Michael Rawlinson On The Journey Through Decades of Mining Cycles and Capital Markets

In this episode, we chat with Michael Rawlinson, one of the most experienced and well-known figures in mining finance and our industry. Michael’s career spans multiple decades and cycles, from growing up in a mining family to early roles in investment banking and equity research, co-founding Liberum, senior roles at Barclays, and now a portfolio career as a non-executive director across the mining sector. Few people have seen the industry from as many angles: advisor, analyst, investor, and board member and in this conversation, we’ll reflect on how mining, capital markets, and leadership have evolved, what’s genuinely different about the current cycle, and what still hasn’t changed at all. KEY TAKEAWAYS Michael’s extensive career was heavily influenced by growing up in a mining family and witnessing the inherent volatility of the industry firsthand across Africa. The mining industry has undergone a massive shift from a "Wild West" mentality to a highly regulated environment where ESG and safety standards are fundamental to operations. Modern mining finance has transitioned from a reliance on traditional London equity markets to more sophisticated private equity firms and the robust superannuation system in Australia. Despite technological advancements and new ESG requirements, the industry remains governed by 20-30 year "metronomic" cycles of supply and demand BEST MOMENTS "The world of mining is the oldest, most boring, most basic of industries, and in a sense, it never changes. It is the most volatile sector there ever was... the cycles are brutal, they are relentless." "We’ve gone from a Wild West to having better safety, environmental, better governance, and regulation. It’s overall a better place, a smaller industry in terms of people and share of GDP, but the tons grow for most commodities." “The globalisation of Britain has actually just meant that money's gone elsewhere." "The next 20 years, for the people who’ve learned the skills in these technical industries, they’re going to do well... This is revenge of the high-viz vest land." GUEST RESOURCES https://www.linkedin.com/in/michael-rawlinson-244750101/ VALUABLE RESOURCES Mail: ⁠[e-mail]⁠ LinkedIn: ⁠https://www.linkedin.com/in/rob-tyson-3a26a68/⁠ X: ⁠https://twitter.com/MiningRobTyson⁠ YouTube: ⁠https://www.youtube.com/c/DigDeepTheMiningPodcast⁠ Web: ⁠http://www.mining-international.org⁠ CONTACT METHOD ⁠[e-mail]⁠ ⁠https://www.linkedin.com/in/rob-tyson-3a26a68/⁠ Podcast Description Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people’s experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics. This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/