Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Fiore Exploration CEO, Tim Warman, announced the beginning of the drilling campaign at the company’s Pampas El Peñón gold project in Chile, which covers land in the same geological environment as Yamana’s flagship El Peñón mine.
Warman spoke to MINING.com last month at the 2017 Prospectors & Developers Association of Canada Convention in Toronto.
Warman noted El Peñón mine produced 164,445 ounces of gold in the first nine months of 2016.
Before going into detail on what’s expected from Pampas, Warman shared how pleased Fiore (TSXV–F.V) is of having the opportunity to work in the southern nation. “Chile is a mining-friendly country and it has a fairly established regime in terms of the permitting, in terms of the environmental stuff, safety… so it’s a country that knows mining. The regulations are strict, but you can still work with them,” he said.
The Vancouver-based company CEO went on to say that since exploration costs have gone down in the past years, now he’s able to buy the drills they need at a reduced price, get better contractors, hire the most qualified engineers, geologists, environmental permitting experts, and so on. He also mentioned that the company is backed by big names in the industry such as Paul Matysek, Executive Chairman of Lithium X; Harry Pokrandt, from Sandspring Resources’ board of directors; Peter Tallman, CEO of Klondike Gold Corp.; Geir Liland, from the TSX-V; venture capitalist Robert Pirooz, and Canadian geologist Vern Arseneau, who has lived in Latin America for 20 years and “knows the area like the back of his hand.”
