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By Jonathan Forman and Chai Hoang
Mining for Savings Opportunities: Companies of All Sizes Stand to Benefit from R&D Tax Credits
This past December, President Obama signed the Protecting Americans from Tax Hikes Act (PATH Act) into law. The legislation introduced a number of positive tax changes for companies, making permanent more than 20 key tax provisions and extending many others. The federal Research and Development Tax Credit (R&D credit) is among those tax benefits that have been permanently extended, and companies operating in all streams of the mining industry should evaluate whether they’re missing out on potential cash savings.
The mining industry is characterized by an ever-changing landscape and, with quality projects dwindling in developed countries, mining companies are pursuing exploration and development efforts in new regions. Amid the current tumultuous climate, success depends on improving operational efficiency, securing new supply and complying with shifting regulatory, reporting and tax requirements, often across multiple foreign jurisdictions.
In order to stay competitive, many mining companies are already making investments in new and improved processes and software. If a company is trying to develop or improve its mining operations or its back office functions—whether at the mine, concentrator, refinery, smelter or leaching, tailing or other facilities—it is likely undertaking a number of activities that qualify for the federal R&D credit. In addition, many of these activities can potentially qualify for state-level and possibly even non-U.S. R&D credits and incentives that should not be overlooked.
Previous iterations of R&D credits have provided the mining sector a significant boost. The Internal Revenue Service reports that 81 mining companies claimed federal R&D credits in 2012, with the average amount claimed totaling close to $1 million. Now that the R&D credit has been permanently extended, these credits may offer mining companies more savings opportunities than ever.
How can mining companies qualify for R&D credits? Broadly speaking, qualifying activities must: (1) attempt to develop or improve the functionality, performance, reliability or quality of a business component (defined as a product, process, software, invention, technique or formula); (2) encounter uncertainty regarding the company’s capability or methodology for developing or improving the business component, or regarding its appropriate design; (3) include a process for evaluating alternatives to eliminate the uncertainty; and (4) fundamentally rely on technological principles.
Examples of mining activities that are eligible for R&D credits include:
- Mining operators improving process efficiency to hit pay dirt;
- Geologists, engineers, metallurgists and others investigating faster and more precise technologies to recover minerals, separate impurities in a clean and efficient manner, and dispose of them using methods that are less expensive yet environmentally sound; and
- Companies developing proprietary software to automate and enhance these processes.
Opportunities for Smaller Companies
In addition to permanent extension, the PATH Act includes several adjustments to the federal R&D credit that may benefit some startups and smaller companies who were previously ineligible. These adjustments could be of particular interest to junior miners, which specialize in exploration or small-scale mining.
For tax years beginning after Dec. 31, 2015, qualified small businesses may elect to take up to $250,000 in R&D credits against the employer portion of their payroll or FICA taxes. These qualified small businesses are defined as corporations, partnerships or persons (1) not exempt from income tax under IRC section 501; (2) with gross receipts in the taxable year of less than $5 million; and (3) with no gross receipts prior to the five taxable years ending in the current taxable year.
Additionally, eligible small businesses, defined as closely held corporations, partnerships and sole proprietorships whose annual gross receipts for the three preceding tax years average no more than $50 million, may claim the credit against their Alternative Minimum Tax (AMT). Previously, companies were only able to use the credit to offset regular income tax liability, and companies and pass-through entities subject to AMT couldn’t benefit from credits in the current year.
While many companies believe that they can’t benefit because they aren’t currently paying taxes, they can often still take advantage of R&D credits. Many states will pay a company the value of its credit or allow them to sell or transfer it for cash. State and federal credits can also be carried back to earlier and forwarded to later tax years in which the company can use the credits.
Dig Up Every R&D Savings Opportunity
The natural resources space, including mining, can be a highly competitive industry where innovation can make or break a company’s success, particularly if it is a smaller player. With commodity prices continuing to contract, cost savings can be critical to maximizing resources and staying afloat until prices stabilize.
Taking advantage of R&D credits enables mining companies to expand their labor forces, invest in new technologies and finance other investment projects, even if those efforts don’t succeed. In addition, R&D credits encourage companies to pursue incremental and evolutionary improvements to their processes; while these efforts may not be an immediate game changer, they can help position mining companies for future success. With that in mind, mining companies of all sizes should evaluate their eligibility for R&D credits and whether they stand to benefit.
