Resourceful: Stories from the Site

My guest today is Leigh Neindorf, who has spent almost four decades working in the mining and resources industry in various positions across Mount Isa. Throughout his extensive career, Leigh has witnessed a significant evolution in mining methods at Mount Isa and today he shares his stories and experiences on site from the last 40 years. 

For the last 17 years, Leigh Neindorf has held the position of Mine Projects Manager at Xstrata Zinc, managing feasibility studies for both underground and surface mines. In this episode, Leigh reflects on his beginnings in the industry and how he progressed through various roles over the course of his career. As a new graduate, Leigh gained first hand experience working on underground mining contracts and was then offered positions in research engineering, copper mine production, construction, supervision and forming work, drilling and blasting and mine planning.

Leigh talks about the practical and technical experiences that gave him the skills and exposure to many different types of people. He shares how there was always a new challenge and something to learn in each role, and how this gave him a firm basis for his managerial career. 

We discuss how a manager must always ensure that good procedures are established and ensure that people understand them, utilise them and know the potential risks if they’re not followed. Leigh shares the tragic story of two underground fatalities, both of which could have been avoided if procedures were followed. 

Leigh also reflects on the changes he has witnessed in the Mt Isa community and what he perceives to be the most significant contributions to the success of the area. You’ll also hear Leigh’s biggest learnings and challenges over his impressive career and his technical and financial advice to people getting started in the industry.

LINKS:

LinkedIn: https://www.linkedin.com/in/leighneindorf/?originalSubdomain=au

This episode is a recast from the Queensland Business Hub discussing tax planning strategies for business owners in the mining and resources industry and what to consider for your business before 30 June. 

Most successful businesses in mining and resources begin their tax planning in July at the very beginning of the financial year. But with a number of months left until the end of the financial year, you still have time to implement tax-effective actions that can significantly improve your tax outcomes.

In this episode, Craig Barry and Scott Lindeblad explain the different aspects involved in tax planning and why early identification of issues can help to avoid you paying unnecessary tax, ease cashflow and make the most of deductions and concessions available to you.

Scott outlines 10 areas your advisor should be discussing with you in order to take advantage of the tax-effective outcomes available. He discusses income and expenditure strategies, writing off bad debt, depreciation and temporary full expensing. He goes into detail about reviewing staff entitlements and superannuation, declaring dividends, trust resolutions, end of year tax administration and extracting wealth from your trading entities. 

Toward the end of the episode, Craig discusses tax distribution minutes and the ATO’s new approach to s100A and family trust distributions to children. He also discusses implications for Div 7A, distributing profits from a trust structure or money taken out during the year by shareholders and associates.

LINKS:

Queensland Business Hub - Digging With Accountants Podcast

This episode is a recast from the Queensland Business Hub discussing tax issues that mining consultants should consider. 

A common career pathway that many mining professionals contemplate is setting up a consultancy.  This could be for a variety of different reasons but it is important to understand some of the key tax issues that may apply in this scenario. 

In this episode, Craig Barry and Scott Lindeblad discuss two important tax issues - setting up a structure to trade through and the different tax issues and opportunities that might apply. 

One of the first considerations for anyone looking to start a new consultancy is whether to set up a trust or company, or whether to trade as a sole trader. Craig and Scott discuss a number of items to evaluate when making a decision about structure, including cost, purpose and commercial reasons. They discuss different structure types and the importance of working with an experienced accountant, lawyer or business advisor throughout the process. 

A lot of the decision making around structuring centres around the current circumstances, but also understanding future plans and expectations. There are a variety of issues to consider, including splitting income, paying yourself a salary and superannuation, company cars, and personal expenses to name a few. 

Craig and Scott go through a case study about a husband and wife in the 50’s who both work in the mining industry. They discuss details regarding their financial position and current circumstances and the advice they received on the best way to structure their consultancy. 

LINKS:

Queensland Business Hub - Digging With Accountants Podcast

This episode is a recast from the Queensland Business Hub discussing the topic of succession and how to get it right for your business.

This episode is hosted by Craig Barry and Scott Lindeblad with special guest Peter Andreassen, and they discuss what succession means to them, because this tends to mean different things to different people. It can range from passing the business on to the next generation, selling the business for the maximum possible price or perhaps even getting the business ready to list on a stock exchange.

