Australia's resources are still in demand among Asian buyers
HSBC has appointed a head of metals and mining for Australia, creating a new position as it looks to increase its focus on the country’s resources sector.
Tony Pearson, who will be based in Sydney, was formerly head of corporate development for Mongolia-focused SouthGobi Resources, based in Hong Kong.
He has held positions with Citi, Westpac and the Australian Securities and Investments Commission, and has experience within the Australian and international corporate advisory and banking sector.
Pearson joins as Australia’s resources sector undergoes a period of retrenchment, coinciding with the recent end of the commodities super-cycle, a period of huge investment and commodity price increases driven by Chinese demand.
Global miners including BHP Billiton and Rio Tinto, both based in Australia, have cut jobs and shelved projects in an effort to reduce costs. However, there is still deal activity, with Rio announcing on Monday it is set to sell its 80% stake in the Northparkes gold and copper mine in Australia to China Molybdenum.
“Tony’s appointment will enhance HSBC’s capacity to provide strategic advisory and financing solutions to our Australian client base and to better harness cross-border flows into Australia,” said Bardin Davis, head of metals and mining Asia-Pacific. “Notwithstanding a decline in commodity prices we are continuing to see ongoing M&A and investment appetite from our Asian clients.”
The new position sits within HSBC’s resources and energy group in Australia, and Pearson will report locally to Chris Russell, head of global banking Australia, and also to Davis. He will also work closely with Roshan Menon, who will continue to lead the oil and gas, and power and utility sectors in Australia. Pearson starts in the new role this week.
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