To take full advantage of these new and expanded opportunities and comply with all of the sundry legal requirements not outlined above, please consult with a tax advisor with experience in R&D credits.
Jonathan Forman is a tax principal and managing director with BDO’s Global R&D Center of Excellence. He can be reached at firstname.lastname@example.org.
Chai Hoang is a manager with BDO’s R&D Tax Services practice for the Atlantic region, and can be reached at email@example.com.
By Bob Broxson
The Impact of Low Oil and Gas Commodity Prices: Blip on the Radar or Paradigm Shift?
Over the past two years, the energy industry has nervously watched as oil prices have fallen lower and lower, reaching record depths unseen since the early 2000s. The last time the sector faced similarly difficult conditions was in 2008, when financial market turmoil disrupted vast swaths of the U.S. economy. Though it may be tempting to compare today’s conditions to those of 2008, the current oil price crisis is a very different beast: It has already outlasted the 2008 downturn, and it has the very real potential to fundamentally alter the global energy market.
During the financial crisis of 2008, the oil and gas industry experienced unprecedented downward price pressure as demand across the world fell while production soared. From the outset of the crisis, financial institutions (banks, bond holders and, to some extent, private equity investors) scrambled to shore up their positions. In many cases, they pursued aggressive courses of action to bring debtors into compliance with loan covenants, forcing companies to restructure and seek opportunities to stave off defaults—or even bankruptcy. But by mid- to late 2009, banks had begun to back away from this aggressive approach. Instead, financial institutions assumed a posture of helping debtors as they developed strategies to survive in hopes that the markets would improve and strengthen (which, ultimately, they did; by the end of 2009, prices had stabilized and began to grow again).
Though the 2008 price slump was short-lived for crude oil, the same cannot be said for natural gas prices, which have seen virtually no recovery since the financial crisis. Driven by the historic discoveries in the shale plays, natural gas supplies sharply increased over the past decade, and have fostered a low-price environment that could last for many years to come unless something changes the market fundamentals.
And now the same can be said of crude oil. Supplies of crude globally have skyrocketed, and increased production from OPEC has pushed crude prices to troublingly low levels.
Many market observers look at the situation today and want to compare it to 2008. However, the market of 2016 is much different than what we saw eight years ago. In 2008, the market collapse was, in many ways, concentrated in North America, particularly as it related to natural gas. The relatively immediate bounce-back in crude oil prices—and the record highs they reached through the first half of 2014—suggested that the global energy market was not hit quite as hard. The latest commodity price rout, though, has spread well beyond North American borders, driving turmoil in markets worldwide.
We’re also seeing a significant difference in the way financial institutions are responding to today’s crisis versus 2008’s. Prior to the 2016 market downturn, traditional lenders were financing much of the energy industry’s capital needs. Though banks took a hit in 2008, the rebound of the U.S. energy sector—and $100-plus barrels of oil—encouraged them to continue lending to capital-hungry energy companies. However, in light of the current low price environment banks have been acting cautiously. At the outset of the year, many of the United States’ largest banks were struggling with the energy loans in their portfolios: In January 2016, Citigroup added $494 million to its reserves, $250 million of which has been earmarked for energy-related loan defaults, and in February, JP Morgan estimated that it could experience nearly $3 billion in losses to soured energy loans. Meanwhile, publicly traded banks are seeing their share prices precipitously decline, and both Moody’s and S&P have downgraded ratings for a number of banks with significant skin in the energy game. Amid these deteriorating conditions, it comes as little surprise that banks—though they continue to downplay their losses—are increasingly reticent to continue to lend to energy companies. Bankruptcies are now on the rise, with Bloomberg
reporting 67 U.S. oil bankruptcies in 2015 alone, a 379 percent increase from 2014.
As a result, we may expect to see new sources of capital emerge for the struggling sector—specifically in the form of private equity funds stepping in to fill the financing vacuum and snap up distressed assets, a trend that was not as prevalent in 2008. Over the past several years, private equity funds have amassed vast sums of capital to deploy in this market, with Preqin
estimating that there is currently over $435 billion in dry powder available to funds following an exceptional year of fundraising in 2015. There is no doubt that bankruptcies and restructurings will be a prominent part of the picture in 2016, and the sustained nature of the downturn may also lead to rising levels of litigation in all areas of the sector. However, the presence of so much new working capital could help buoy some struggling companies and reduce their exposure to such challenges.
