Carlyle Group, the world’s second-biggest buyout fund, and James Packer, Australia’s richest man, may know something other investors don’t. Carlyle and Packer bought mine services companies to bet on the commodities boom, ignoring Australia’s biggest gainers this year: mining stocks.
”It’s an old adage that the guys making money in the gold fields are the shovel sellers,” said Ron Cameron, who helps manage $20 billion at Ord Minnett Ltd., an affiliate of New York-based JPMorgan Chase & Co. in Sydney. ”Mining services companies get paid on the volume of dirt moved, whereas the miners get paid on the value of the dirt itself.”
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