Champion de Crespigny: Performance best defence against takeover
Posted: 2 May 2006
Local mining companies must explore more and generate greater success if Australia is to broaden its profile as an investment location and individual explorers are to ward off takeovers, Australian mining entrepreneur, Mr Robert Champion de Crespigny, said.
The leading mining industry identity told the 2006 Paydirt Resources and Energy Investment Conference in Adelaide that Australia had slipped from second to fifth in the world as an exploration destination.
“We are drifting and drifting, and there is very little real exploration being done here, mostly because those big explorers that we were all used to in the past have all been taken over and the exploration programs are being designed and run out of London or Toronto boardrooms,” Mr de Crespigny said.
“We have lost many companies overseas but there are only two ways to avoid being taken over. There is no better defence than to really perform.
“The other element is a very difficult challenge for Australia – you have got to appeal to an international market. If you just appeal to the investment community in Australia, I think it will be a hard game. That is not to trivialise the wonderful successes of the new floats that have occurred here but you have got to appeal year-in and year-out. And that I think is a far bigger challenge at the moment.
“The Canadians have had far more exploration success than us over a very sustained period of time. We have not invested the money and we have not had the success in exploration.
“We have not, as a mining community, been able to convince the investment community, which I assume means we have not spent the time to educate them,” he said.
Posted by Richard Price, Editor, EnergyME.com
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