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.
Canadian gold miner Osisko (TSX:OSK)(EWX.F) achieved record third-quarter gold production at 103,753 oz. from its Malartic mine, in Quebec – a quarter-on-quarter increase of 12.77%.
The Montreal-based miner produced its 500,000th ounce from its flagship mine on Tuesday, the same day it announced it has acquired through staking approximately one million hectares of ground in an – as yet unnamed – “emerging gold rich mineral belt in Mexico”.
With Malartic successfully up and running, the miner is focusing now on its second major asset, the Hammond Reef project. The feasibility study for the development is expected to be released later this year with permitting to come in 2013. Should management proceed with that project, production wouldn’t start for a number of years.
Osisko expects to release its third quarter financial results after the close of business on Nov.13.
