Billionaire Leon Black Will Invest in Mining Operations Based on Cheap Evaluations

“Billionaire Leon Black’s Apollo Global Management LLC (APO) is among the private-equity firms gearing up to invest in mining after valuations fell and a decline in financing left some companies short of cash.

Apollo, which is setting up its first natural-resources fund, is assessing at least four potential mining deals, said Gareth Turner, a senior partner in London. Commodity trader Trafigura Beeher BV is planning its first metals and mining private-equity deals and firms Denham Capital Management LP and Waterton Global Resource Management say they have billions of dollars to deploy in the industry…”