US and Kazakhstan-based private equity firm Resource Capital Partners (RCP), has held a $85m interim closing of its $350m-targeting fund targeting global mining transactions.
Richard Waryn, managing director, RCP, said, “The timing couldn’t be better to invest in global mineral resources. The mining sector has been capital starved for some time and a new fund should see significant value opportunities over the next few years.”
The fund’s strategy is to target and acquire interests in both early stage development assets as well as more advanced brownfield opportunities. Consolidation of sector specific assets will also form a significant part of the fund’s strategy, Waryn said. A particular emphasis will be on deals in North America, Central Asia and Latin America.
David Linsley, managing director added, “We have assembled an exceptional team consisting of top professionals in geology, mine engineering, metallurgy, and private equity. Given the depth of experience plus our existing pipeline of transactions we feel confident our strategy will perform well in the coming years.”
RCP has also entered into a joint venture arrangement with minerals industry advisory group Behre Dolbear, who will provide technical consulting and oversight for the fund’s portfolio projects.
RCP said it expects the Fund to close in the first quarter of 2014.
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