Tim Goyder’s estimated net worth plummets far below $1 billion, but the mining veteran says don’t pity him

Plunging critical mineral prices have pushed Tim Goyder well and truly out of the three comma club, although the WA mining stalwart remains as resolute as ever. The battered share prices of Chalice Mining and Liontown Resources have likely scratched Mr Goyder off Australia’s rich list — and while he won’t be forced to eat beans on toast anytime soon, the Peppermint Grove resident’s wealth has nosedived in recent months. “It’s all relative . . . my paper wealth is still not bad by any stretch, I honestly feel for the other shareholders more than anything,” Mr Goyder told The West Australian. Mr Goyder’s net worth on The Australian Financial Review’s Rich List was estimated to be $1.09 billion in April last year. His stakes in Chalice and Liontown comprised about $1.05b of this wealth according to their calculations, marking him as the 130th richest person in the country. Mr Goyder pumped $30 million into Chalice to boost his stake from 8.8 per cent to 10.4 per cent not long after the release of the Gonneville nickel-copper-platinum group element scoping study in August sent investors running for the hills. Shares in Chalice have plummeted 78 per cent since the scoping study for the Gonneville project near Toodyay was unveiled to the market. A glut of nickel supply brought on by Indonesian miners — who have figured out how to generate low-grade nickel laterite en masse — has heaped on more pressure. While his backing was not enough to stem the bleeding at Chalice, Mr Goyder is undeterred. “Gonneville is the real deal, it’s been a fantastic discovery and I think more is on the way . . . I’ll be keen to invest more in the future,” he said. “I think detractors in the market didn’t properly appreciate the platinum group pricing used for the scoping study. “At some point Indonesia will wake up and want more of the nickel cake profit-wise, I don’t think the current nickel price is sustainable for them either.” Mr Goyder founded Chalice back in 2006 and led the company for more than 15 years. Meanwhile, Liontown’s value has tumbled approximately 60 per cent since October, after Gina Rinehart’s Hancock Prospecting effectively killed a $6.6b takeover offer from US giant Albemarle. Liontown had to tap debt and equity markets in a weak bargaining position once the deal was dead, and a free falling lithium price has only deepened the pain. Mr Goyder — the chair of Liontown — will be hoping market conditions do a u-turn before the company’s Kathleen Valley lithium project in the northern Goldfields churns out first product in the middle of this year. “It’s certainly been a rollercoaster over the past four to six months . . . but the same asset that Albemarle was willing to pay $3 a share for in October is still there,” he said. “The lithium market is still quite immature but the long-term fundamentals haven’t changed and everything at Kathleen Valley is still going to plan.” His 10.4 per cent stake in Chalice is currently worth about $43.8m, while his Liontown holding of 13.9 per cent is valued at $399.4m. Mr Goyder also has a $14.2m holding in Tanzanian gold hopeful OreCorp, which is set to be acquired by Canada’s Silvercorp Metals in a deal worth about $276m. On top of that his 16.2 per cent in DevEx Resources — where he also serves as chair — boosts his net worth by another $20.4m. Taking into account these public investments Mr Goyder has a net worth of approximately $478m. The cut-off to make the AFR’s 2023 Rich List, comprising of the top 200 wealthiest Australians, was $690m.

Tim Goyder’s estimated net worth plummets far below $1 billion, but the mining veteran says don’t pity him

The No. 1 source of news for every West Australian

Everyday Digital

Everyday Digital + Weekend Papers