The influx of money into the sector amid surging investor appetite for commodities that has pushed metals prices close to or above record highs has inflated values for projects that might otherwise fail to find funding, he said on the sidelines of the Mines and Money conference.
“Is the market overvalued? Yes, for the most part I think it is,” he said, saying he first noticed an unhealthy appetite for risk at February’s Mining Indaba in Cape Town.
“I left Indaba very, very, very, very worried about the world. Suddenly stuff that we didn’t touch when I was a young broker was coming back and it was overvalued,” the head of the natural resources investor and commodities trader said.
China is helping to calm the heat in the...