Investment outlook: what investors are looking for
Speaker: Dr Peter Ruxton, Managing Director, Spartacus Capital
Mining On Top: Africa - London Summit
25-26 Jun 2013 | London
Can deccan gold become a major gold producer | Rodger Allen Gold Mine1510501 Alberta Ltd
Rodger Allen gold mine knowledge provides total commitment to health and safety. Gold mining provides employment opportunities, improved infrastructure and tax revenues.
Why International?
Access to global themes and global best practice.
Narrow concentration of Australian share-market and economy creates a bottle-neck for growth and adds unnecessary portfolio risk.
Equity is the GROWTH asset. As the lowest end of the capital structure, the attraction in holding equity invariably is the GROWTH aspect. This compensates us for the risk born in owning equity.
Slowing Australian growth & falling cash rates mean investors should cast a wider net.
Vunani Private Client Portfolio manager and well known TV personality Lavan Gopaul introduces you to trading Single Stock Futures (SSFs) on well know JSE Large cap stocks.
Outlook of the Investment Climate for Mining in ZambiaMining On Top
Outlook of the Investment Climate for Mining in Zambia
A PRESENTATION FOR THE ZAMBIA MINING ROUNDTABLE WORKSHOP
26th June 2013
Hosted by Hon Richard Musukwa, MP, Deputy Minister of Mines, Energy and Water Development, Zambia
Mining On Top: Africa - London Summit
25-26 Jun 2013 | London
Investor Presentation: Wesizwe Platinum LimitedMining On Top
Investor Presentation
Hamlet Morule, Executive - Corporate Affairs and Investor Relations, Wesizwe Platinum
Mining On Top: Africa - London Summit
25-26 Jun 2013 | London
Can deccan gold become a major gold producer | Rodger Allen Gold Mine1510501 Alberta Ltd
Rodger Allen gold mine knowledge provides total commitment to health and safety. Gold mining provides employment opportunities, improved infrastructure and tax revenues.
Why International?
Access to global themes and global best practice.
Narrow concentration of Australian share-market and economy creates a bottle-neck for growth and adds unnecessary portfolio risk.
Equity is the GROWTH asset. As the lowest end of the capital structure, the attraction in holding equity invariably is the GROWTH aspect. This compensates us for the risk born in owning equity.
Slowing Australian growth & falling cash rates mean investors should cast a wider net.
Vunani Private Client Portfolio manager and well known TV personality Lavan Gopaul introduces you to trading Single Stock Futures (SSFs) on well know JSE Large cap stocks.
Outlook of the Investment Climate for Mining in ZambiaMining On Top
Outlook of the Investment Climate for Mining in Zambia
A PRESENTATION FOR THE ZAMBIA MINING ROUNDTABLE WORKSHOP
26th June 2013
Hosted by Hon Richard Musukwa, MP, Deputy Minister of Mines, Energy and Water Development, Zambia
Mining On Top: Africa - London Summit
25-26 Jun 2013 | London
Investor Presentation: Wesizwe Platinum LimitedMining On Top
Investor Presentation
Hamlet Morule, Executive - Corporate Affairs and Investor Relations, Wesizwe Platinum
Mining On Top: Africa - London Summit
25-26 Jun 2013 | London
Getting the most out of your mine: Special steels as the smart choice for sus...Mining On Top
Getting the most out of your mine: Special steels as the smart choice for sustainability - Toni Hemminki, Chief Strategy Officer, Rautaruukki Corporation
Mining On Top: Helsinki
16-17 September 2013 | Helsinki
What sustainability means in mining today or what mining means to sustainabil...Mining On Top
What sustainability means in mining today or what mining means to sustainability?
Corina Hebestreit, Euromines
Mining On Top: Helsinki 2013
16-17 September 2013 | Helsinki
Centrex Metals (ASX:CXM) Investor Presentation September 2014Symposium
September 2014 – Centrex Metals ASX:CXM, presented their latest investment update to over 300 investors in Sydney and Melbourne.
In this investor update, Gavin Bosch, Chief Financial Officer of CXM gives an overview of their current position and opportunities.
For more information about Centrex Metals, visit http://www.centrexmetals.com.au/
For more information about Symposium’s Investor Roadshows, visit http://symposium.net.au/InvestorRoadshow/
Southern Gold | ASX:SAU | RIS2014 Broken Hill Investor PresentationSymposium
Southern Gold ASX:SAU - Investor presentation delivered at the 4th annual Resources Investment Symposium held in Broken Hill NSW Australia, 26-28 May 2014.
