Mick McMullen on Deals, Discipline and Activism

Nov 7, 2025

Mick McMullen is a seasoned mining executive and activist investor with a rich history of orchestrating over $10 billion in transactions. In this discussion, he reveals the secrets behind successful mergers and the intricacies of shareholder activism. Mick shares insights on navigating capital structures and the reasons some deals fizzle out. He delves into the challenges of developing assets and the art of quick turnarounds. Plus, he critiques recent high-profile acquisitions in the industry, offering a seasoned perspective on market dynamics.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

ANECDOTE

Timing The Cash Exit

Harmony acquired Mac with a large cash bid after Mac's EBITDA multiple compressed despite operational improvements.
Mick accepted the cash exit to let shareholders redeploy capital into better opportunities.

ANECDOTE

Rapid Turnaround At Detour

Mick ran Detour briefly and transformed it, doubling market cap from CA$2.1bn to CA$4.9bn before a 48% premium bid closed the sale.
He cut costs and improved pit operations to unlock value rapidly and realized a strong IRR for investors.

INSIGHT

When Activism Wins

Activist campaigns often win by exposing Board intransigence; non-engagement invites public bear-hug tactics.
Small stakes plus smart public work can persuade other holders and force board change.

Get the Snipd Podcast app to discover more snips from this episode

Get the app