After deciding a career in law wasn’t for him, Kerry Harmanis turned to prospecting in WA. That decision led to the $3.1 billion sale of Jubilee Mines.
Not long after raising millions from investors for the listing of his mining explorer on the Australian Securities Exchange in 1987, global markets crashed. Black Monday set off panic.
Jubilee Mines listed two days later. And in the early years, it was a slog. But for the investors who stuck with Harmanis, great fortunes were carved. Two decades after floating the company Harmanis cut a $3.1 billion deal to sell the company to Xstrata.The mining executive reveals another investor in the early years was Bob Bunning, one of very few people to back him in the mid-1990s when Jubilee Mines was cash-strapped and struggling.
Harmanis knows the nickel cycle all too well. The current market has been challenged by Indonesian production but back when he was building Jubilee in the mid-2000s, prices were booming.
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