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Draft:Peter Bacchus

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  • Comment: In addition to the above, many of the sources make no mention of Bacchus so are useless and others are routine announcements/press releases, not to mention much of content is unsourced. You may find Your first article helpful. S0091 (talk) 19:55, 9 September 2024 (UTC)

Peter Bacchus is an investment banker,[1] known for his experience in M&A and corporate defence,[2] particularly within the mining and natural resources sectors.[2] He is currently the Chairman and Chief Executive of Bacchus Capital Advisers (“BCA”), an independent boutique investment and merchant banking firm headquartered in London, UK, with operations in Canada and Australia.[2][3]

Bacchus serves as a Non-Executive Director of Gold Fields,[4] a large global gold producer, and Apex Royalties, a diversified mining royalty company.[5] Bacchus is also a Director of BCA’s venture companies, including BG Gold,[6] 308 Services,[7] and Green 14.[5] Bacchus has more than 25 years of experience in investment banking in the natural resources sector.[4] Bacchus founded the green energy vehicle, Yellow Cake plc,[8] which holds physical uranium U308 and is listed on the London Stock Exchange, and had a market value of US$2 billion in the financial year ending 31 March 2024.[9][10][8][11]

Career

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Early Career

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Bacchus graduated with an Economics degree from Cambridge University,[4] and, after a short period with the British Government, joined Price Waterhouse in 1992, in London, where he achieved his ACA qualification.[12][13]

Investment Banking Career

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In 1995, Bacchus joined Robert Fleming & Co, an asset manager and merchant bank which was acquired by Chase Manhattan Bank in 2000, and shortly thereafter merged with JP Morgan.[14][15][16]

Between 2000 and 2006, Bacchus worked at Salomon Brothers, Inc., which was owned by Citigroup and became Citigroup’s Global Markets division.[17][16] Bacchus was appointed Co-Head of Asia-Pacific Diversified Industrials and Head of Mining and Metals, Australia, Asia & Africa at Citigroup.[18][19] During this time, Bacchus involved in transactions that integrated China and Mongolia into the international metals and mining environment.[20][21] He also led the successful takeover defence of Australian major mining company, WMC, which, when then sold to BHP, was the subject of the largest cash takeover in Australian corporate history.[22][23][24][25][26]

In 2006, Bacchus moved to Morgan Stanley in London and was made Managing Director in Morgan Stanley’s Global Basic Materials Group and Global Head of Metals and Mining investment banking activities.[16][27] During this period, he defended Rio Tinto from the unsolicited pre-conditional offer from its rival BHP and was also an adviser to Nordgold, a Russian gold company that went on to become a leading global producer.[28][29]

In 2011, Bacchus moved to Jefferies as Joint Head of European Investment Banking and Global Head of Metals and Mining Investment Banking to found Jefferies’ global metals and mining team.[30][29][31] During his tenure at Jefferies, Bacchus was responsible for high-profile M&A transactions,[32][33][34] oversaw the bank's acquisition of the Hoare Govett corporate broking franchise, and expanded the primarily American bank’s footprint in Europe, Africa, and Asia.[35][29]

In 2016, Bacchus stepped down from his positions as Global Head of Metals and Mining and Co-Head of European Investment Banking to establish an independent advisory and ventures firm, Bacchus Capital Advisers Limited (“BCA”).[36][37][30]

Bacchus Capital Advisers

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BCA was set up to provide independent corporate finance advice to clients, and to identify and undertake value accretive ventures under its merchant banking arm.[38][28][2] Bacchus founded Bacchus Capital with: Richard Allan, former Managing Director and European Head of Mining and Metals at Jefferies, with whom he had worked with since Ord Minnett[2]; Chris Johannsen, former Head of Mining and Metals Advisory – EMEA at Standard Chartered[2]; and Paul Cahill, former Group Head of Business Development and Head of Strategic Relationships Management at Anglo American.[2]

As Chairman and Chief Executive of BCA, which provides strategic and corporate finance advisory services, including mergers and acquisitions, defence, and capital raising.[39] BCA has also invested in many opportunities and launched several companies under its ventures arm, including Yellow Cake plc, which it founded in 2017.[40][6][10][41] Yellow Cake identified uranium as a structurally undervalued commodity and provided investors with direct exposure to the price of physical uranium.[28][41] Yellow Cake completed a US$200 million initial public offering in 2018 on the AIM sub-market of the London Stock Exchange, during which it purchased the equivalent of 5% of the global marketed uranium production in 2016 and has continued to expand its uranium holdings since.[42][41] As of August 22, 2024, Yellow Cake holds 21.7 million pounds of uranium,[43] and reached a market value of US$2 billion in the financial year ending 31 March 2024.[9][10][8][11]

