Phil Breaden
Managing Director

SF Fin, FAICD, MAusIMM, MAIME

BEng (Mining)(Hons 1),
MBA,
SIA Diploma,
AICD Pass with Order of Merit,
NSW Certified Mine Manager.

Phil Breaden has over 35 years of resources industry and finance experience over a wide range of commodities, including valuation, financial modelling, strategic advice and project finance.

The breadth of this experience is shown in the following table:

  Industry Finance Valuation Advice Modelling
Aluminium  

CITIC acquisition of Aluvic, CITIC Portland

Aluvic, Eastern Aluminium, Gove, Portland, Tomago

CITIC acquisition of Aluvic, Eastern Aluminium, CITIC Portland

Aluvic, Eastern Aluminium, Gove, CITIC Portland, Tomago

AlF3      

Alichem

Alichem

Coal

South Bulli, Lend Lease Coke Project

Ashton, Baralaba, Donaldson, Foxleigh, NCIG, Oakbridge, WICET

Goonyella North, Gordonstone, Lake Macquarie Mines, Nardell, New Hope, Oceanic, SECWA, Ulan, White Industries

Ashton, Austral, Baralaba, Goonyella North, Hay Point/Dalrymple Bay, NCIG, Newlands/Collinsville, SECWA, White Industries, WICET

Ashton, Baralaba, Donaldson, Foxleigh, Goonyella North, Gordonstone, Griffin Coal, Lake Macquarie Mines, NCIG, Oakbridge, Oceanic Coal, Ulan, Western Collieries, White Industries, WICET

Coal Seam Methane  

Sydney Gas

 

CH4, Sydney Gas, Tarong Power, Transfield/Durham

CH4, Sydney Gas, Transfield/Durham

Diamonds  

Aredor Guinea

   

Aredor Guinea

Ethanol      

Australian Energy Solutions, Thiess

Thiess

Expert Evidence  

King & Wood Mallesons

     
Forestry  

CNIFP New Zealand

North Forest Products, CNIFP New Zealand

North Forest Products, CNIFP New Zealand

North Forest Products

Gold  

Cosmo Howley, Kanowna Belle

 

Aztec Mining, Red Dome, Selwyn

Cosmo Howley, Kanowna Belle, Red Dome, Selwyn

Infrastructure  

NCIG, WICET

 

Sydney integrated transport scheme, Berwick Hospital, Cairns Waste, NCIG, Porirua Mental Health, St Pauls Aged Care, Victorian County Courts, WICET

Sydney integrated transport scheme, Berwick Hospital, NCIG, WICET

Iron Ore

Hamersley Iron

Channar

Goldsworthy

Goldsworthy, Hope Downs

Channar, Goldsworthy

Magnesium      

AMC, QMC

QMC, SAMAG

Nickel    

Queensland Nickel

Queensland Nickel

Queensland Nickel

Oil/Gas

Ravva India

Ravva India, Skua

Jabiru, Challis, Cassini, Stanvac Indonesia, Tubridgi, WMC

CB-OS/2 India, Energy Equity India, HSSH North Sea, InterOil PNG, Blocks XIX & XX Mongolia, Pandora PNG, Permtex Russia, Sangu Bangladesh,	 Skua, Stanvac Indonesia, Stuart Oil Shale, Fejaj & Zarat Tunisia, East Shabwa Yemen

CB-OS/2 India, HSSH North Sea, Jabiru, Challis, Cassini, Permtex Russia, Ravva India, Sangu Bangladesh, Skua, Stanvac Indonesia, Stuart Oil Shale, Tubridgi, East Shabwa Yemen

Paper/Pulp    

WA Pulp & Paper, Wesley Vale

WA Pulp & Paper, Wesley Vale

WA Pulp & Paper, Wesley Vale

Power      

Laluai PNG

Laluai PNG

Property  

99 King St Melbourne

 

99 King St Melbourne

99 King St Melbourne

Rail      

Hope Downs, Hunter Valley Coal, National Rail, RAC, Very Fast Train

Hunter Valley Coal, National Rail, RAC

Salt      

Cargill

 
Specialty Steel      

Hunter Specialty Steel

Hunter Specialty Steel

Ag/Pb/Zn/Cu

Bougainville, Broken Hill

 

Benambra

 

Benambra

Click here for more detail.

