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.
Detour Gold (TSX:DGC) founder Gerald Panneton says preparations to open Canada’s largest gold mine in Cochrane, Ontario are ‘in the last stretch.’
According to the Globe and Mail, the new Detour Lake mine is set to open in January 2013 and will have an eventual output of 657,000 ounces of gold per year over the next two decades.
The new mine is one of several projects being developed in Canada, including Osisko Mining Corp’s Malartic project in Quebec and San Gold Corp’s Rice Lake Mine in Manitoba, presaging an overall shift towards huge, open-pit gold mines more typical of desert regions such as Nevada or parts of Africa.
The mine is expected to considerably boost the fortunes of Detour Gold at a time when gold prices are finally breaking free of a stagnant period.
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