In November 2021, BCA founded the environmental carbon company, Green 14, in partnership with African conservation charity, Space for Giants. Green 14 underwrites the restoration and protection of heritage landscapes in Africa by creating high-integrity carbon credits.[44][45][46]

In December 2022, BCA established BG Gold to acquire Northquest and the Whale Cove project, formerly known as the Pistol Bay project, in Nunavut, Northern Canada.[47] The Whale Cove project is a gold exploration project with 1.6 million ounces of gold on the west coast of Hudson Bay.[47][10][6] Its 781 km² of mineral rights are within the Rankin-Ennadai greenstone belt with high-grade intersections including approximately 100 meters at 12 grams of gold per tonne.[10][6]

Notable Transactions

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Bacchus has been involved in many transactions throughout his career, including the following:

Argyle

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In 2000, Bacchus advised Rio Tinto on its bid to gain sole ownership of the Argyle diamond mine through a takeover of Ashton Mining. De Beers had sought to acquire the Argyle mine to maintain its influence over the international diamond market, and Rio Tinto launched a competing bid. Despite offering a lower final offer price, Rio Tinto was successful in its bid, having more tactically navigated the regulatory and market environment. Rio Tinto gained sole ownership of what would become the largest producing diamond mine in the world.[48]

MinMetals / Noranda

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In 2004, Bacchus acted as a strategic advisor to Chinese state-owned MinMetals on its attempted acquisition of Canada's Noranda, which at the time was the largest attempted outbound Chinese public takeover offer in the sector.[21]

Defence of WMC

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In 2005, Bacchus was defence adviser to WMC against an unsolicited offer from Xstrata and ultimately its sale to BHP. The deal was Australia's largest cash offer at the time, valued at US$7.7 billion.[49][1]

Fortescue Innovative Bond Financing of US$2.5 billion

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Bacchus was lead adviser to Fortescue Metals, helping secure US$2.5 billion in financing in 2006 to build strategic port, rail, and mine infrastructure in Western Australia.[50]

Defence of Rio Tinto

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In 2007, Morgan Stanley acted as a defence adviser to Rio Tinto in relation to the unsolicited pre-conditional offer from BHP. The deal was valued at US$147.4 billion and was the largest ever proposed transaction in the mining sector at the time.[51][1]

Recapitalisation of Anglo American

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In 2009, Bacchus advised Anglo American on its recapitalisation following the financial crisis, through a US$2.0 billion senior notes offering and US$1.7 billion convertible notes offering.[52][53]

FQM / Inmet

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Bacchus advised First Quantum Minerals on its C$5.1 billion hostile public takeover of Inmet in 2013, creating one of the biggest global producers of copper.[33][32][34]

Yellow Cake

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Shortly after founding BCA, Bacchus established Yellow Cake, initially negotiating a US$1.1 billion uranium supply contract with NAC Kazatomprom JSC ("Kazatomprom") in Kazakhstan and securing a multi-year storage contract with Cameco in Canada. The contract with Kazatomprom included a right to purchase US$170 million of uranium upon completion of an initial public offering in July 2018, with an option to purchase an additional US$100 million per year for the next nine years on an undisturbed price basis. Since Yellow Cake’s initial public offering, BCA has advised on the raising of approximately US$600 million of follow-on capital, through seven equity raises, to significantly increase Yellow Cake’s uranium holdings.[54][55][56]

Board Roles

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Bacchus has served on the following boards:

Between 2014 and 2017, Bacchus served on the board of Nordgold as a Non-Executive Director and Chairman of the audit committee. Nordgold was an internationally diversified gold producer operating a portfolio of mines located in Russia, Kazakhstan, Burkina Faso, and Guinea.[57]

In 2016, Bacchus was appointed a Non-Executive Director of Gold Fields, a NYSE and Johannesburg listed gold producer.[4] Gold Fields is a large gold mining company with a globally diversified portfolio of operating mines in Australia, South Africa, Ghana, Chile, and Peru. Bacchus currently serves as chair of the Strategy and M&A Committee and chair of the Risk Committee.[4]

From 2017 to 2021, Bacchus served as a Non-Executive Director of Kenmare Resources, an LSE-listed mineral sands producer with operations in Mozambique, acting as Chair of the Nominations Committee and as a Senior Independent Director.[58][59][60]

From 2017-2021, Bacchus served as Non-Executive Director of ASX-listed Galaxy Resources, a lithium producer with assets in Australia, Canada, and Argentina, stepping down at that company's merger with Orocobre in 2021 to form Allkem.[61]