The 2008 crisis, while painful, did not significantly shift the energy industry landscape. If you’re looking for a more apt comparison for today’s conditions, you may need to look back several decades—to the oil crises of the 1970s and ’80s—when we last saw a fundamental change to the fabric of the global industry. It has become clear that the effects of the current price downturn are bound to be widespread and lingering, and have the potential to alter who wins and who loses in the global energy market.
Bob Broxson is managing director with the Dispute Advisory practice at BDO Consulting. He can be reached at firstname.lastname@example.org.
How did you come to be interested in the accounting field? What path led you to specifically get involved in the mining industry?
BDO Spotlight: Q&A with Amy Roberts, Assurance Partner
I got my start in the accounting profession by choosing math as my college major. However, as some may know, higher-level college math is actually a lot more qualitative than quantitative, and I found over time that my interests gravitated much more toward the quantitative.
Following college, I began interning at a printing company. During the internship, I developed a real affinity for the accounting side of business, and I eventually joined the company full time, handling all of its financial statements and analysis. As I progressed in this role, I realized I was going to need my CPA certification in order to advance so I went into public accounting, and now I have been with BDO for over 15 years.
During my tenure at BDO, I’ve worked full time in Spokane, Wash., and initially focused my work on banking clients. However, given the location of my office, eventually I moved towards handling more mining company clients. When I was asked to take over an engagement with a major mining company, I completely clicked with the client, solidifying my love of the industry.
What do you think is the biggest challenge facing the mining industry in North America right now?
From an audit perspective, the current decline in commodities prices is obviously the biggest challenge facing our clients at this time. When prices began to drop in 2015, the industry was hopeful that the markets would rebound quickly. However, as we move into spring, it’s clear that this isn’t going to happen–prices aren’t going to bounce back as quickly as they plummeted.
Another concern for natural resources companies is general liquidity. With prices down, revenue obviously takes a considerable hit, and it’s becoming very difficult for companies to maintain necessary cash flow. Unfortunately, given how rapidly mining companies have expanded over the past decade, many are largely unable to reduce costs at the same rate as market prices are declining. They still need to pay their people and maintain their mines. Even if they essentially put mines on a care and maintenance program, there are still some costs they can’t avoid. As a result, many companies are burning through their cash supply faster than they’re bringing it in.
This factors into a third challenge: Because of the low commodities prices and general liquidity concerns, many banks aren’t as willing to lend money as they have been in the past. With the market for capital raises being so dry, mining companies are being forced into financing deals with unfavorable terms that may not enable them to survive until prices rebound.
What is your outlook for the mining industry in 2016?
From my perspective, I think it’s unlikely that commodities prices will change significantly this year. Since the price drop, many companies have executed major cost-cutting strategies, and I expect this is likely to continue throughout 2016. For mining companies, these cost-cutting plans can employ a variety of tactics, including shuttering mines and slashing thousands of jobs or reducing capital projects in operating mines or cutting exploration budgets. Companies are cutting costs wherever they can in hope that they can outlive the current decline.
For precious metals, where a lot of my expertise lies, the demand is still there, and is staying strong despite the decline in prices. However, they too may need to grapple with potential cuts this year.
What kinds of investments are critical for mining companies to make today to ensure long-term growth?
Although it may seem counterintuitive, any mining company CEO will tell you they can’t cut exploration completely. The way the mining sector functions is that companies have a set number of years of proven reserves, and they need to be consistently putting money into projects that will extend the lifespan of their mines and operations, as it takes an incredibly long time to get those mines up and running. In order to maintain some exploration activities, mining companies need to make sure their long-term planning strategies prevent total disruption, regardless of the current commodities market.
One key element of this planning is for companies to maintain adequate levels of liquidity. As I mentioned earlier, favorable deals are in short supply right now, but those mining companies that are able to secure financing on good terms will be better positioned to weather the current storm.
What do you expect in terms of M&A activity in the mining sector this year?
Actually, there are many mining company CEOs who see opportunity in this market. What they’re seeing is that there are functioning mines—essentially money in the ground—that are currently owned by companies that may not be able to withstand current pricing pressures and, thus, may be looking to consolidate with other companies that do have cash available. There may be very good deals out there for companies that have positioned themselves to have a strong balance sheet or strong debt financing options that will enable them to seek out these M&A opportunities.
