30:05,680
If you ever get the opportunity,
do it.

602
00:30:05,680 --> 00:30:08,320
It is one of the coolest
experiences.

603
00:30:08,320 --> 00:30:11,920
It like, I'm just blown away.
The fact that like people can do

604
00:30:11,920 --> 00:30:15,840
that, like the pouring molten
copper at over 1000°.

605
00:30:16,440 --> 00:30:18,600
You'll feel the heat of the
place when you walk into it.

606
00:30:18,600 --> 00:30:21,560
We'll, we'll overlay some videos
because it just there's, there's

607
00:30:21,560 --> 00:30:24,280
an energy about the place.
It is super, super cool.

608
00:30:25,160 --> 00:30:26,600
You loved it?
Absolutely.

609
00:30:26,600 --> 00:30:27,840
Loved it.
The other thing, that one other

610
00:30:27,840 --> 00:30:30,760
thing blew me away.
In South Africa, there's a

611
00:30:30,760 --> 00:30:32,600
mining language.
I've never known about this.

612
00:30:32,640 --> 00:30:34,320
There are.
There are so many different

613
00:30:34,600 --> 00:30:38,040
ethnic groups and there is a
common language that is a blend

614
00:30:38,040 --> 00:30:42,040
of all of them, from Zulu to
Zulsa to a bit of Afrikaans in

615
00:30:42,040 --> 00:30:44,440
there as well.
That really impressed me.

616
00:30:44,440 --> 00:30:48,840
I thought that was pretty cool.
I reckon I was sick these oh

617
00:30:50,120 --> 00:30:53,960
wait, how how how funny was it
when we were driving along this

618
00:30:54,000 --> 00:30:57,560
dirt Rd. towards one of the
mines in Zambia and we just

619
00:30:57,560 --> 00:31:00,440
drive past two of our sponsors
like like side by side.

620
00:31:00,720 --> 00:31:02,520
First it was Cal tire shout out
Cal tire.

621
00:31:02,600 --> 00:31:04,440
Thanks for sponsoring the
directors special.

622
00:31:04,440 --> 00:31:06,200
And then next to him Sandvik
mate like.

623
00:31:06,680 --> 00:31:10,080
Sandvik, check him out.
Sandvik, also in Zambia.

624
00:31:10,080 --> 00:31:11,440
Who would have thought?
I'm not surprised.

625
00:31:11,480 --> 00:31:12,640
Not.
Surprised in the slightest?

626
00:31:12,920 --> 00:31:14,760
Here's Al.
Ed from Sam Ground support

627
00:31:14,800 --> 00:31:16,760
Travis Ricciardo.
We have spent the last little

628
00:31:16,760 --> 00:31:19,920
while visiting a whole host of
mining operations, some truly

629
00:31:19,920 --> 00:31:23,040
great mining operations in a
different part of the world.

630
00:31:23,040 --> 00:31:26,600
But you know the one thing that
underground mines all around the

631
00:31:26,600 --> 00:31:28,200
world need?
Ground support.

632
00:31:28,320 --> 00:31:31,440
Ground support, in fact, in
South Africa, where we are right

633
00:31:31,440 --> 00:31:35,680
now as we're airing this
episode, they could go a lot

634
00:31:35,680 --> 00:31:39,360
deeper than mines in, in WA, the
coal mines might they go down

635
00:31:39,440 --> 00:31:41,120
like 3 kilometers.
That's because the rock is more

636
00:31:41,120 --> 00:31:42,200
competent.
But guess what?

637
00:31:42,800 --> 00:31:46,320
Doesn't matter if you're South
Africa or or WA, if you, if you,

638
00:31:46,560 --> 00:31:49,200
if you're going deep, you still
need a hell of a lot of ground

639
00:31:49,200 --> 00:31:52,040
support because that is what
helps you mine more.

640
00:31:52,360 --> 00:31:54,240
Go deeper and keep people safe
in the process.

641
00:31:54,240 --> 00:31:55,920
It's true, some of these.
Mines are pushing on 4

642
00:31:55,920 --> 00:31:59,160
kilometers deep and word on the
ground here in South Africa is

643
00:31:59,160 --> 00:32:02,320
that they all use Sandvik ground
support that enables them to get

644
00:32:02,320 --> 00:32:06,320
down that deep and mine the
minerals that the world needs.

645
00:32:06,320 --> 00:32:09,040
So if you want to be mining that
deep, you should Chuck in an

646
00:32:09,040 --> 00:32:11,000
order with Sandvik ground
support.

647
00:32:11,000 --> 00:32:13,360
You can do it on the app or you
can give the billion dollar man.

648
00:32:13,360 --> 00:32:16,360
Derek heard a call right now.
I can't believe.

649
00:32:16,360 --> 00:32:17,960
You said word on the ground, not
word on the decline.

650
00:32:17,960 --> 00:32:19,800
I'm, I'm embarrassed.
We're talking about ground

651
00:32:19,800 --> 00:32:21,120
support.
You say word on the ground, it's

652
00:32:21,120 --> 00:32:22,040
word.
It's underground.

