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.
On Wednesday the Vancouver Sun released its list of the highest paid executives in B.C. with several miners making it to the top five:
And the No. 2 name on the list, Robert Quartermain, CEO of a startup gold-mining venture, Pretium Resources Inc., earned $12.73 million, but that came almost entirely from the conversion of his preferred share capital in the new firm into shares as a stock-option-based award. Robert Friedland, Ivanhoe Mines Ltd.’s chairman and CEO, impresario of the massive Oyu Tolgoi copper mine in Mongolia, was third on the list at $10.3 million, Goldcorp Inc. CEO Chuck Jeannes was fourth with $10.02 million in total compensation . . .
The number one spot went to Fortress Paper Ltd. CEO Chadwick Wasilenkoff who earned $16 million in 2010 after a one-time performance bonus.
