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.
After the market close on Monday Richmont Mines announced the resignation of Martin Rivard, its president and CEO.
Rivard’s resignation will be effective August 31st, 2012. He has been with the company for 16 years with the last six as CEO.
The company said in a statement it has commenced a search for a replacement and expects to have the position filled before Rivard’s departure.
Richmont has produced over 1,200,000 ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991.
The firm is advancing its Francoeur Mine to commercial production, upping its production capacity to roughly 100,000 ounces of gold per year.
The company’s stock has been on a tear, jumping more than 117% over the last year.
The TSX and NYSE-listed counter is tightly held and only 33 million shares are up for grabs. Richemont was first incorporated in 1981.
Below is a short interview with Rivard on BNN from last year:
