(Please Note, Canaccord Analyst Rahul Paul interview starts at 45 second mark!) Toronto-based Business News Network (BNN) is a Canadian cable television specialty channel. BNN airs business and financial programming and analysis. BNN reporter Andrew Bell hosts the Commodities program. From aluminum to zinc and everything in between, BNN highlights the hot world of commodities and the companies that produce them, including interviews with mineral and mining entrepreneurs from Canada and around the globe.
We like to do things on a big scale on our Commodities show and they don’t come much bigger than the Detour Lake mine operated by Detour Gold in northeastern Ontario. Commercial production started in 2013 and the company sees output of around 500,000 ounces this year, making this one of Canada’s biggest gold mines.
Operating problems and balance sheet concerns sent the stock lower in late 2013 but investors are happy that new management have righted the ship. Detour’s shares have jumped almost 60% this year.
“The Detour team led by CEO Paul Martin and COO Pierre Beaudoin deserve full credit for turning around a financially/operationally struggling company (late 2013) into one of the higher-quality intermediate producers in the sector,” Canaccord analyst Rahul Paul said in a report on the weekend, upgrading the shares to Buy from Hold.
The analyst, just back from a tour of the mine with a flock of other analysts, joined us on Tuesday to explain why he’s no longer a skeptic on the stock. (Andrew Bell)