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.
Privately held U.S. explorer-developer Arizona Sonoran Copper Company (formerly Elim Mining) is completing a preliminary economic assessment (PEA) on its Cactus porphyry copper project in Arizona before year-end, recently installed president and CEO George Ogilvie tells The Northern Miner.
The company is working to reactivate the brownfields copper deposit in the shortest possible timeframe. In contrast, the copper price runs red-hot near the record price levels achieved earlier this year, amid solid fundamentals backed by the energy transition and global economic recovery following the pandemic’s impacts.
The early July arrival at Arizona Sonoran of Ogilvie, a 30-year-plus mining veteran credited with managing the turnaround stories at Rambler Metals and Mining, Kirkland Lake Gold (TSX: KL; NYSE: KL; ASX: KLA) and most recently Battle North Gold, marks a strategic corporate reorganization for the company. The reorganization was sealed with a formal corporate name change on July 22.
“I wouldn’t have come on board if I didn’t think that there was going to be some significant returns for our shareholders, both now and in the future on this project,” Ogilvie says in an interview.
