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.
Quantum Rare Earth Developments Corp. (TSX VENTURE:QRE)(OTCQX:QREDF)(FRANKFURT:BR3) (“Quantum”, the “Company”) is pleased to announce the addition of David C. Beling, P.E. to the Board of Directors, and the additions of James E. Reynolds, Chemical Engineer, and David R. Shoemaker, Mining Engineer to the Technical Advisory Board.
David C. Beling, P.E., has a unique combination of project and corporate expertise, with over 47 years of experience in the global precious metal, base metal and energy mineral sectors. Mr. Beling has significantly reviewed or was directly involved with 84 underground mines, 127 open pit mines and 163 mineral processing plants as a consultant or while employed with Phelps Dodge, Union Oil, Fluor, United Technologies, Westinghouse, and several Canadian and US junior mining companies. Since 1981 he served as a senior executive and member of the Board of Directors of eight public mining companies. In addition to developing and managing operations, he initiated or strongly contributed to the marketing and closing of several debt and equity financings, commodity and asset sales, mergers, acquisitions and joint ventures.
Jim Reynolds has a broad background as a chemical engineer in metallurgical and chemical operations in research, hydrometallurgical process development and chemical plant management covering 50 years. Mr. Reynolds has 30 patents issued during his 28 years of consulting activities on over 80 world-wide projects. His experience includes employment with American Potash, Kerr McGee Corporation and Hazen Research, specializing in light and heavy metals processing, recycle of secondary metals, and industrial electro-chemicals. As a project manager at Hazen Research, Mr. Reynolds managed base metals and uranium laboratory and pilot programs for project pre-feasibility evaluations.
For over fifty years David R. Shoemaker has worked in the base metals, precious metals, and energy metals sectors. Mr. Shoemaker has extensive experience in large open pit, block caving, and cut and fill operations. Mr. Shoemaker has held the positions of Mining Engineer, Chief Engineer, Operations Superintendent at caving and open pit mines, and Manager and Vice President of Molycorp Inc. Molybdenum Group. While working for Molycorp Inc., Hecla Mining Company, Phelps Dodge Corporation, Inspiration Consolidated Copper Co., Utica Mines Ltd., Homestake Mining Company, and as a Mining Consultant, Mr. Shoemaker has been involved in the evaluation, of over 100 mineral properties. In summary, Mr. Shoemaker has extensive experience in mine operations, mine planning, and mine evaluation.
“The addition of these three individuals to the corporate team will greatly enhance our ability to develop our flagship project, the Elk Creek Niobium and Rare Earth project located in southeast Nebraska,” states Peter Dickie, President and CEO of Quantum. “Assembling a strong technical team with a history of mine development is critical in advancing the Elk Creek Niobium Deposit in as quick and efficient a manner as possible. The Elk Creek Niobium Deposit is one of the largest, high-grade deposits known worldwide. We expect our current drill program will confirm and upgrade the known resource, allowing us to initiate work directed at assessing the economics of developing the Elk Creek Niobium Deposit.”
Quantum Rare Earth Developments Corp., based in Vancouver, British Columbia, is an exploration company with a focus on seeking out potentially economic deposits of niobium and rare earth elements in North America and elsewhere in the world.
Read the full news release here.
