Mark O'Dea
Founder and chair
Oxygen Capital Corp.
M
ark O'Dea wasn't going to let
a little thing like a prolonged
slump in the mining sector
stop him from doing what
he loves every day: making
money from undervalued assets. The mining
entrepreneur, who since 2001 has built six
junior mining companies and created more
than $3 billion in shareholder value, treats
the current industry downturn as an oppor-
tunity to take depressed assets and turn
them into profitable ventures. First he grew
two companies, Fronteer Gold and Aurora
Energy Resources, from startup to their ulti-
mate sale in 2011. His latest venture is Oxygen
Capital Corp., formed to "breathe life" into a
new set of ventures that today include True
Gold Mining, Pilot Gold and Pure Gold Min-
ing. (A fourth company, True North Nickel,
was recently sold to Royal Nickel.) O'Dea's
companies have raised more than $800 mil-
lion in capital, including $130 million in the
past year, despite the continued downturn
in the sector. A dramatic drop in commod-
ity prices from record or near-record highs
set in 2011 lowered the valuation of mining
companies and their projects; that, in turn,
has made it difficult for the mining industry
to raise money, especially junior companies
that are seen as more risky.
Still, O'Dea and his team have managed
to lure some top-tier mining companies
and investors as key shareholders in their
projects, including Vancouver-based Teck
Resources Ltd. and Goldcorp Inc., as well
as international players such as Newmont
Mining Corp. and AngloGold Ashanti. O'Dea
says it's all about finding the right project
and proving its potential. "Our sweet spot is
taking projects that are valued at very little
in the market and, through modest amounts
of time and capital, turning them into
spectacular shareholder returns," he says.
"That's what gets me up in the morning." It's
a high-risk, high-reward business and failure
is inevitable, O'Dea says. "Not everything
you do is going to be a success," he says. "My
advice? If you fail, fail quickly and move on."
—Brenda Bouw
68 BCBusiness OctOber 2014
EOY
2 0 14
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