There are few more controversial figures in the Western Australian resources industry than Tony Sage. Everyone, it seems, has an opinion on the Cape Lambert Iron Ore Ltd chairman, whether they’ve met him or not. Dominic Piper went to Sage’s West Leederville office to see what the man himself made of his public reputation. There are few resources executives who have as large a public profile as Tony Sage. The Cape Lambert (CFE) executive chairman is a regular in the mainstream press through his ownership of A-League football club Perth Glory, fashion magazine Kurv and the Perth Fashion Festival. You are as likely to see his face at a Socceroos World Cup qualifier or at some glitzy Sydney film premiere, as you are in Kalgoorlie for Diggers & Dealers. In the staid world of mining, he is as close to an A-list celebrity as you can get. It may be because of his wider public image that Sage has never gained the full respect of his peers within the industry. Mention his name anywhere in the resources sector and you will get a reply which is loaded with scepticism, whether there has been a personal relationship or not.
His various ventures outside of the industry and questions over alleged dealings with the likes of Mick Shemassian and Mick Gatto make him an easy target for cynics. There is a general feeling that Sage is not a resources man, that he is simply in the sector to make money and has no intention of leaving a legacy by developing a robust mining operation or a company with a production track record. However, with 99% of public listed companies having as their mission statement some variation on the desire to create wealth for their shareholders, Sage’s actions over the last 12 months may need some review.
“The sceptics don’t like me because I don’t build mines. I am not a geologist, I am not a mining engineer, I seek out opportunities and develop them to an extent that I make money for our shareholders,” Sage tells Paydirt. “Ian Burston (Cape Lambert’s former chief executive and well respected industry veteran) was very much in that way of thinking but if you asked him now I think he’d tell you he had come around to my way of thinking a little bit. “To me, there is little upside in actually building a mine. The value for your investment comes in developing a project to the point where somebody wants to pay a premium for it.” In recent times Sage has taken this “acquire, add value and divest” strategy to new heights. He has become an uber-dealmaker with sales of iron ore and platinum projects as well as takeovers and investments of at least six ASX-listed juniors. That Sage makes money for his company and shareholders cannot be disputed.................................................................................continue to read full four page colour article and photo of Tony ' the juggler ' Sage in latest Paydirt magazine. Thumbs up to ZZZAAAZZZ and Mr Sage as well.
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