| OWEN Hegarty is back with a vengeance with the two metals he loves most – copper and gold – and it’s fair to say there are now few quality assets or companies in the Asia-Pacific region beyond the reach of Hegarty and the Chinese interests he is now associated with.
The larger-than-life mining company developer was one of the very first in the mining sector to herald the emergence of China, with his “stronger for longer” mantra becoming one of the catch-cries of the times.
While those looking for scapegoats ultimately lay the blame for the demise of Oxiana at his feet, Hegarty was surely only really guilty of bad timing when he attempted to create a major diversified mining business – the bad timing being with respect to the GFC that hit just a few short months after the Oxiana-Zinifex merger was agreed. Critics also point to Hegarty’s Oxiana termination payment and its unnecessarily untidy handling.
But for his many fans, that’s all in the past and if there’s one thing you can say about Owen Hegarty, it’s that he’s always looking optimistically forward. At speed! Now involved with the gold project developer G-Resources and the copper acquisitive China Sci-Tech, the Melbourne based Hegarty says he spends a lot of his time these days in “bloody seat 12A”.
The construction of G-Resources’ significant Martabe gold-silver project in Indonesia is due to complete by year-end, while in the first two weeks of March, China Sci-Tech acquired copper projects in Peru (via Canadian company Chariot Resources), and Australia (the Lady Annie copper mine sold by Cape Lambert).
Aside from remaining a strong believer in the long term outlook for miners, themes close to Hegarty’s heart include growing a Hong Kong-based gold and copper business in the Asia-Pacific regions, and using the massive advantage companies listed on the Hong Kong Exchange have in terms of access to capital.
Closer to home, Hegarty believes there is clear need for the Australian Government to get behind its domestic miners. “You’ve got to encourage, foster and nurture (miners and explorers), “as opposed to keep milking them,” Hegarty says. Owen Hegarty at the Sydney Mining Club in April.
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