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.
The key executives behind Goldcorp’s Coffee gold project in Yukon are back, this time leading a new junior miner called Tectonic Metals Inc. The company is seeking to raise C$5 million through a special warrant financing and pursuing a direct listing on the TSX Venture Exchange.
Tectonic was founded nearly two years ago by Eira Thomas, Tony Reda and Rob Carpenter, who were key executive members of Kaminak, the company that raised C$165 million for the Coffee project through to the completion of a bankable feasibility study before selling the multi-million ounce gold project to Goldcorp Inc. for C$520 million in 2016.
These executives joined forces with Curt Freeman, president of Avalon Development Corporation, a mineral exploration consulting firm based in Alaska, to form the new company.
“Behind every successful company is a great team, and I am blessed to be working with such esteemed professionals dedicated and committed to working for our shareholders and making Tectonic a success,” commented Reda.
“Now that we had a taste of what it takes to discover and advance a multi-million ounce gold district, we are hungrier than ever to not only do it again, but to do it better on every front imaginable. At Tectonic, our vision is simple – to be the number one mineral exploration company in the world. Now is the time for us to share that vision, passion and enthusiasm with the world on a larger stage.”
Tectonic is currently exploring the Tibbs gold project in Alaska, located 35 kilometres away from the Pogo mine that produced 3.8 million ounces over 12 years. The company also has two other projects in Alaska, as well as one in Yukon.
