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Investing in Natural Resources: A Deep Dive into Mining and Energy with Rob Crayfourd and Keith Watson

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In this episode we chat with Rob Crayfourd and Keith Watson, co-Fund Managers for CQS Natural Resources Growth and Income and Geiger Counter Funds, both funds which provide shareholders with exposure to a broad portfolio of mining and resource-focused equities, aiming to deliver both steady dividend income and capital growth.

CNR has a focus on critical commodities (including base, precious, and battery metals, as well as energy and shipping) across a diverse range of geographies, thereby generating strong returns. GCL has a more targeted position, investing exploration, development, and production of energy, particularly Uranium. Last year the CNR fund won Investment Week’s Trust Investment Company of the Year, pipping Blackrock World Mining to the post.

They talk about all 3 funds and discuss further around particular commodities, what happening geo-politically, the current financial markets, and the commodity outlook for 2024. 


  • The funds focus on the energy and mining sector, with a particular emphasis on critical commodities, including base and precious metals, uranium, and energy.
  • The funds aim to provide shareholders with exposure to a broad portfolio of mining and resource-focused equities, with a focus on steady dividend income and capital growth.
  • Uranium is a key focus for the funds, as it has been the strongest commodity in recent years and is expected to continue to perform well due to increasing demand and supply disruptions.
  • Geopolitical tensions, particularly in regions such as the Red Sea and the Strait of Hormuz, can have a significant impact on commodity prices and shipping routes, which is something the funds take into consideration.
  • The funds are cautious about the potential impact of rate cuts and deflation on the gold market, but they remain optimistic about the medium-term outlook for gold and believe that gold equities are attractively valued.


"We think central banks can be quite cautious there about cutting too aggressively because they don't want to see a kind of repetition of the 70s where they cut too quickly and then they see inflation coming back."

"We're cautious on certain regions. The stands generally get a bit of a wide berth, but there are exceptions to that. Kazakhstan has been okay to operate in, for example." 

"We're constructive on the space. We reflect that in the portfolio where we've increased the relative weighting. We expect central bank demand to remain strong given the geopolitical uncertainty, China dumping US treasuries." 

"We think the names have kind of lagged at the back end of the underlying miners and the equities have lagged at the back end of 2023 with a bit of profit taking given the strong returns that they've delivered." 


Mail:        rob@mining-international.org

LinkedIn: https://www.linkedin.com/in/rob-tyson-3a26a68/

X:              https://twitter.com/MiningRobTyson 
YouTube: https://www.youtube.com/c/DigDeepTheMiningPodcast 

Web:        http://www.mining-international.org


Website: https://ncim.co.uk/

LinkedIn: https://www.linkedin.com/company/geiger-counter/

LinkedIn: https://www.linkedin.com/company/cqs-natural-resources-growth-and-income-plc/

Fund: CQS Natural Resources Growth and Income plc: https://www.londonstockexchange.com/stock/CYN/cqs-natural-resources-growth-and-income-plc/company-page

Fund: Geiger Counter: https://www.londonstockexchange.com/stock/GCL/geiger-counter-limited/company-page

Fund: Golden Prospect: https://www.londonstockexchange.com/stock/GPM/golden-prospect-precious-metals-limited/company-page


Rob Tyson is the Founder and Director of Mining International Ltd, a leading global recruitment and headhunting consultancy based in the UK specialising in all areas of mining across the globe from first-world to third-world countries from Africa, Europe, the Middle East, Asia, and Australia. We source, headhunt, and discover new and top talent through a targeted approach and search methodology and have a proven track record in sourcing and positioning exceptional candidates into our clients' organisations in any mining discipline or level. Mining International provides a transparent, informative, and trusted consultancy service to our candidates and clients to help them develop their careers and business goals and objectives in this ever-changing marketplace.




Podcast Description

Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people’s experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics. 

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