So is "long stope" an oxymoron or an anatomical appendage? (and I always thought it was a hole in the ground...)
So does anyone have any suggestions for who would be the best new CEO we could hire? I vote for Bill Read from Gold Resource Corp (or else Chet Idzisek.) I know they're taken, but its only a wish!
13 comments:
what is the fuss? I checked The Award Illustrated Dictionary and stope means ..working face of mine, area where ore is being extracted.
Hi Chillby,
Why not hire Bill's son (?), Jason Reid (& go with youth + potential)?
That brings to mind (mine?) any number of interesting ideas...no fuss! Jason is fine with me, too. Remarkable set of fellows. Just hope the narco-gangs don't get bigger than the security organization around the mine!
The international recruiter should maybe give Richard P. Clark a call - see if he willing to at least discuss the Century opportunity. He is the CEO of Red Back Mining. I haven`t looked at any details about him, thus I have no idea about his charactor, etc. What I do know is he became Red Back`s CEO in 2004, when the share price was under $2 (gold price might have been in the US$375 - $425 range back then. Red Back`s share price is now over $30 per share (C$8 billion market cap).
Kinross will likely get Red Back with their takeover offer. About 40% of Red Back`s shareholders also own Kinross, and are likely looking for a consolidation (they probably don`t care about the high offer price and high dilution because they own both sides, and will benefit either way).
As such, this Richard Clark guy will need to look around for a new CEO now. This guy is likely hot right now. The market (many instituations) will likely eat up which ever company he goes to.
He is part of the Lundin management group. Lundin might try to keep him and place him with one of their other companies. He will probably get offers from all the hiring mid-tier companies out there. Century will have plenty of competition if they choose to go in this direction.
He will also command a very high compensation package. In 2009, his compensation was valued at $5.5 million, though his base salary was only about $450K (but is likely higher this year), while he recieved $1.3 in cash bonus. The other amounts were award options and shares and such. Century is too small to offer a $5.5 million package that includes heavy cash.
However, what they can do is offer his a similar base salary and plenty of incentives with both cash and shares. With Century`s share price being so discounted, he will make a killing at Century if he delivers (with his bonus incentives kicking in big time). Century shareholders will finally be rewarded if the investment community follows him over to Century.
``Mr. Clark is a lawyer who practiced mining and securities law in British Columbia from 1987 to 1993.For the past ten years Mr. Clark has been a senior executive with the Lundin Group of Companies. In 2004 he became president and CEO of Red Back and under his leadership Red Back has grown into an intermediate gold producer with a production profile growing to over 500,000 oz per annum. Mr. Clark has successfully guided Red Back through all facets of growth including discovery, feasibility, financing and production coupled with successful corporate acquisitions.``
He might want a job, too...but that's one heckuva payout he gets if the deal goes through!
While none of these 3 are likely to be actually available - I would pick - Sean Roosen of Osisko, Ross Beatty (Former head of Pan American Silver) or Rob McEwan of US Gold and formerly Goldcorp. The reason is they have all inspired rich valuations and institutional support for their projects which can only be had with high confidence in executive management.
Rob McEwen, Ross Beatty and Richard P Clark are indeed names of the types of heavy weights most desirable. If they are not available, at least someone of equivalent weight
Rob McEwan would be an excellent addition for us. Just leave Richard Hughes out of the picture.
What kind of a CEO do we actually want?
IMHO,if CMM is just looking to make some decent money, then operate the Lamaque and San Juan mines efficiently will deliver the results and a Captain or Major grade of a CEO will do.
However, to be able to strategise and bundle up Lamaque, San Juan, The NWT properties, The Alaskan properties and more inevitable M&A businesses into a potential gold major (in the making) beyond the current documented mid-tier-producerdom status, then a choice lesser than a General grade of a CEO will not suffice.
I totally agree with leaving out Richard Hughes. Richard Hughes did a terrible job diversifying into too many companies that he did nothing with such as Klondike. Now he's trying to revive Genco from the dead. . . has been on the down for a decade. Yes McEwan would be my #1 choice.
Another interesting idea would be a executive that worked closely with getting Agnico's LaRonde running. . . Obviously their #1 would never go from AEM to CMM, but maybe their #3 or #4.
Folks,
One important component of the equation (i.e. who will become CMM's new CEO) is the mental chemistry between our controlling shareholders (i.e. Scola & Finskiy) and the person who will be offered the job. Obviously we want someone with vision & leadership, and who can bring out the best from all members of the team (e.g. engineers, geologists, miners, etc). Rob McEwan certainly posesses these qualities, but he may not see eye-to eye with Scola & Finskiy, and is still in the process of building American Gold Corp into a major player. So I doubt he would leave that job.
please don't even suggest Richard Hughes,not enough for this company,check out the suit he is wearing in the Smartstox video for Kalahari.Consider this option closed.
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