South American Silver Corporate Presentationsoamsilver
South American Silver Corp. is a growth focused mineral exploration company creating value through the exploration and development of the Malku Khota Silver-Indium project in Bolivia, one of the world's largest undeveloped Silver and Indium deposits, and the large-scale Escalones Copper-Gold project in Chile.
Alkane Managing Director Nicholas Earner's presentation at the Sydney Mining Club on 2 August 2018 about the critical link between lithium and rare earths and Alkane’s gold strategy.
Ensurge, Inc. (OTCBB: ESGI; Twitter: $ESGI) is a U.S. based resource company focused on developing gold properties in southwestern Brazil. This is a geographic area where crude techniques have historically been employed in traditional gold mining operations. Ensurge first obtains contractual agreements with owners of tailings at existing or abandoned mines to re-process the tailings. The company will then construct gold recovery plants applying both modern technology and capital to extract the gold. Initial projects are located in the Cuiaba Gold Belt region between Cuiaba and Pocone in the State of Mato Grosso.
Energold Investor Presentation
Speaker: Fred Davidson - President, CEO and Director,
Energold Drilling
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Mining Investment in Uganda
Hosted by Hon Irene Muloni, Minister of Energy and Mineral Development
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Republic of South Sudan: Mining Investment Opportunities in South SudanMining On Top
Mining Investment Opportunities in South Sudan
Hosted by Dr Andu Ezbon Adde, Under Secretary Mining
Mining On Top: Africa - London Summit
24-26 June 2014 | London
NW Province Republic of South Africa: A Land of Tourism, Trade and Investment...Mining On Top
NW Province Republic of South Africa: A Land of Tourism, Trade and Investment Opportunities
Hosted by Darky Africa - Commissioner of Development Planning, NW Province
Republic of Nigeria: Investment Opportunities in Nigeria’s Minerals And Metal...Mining On Top
Republic of Nigeria: Investment Opportunities in Nigeria’s Minerals And Metals Sector
Hosted by Hon Musa Mohammed Sada, Minister of Mines and Steel Development
Republic of Namibia: Minerals, Mineral Potential, Exploration & Mining in Nam...Mining On Top
Republic of Namibia: Minerals, Mineral Potential, Exploration & Mining in Namibia
Hosted by Hon Isak Katali, Minister of Mines and Energy
Mining On Top: Africa - London Summit
24-26 June 2014 | London
The State of African Mining - Chris Hinde, SNL Metals & MiningMining On Top
The State of African Mining
Speaker: Chris Hinde, Editorial Director, SNL Metals & Mining
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Republic of Ghana Mining Roundtable
Hosted by Hon Alhaji Inusah Fuseini MP, Minister of Land and Natural Resources
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Republic of Botswana: State of the Mineral Industry and Investment Opportunit...Mining On Top
Republic of Botswana: State of the Mineral Industry and Investment Opportunities in Botswana
Hosted by Tiyapo Hudson Ngwisanyi, CEO, Geological Survey
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Republic of Angola: Governmental Strategy for its Mining SectorMining On Top
Republic of Angola: Governmental Strategy for its Mining Sector
Hosted by Hon Francisco Manuel Monteiro de Queiroz,
Minister of Geology and Mines
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Infrastructure to Support Industrialisation in Africa - Antonio Pedro, UN ECAMining On Top
Infrastructure to Support Industrialisation in Africa
Speaker: Antonio Pedro - Director of UNECA’s Sub-regional Office for Eastern Africa
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Managing Risk and Cost in Mining Infrastructure Development - Sarah Thomas, P...Mining On Top
Managing Risk and Cost in Mining Infrastructure Development
Speaker: Sarah Thomas, Partner, Pinsent Mason
Director, Vale
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Mozambique’s Moatize Coal Basin - David Hunter, Mott McDonaldMining On Top
Mozambique’s Moatize Coal Basin
Speaker: David Hunter - Project Director, Mott MacDonald
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Mabey Bridge - Transport considerations - Phil Bailey, Mabey BridgeMining On Top
Panel Discussion: Transport considerations
Speaker: Phil Bailey - Director Engineering Services, Mabey Bridge
