TORONTO — While not the premium liquor and prime rib parties of old, miners are laying on the cocktails again after several lean years, booking hotel lounges and nightclubs to twin drinks with deal making.
Explorer Erdene Resource Development hosted dinner on Saturday for 50 Mongolian officials and industry players at a high-end steak house, where a double porterhouse steak goes for 0.“Juniors like us, we do something very focused,” said operations vice president Michael Gillis.
“There’s a lot of potential pay off.”Red Cloud Klondike Strike said 590 investors, money managers and miners wanted to attend its pre-conference party on Friday night.
The junior mining adviser, which only had space for 500, had 30 guests at its first party in 2012.
PDAC president Glenn Mullan said the days of “zombie” miners doing distressed financing deals to keep their stock alive were over.
“We’re enjoying some real indices of prosperity again.”Floor space was sold out at Toronto’s convention centre, Canada’s biggest such facility at over 2 million square feet (186,000 square meters), with waiting lists for vacancies, he said.
Last year, global exploration spending rose 15 per cent to about US.4 billion, and S&P Global Market Intelligence on Monday forecast a further increase of up to 20 per cent in 2018.