What lies ahead for the mining practice at BDO?
I’m incredibly excited for the future of BDO’s mining practice. We have a really top notch team of people working on mining issues, all of whom bring unique skills and insights on the industry. Since we have a strong presence in all the mining centers of the world—Australia, South Africa, Canada, etc.—we’ve really developed an international footprint in the sector. We’re also increasingly collaborating across offices, both within the U.S. and internationally. We’ve started coming together more to share best practices, work together on resources and talk about how we can help each other with targeting needs. Given the state of the industry at present, there is a wide breadth of middle-market, private and publicly owned mines that can benefit from our deep industry knowledge and global footprint. There will be a lot of business development efforts in the coming year, and we’re excited to execute them.
Amy is an assurance partner in BDO’s Spokane office. She can be reached at email@example.com.
Energy Industry Displays Determination as It Looks for the Light at the End of the Tunnel
A CERAWeek 2016 Recap
By Charles Dewhurst
Each year, I have the pleasure of attending the annual IHS CERAWeek conference, the premier event for oil and gas professionals from around the world to connect and discuss current trends and developments. The mood at last year’s CERAWeek was decidedly mixed
, with attendees remaining optimistic about the long-term growth of the energy sector while expressing some concern about what the future would hold as oil prices continued to plummet.
A year later, the industry has seemingly come to terms with the protracted nature of the current downturn, and is now evaluating its options for righting the ship and getting back on track for growth. Here are my top four takeaways from CERAWeek 2016.
Navigating an international downturn requires international solutions.
Though U.S. shale producers may be among some of those hit hardest by the oil price rout, no one—from emerging market players in Latin America to the stalwart members of OPEC—has been immune to its effects. It is clear that as the energy industry has grown increasingly global, the power dynamics that had historically characterized the sector have largely eroded. Making the right investments now to support the industry and get it back on track will require consensus and cooperation among a more diverse set of stakeholders than the sector has ever seen before.
Cost reduction initiatives have been, and will continue to be, key to survival.
One theme that was repeated throughout the conference was the idea that the current crisis is survivable for savvy companies willing to cut costs and seek opportunities to diversify their business. The challenge, of course, lies in making the right
cuts. For example, the layoffs we have seen over the past year, while effective at bringing down overhead, could come back to haunt the industry: Those skilled workers who have been instrumental in accelerating the industry are likely to have moved on to other jobs or industries by the time prices stabilize, leaving businesses with a wide talent gap and an inability to take advantage of renewed momentum.
Energy policies must balance environmental and consumption needs—and take into account the tradeoffs.
As public pressure mounts to end the use of hydrocarbons globally, policymakers and energy companies must work together to identify the best way forward while ensuring that emerging economies have access to the resources they need to sustain growth. In the short term, the industry has successfully jettisoned coal in favor of cleaner natural gas, but this alone will not be sufficient to address both longer-term environmental and economic needs; the rate at which the industry would need to produce natural gas to satisfy burgeoning demand over the next century would be unsustainable. Another area of reckoning will be developing safe and reliable infrastructure that allows companies to market their product. This is particularly acute in the U.S., where the rejection of the Keystone XL pipeline has left the industry with no choice but to rely on riskier transportation methods, such as rail and truck transit.
Natural gas remains a bright spot despite historically low prices.
Though low gas prices have been somewhat painful for producers, the current price differential between the U.S. (low) and Asian and European countries (high) offers tremendous advantages to not only the U.S. natural gas industry, but also many broader segments of the U.S. economy. Liquefied natural gas (LNG) producers and exporters are poised to reap the rewards of global trade, while lower feedstock and fuel costs are vaulting the U.S. plastics and logistics industries ahead of the competition. In addition, natural gas is well-equipped to bridge the gap between traditional hydrocarbons and renewable energy. It provides a more affordable, cleaner fuel supply for consumers and businesses alike, and can be extracted from a variety of sources, including landfills and biomass.
Though the overall mood at CERAWeek 2016 was subdued, there remain pockets of optimism throughout the industry that a turnaround is imminent—and that there are steps energy companies can take now to position themselves for success when that sea change arrives.
Charles Dewhurst is partner and leader of the global Natural Resources practice at BDO. He can be reached at firstname.lastname@example.org.