Particular industry experience has been obtained as follows:

1997 to Present Consultant

Confidential
Assist a client prepare submissions for Government support for a pumped hydro project in South Australia.

Confidential
Assist Harris Scott Pty Ltd advise a client on its potential export iron ore and infrastructure project in Western Australia.

Confidential
Assisted a client and its financial advisor prepare the financing component and obtain letters of financial support for the potential purchase of the Loy Yang B Power Station in Victoria.

King & Wood Mallesons
Prepared an independent expert report in 2015 for the Supreme Court of NSW in relation to the availability and conditions likely to be imposed on a project finance debt facility for a bulk oil import terminal at the Port of Mackay in Queensland.

Wiggins Island Coal Export Terminal Pty Ltd
Acted from May 2008 until June 2014 as Commercial Director to assist a consortium of 18 coal companies construct a new 80+Mtpa coal export terminal in the Port of Gladstone, Queensland since 2008. Role included negotiating agreements with the State of Queensland, Gladstone Ports Corporation (as lessor and operator), and the consortia, along with Queensland Rail and other infrastructure providers. Phil assisted in arranging US$2.9 billion and A$1.15 billion of finance for Stage 1 of the Terminal in 2011, and subsequently advised on financing options for the first proposed expansion of the Terminal. The WICET financing has won numerous awards.

Newcastle Coal Infrastructure Group
Acted from 2007 to early 2013 as Commercial Director to assist in the raising the necessary project finance for initial construction and expansion of the new coal export terminal in Newcastle. The first stage of the Project was financed in 2008 ($1.6billion) with operations commencing in 2010. Role included negotiating draft term sheets and documentation with Shareholders, assisting the Arranger prepare the Information Memorandum and negotiate terms and documentation with various financiers, prepare reports to the Board and coordinate Financial Close.
Subsequently assisted the Arranger raise US$2 billion and A$890 million to refinance Stage 1 Senior Debt and construct Stage 2AA, arranged with the assistance of three lead banks, US$1.4 billion to construct Stage 2F in 2011, assisted in the issue of US$325 million in term notes into the US Private Placement market in 2012, assisted in refinancing the Senior and subordinated secured debt with a US$1.7 billion corporate debt facility in 2014, assisted in preparing and revising the company's long term financing strategy, and assisting in negotiating an "amend and extend" with the Senior debt financiers in 2015. The NCIG financings have won numerous awards.
Previously, had prepared the financial section of the Feasibility Study which included financial modelling and projection of usage charges.

White Energy Limited
Prepared reports on the financial viability of proposed coal upgrading projects in Indonesia, China and the USA.

Ashton Coal Project
Arranged a $100M project finance facility for the project's underground development. Role included financial modelling, term sheet drafting, preparation of the Information Memorandum, liaison with the independent engineer, bank negotiations and assistance with documentation.

Mid-Cap Australian based international oil company
Assisted Origin Capital arrange a US$60 million borrowing base debt facility (not executed).

Asia Pacific Tubes Limited
Advice in relation to the company's proposed Seamless Tube Project in SE Queensland.

Felix Resources Limited
Advice on financing options and assistance in developing a corporate financial forecast.

Ashton Coal Project
Advice on negotiations for taking over mining operations from HWE and arranging finance to acquire the associated mining plant and equipment.

Sydney Gas Limited
Advice on bank relations and data availability.

Westpac Institutional Bank
Various project finance and advisory assignments.

Hunter Specialty Steel Limited
Advice in relation to the company's proposed Specialty Steel Project in the Hunter Valley.

