EMR @ Sydney Mining Club

I had the chance to attend the Sydney Mining Club yesterday to hear Owen Hegarty - EMR Capital present.
It was worth the effort to attend as it was interesting to hear from Owen in regards to his broader economic / commodity view - uber bullish - a good 20 / 30 years left in this commodity cycle left, with China to continue to fill out, India to pick up pace + broader Asian country strength to fuel the demand.

EMR Capital have 4 key commodities that they are invested - Gold, Copper, Coking Coal & Potash. They have investments in 8 assets globally and two of those being Potash stories. It's worth noting that HFR is the only asset that they do not have a majority interest in (greater than 50%) and it's the only asset that is listed.

Hegarty was adamant that they like to control the assets / projects they invest in. I think we can start to read between the lines here.

Needless to say he was bullish on the global Potash story, from a demand side perspective and a lack of quality project / high barrier to entry via substantial Capex required. One slide from the presentation that he used to get his message across. As you can see Muga - HFR's main Spanish project is the lowest Capex required project globally.