CEO Tony Makuch kicks off Modern Mining and Technology Week in Sudbury
Timmins-based Lake Shore Gold has come a long way since a rough patch in 2012 and 2013 when a lot of investors thought the gold producer could go bankrupt.
The company’s first quarter of 2015 was its best ever, with a record production of 53,000 ounces of gold, which represented a 19-per-cent increase over the same period in 2014.
Tony Makuch, the president and CEO of Lake Shore Gold, kicked off Modern Mining and Technology Week in Sudbury on April 24 with a keynote about the company’s trials, tribulations and more recent successes.
“No one thought there was any value in these deposits,” Makuch said, referring to the company’s two Timmins mines, Bell Creek and Timmins West.
“You have to believe in the mining industry, and that gold will be discovered,” he added. “I didn’t know what we would find there in Timmins.”
With its 100-year mining history, some critics dismissed the potential for new gold discoveries in Timmins before Lake Shore Gold found its first deposit in 2004.
“I knew we had good geology,” Makuch said. “You have to go deeper and look for stuff that’s a little bit harder.”
That search paid off, and the company started its mine shaft for Timmins West in 2008, and entered full commercial production in 2010.
But things didn’t really take off for Lake Shore Gold’s stock price until the company completed a milling facility at the Bell Creek complex in 2013.
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