Succession is a journey, not an event – it doesn’t start on the day the business is listed for sale and it doesn’t end on the day the business sale occurs. It covers a period far longer than that. This episode discusses three important aspects of the succession process; structuring for succession, maximising value and preparing for the future. 

The mantra to go by is don’t leave succession until the last minute. Business owners should regularly review their structure and ensure that not only the structure is fit for purpose, but also succession ready. Craig, Scott and Peter discuss the “4D’s” (divorce, disease, dispute and death) that contribute to half of all businesses being put to market, prior to the optimal time to sell. 

The part of succession that most business owners concentrate on is the “maximising profit” side. This can look like paying family members less, putting off non-critical expenses as maintenance or revaluing assets in the financial statements. However this episode explores why maximising value is arguably the least important part of the three succession limbs. 

Preparing for the future of course includes getting financials in order and making sure the structure makes sense but the other important aspect to consider is the soft skills of the people taking over the business. This is where involving a business advisor, such as an accountant or lawyer, with specific experience in dealing with family business becomes critical. 

LINKS:

Queensland Business Hub - Digging With Accountants Podcast

This episode is a recast from the Queensland Business Hub talking about audit, accounting and tax compliances for the Mining and Resources industry.

In this episode, Craig Barry and Scott Lindeblad discuss a complex real life client case study which is a cautionary tale of what can happen when adverse events collide with a taxpayer who has been poorly advised. 

They explore the profound impact that ill advice and poor estate planning can have for generations to come and unpack what mining and resources professionals can learn from these unfortunate circumstances. 

Craig and Scott discuss “Charlie” who worked in the mining industry and was generously rewarded for his many years of hard work and dedication.  With his newfound wealth, Charlie began making plans for the future, enlisting the help of a local accountant to make a multi million dollar contribution to his self managed super fund.

Unfortunately, this accountant had little experience dealing with a SMSF and was unfamiliar with the complex laws relating to superannuation contribution caps and taxation. Nor was this accountant familiar with employee share schemes or managing large amounts of money and was ill-prepared to issue a warning about the significant tax and regulatory breaches that would occur. 

Rather than leaving a handsome inheritance for his children, Charlie had created a devastating financial legacy that would take years to sort out and cost his estate hundreds of thousands of dollars to resolve. 

While this case study focuses on significant superannuation and tax issues, it is a cautionary tale about what can happen when qualified and collaborative advice is not obtained in a timely manner.  

LINKS:

Queensland Business Hub - Digging With Accountants Podcast

It’s always interesting to hear how careers evolve over time and my guest today has certainly traveled a less conventional path than others in the resources industry. 

My guest is Ted Quayle, who has been working in the investment management and commercial project advice side of the industry for over 20 years. He is an expert in designing investment products, risk management, and portfolio construction, a highly regarded financial modeler, and the Co-Founder of EC Partners. Ted was also the Co-Founder of Emission Capital Management Pty Ltd, a specialist Funds Manager in the stationary energy sector. 

In this episode, Ted shares some insight into the commercial and investment world surrounding the resources industry, particularly in the energy sector. 

We talk about Ted’s career journey starting out with a Metallurgical Engineering degree from the University of Queensland and how an interest in commodity markets placed him in various roles within the financial sector. 

Ted shares a number of experiences that led to the point of establishing his own startup, the lessons learned and his advice for others looking to start their own business, in particular the importance of establishing a detailed business plan that allows for flexibility. He says that you must find the balance of simplicity and complexity in order to handle what might come in the future while still keeping everyone’s interests aligned.

We talk about the work Ted does at EC partners, the connection to the mining and resources industry, and discuss how the political and legislative landscape is impacting the energy sector, leading to unintended consequences.

LINKS:

LinkedIn: https://www.linkedin.com/in/ted-quayle-27532810/

It’s my pleasure to be speaking with Juli Forrest today who works as a Growth Facilitator in the Australian Government’s Entrepreneurs Program with delivery partner, Deloitte Consulting.