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Mining’s legacy: thinking beyond the mine - Ian Satchwell, International Mini...Mining On Top
Mining’s legacy: thinking beyond the mine
Speaker: Ian Satchwell, Director, International Mining for Development Centre
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Africa Mining Risks Assessment - James Lewis and Robert Follie, Holman Fenwic...Mining On Top
Panel Discussion: African mining risk assessment
Speaker: James Lewis and Robert Follie, Holman Fenwick Willan
Mining On Top: Africa - London Summit
24-26 June 2014 | London
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
2. 2
SUMMARY
• Metals Prices holding up, but Equity Prices are depressed
– Cheap Entry Valuations for Investors
• All costs – capital & operating – have risen – diesel & power particularly
• Market down-turn not discriminating between high quality and average
quality assets
• Rush to develop during the Boom Years has led to some average
projects being built, plus a fall in technical standards & judgement
• “Majors” are now aggressively shelving expansion projects which
means less future supply growth – supply side restrictions likely to
support and push commodity prices higher
• Africa is under-explored & under-developed – opportunities to invest in
world class deposits at all stages - plus M&A targets
• Africa still holds some of the best undeveloped assets - so will offer
better returns as markets normalizes
• Attractive opportunities with proven management teams on low
valuations
• Funding challenges – many high quality companies are starved of cash
AFRICANINVESTMENTOPPORTUNITY
SPARTACUS CAPITAL
3. 3
METAL PRICES – STILL HOLDING UP
• Commonwealth Bank of Australia (CBA) created an Index at the start of 1997 that
tracks a basket of commodity prices over time
• While prices peaked in 2011/12 and are now lower, they remain well above the
1997-2004 norm – prices today are 3x the 1997-2004 level (the Index dropped to
2x the norm following the Global Financial Crisis ‘GFC’ in 2009)
AFRICANINVESTMENTOPPORTUNITY
SPARTACUS CAPITAL
When GFC hit,
commodity
prices
collapsed -
however the
Commodity
Index has
bounced back
to well above
GFC lows
4. 4
METAL EQUITY SHARES – MAJOR DISCONNECT
• In contrast to commodity prices, mining and metals equities have cratered!
• As seen in the Australian Stock Exchange (ASX) Resource 300 Index (below) –
which tracks all listed Resource Companies trading in the top 300 ASX entities
• Share price performance over the last 5 years is now back to post-GFC levels,
presenting an exceptional buying opportunity
AFRICANINVESTMENTOPPORTUNITY
SPARTACUS CAPITAL
When the GFC
hit, commodity
prices collapsed
and so to did
Resources
equities
Now most metal
prices are still
relatively strong -
equities however
have retraced
back to GFC
levels
5. 5
MINING EQUITY PRICES – ALL SUFFERING THE SAME FATE
• The ASX 300 Mining Index includes both large diversified producers
(BHP/RIO/NCM) and small exploration companies
• Share prices are down for both large and small – for example in gold stocks - Tier 1
producer Newcrest (NCM) has come down, as have smaller exploration companies
AFRICANINVESTMENTOPPORTUNITY
SPARTACUS CAPITAL
NEWCREST - Tier 1 Producer went as
low as A$18 during GFC then back to
above A$42 in 2011 now back at A$15
PERSEUS - Explorer in Ghana in
2008 – has since successfully gone
into production and share price has
fallen from A$4 down to A$1
AMPELLA - discovered significant gold ozs in Burkina Faso in 2010
and share price went as high as A$3.20, now down to A$0.20 as
though it had discovered nothing - back to 2009 price
6. 6
PRIVATE EQUITY & INNOVATIVE FUNDING MECHANISMS
PRIVATEEQUITY&INNOVATIVEFUNDING
SPARTACUS CAPITAL
• Normal funding options all but closed….
• Equity markets shut for most players
• Debt available – BUT expensive & covenants constraining
• Ideal timing for Private Equity - riding-out the short-term volatility –
investing for growth - 3 to 5 year horizon
• Investments can now be made at rock-bottom prices – 2008/9 equity
valuations - with underlying commodity prices still very robust
• Project Financing for “first-time developers” becoming a real barrier –
companies facing equity raises of 3-5x market capitalizations
• Companies need to look for innovative mechanisms of funding to get new
projects up:
Private Equity
Infrastructure Funding
Off-take Funding
Empowerment Funding
Royalty Financing
Metal Streaming
The role of the Chinese?
