Minsec is run by two mining legends, Robeert De Crespigny and Keith Liddell.

The curricula vitae of Minsec's Chairman, Robert Champion de Crespigny, and CEO Keith Liddell, are like mining industry fairly tales - both have been involved in some incredible success stories.

Robert spent fifteen years developing Normandy Mining before it was bought for mega bucks by gold mining heavyweight Newmont, and Keith Liddell made his name with Aquarius Platinum one of the great success stories of both the South African platinum industry and the AIM market.


Mineral Securities was formed by a merger between Keith's Mineral Securities and Robert's Scarborough Minerals.

The merged company is positioning itself as a mining house; financing projects in return for a substantial stake in the project or company with the aim to benefit from strong cash flow operations. This makes for interesting speculation about what the new Minsec will do with some of its inherited assets and where it will invest next. There are many reason's Mineral Securities if focusing on cash flow, but one of the core motivators is its own valuation. Keith told Proactive that the group wants to focus on cash flow, so it can be valued on a cash flow multiple, rather than valued like an investment vehicle - which would typically be valued by a discount to the Net Present Value (NPV) of its equity investments. Even so, Minsec currently trades at a 50% discount to its NPV.

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