By Bryndon Kydd, BDO Canada
Observations from PDAC 2016: Still on the Cusp of a Recovery?
As I have for the past number of years, I recently attended the PDAC International Convention
(PDAC), the world’s leading convention for the mineral exploration industry held annually in Toronto, Canada.
Along with the industry itself, PDAC has been shrinking in attendance over the past few years in direct reflection of the declining capital available to the many mineral companies that make up the bulk of its exhibitors. My primary activity while at PDAC each year is to connect with colleagues and attend presentations to gain a sense of sentiment on the industry and insight on what may be in store for the coming year. Here are a few of my observations from this year’s conference.
We’re More Positive than Last Year
At PDAC 2015 I found there was much negative sentiment about the prospects for exploration companies and investors. Attendance was the lowest in years and many seemed frustrated and ready to give up. Although attendance was slightly down this year compared to 2015, I experienced little negativity this year. It may have been the timely, albeit likely short, mining stock and commodity rally we’ve recently experienced that’s provided a much-needed glimmer of hope that we may have passed the bottom and are now on the verge of a recovery. I witnessed a consistent sense of hope and even a bit of humor about the state of the industry that I haven’t seen in a while.
Despite this renewed energy, few seemed to feel that there would be much capital available for the large demographic of smaller exploration companies that have been starving for so many years now. While capital is expected to cautiously creep back, it will be largely reserved for those companies with proven management teams and high quality projects. This may provide an advantage to the few, allowing strategic acquisitions to aggregate the best projects into a smaller group of companies and perhaps lead to the cull of “zombie” companies we’ve heard so much talk about.
Whatever the cause or whether it’s overly optimistic, this seems to be a step in the right direction. With hope come ambition and focus, which may be what’s needed to drive the industry toward its next chapter of prosperity.
We May Have Learned from this Cycle
This has arguably been the longest down cycle ever experienced by the mining industry. The pain that’s been felt by so many has triggered, and provided ample time for, reflection on how we function as an industry. The need for innovation and inclusion is spoken of frequently and accepted by many.
There is increased discussion of the need for effective cost management and technological advancement as a means to improve profitability. Our industry has been notorious for financial waste during boom periods and reluctant to innovate in favor of the tried and true. Advancements in robotic technology, geological equipment and advanced software are common topics of conversation as part of the industry’s recovery.
Corporate social responsibility and inclusion of women and minorities as a necessary feature of the industry is a common topic of discussion. No longer can organizations ignore the needs of the communities in which they operate or decline input from a broader group of individuals with wisdom and expertise to offer. There is growing acceptance of a more inclusionary community, particularly as a younger generation of professionals gain influence in the industry.
A Green Future May Be Our Savior, But When?
For so many years considered an opponent to the mining industry, the environmental movement may just represent a new demand that will consume our supply going forward. With the growing popularity of electric cars, solar panels and nuclear power, so grows the interest in, and eventual demand for, the materials to construct and fuel these technologies, such as copper, lithium, silver, uranium and many others.
Slowing this environmental movement is the complex issue of the oil price and the Middle East’s strategy to slow the evolution toward carbon-free energy dominance while it floods the world with cheap oil. While inexpensive fuel is a benefit to mining companies as a cost reducer, it slows the advancement of environmentally friendly energy technologies and the demand for materials they will drive.
Although they’ve slowed in growth, developing economies such as China and India are expected to represent massive sources of consumption as their populations’ education and income levels advance along with their expectation for a quality of life far in excess of their parents.’ This is not a new topic of discussion, although I’ve noticed that few seem willing to speculate upon a timeline for any significant uptick in this consumption, perhaps indicating that this growth will be more of a slow acceleration in contrast to the rapid growth we saw in China a few short years ago.
Are We on the Verge of a Recovery?
Many of you will be familiar with the Widdup Exploration Clock depicted below, a tool I refer back to from time to time. My observation is that, as an industry, we’re currently at around 4:00 or slightly later, and have been for some time, for the following reasons:
Image courtesy Lion Selection Group’s LionAnalyst, May 2015
- Exploration has all but ground to a halt on account of virtually non-existent capital available for grass roots projects.
- While there have been a number of mergers in the industry, they have been largely share deals and, in many cases, a means to gain cash along with mineral properties.