Thiess Pty Limited
Advice in relation to the financial structure of a tender for the Victorian County Courts Project and the potential development of an ethanol project on the Darling Downs.

Hope Downs Management Pty Limited
Advice in relation to use of third party owned infrastructure for the Hope Downs Iron Ore Project.

Magnesium International Limited
Preparation of the financial model for MIL's magnesium smelter project.

Cairn Energy Asia Limited
Advice on joint venture and Government contractual arrangements for the Ravva offshore oil and gas project in India.

Energy Equity Corporation Limited
Advice on joint venture contractual arrangements for a major offshore gas and onshore power station in India.

1994 to 1997 Cairn Energy Asia Limited (formerly Command Petroleum Limited)
Manager Corporate Finance. Responsible for evaluation of new investment opportunities and financing the Ravva Offshore Oil and Gas Project in India.
1981 to 1994 Bankers Trust Australia Limited
Associate Director. Valuation, financial appraisal and financial structuring of resource projects with particular emphasis on computer modelling and complex financial arrangements.
1980 to 1991 Lend Lease Engineering Pty Ltd
Economic and mining assessment of major resource projects.
1978 (summer) Australian Graduate School of Management
Marketing of AGSM Annual Report File on microfiche.
1975 to 1978 New Broken Hill Consolidated Ltd/Zinc Corporation Ltd
Underground daily paid employee, shiftboss, ventilation, mining investigations, budgets and statistics.
1973 Bougainville Copper Pty Ltd
Student Mining Engineer, mine production and short range planning.
1972 (summer) Hamersley Iron Pty Ltd
Student engineer (mine planning), blast labourer.
1971 (summer) Bellambi Coal Company Ltd
Underground shiftman.

In addition, Phil was a task force member, lecturer and marker for the FINSIA (formerly the SIA) for over 15 years in corporate finance, mining investment analysis and project finance subjects.

From 1999 to 2003 Phil was Seminar Leader for the Project Finance subject in the Masters degree course, both lecturing and setting/marking assignments and exams for that course.

Papers and Publications

2012
Download (1786k)
Deutsche Bank Australian Coal Corporate Day
16 May 2012

"Wiggins Island Coal Export Terminal"
2012
Download (106k)
APLMA Project Finance Conference
7 March 2012

"Resource Infrastructure Challenges and Opportunities in 2012"
2011
Download (1312k)
UBS Coal & Iron Ore Seminar
15 November 2011

"Wiggins Island Coal Export Terminal"
2011
Download (860k)
Resources Export Infrastructure Conference
Resourceful Events, 13-15 September 2011

"Wiggins Island Coal Export Terminal"
2010
Download (681k)
UBS Coal & Iron Ore Seminar
17 November 2010

"Wiggins Island Coal Export Terminal"
2003
"Project Finance and Financial Modelling"
CITIC Publishing House, Beijing

with Paul Rintoule and Fuhu Zheng, ISBN 7-80073-839-6/F . 546 (Chinese)
2003
Download (75k)
The 2nd Annual Australian Coal Seam and Mine Methane Conference
IBC Conferences, 19-20 February 2003

"When is Debt Equity? Recent developments in CSM finance."
2002
Download (130k)
The Australian Coal Seam and Mine Methane Conference
IBC Conferences, 25-26 June 2002

"Project finance for coal seam methane developments An Australian bank perspective" (with John Alexander)
2001
Download AusIMM (430k)
Download AIG (200k)
The AusIMM Bulletin, Issue No. 6, November/December 2001
AIG News (Australian Institute of Geoscientists) No. 66, November 2001

"The JORC Code - A Bankers View" (with Quentin Amos)
2001
Download (1.3MB)
JASSA Issue 4, Summer 2001
"Banking on the JORC Code" (with Quentin Amos)
1989
Download (600k)
Annual Conference, AusIMM
"Financing the Channar Iron Ore Project" (with Jon Parker)