653
00:32:22,040 --> 00:32:23,840
It's underground.
Go just get some sandy ground

654
00:32:23,840 --> 00:32:25,000
support.
We're down the shaft.

655
00:32:26,040 --> 00:32:27,520
Go Sandy.
So mate, what?

656
00:32:27,600 --> 00:32:30,040
A wicked trip.
I think we've got, we're

657
00:32:30,040 --> 00:32:32,800
massively grateful to, you know,
all of the companies that that

658
00:32:32,800 --> 00:32:36,120
hosted us for the, for the time
that we spent, you know, the,

659
00:32:36,320 --> 00:32:39,440
the, the, the time the operators
on the ground took to actually

660
00:32:39,440 --> 00:32:44,240
show and explain to us things.
We as non miners learn a hell of

661
00:32:44,240 --> 00:32:47,320
a lot from these site visits.
And yeah, super grateful to

662
00:32:47,520 --> 00:32:48,600
those companies.
It was eye.

663
00:32:48,600 --> 00:32:50,920
Opening What an awesome
experience, what fantastic

664
00:32:50,920 --> 00:32:52,880
countries.
And yeah, got to drink some

665
00:32:52,880 --> 00:32:57,120
delicious beer along the way.
Mossy was a special for me and I

666
00:32:57,120 --> 00:32:59,760
am or couple.
Hours throughout the week too

667
00:32:59,760 --> 00:33:01,560
mate.
A couple hours.

668
00:33:02,000 --> 00:33:03,960
Couple hours.
Couple hours.

669
00:33:03,960 --> 00:33:08,160
All right, so first one happened
Actually, no, there's one that

670
00:33:08,160 --> 00:33:11,040
happened like 30 minutes ago
when we got off 1 of a flight

671
00:33:11,040 --> 00:33:14,240
and I just left my my, my carry
on baggage on the flight all

672
00:33:14,600 --> 00:33:15,840
your.
Baggage, everything.

673
00:33:15,960 --> 00:33:18,480
Thankfully, you were behind.
Me and just took my picked up my

674
00:33:18,480 --> 00:33:21,240
bag and and grabbed it for me.
Much appreciated mate.

675
00:33:21,400 --> 00:33:26,520
Legend then.
At Exaro getting spoiled just an

676
00:33:26,800 --> 00:33:31,040
an outstanding lunch they've
they've put on for us Trev walks

677
00:33:31,040 --> 00:33:33,440
up what's the sign you see
visitors use So yeah there's.

678
00:33:33,480 --> 00:33:36,960
All the food is like laid out on
this table and like I can see

679
00:33:36,960 --> 00:33:39,840
all of the food and there's no
plates where I can see, but I

680
00:33:39,840 --> 00:33:41,360
can see on the wall that the
plates were.

681
00:33:41,360 --> 00:33:43,880
Just to the right.
To be clear, I can see on the.

682
00:33:43,880 --> 00:33:46,120
Wall, as you saw it, I'll pop a
photo.

683
00:33:46,440 --> 00:33:51,160
It says it says yeah, visitors
use yeah, so, and, and hanging

684
00:33:51,160 --> 00:33:52,960
on the wall are these like
decorative plates?

685
00:33:52,960 --> 00:33:55,520
So I just assumed that the
visitors grab plates off of the

686
00:33:55,520 --> 00:33:58,720
wall.
And so I I loaded up my my plate

687
00:33:58,720 --> 00:34:01,000
with a wall decoration plate
with with the fittings.

688
00:34:01,000 --> 00:34:02,720
Still attached to the plate
itself.

689
00:34:03,920 --> 00:34:06,280
Anyway, few hours a real
special.

690
00:34:06,280 --> 00:34:08,639
Moment, mate, I'm not gonna miss
having to wake up at 2:00 in the

691
00:34:08,639 --> 00:34:11,199
morning to send out the director
special.

692
00:34:11,360 --> 00:34:12,760
Yeah, but.
We got.

693
00:34:12,760 --> 00:34:13,880
It done.
It wasn't the end of the world,

694
00:34:13,880 --> 00:34:16,320
wasn't the end of the.
World, but looking forward to

695
00:34:16,320 --> 00:34:18,520
having some sleep and the rest
over the weekend and being back

696
00:34:18,520 --> 00:34:20,080
on the first time zone.
That's right.

697
00:34:20,080 --> 00:34:22,840
Mate, a massive thank you to
Sandy Ground support interlinks

698
00:34:22,840 --> 00:34:26,920
focused platform by market tech
XE Capital and Medalsub hoodoo

699
00:34:27,120 --> 00:34:30,800
hoodoo money miners.
Now remember, I'm an idiot.

700
00:34:31,120 --> 00:34:33,520
JD is an idiot.
If you thought any of this was

701
00:34:33,520 --> 00:34:36,040
anything other than
entertainment, you're an idiot

702
00:34:36,400 --> 00:34:37,560
and you need to read out
disclaimer.