Sofie Sandell investigates how micromanaging breeds distrust in the workplace, and how the smaller picture isn’t what counts in pursuit of greatness.
By Andrew Rowell, Account Manager
In a subdued market environment, what is it that keeps mining folk, brokers and media making the annual pilgrimage to Kalgoorlie for the Diggers & Dealers conference? Surely the lure of skimpies isn’t strong enough on its own?
From Cannings Purple’s cursory assessment, it would seem that connecting with people face-to-face and keeping up appearances are a couple of the key reasons conferences like Diggers continue to draw good crowds and maintain relevance, even during downturns.
Interestingly, most of the brokers and analysts we spoke to in Kalgoorlie said they were not there to unearth a hidden gem (metaphorically speaking, that is). Most claimed to know about the better stories in the industry and didn’t plan on sitting in on any presentations. The key reason they cited for being at the conference was to press the flesh, spend a bit of time with senior management and ensure they remain at the forefront of MDs’ minds next time they are looking to raise fresh capital.
The value of face-to-face meetings cannot be underestimated, particularly in this age where the proliferation of email has allowed communication to become so impersonal. In terms of getting a feel for whether you will continue to successfully do business with someone, there is no substitute for spending time with them. And that is probably something that gets overlooked too often nowadays.
Then there are the additional nuances and emphases you pick up in a face-to-face conversation. According to a recent Bloomberg report, only 7% of communication involves actual words, whereas 55% of communication is visual (body language, eye contact) and 38% is vocal (pitch, speed, volume, tone of voice). With this in mind, what was written in the June quarterly report, which is typically the focus for most companies at Diggers, may take on a different dimension when you spend 20 minutes discussing it with the MD at the booth.
The other benefit of face-to-face meetings is that things actually get done. There is no email trail spread out over weeks to deal with. Things can happen and happen quickly. A meeting we organised between a potential investor and a company with a development project didn’t result in an instant investment. However, during the course of the conversation, the investor introduced the company to a mining contractor. In turn, that introduction now looks like leading to a relationship that will have benefits for both parties.
Just as investor roadshows are part of the life of every MD, the face-to-face meetings, cocktail party catch-ups, drinks at the Palace and 2am pizza are all an invaluable part of Diggers.
STYLE LIMITED (ASX:SYP)
Style Limited entered into a binding business purchase agreement with Craig Mostyn & Co to purchase the business and assets of the food services division of CMG, creating a high quality agri-business platform. Read more.
GOLD ROAD RESOURCES (ASX:GOR)
Gold Road advised that the deep diamond drill hole drilled at its Gruyere deposit in WA and co-funded through the State Government’s Exploration Incentive Scheme intersected gold mineralisation at a depth of 1,390 metres. Read more.
Zijin Mining lodged its Bidder’s Statement with respect to its 10c-per-share cash takeover bid for fellow gold company Phoenix Gold. Read more.
SHEFFIELD RESOURCES LIMITED (ASX:SFX)
Sheffield Resources entered into an unconditional agreement to sell several of its Pilbara iron ore tenements to Atlas Iron in exchange for scrip. Read more.
ARUMA RESOURCES (ASX:AAJ)
Aruma Resources was successful in its application for funding through the WA government’s Exploration Incentive Scheme and will put the grant towards drilling at its Glandore Gold Project near Kalgoorlie. Read more.
VENTNOR RESOURCES (ASX:VRX)
Drilling has commenced at Ventnor Resources’ Black Dragon Gold Project in Western Australia. The drill program is following up preliminary exploration conducted by the Company on an initial field trip. Read more.
In this week’s episode of For The Bottom Drawer, Ray Jordan introduces us to an emerging star of West Australian wine.
See what Ray thinks about the Amelia Park 2013 Cabernet Merlot fro Margaret River.
AQUILA RESOURCES (ASX:AQA)
Longstanding Cannings Purple client Tony Poli took out the prestigious Dealer of the Year award at the 2015 Diggers and Dealers conference in Kalgoorlie on Wednesday night. Poli was recognised for his efforts in steering the $1.4 billion takeover of his iron ore company, Aquila Resources, by Chinese steel giant Baosteel and ASX-listed logistics provider Aurizon last year. Read more.
NWQ CAPITAL MANAGEMENT
Boutique funds management firm NWQ Capital Management announced it has been selected by Yellow Brick Road (ASX: YBR) to be portfolio manager of the new YBR Protected Equities Fund, an equities fund for retail investors aimed at delivering returns that are similar to those of the overall share market whilst cushioning falls and recovering faster. Read more.
SIRIUS RESOURCES (ASX:SIR)
Sirius Resources received Federal Court approval for the issue of the scheme booklets in relation to Independence Group’s proposal to acquire all the shares in Sirius by scheme of arrangement. Read more.
Sirius also nominated Zenith Pacific as its preferred tenderer to provide a power solution for its Nova-Bollinger nickel-copper mine, which is under development in southern WA. Read more.
SHEFFIELD RESOURCES LIMITED (ASX:SFX)
Sheffield Resources delivered a resource update for its Thunderbird mineral sands project near Derby in WA, confirming it as one of the most significant zircon discoveries in the world. Read more.
Sheffield also presented at the 2015 Diggers and Dealers forum in Kalgoorlie. The presentation can be viewed here.
STRAITS RESOURCES (ASX:SRQ)
Straits Resources signed binding agreements with its lender, Standard Chartered Bank, and PAG SPV, that will result in a substantial reduction in the Company’s total debt and provide financial capacity to fund growth and build shareholder value. Read more.
Straits also released its Quarterly Report for the period ending June 30, 2015.Read more.
GOLD ROAD RESOURCES (ASX:GOR)
Gold Road completed Stage 1 of its two‐part Pre‐Feasibility Study for the development of its 5.5Moz Gruyere Project, located 150km east of Laverton in Western Australia. Read more.
NORTHERN MINERALS (ASX:NTU)
Northern Minerals released its quarterly activites report for the period ending 30th June 2015. During the quarter Northern Minerals moved closer to completing the $49.5M funding package with Jien Mining and following the successful DFS, has commenced planning for detailed design, project execution and commissioning of its Browns Range rare earths project. Read more.
migme released its quarterly activities report for the period ending 30th June 2015, which detailed the advancements made by the Company in Indonesia, India and the Philippines; the consolidation of its artist engagement model through the signing of additional artist and media partnerships; progress with the development of games; and other initiatives with mobile handset manufacturers.Read more.
GOLD INDUSTRY GROUP
Western Australian gold miners launched a dedicated group to promote and champion the gold industry. The Gold Industry Group, chaired by former Minister for Mines, the Hon. Norman Moore, will represent the interests of gold producers, explorers, prospectors and the companies which serve the sector. Read more.
The idea of “company culture” is many things—call it the recipe to success, the key to retention, the promise of profit or even the secret sauce.
The elements of what company culture is made up of can be incredibly obscure, while also being contrastingly unique.
In this week’s episode of For The Bottom Drawer, Ray Jordan introduces us to a rare Italian variety.
Watch his review of the Amato Vino 2013 Teroldego from Margaret River, Western Australia.