Dattels Watch

Friday, Jun 26 2009 by

Stephen Dattels is a prolific, successful and activist mining entrepreneur. As he is involved with a substantial number of mining companies, investors may find it useful to be aware of his activities.

The purpose of this thread is to try and track those actvities. Please be careful not to post anything defamatory. He really deserves a Wiki in his own right! Please let me know of any important facts you feel should be added to this thread header.


OK, to kick things off, a brief biog. can be found on the Regent Pacific website here: http://www.regentpac.com/template?series=10&article=18

Stephen Roland Dattels, Canadian, was appointed as non-executive Co-Chairman of the Board on 12 February 2008. Mr Dattels is an experienced senior mining executive, and was one of the key executives at Barrick Gold Corporation (whose shares are listed on the Toronto Stock Exchange and the New York Stock Exchange) during its formative years before leaving in 1987. He has helped to form and finance a number of mining ventures, including UraMin Inc, which was sold to AREVA NP, the French state owned nuclear company for approximately US$2.5 billion in cash in August 2007. Mr Dattels has a Bachelor of Arts degree from McGill University, a law degree (cum laude) from the University of Western Ontario and has completed the Program for Management Development at HarvardUniversity.

Mr Dattels is also a director of Regent Coal. He is also: (i) a non-executive director of Caledon Resources plc; (ii) non-executive co-chairman of the board of Emerging Metals Limited; and (iii) the executive chairman of the board of Polo Resources Limited, all of which are listed on the Alternative Investment Market (AIM) of the London Stock Exchange.


He is closely associated with James ("Jim") Mellon, who described SD as "my partner" and "a brilliant mining entrepreneur" at the 2009 Master Investor Show in London (my notes from the show can be found here: http://boards.fool.co.uk/Message.asp?mid=11530486). JM's biog. is here: http://www.regentpac.com/template?series=10&article=6 JM currently features as number 88 in the 2009 Sunday Times Rich List, with an estimated net worth of £500m: http://business.timesonline.co.uk/tol/business/specials/rich_list/rich_list_2009/article6184985.ece

SD's wife, Jennifer Dattels, is President of Regent Mercantile Bancorp Inc of Toronto (a private company), which has a rather cryptic website: http://www.regentbanc.com/ A little more information can be found here: http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4773972

Regent Mercantile Bancorp, Inc. provides investment advisory services and is based in Toronto, Canada

SD's son, David Dattels, is manager of the RAB Special Situations Fund: http://funds.telegraph.co.uk/clients/telegraph/fundFactsheet.aspx?code=RP98 which is interesting considering RAB's close involvement in the mining sector, including companies that SD vehicles are also involved with..

SD is also linked with the following mining industry entrepreneurs, financiers and executives (further detail to be added):

  • Mike Beck
  • David de Jong Weill (see http://www.chiliogon.com/aboutus/details.cfm?person=David%20de%20Jongh%20Weill). DdJW chairs Niger Uranium (AIM:URU), Caledon Resources (AIM:CDN) and is head of the advisory Board of NWT Uranium (TSX-V:NWT).
  • John ("Ian") Stalker (ex-Uramin CEO)
  • Neil Herbert (Polo MD, ex-Uramin)
  • Paul Ingram (Polo CEO, Australia)
  • Guy Elliott (not to be confused with Rio Tinto's FD, formerly a Director of Polo)


SD operates through two principal vehicles, which he chairs or co-chairs:

Each of these operates their own mining projects, primarily in Mongolia and China and has numerous investments in other mining companies. He also co-chairs Emerging Metals (AIM:EML, http://www.emergingmetals.com/) with JM. EML's primary asset is its investment in Extract Resources (ASX:EXT). Dattels companies are heavily involved in "The Extract Complex", covered in this thread: http://www.stockopedia.com/forum/view/30317/the-extract-complex It is my investment in Extract and related companies (and past investment in Caledon Resources and in Uramin, via Galahad Gold) that has been my main motivation for tracking SD's activities.