In July 2021, Bacchus became Non-Executive Director of Trident Royalties, an AIM-listed diversified mining royalty company, before being appointed as Non-Executive Chairman in May 2024 until the completion of the acquisition of Trident Royalties by Deterra Royalties.[62][63]

Additionally, Bacchus serves as a Director, and former Chair, of the Africa-focused conservation charity, Space for Giants, which launched Green 14 with BCA. Space For Giants, a rapidly growing organisation, protects Africa’s ecosystems and wildlife, operating in Uganda, Kenya, Mozambique, Zambia, Botswana, Gabon, the US and the UK. Bacchus has also served as the Chairman of 308 Services since 2017 and BG Gold since its establishment in 2022.[45][46]

References

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  1. ^ a b c "High-profile resources banker Peter Bacchus joins Lepidico defence, starts boutique". Australian Financial Review. 2017-03-15. Retrieved 2024-11-27.
  2. ^ a b c d e f g Paul, Clarke (10 May 2021). "Boutique Bacchus Capital expands into North America with veteran dealmaker hire". Financial News.
  3. ^ Assay, Colin Sandell-Hay, Contributor- The (2020-03-17). "Bacchus Capital Leads Recent Consolidation in Global Gold Sector". The Assay. Retrieved 2024-11-28. {{cite web}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  4. ^ a b c d e "Gold Fields - Executive Directors". Gold Fields.
  5. ^ a b "Peter James BACCHUS personal appointments - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2024-11-27.
  6. ^ a b c d "The Northern Miner". March 2024.
  7. ^ "Gold Fields Leadership Team".
  8. ^ a b c SightlineU3O8 (2018-06-04). "Ex-City banker readies £150m float of uranium venture Yellow Cake". SightLine | U308. Retrieved 2024-11-27.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ^ a b "London Stock Exchange | London Stock Exchange". www.londonstockexchange.com. Retrieved 2024-11-27.
  10. ^ a b c d e "City mining veteran Bacchus raises £5m for Canada gold project". Sky News. Retrieved 2024-11-01.
  11. ^ a b News, Alliance (2024-07-19). "IN BRIEF: Yellow Cake uranium assets hit USD2 billion amid price spike". MorningstarUK. Retrieved 2024-11-28. {{cite web}}: |last= has generic name (help)
  12. ^ "Morgan Stanley Press Release".
  13. ^ "Jefferies Expands Global Investment Banking Business". 16 March 2011.
  14. ^ [http://news.bbc.co.uk/2/hi/business/709222.stm "BBC News | BUSINESS | Chase buys Fleming for �4.8bn"]. news.bbc.co.uk. Retrieved 2024-11-27. {{cite web}}: replacement character in |title= at position 46 (help)
  15. ^ "BBC News | BUSINESS | US bank giants merge". news.bbc.co.uk. Retrieved 2024-11-27.
  16. ^ a b c "Peter Bacchus to Join Morgan Stanley". Morgan Stanley. Jul 11, 2006.
  17. ^ "Salomon name disappears into Citigroup". Financial News. 23 May 2001.
  18. ^ Ahuja, Vivek (12 July 2006). "Bacchus hire adds support to Morgan Stanley mining team".
  19. ^ "Paramount Mining Corporation appoints Peter Bacchus as director". Proactiveinvestors UK. 2013-01-02. Retrieved 2024-11-28.
  20. ^ Leftly, Mark (30 January 2011). "Bankers to brave -30C to pitch for Mongolian mine". The Independent.
  21. ^ a b "Mine games". The Sydney Morning Herald. 2004-11-13. Retrieved 2024-11-01.
  22. ^ "Australia M&A". IFLR. 2006-03-31. Retrieved 2024-11-01.
  23. ^ "Aussie duo land BHP's takeover bid for WMC". Law.com International. Retrieved 2024-11-01.
  24. ^ "The prey: you can't hang on to nostalgia". The Sydney Morning Herald. 2005-03-12. Retrieved 2024-11-28.
  25. ^ BellDow, Stephen (14 February 2005). "Australia Approves Xstrata's Bid For Mining Firm WMC Resources".
  26. ^ "Execs in bands are out of hand". The Sydney Morning Herald. 2006-07-11. Retrieved 2024-11-28.
  27. ^ "Jefferies hires two Morgan Stanley execs". Reuters. 16 March 2011.
