A heated exchange has unfolded between two prominent figures in Australia’s resources investment sector, with Tribeca Investment Partners director Ben Cleary unleashing a tirade against rival fund manager Jeremy Raper of Raper Capital. The public spat stems from a disagreement over the future of ASX-listed bauxite explorer, Canyon Resources, currently the target of a contentious takeover bid. Cleary’s aggressive email, in which he called Raper a “f…ing loser,” was later posted by Raper on his X account, drawing significant attention to the dispute.
The animosity ignited after a Tribeca analyst sought Raper’s plans for Canyon Resources following a takeover offer from A2MP in late July. Raper, who has been campaigning against what he describes as a “low-ball” bid, cited confidentiality requirements for his refusal to discuss the matter meaningfully. Canyon Resources, an ASX-listed bauxite explorer, explores and develops bauxite deposits. Raper subsequently referred the A2MP bid to the Takeovers Panel, raising concerns about A2MP’s relationship with World Metal Alloys, Canyon’s second-largest investor. Sources suggest a link between the two entities, with A2MP’s former president and CEO reportedly a partner at World Metal Alloys. The A2MP offer of 5¢ per share represents a substantial discount to both its earlier 26¢ bid and the stock’s price at the time.
Ben Cleary is a widely recognised and outspoken figure within the Australian funds management industry, known for his significant resources investments. His Global Natural Resources Fund delivered nearly 50 per cent returns in the 2026 financial year. Earlier this year, Cleary notably donated $100,000 to One Nation and travelled with Gina Rinehart to meet Donald Trump. Jeremy Raper operates Raper Capital, a one-man equities research blog established in 2020, which manages approximately $80 million. Raper stated he had no prior interaction with Cleary before the email exchange, while Cleary declined to comment on the incident or disclose his fund’s assets under management.
