Denham to ramp up mining investment

PRIVATE equity fund Denham Capital has closed its first standalone mining fund, raising US$558 million to expand its global mining portfolio.

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Denham Capital's Bert Koth

Denham raised the capital for the Denham Mining Fund with third-party commitments from institutional investors.

The closing of the fund brings the amount of invested and committed capital under Denham's management to approximately $9.8 billion.

The fund will allow Denham to expand its portfolio in Australia, Canada, South America and Africa, targeting base metals, metallurgical coal and industrial and specialty metals.

Denham managing partner and co-founder Carl Tricoli said the close of the first mining fund marked a significant and strategic milestone for the firm.

"We are pleased that our limited partners share our belief that there is a robust pipeline of opportunities across the global mining sector and that they chose to work with us," he said.