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.
Century Mining’s (TSX-V: CMM) defined gold ounces at its Lamaque mine in Quebec dropped precipitously following a Micon International reserve and resource update.
Measured and indicated resources fell 75 percent from 2.4 million ounces to 587,000 ounces gold; proven and probably reserves, which were included in measured and indicated resources, were cut by more than half from 1.1 million ounces to 451,000 ounces gold; and inferred resources, meanwhile, dropped over 40 percent to 1.9 million ounces gold.
