The “Big Beasts” of the Canadian mining scene are neither as evident nor as prominent as they used to be. Some have reconfigured their activities for the new reality of markets since 2011. One of the “Big Beasts” that temporarily disappeared from the scene and has now resurfaced is Sheldon Inwentash.
He is famed for his management of Pinetree Capital which, at its peak, commanded a market cap of over $1 billion and held a rather daunting 400 plus names in its portfolio. Pinetree Capital can be said to be the proto-mining hedge fund in the Canadian space and it revolutionized the resource investment model.
Pinetree veterans are spread across Toronto, churning out deals, raising hundreds of millions of dollars, and managing funds and mining companies themselves. In its heyday Pinetree was famous for having seeded companies such as Queenston Mining (acquired by Osisko Mining Corp. for $550mn), Aurelian Resources (acquired by Kinross for $1.2bn), and Gold Eagle Mines (acquired by Goldcorp for $1.5bn). Continue Reading →