Barclays Capital, the investment banking division of Barclays Bank Plc., Jan. 25 said its Barclays Natural Resource Investments team is backing one of the world’s premier copper mining management teams in a startup company, Cupric Canyon Capital LLC.
Barclay’s said the Cupric team has a unique mixture of technical expertise ranging from exploration through mine resource evaluation, mine planning, mine operations, mineral processing, hydrometallurgy, and financial analysis. The team's experience includes mineral discovery, feasibility studies, mine development, plant startup, and all phases of operation around the world.
The Cupric Canyon Capital team: Timothy R. Snider, chairman, formerly president and COO for Freeport-McMoRan and Phelps Dodge; CEO Dennis M. Bartlett, formerly senior vice president, development for Phelps Dodge; CFO Lowell A. Shonk, formerly vice president, financial and operational analysis for Freeport-McMoRan and Phelps Dodge and senior financial roles with Cyprus-Amax; M. Stephen Enders, formerly senior vice president – worldwide exploration for Newmont and President of Phelps Dodge Exploration Corporation; and David C. Naccarati, formerly president, Phelps Dodge Mining Company and a senior leadership role with Echo Bay Mines.
David Ellis, a director at Barclays Natural Resource Investments said, “We are proud to be able to partner with one of the world’s leading copper management teams. With the financial expertise and the line of equity we provide, management can focus on doing what they do best – mining – and won’t have to be distracted by the hassles of the capital markets.”
Cupric Canyon will focus primarily on copper, a highly attractive base metal due to the size of the market and attractive demand fundamentals driven by Asian countries, particularly China.
The newly formed company will target undeveloped assets where a resource has already been established. Its management team will create value by using its expertise and experience to take the projects through the development process. In certain situations, it may acquire operating assets in distress if sufficient operational improvements can be achieved.
Tim Snider, Chairman of Cupric Canyon said, “This is a great opportunity to utilize the team’s vast experience and expertise at a time when we already see great opportunities to make attractive returns. We have worked together in the past at Phelps Dodge as a very successful team and are anxious to do so again. BNRI is an established and successful participant in this industry and we look forward to the partnership.”