These vehicles have significant investments in the following companies:

 Per this page: http://www.regentpac.com/template?series=9&article=220 Jim Mellon owns 11.3% of Regent Pacific and SD owns 6.7%

Per this announcement: http://fool.uk-wire.com/cgi-bin/articles/200906190753341725U.html SD owns 106.7m shares (4.55%) in Polo. He also has a direct personal interest in 2.1m shares of Extract Resources (see http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00948070 ) - current value exceeding A$12m.


The author may hold shares in this company, all opinions are his own and you should check any statements that appear factual and not rely on them before making an investment decision. The author is NOT a qualified analyst nor authorised to give investment advice. Whilst the author is a director of ShareSoc, all views expressed are entirely his own and not necessarily those of ShareSoc.

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50 Posts on this Thread show/hide all

xigris 15th Oct '09 31 of 50

I received this update from Regent Pacific today:

We are pleased to announce that the cash consideration for the sale of the Zhun Dong thermal coal project has increased to US$55.6 million from US$35.3 million. Completion is anticipated for late November 2009.

This, together with Polo's recent sales, increases the overall cash reserves available to SD & co. If they're not planning an increase in their Extract holding, I do wonder why they are raising all this money?


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xigris 21st Oct '09 32 of 50

SD sold his remaining WME shares last week: http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01000710

Very interesting that Polo haven't sold theirs (as yet)

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wantedman 21st Oct '09 33 of 50

Polos directors bought ~ 10 Mio shares of Polo over the last few days:

Dattels 5 Mio
Herbert 1,4 Mio
Elliot 3 Mio


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marben100 21st Oct '09 34 of 50

Kinda makes sense: why own WME directly, when you can buy it at a discount through Polo?!

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xigris 21st Oct '09 35 of 50

In reply to marben100 (post #34)

Sure, but why buy them in the first place (at the same time as Polo), only to sell them less than 3 months later at a profit of a few cents/share?

As I'm sure you do, I see this posturing as a potential endgame for Extract. I think SD is maximising his exposure to Extract through his various holdings EDIT [ by selling off everything else he's bought recently]. I feel that the recent creation of independent committee overseeing Polo's investments allows SD to buy this current stake in Polo without breaking any rules.

IF Extract is sold in the next month or so for A$20, then Polo's NAV increases by about 5p/share - potentially a £250000 profit for SD on this current tranche. He won't make £250000 in WME in the next month!

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marben100 22nd Oct '09 36 of 50

Besides the mysterious "Catalyst Project" login on the Regent Pacific homepage, I see that a new login has appeared there: "Project Transform".

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hereandnow 6th Nov '09 37 of 50

Hi Marben What do you think is depressing the WME sp. Is there a II seller continuing to sell down their holding. I am heavily invested there and am becoming a little 'twitchy'

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marben100 7th Nov '09 38 of 50

Hi han,

I haven't really studied WME, so can't comment.



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fordtin 9th Nov '09 39 of 50

Slightly old, but thought this might be a good place to stash this info for future reference.

Regent Pac circular, 22nd Oct 2009

As at the Latest Practicable Date:

(i) Kalahari Minerals plc and Polo Resources Limited held approximately 40.88 per cent.
and 9.44 per cent. of the total issued share capital of Extract Resources Limited

(ii) The Company held approximately 3.51 per cent. of the total issued share capital of
Kalahari Minerals plc;

(iii) The Company did not hold any interests in the total issued share capital of Niger
Uranium Limited; and

(iv) Trustees of discretionary trusts, under which Stephen Dattels and members of his
family may become beneficiaries, held approximately 11.56 per cent. and 12.38 per
cent. of the total issued share capital of Red Dragon Resources Corporation and
Templar Minerals Limited respectively.


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wantedman 5th Jan '10 40 of 50

Sorry wrong thread...

