(In Oct. 28 story, corrects paragraph 7 to make clear Orion

Resource Partners will invest alongside U.S. and Abu Dhabi

governments in global mining and smelting projects as part of

$1.8 billion in commitments, not that it will receive $1.8

billion to invest.)

*

Benwerrin will look at opportunities up to $500 million

*

Firm will finance development, buyout activity

*

Copper, base metals, bulks, precious metals developers in

focus

By Melanie Burton

MELBOURNE, Oct 28 (Reuters) - Former top executives from

Australia-based resources investor Taurus on Tuesday launched a

firm that could provide up to $500 million per project for

multiple projects in strategic metals worldwide, to help fill a

funding gap for junior miners.

Benwerrin Investment Partners aims to bolster the supply of

metals such as copper seen in huge demand for the energy

transition, data centres and defence, at a time when the U.S.

and its allies are hunting for alternative sources to dominant

producer China.

"The 'why now?' is that there's a market that's crying out

for capital. There's a staggering number of projects that need

to be built across a very diverse group of commodities,"

Managing Partner Martin Boland told Reuters.

He could not disclose how much the firm would have available

to invest, due to U.S. regulations around fund-raising, but said

it would target junior to mid-tier miners.

"Given the retreat of traditional capital providers to the

space, private capital is going to need to fill the void in a

meaningful way," he said.

INTEREST GROWING IN THE SECTOR

Governments and other institutions, such as the

International Finance Corporation, are increasingly looking to

work with specialist resources investors to help develop risky

mining projects.

Last week, New York-based Orion Resource Partners, among the

world's largest mining-focused investment firms, said it would

with U.S. and Abu Dhabi governments invest $1.8 billion to

support global mining and refining projects.

Orion co-founder Doug Silver, an early architect of a type

of mine finance called streaming, will work as an adviser to

Benwerrin.

The firm is evaluating opportunities starting at the low end

of the tens of millions of dollars and ranging up to half a

billion dollars, Boland said.

It will invest in developers of base metals, such as copper,

precious metals, bulks and some industrial metals, but not in

metals processing or frontier locations, such as West Africa.

"Africa is still very investable for us, but probably a bit

more selectively than what it was, say, five years ago," he

said.

Critical minerals such as rare earths will not be a focus

given the execution risk attached to these often highly

technical projects, Boland said.

Benwerrin, named for an Aboriginal word meaning "long hill",

will offer capital principally for buyout activity and

brownfield projects, which are sites with existing mining

infrastructure, as loans or in return for a royalty or stream.

Streaming and royalty contracts provide funding in exchange

for a portion of production or revenue. They have become a

popular source of capital for North American gold miners, led by

the success of $37 billion company Franco-Nevada ( FNV ).

Boland, previously an investment banker at Barclays, is one

of three to join Benwerrin from Taurus.

The team will include 14 sector specialists, including in

sustainability, in Perth, Melbourne, Vancouver, Toronto and

Denver.

Boland said mining has been attracting investors who seek

exposure to inflation-linked gains from real assets, and accept

that a range of metals will be needed, not just those specific

to certain battery technologies.

"The energy transition, the AI demand profile, the need for

defence - it's really making people understand the role of mined

commodities."