Mining entrepreneur Owen Hegarty may yet seek an Australian listing for his Indonesian gold and silver miner G-Resources, after finding a tough audience on the Hong Kong exchange in recent times.
G-Resources is expected to announce its maiden profit this month after the first year of production at its low-cost Indonesian mine yielded more than 200,000 ounces of gold.
But the company's share price has lost close to 30 per cent of its value over the year and Mr Hegarty said the Hong Kong exchange was proving to be an impatient place for companies walking the long and unpredictable road to developing a mine.
"We've been a bit disappointed with the recent performance on the Hong Kong exchange.
"The Hong Kong exchange is very good for raising capital but it tends to be a bit on the fast side and is still not used to mining operations, whether they be in exploration, development or operational stage," he said.
"We have looked at listing here [in Australia] and we have looked in other places. Nothing is imminent, but it's the sort of thing we keep in mind."
G-Resources' prime asset, the Martabe gold and silver project, is no stranger to Australian markets, having been shuffled through former ASX-listed companies Agincourt Resources, Oxiana and Oz Minerals between 2006 and 2009 through successive acquisitions.
Mr Hegarty's comments came after he started an Australian roadshow for Tigers Realm Coal, the Russia-focused junior he helped float on the ASX just over two years ago.
While Tigers' first year as a listed company was painful, the second year saw significant improvement, with the share price finishing the year about 14 per cent higher than it started.
Part of the improvement was thanks to a revised business plan, which is likely to see Tigers develop a small, low-cost coking coal export business at Russia's Amaam North, in a bid to be earning money sooner rather than later.
The plan would see Tigers exporting 1 million tonnes a year of coking coal by 2015 through existing infrastructure, rather than launching straight into the more capital-intensive 6 million tonnes a year development option at neighbouring Amaam, which would require development of a new port.
"It's now got an early start, early production, early cash flow sort of look about it," Mr Hegarty said.
He owns 3 per cent of Tigers directly, and jointly controls a further 23 per cent through the private Tigers Realm Minerals parent company.
In a prescient sales note published last week, RBS Morgans said Tigers had a better chance of success than AFL namesake Richmond. "It all reads very well to us. While we wish the Richmond Tigers all the best for their finals campaign, we reckon the odds are much stronger for a financial return from Tigers Realm Coal than an AFL flag for the yellow and black," the note said, just days before the Richmond Tigers lost their elimination final to Carlton by 20 points.