  28. ^ a b c Yeomans, Jon (2018-06-04). "Ex-City banker readies £150m float of uranium venture Yellow Cake". The Telegraph. ISSN 0307-1235. Retrieved 2024-11-01.
  29. ^ a b c Turner, Giles (5 March 2012). "Bacchus toasts first broker win at Jefferies Hoare Govett". Financial News.
  30. ^ a b Denina, Clara (March 24, 2016). "Jefferies' global head of metals and mining Bacchus steps down". Reuters.
  31. ^ "Jefferies raids Morgan Stanley for IB build-out". GlobalCapital. 2011-03-18. Retrieved 2024-11-28.
  32. ^ a b "First Quantum takes over Inmet: a new copper giant is born". MINING.COM. 2013-03-22. Retrieved 2024-11-28.
  33. ^ a b Gordon, Julie (March 22, 2013). "First Quantum wins $5 billion battle for copper rival Inmet". Reuters.
  34. ^ a b "First Quantum takes Inmet bid to shareholders". City AM. 2013-01-09. Retrieved 2024-11-28.
  35. ^ "Financial News". 5 March 2012.
  36. ^ "Jefferies Global Mining Head Bacchus Said to Step Down From Role". Bloomberg.com. 2016-03-24. Retrieved 2024-11-01.
  37. ^ "Jefferies Global Mining Head Bacchus Said to Step Down From Role". Bloomberg.com. 2016-03-24. Retrieved 2024-11-28.
  38. ^ "Bacchus Capital Leads the Way in Mining Mergers and Acquisitions". Bacchus Capital. October 23, 2018.
  39. ^ "Bacchus Capital Advisers | Boutique Investment Bank | England". BACCHUS_12_12_2019. Retrieved 2024-11-28.
  40. ^ News, Alliance (2024-07-19). "IN BRIEF: Yellow Cake uranium assets hit USD2 billion amid price spike". MorningstarUK. Retrieved 2024-11-28. {{cite web}}: |last= has generic name (help)
  41. ^ a b c "Yellow Cake secures strategic backer for London IPO". www.ft.com. Retrieved 2024-11-28.
  42. ^ "Milbank Advises on Yellow Cake IPO Valued at Approximately $200M". Milbank LLP. Retrieved 2024-09-09.
  43. ^ "Home". Yellow Cake Plc. Retrieved 2024-09-09.
  44. ^ "Pioneering carbon credit initiative announced to restore and protect African ecosystems". Space for Giants. Retrieved 2024-09-09.
  45. ^ a b Assay, Katie Gordon, Associate Editor-The (2021-11-11). "Bacchus Capital Leading the Way for Carbon Credits in Africa". The Assay. Retrieved 2024-11-01. {{cite web}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  46. ^ a b "The Independent". Independent.co.uk. 5 November 2021.
  47. ^ a b "BG Gold Corp". www.bggold.ca. Retrieved 2024-11-28.
  48. ^ Kells, Stuart (2022-07-25). "The history of Australian diamonds is a story of stock-market booms and battles". The Mandarin. Retrieved 2024-09-09.
  49. ^ Hume, Neil (2005-02-23). "Traders shine a torch on miners". The Guardian. ISSN 0261-3077. Retrieved 2024-09-09.
  50. ^ "Peter Bacchus". Bacchus Capital.
  51. ^ Werdigier, Julia (November 8, 2007). "BHP Billiton pursues Rio Tinto to create a mining behemoth". New York Times.
  52. ^ "Annual Report, 2009" (PDF). Anglo American.
  53. ^ Wearden, Graeme (2009-10-15). "Xstrata merger 'dead and buried' says Anglo American". The Guardian. ISSN 0261-3077. Retrieved 2024-09-09.
  54. ^ "Annual Report, 2020" (PDF). Yellow Cake PLC. March 31, 2020.
  55. ^ "Annual Report, 2022" (PDF). Yellow Cake PLC. March 31, 2022.
  56. ^ "Quarterly Operating Update" (PDF). Yellow Cake PLC. October 31, 2023.
  57. ^ "Nordgold Announces Changes to the Board of Directors". nordgold.com. Retrieved 2024-11-01.
  58. ^ "Notice of AGM" (PDF). Kenmare Resources. April 16, 2018.
  59. ^ "2021 Preliminary Results" (PDF). Kenmare Resources. March 23, 2022.
  60. ^ "Kenmare Resources", Wikipedia, 2024-03-30, retrieved 2024-09-09
  61. ^ "Merger of Galaxy and Orocobre Implemented" (PDF). 25 August 2021.
  62. ^ polaris.brighterir.com https://polaris.brighterir.com/public/trident/news/rns/story/x57d40w. Retrieved 2024-09-09. {{cite web}}: Missing or empty |title= (help)
  63. ^ polaris.brighterir.com https://polaris.brighterir.com/public/trident/news/rns/story/w6v63kx. Retrieved 2024-09-09. {{cite web}}: Missing or empty |title= (help)
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