- Some participants have become increasingly aggressive in their acquisitions, with First Mining Finance Corp as a key example, having completed, or in the process of completing, a half dozen acquisitions of peers or individual mineral projects since it went public in late March 2015.
- A significant loosening of cash toward acquisitions is required before the industry gains momentum toward another long-awaited boom period. The recently announced acquisitions of True Gold by Endeavour Mining and Claude Resources by Silver Standard, both of which include a cash element in conjunction with the acquisition, could be early indicators of more cash acquisition activity to come.
Thank you for reading my article. I hope that you’ve found it to be useful and informative. Follow me
on LinkedIn and join the BDO Global Mining
group for additional insights, and to provide your thoughts on the current state of the industry and where we might expect to be by PDAC 2017.
This article originally appeared on LinkedIn. A downloadable version is also available on BDO.ca.
For more information, contact Bryndon Kydd, partner and national leader of BDO Canada’s Mining practice, at email@example.com.
Did you know...
The Energy Information Administration
found that wind, natural gas and solar made up 41 percent, 30 percent and 26 percent, respectively, of total additions to new electric generation capacity in 2015, accounting for nearly all new capacity. The group predicts that this trend is likely to continue in 2016.
As of mid-March, Goldman Sachs
predicts that Brent prices will average $39 a barrel this year and $60 a barrel next, down from its previous forecasts of $45/barrel in 2016 and $62/barrel in 2017.
According to BDO’s 2016 Energy Outlook Survey
, 75 percent of E&P CFOs expect M&A activity to increase in the coming year, the highest proportion reporting this response in the survey’s history.
An analysis by the Financial Times
found that oil and gas investors have lost at least $150 billion in oil and gas company bonds as the slump in crude prices continues.
Oilfield services company Baker Hughes Incorporated
found that the international rig count for February 2016 was 985, down 33 from the March 2016 count and 266 from one year ago.
Private equity has become a major force in the mining industry.
PErspective in Natural Resources – Mining
PE dealmaking increased 238 percent year over year in 2015, with a total investment of $4.35 billion over 119 deals, according to a report from specialist law firm Berwin Leighton Paisner (BLP). Debt and royalties played a growing role, with debt comprising a portion of 18 percent of private equity deals.
The ongoing commodities rout worldwide has hit global mining companies hard. Mining giant Anglo American reported losses of $5 billion for 2015, forcing it to suspend dividend payments and prompting Moody’s to downgrade its credit rating to junk status, according to a BBC
report. The firm will sell assets worth $3 billion to $4 billion, exiting the coal business and drastically paring down its iron ore business to focus on higher-margin commodities such as copper, diamonds and platinum, reports The Wall Street Journal.
Dealmaking across mining and steel hit an 11-year low last year, with $54 billion in completed transactions as potential sellers hoped for a rebound in commodities prices to improve valuations. This was down from $98 billion the year before and $224 billion in 2006, according to Bloomberg Business
. But PE investment in mining projects grew as cash-strapped miners sought alternative sources of finance to the public debt and equity markets. With no rebound in sight, the majors are now being forced to offload assets, and PE dealmaking is expected to increase as the bid-ask spread narrows.
Over the last year, PE firms have begun to seek out more, smaller transactions, compared with earlier mining sector investments, which tended to be concentrated in a few large deals. According to Oil Price
, the average 2015 PE deal value in the mining industry was $26.5 million—down from $40 million the year before. PE mining deals also became more complex in 2015, with debt issue and royalty agreements becoming more common. “With the pure equity deals being seen largely as highly dilutive, equity interests combined with debt or exposure to underlying commodities through royalties are likely to continue to be the favored structures in 2016,” Alexander Keepin, Partner, Corporate Finance and Co-Head of Mining at BLP told The Wall Street Journal
North America saw the greatest number of PE mining deals in 2015 (40) with a total of $758 million invested in the region. But Europe recorded the greatest investment value ($922 million) spread over just six deals. Gold and copper were the hottest commodities, with 46 percent of 2015 PE deals targeting gold mining companies, and the highest total investment ($868 million) went into copper, according to the BLP report.
As more mining companies are forced to cut dividends and sell assets to stay afloat, the sector will continue to provide robust investment opportunities for PE firms in 2016.
PErspective in Natural Resources is a recurring feature exploring the role private equity in the natural resources industry.
Sources: BBC, Wall Street Journal, Bloomberg News, BLP Law, Oil Price
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