Juli has a variety of experiences both in and outside the mining and resources industry. Starting out in the hospitality industry and moving into coal seam gas, engineering and construction, Juli has a strong core of business development, leadership and strategy. 

In this episode, Juli shares her career journey so far, how she got to where she is today and the specialised skill set that led to her current position with Deloitte. 

We discuss Juli’s exciting role within the Entrepreneurs Program and the unique service that gives small businesses access to expert advice and financial support through government grants. 

Juli shares her tips for negotiating and closing deals and the importance of not just listening but hearing what people have to say. We talk about building a culture of trust in the workplace and what it means to be project ready. Juli says that it’s about having the capacity, capability and willingness to be nimble. 

As we discuss the industry today, Juli reveals her passion to see a fundamental shift in the way we embrace technology, particularly Blockchain. Juli shares her advice to those in the early stages of growing their business and why she encourages people to embrace who they are as individuals and not change for anyone. 

Juli also talks about setting herself up for financial freedom and her gratitude for a friend who encouraged her to make wise financial decisions in her younger years.

LINKS:

Juli Forrest Linkedin

Stratus Financial Group

I’m joined by two guests today who are exemplary business owners within the mining and resources industry. In this episode we dive into their learnings and experience gained from decades of working together.

Peter Cribb and Josh Hunt have worked together for over 25 years, owning and operating their successful Brisbane based business, Resource Strategies, for the last 12 years. Resource Strategies provides services to the mining and resources industry, particularly specialising in environmental consulting and management. They work with large mining corporations and government agencies and have established an excellent reputation in the coal mining industry throughout Australia.

In this episode, Peter and Josh talk about their biggest learnings as business owners and talk about the importance of taking care of relationships, both with employees and clients. Having a business with a relatively small client base, they share how integrity is critical in building genuine professional relationships and also discuss their approach to working with large mining companies and government agencies and how they have successfully navigated the changes to shareholders within Resource Strategies.

Peter and Josh reflect on their early days entering into leadership roles and share the advice they would give to their former selves. They also share their tips for aspiring professionals entering into the business space, reiterating that you can never underestimate the benefits of hard work.

LINKS:

Website: https://resourcestrategies.com.au/

Throughout this podcast we have spoken to men and women in the industry to explore some of their most memorable experiences on site. In this episode, we pass the mic to our very own Financial Adviser, James Marshall, as he shares a cautionary tale about a third party mishap involving an executive share scheme.

Hosted by our New Business Manager, Maddie, this episode dives into the year long investigation required in order to resolve the complications with our client’s ESS and how James eventually recovered the tens of thousands of dollars that went missing.

James and Maddie discuss the complexities involved when working with executives who reside overseas and James goes into detail about the work required in order to establish a full understanding of a client’s financial position.

We discuss tax implications, how a lot of tax laws don’t follow common sense and why seeking advice from a specialist is crucial for recipients of executive shares schemes.

LINKS:

Specialist Tax Advice case study

Today we’re joined by Brett Harries, Engagement Lead Manager at Interlate, a business that operates in the data analytics and AI field, working with their customers to increase operational productivity and value. In addition to working with many clients in the mining and resources sector, Interlate also engages clients in a range of other non mining sectors such as water, rail, chemicals and agriculture.

Working with mining giants such as AngloAmerican, BHP, Glencore and Fortescue, an example of Interlate’s impact on the mining and resources industry is their recently completed work with a large multinational company, creating operational savings worth over $90 million per year.

In this episode, Brett shares from his background working in the industry for over 25 years, how he transitioned from operations into the technology space and some of the valuable insights he has gained throughout his experience.

Brett discusses how AI works, how it can help mining and resources companies and how even with the most brilliant technological solution, the bottom line is establishing the right culture of people and engagement within an organisation. He talks about the rewards and value of working with a younger generation and how, combined with his years of experience, they can learn and grow together to provide real tangible outcomes.

We discuss how the use of AI technology will play a massive role in the mining and resources industry in the future, impacting waste reduction, efficiency and safety improvements and productivity increases. Brett also discusses Interlate’s latest AI technology and shares his advice to professionals aspiring to transition out of operations into the business world.

Website: https://www.interlate.com/

LinkedIn: https://www.linkedin.com/in/brettharries/?originalSubdomain=au