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9/20/13

The most interesting news story of the day

Is this one. We also note that Orion has already started on its smaller mine strategy, by bunging $30m $35m at GoGold (GGD.to) earlier this week and then $50m at Aurcana (AUN.v) today. Reuters got your info:

Red Kite partner Lewnowski spins off mine finance fund
By Eric Onstad and Melanie Burton 
LONDON/MELBOURNE, Sept 19 (Reuters) - One of the founding partners of UK-based metals hedge fund firm RK Capital Management LLP has departed and taken a mining finance fund with him. 
Oskar Lewnowski, based in New York, was a founding member of The Red Kite Group, which started up in 2004 to become one of the biggest hitters in the metals industry. Red Kite had two mining finance funds, of which one, run by Lewnowski, has been spun off and renamed the Orion Mine Finance Fund, a Red Kite spokesman said in an email. 
"A mutual decision was reached by the managing partners - Michael Farmer, Oskar Lewnowski, David Lilley - to separate their business," it said. 
"Both funds expect to work together on select future deals, sharing expertise in physical sales and logistic where appropriate." 
The Red Kite Group has $2.3 billion under management and Orion Mine Finance has $1.1 billion. Lewnowski wanted to pursue a strategy of building a portfolio of smaller mining firms while RK believed mining finance should be strictly tied to offtake agreements, said a source with knowledge of the matter, declining to be identified.  Orion - with offices in New York, Denver and Sydney -provides a wide range of financing transactions in addition to offtake deals, including debt, equity, convertibles and royalties, according to its website. The Red Kite Group has offices in London, New York, Shanghai and Hong Kong.