7. 7
INFRASTRUCTURE FOR OFF-TAKE FUNDING
TONKOLILI IRON ORE, SIERRA LEONE
CHINESE INVESTMENT OF US$1.5BN FOR 25% EQUITY & OFF-TAKE
INNOVATIVEFUNDING-EXAMPLE
• Shandong Iron & Steel Group (SISG) invests US$1.5bn for a 25% equity in African Minerals
Tonkolili Project iron ore companies – deal closed on 2/4/2012
• SISG secures iron ore LoM off-take of Phase 1 – 2Mtpa, Phase 2 – 8Mtpa and Phase 3 –
10Mtpa for a price discount of between 0-15%
(discount based on iron ore sales price <US$60/t - 0% to >US$120/t – 15% discount)
• Funding secured rail & port infrastructure in Sierra Leone and repayment of early project debt
of US$418m
SPARTACUS CAPITAL
8. 8
SAMSUNG SECURES GOLD OFF-TAKE
STRATEGIC ALLIANCE BETWEEN SAMSUNG & AMARA TO PROVIDE SAMSUNG
WITH A RELIABLE AND LONG-TERM SOURCE OF GOLD OFF-TAKE
INNOVATIVEFUNDING-EXAMPLE
• Samsung invests an initial US$20m to assist Amara Mining to develop the 50-60,000ozpa
Kalsaka-Sega Gold Mine in northern Burkina Faso, in exchange for monthly gold off-take
• Samsung are backing Amara management to deliver a pipeline of West African gold projects
with anticipated further financing for new projects against increased future off-take
commitments
SPARTACUS CAPITAL
9. 9
IDC BACKING BLACK ECONOMIC EMPOWERMENT
STRATEGIC PARTNERSHIP WITH PLATMIN & THE BAKGATLA BA KGAFELA
TRADITIONAL COMMUNITY
INNOVATIVEFUNDING-EXAMPLE
• IDC invests ZAR3.24bn (~US$425m) in to Platmin Ltd – December 4, 2012 - on the
successful consolidation of PGM assets in the NW Bushveld Complex of South Africa
• The investment creates a Strategic Partnership between The Bakgatla Community (27.0%
holders), The IDC (16.2%) and the Pallinghurst Consortium
• Platmin, to be renamed Sedibelo Platinum Mines, has a ~70Moz 4PGM resource base,
largely shallow & low cost to mine, with the potential to create 9,000 direct jobs
SPARTACUS CAPITAL
10. 10
ROYALTY FINANCING
LONDON MINING US$110M ROYALTY FINANCING WITH BLACKROCK
INNOVATIVEFUNDING-EXAMPLE
• Blackrock invested US$110m into London Mining’s Marampa Sierra Leone iron ore project
in exchange for a 2% revenue royalty on August 3, 2012
• The investment backs London Mining expanding from a 5Mtpa to a 9Mtpa iron ore
producer
• There are no covenants or restrictions, no obligation to repay the capital, there is no
interest due, however payments are required life-of-mine regardless of profitability
SPARTACUS CAPITAL
11. 11
METAL STREAMING
SANDSTORM GOLD LTD. PROVIDES UP-FRONT CASH OF US$60M FOR A
METAL OFF-TAKE PRICING DISCOUNT
INNOVATIVEFUNDING-EXAMPLE
• Sandstorm has an agreement to purchase 1.5% of the gold (for US$400/oz) & 35% of
platinum (for US$200/oz) from Colossus Mining’s Brazilian Serra Pelada high grade gold-
palladium-platinum mine in September 2012
• Sandstorm to provide an up-front payment of US$60m
(company has a Put, back to Sandstorm of 50% of the arrangement for US$48.75m – ie
limiting purchase to 0.75% of gold and 17.5% of platinum)
• The metal has to be produced, with physical metal delivered. This mode of financing is
often used for by-product sales – popular in Latin America
SPARTACUS CAPITAL
12. 12
CHINA-DRC JV – INFRASTRUCTURE FOR COPPER
CHINESE GIFTED DRC COPPER ASSETS IN EXCHANGE FOR US$6BN OF
INFRASTRUCTURE & SOCIAL FUNDING
INNOVATIVEFUNDING-EXAMPLE
• Chinese commit US$6bn to DRC for copper assets and off-take. Split US$3bn for copper
project development and US$3bn for Infrastructure
• Infrastructure includes 3,500km road rehabilitation, 3,200km railway, 32 hospitals, 145
health clinics, 2 universities, 2 hydro. dams + rehabilitation of power distribution networks
• Dima Mining Complex - 6.8Mt copper, 0.63Mt cobalt – Kamoya, Dikulume, Mashamba –
1st production in 2015/17 @ 50,000tpa copper, building to 400,000tpa over 2 Decades
• 2009 – US$350m – road refurbishment including N1 & N4 – Central Hospital Kinshasa –
hydro-electric power station refurbishment - Katende
SPARTACUS CAPITAL