“You can't replace a quality asset like that,” said Pierre Lassonde, a Canadian gold mining entrepreneur and retired Newmont vice chairman. “Financial discipline is important, but if you don't invest money to explore or acquire quality gold reserves ...and more »
Mining is famously boom and bust. Money and patience are mandatory. In bad times, companies sell assets and close mines. In booms they buy up all they can.
John Thornton threw that rulebook out when he took over struggling Barrick Gold Corp., the world’s largest gold producer. The former Goldman Sachs Group Inc. president was an industry amateur, as were most of his top hires. He followed Goldman as a model for company compensation. Instead of buying when prices recovered, he cut costs and sold assets.
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