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marben100 9th Feb '10 41 of 50

I see that Red Dragon Resources, which Dattels & Mellon have significant stakes in and which holds 2.85m Kalahari shares, has changed its name to "Brazilian Gold Corporation" (TSX-V:BGC). Its website is here: http://www.braziliangold.ca/home.html



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ohisay 11th Feb '10 42 of 50

Not sure where else to post this but some really useful historic/forecast numbers on the Mining sector by company and commodity including a uranium forecast at the bottom of the page.


Will Q4 09 be the trough for Uranium prices I wonder.

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marben100 11th Feb '10 43 of 50

Will Q4 09 be the trough for Uranium prices I wonder.

Not currently. See this thread.



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marben100 23rd Mar '10 44 of 50

Dattels & Mellon's vehicle, Regent Pacific (see thread header for details), has today announced a significant investment in ASX listed Venturex (ASX:VXR).

Venturex (ASX:VXR) is a high growth, ASX listed exploration and development company focused on its portfolio of Volcanic Hosted Massive Sulphide (VMS) projects in the Western Pilbara of Western Australia. Venturex also owns Brazilian gold exploration projects through its acquisition of CMG Gold Limited in July 2009. Venturex’s Board of Directors comprises highly experienced mining executives with significant financial, technical and operating expertise.


n February 2010, Venturex successfully completed the acquisition of Straits (Whim Creek) Pty Ltd from Straits Resources Limited (ASX:SRL) (Straits). The transaction consolidated regionalVMS resources and enabled Venturex to advance a scoping study of a centralised milling facility for treating regional copper - zinc - lead - silver gold resources. As a result of the transaction, Straits is now Venturex’s largest shareholder with a 19.9 per cent. interest.

What I find most interesting is the Dattels/Mellon view (which may influence their action with their other companies/investments):

We consider a strategic investment in Venturex as complementary to our existing VMS deposits held via our 40 per cent. equity interest in the Dapingzhang Mine and our 97.5 per cent. equity interest in the Yinzishan Mine, both located in Yunnan Province, China and a sensible diversification of our existing coal projects.

The Board is of the view that the long term outlook for copper and zinc continues to strengthen with the growing realisation that demand from China (the world’s largest consumer of copper and zinc) will remain strong in the foreseeable future.

Gotta be a good investment, with a Board chaired by a geologist called Dr Trench. :0)



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zangdook 24th Apr '10 45 of 50

I can't get into the chiliogon site (link re David Weill) - don't know whether it's disappeared. He has his own site, though


and, rather amusing,

http://www.craigmurray.org.uk/archives/2008/09/mr_david_weill.html and

...if you click on a couple of pages there's more...

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xigris 24th Apr '10 46 of 50

In reply to zangdook, post #45

Thanks Zangdook,

Interesting that he 'forgot' to mention that he is Chairman of Caledon Resources.


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extrader 24th Apr '10 47 of 50

Hi zangdook,

The chiliagon website is up and running; Craig Murphy's reporting is pretty negative; and DDeJW's self-regarding site is - to my mind -just embarassing......

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Will 3rd Jun '10 48 of 50

In reply to marben100, post #4

It was a convertible note with around 9% annual interest, which the company bought back from Jim Mellon and other investors.

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Will 3rd Jun '10 49 of 50

In reply to marben100, post #44

Regent Pacific 575HK is extremly undervalued right now. When their Zhun Dong sale does complete, basically the company's net cash (inclusive of sellable listed securities)is about 30% higher than current stock price. Thus its copper mine venture and coal mine venture in inner Mongolia are essentially free at current stock price.

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SKYSHIP 19th Jun '10 50 of 50

Personally I feel that it may now be time to buy back into EML. sp = 2.0p-2.1p versus the cash NAV of 2.8p. A few weeks ago Jim Mellon topped up his holding with another 2m shares at the equivalent of 1.8325p.

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