Who we work for · Operators
For operators facing a capital decision they cannot take back.
Miners, energy producers and infrastructure operators bring us in to test a build case, an acquisition or a position in the value chain against what comparable projects actually delivered, before the board commits.
Miners · Energy producers · Infrastructure operators
The practices operators draw on.
Practice 01
Strategic Mandates
Where should the capital go, in what order, and should we make or buy?
Decision memoMake-or-buy dossierRisk-adjusted modelBoard paper
The practice →
Practice 02
Transaction & Asset Red-Teaming
What is the strongest case against this deal?
IC memoRed-team teardownBankability reviewBase-rate dossier
The practice →
Practice 03
Resource Risk & Governance
Which risks sit outside the model, and which can the board act on?
Sovereign risk mapJurisdictional reviewGovernance reviewChokepoint map
The practice →
The method, applied in public
Field Notes on the decisions operators face.
18 Oct 2026 · SE Asia · Gas & LNG
Eni · Petronas · Kutei North
The 33-Month Bet
Eni and Petronas have set first gas at Kutei North 33 months after sanction. Of eleven large floating developments, two were faster, and Hormuz has made the date worth more.
Risk Series · 65 sources →
07 Aug 2026 · West Africa · Manganese
Eramet · Weda Bay · Comilog
Eighty-Three Days
Eramet's strategy document could not survive its own results: €672m of losses in six quarters against €441m of equity.
Risk Series · 20 sources →
13 May 2026 · Latin America · Copper
BHP · Wheaton · Antamina
$4.3bn out the door. BHP read the cycle.
BHP sold its silver stream rather than defend it: a capital-allocation tell about a major pre-funding its dividend before a copper-heavy capex peak, a contested Samarco appeal, and a Chinese buyer consolidating its iron-ore book.
Value-Chain Series · 8 sources →