Prime Meridians – London, Zambia and Beyond

This week in Pierce Points:

Moody’s moved to penalize oil bonuses. The ratings firm may downgrade E&Ps that reward CEOs for drilling at all costs. 

Oman got closer to opening for explorationNew changes to the mining code should include speedy approval of license applications.  

Majors closed in on Cyprus natgas. The island nation says 8 firms will bid for offshore blocks, including Eni and Total.

Schlumberger suspended Venezuela drilling. The service provider says it hasn’t been paid by state firm PDVSA.  

The Philippines shot down a massive deposit. Mines minister Gina Lopez won’t let the Tampakan copper-gold project use open pits. 

London, Zambia and Beyond

Quick note this week, as I’m in transit across the Atlantic — to the epicenter of Europe’s resource sector, London. 

The visit here is actually quite timely, with lots going on around the U.K. these days in terms of metals and energy. Just this week, France’s EDF gave final approval to the Britain’s first new nuclear plant in 20 years. And the country also launched a fresh bid round for offshore oil and gas — the first since the Brexit vote. 

It will be very interesting to see what sentiment is like in the investment and brokerage community here. And I’m also taking the chance to meet with some experts on another country I’m extremely interested in.


As long-time readers know, I’ve always been drawn to Iran’s natural resource potential. Obviously the oil and gas sector is a huge attraction. But the copper prospects in the country are equally world-class, as evidenced by massive deposits like the Sar Cheshmeh mine, 1 billion tonnes at 0.7% copper. 

London is in many ways the gateway for the West into this part of the world. And I’ve got a number of meetings lined up with investment professionals working in the country — greatly looking forward to learning more about what’s happening on the ground. 

For Western resource pros, London is also perhaps the world’s leading spot for projects in Africa. And I’m excited to say that my partners and I may soon be ready to launch a new project on that continent — near the storied Copperbelt of Zambia. 

As I mentioned a few weeks ago, I’ve been looking at a Zambian prospect for several months now. And this past week, the team finalized a site visit schedule — so looks like I’ll be heading that way in mid-August. 

(If it seems like I’m being a little vague in describing the project, it’s because I am. In short, this prospect is extremely unusual — in fact, I haven’t seen anything similar in all of my travels and desk studies up until now. Hope to be able to tell you all about it once all the i’s are dotted.)

As always, I’m looking forward to meeting some of you during all of these travels — and thanks, as always, for reading this missive. Looking at all that’s coming up, I can’t believe that I get to live the life of international travel and intrigue that I do. And I owe much of that opportunity to people in the Pierce Points network.

It literally means the world to me. Thank you once again, and look forward to talking more soon. Have a great weekend.

Here’s to globetrotting,

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Dave Forest

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