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.
A little more than two weeks following the closure of the $10 billion merger of Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Kirkland Lake Gold, Agnico’s new CEO Tony Makuch has resigned, handing the reins to the incoming president and CEO Ammar Al-Joundi with immediate effect.
Under terms of the merger that created the world’s third-largest gold producer, Agnico Eagle CEO Sean Boyd became executive chair of the board. At the same time, Kirkland Lake Gold CEO Tony Makuch was installed as the combined company’s chief executive.
Al-Joundi brings to the table more than 20 years of experience in mining, capital markets and banking, with specialization in finance and business strategy.
He joined Agnico Eagle as president in 2015, after serving as CFO at Agnico from September 2010 to June 2012, and as CFO and senior executive vice president at Barrick Gold Corporation (TSX: ABX; NYSE: GOLD) from July 2012 to February 2015. Before joining Agnico in 2010, he spent 11 years at Barrick.
The Northern Miner named Makuch as the title’s Mining Person of the Year for 2019.
