The Daily Press is the city of Timmins broadsheet newspaper.
TIMMINS – The declining value of the Canadian dollar has actually been a great boost to Detour Gold and the mining supply sector in Timmins.
Those were among the revelations that came forward Thursday when Paul Martin, the president and chief executive officer of Detour spoke at a Timmins Chamber of Commerce lunch event.
Martin made reference to the fact the Canadian dollar, which was valued at 76 cents U.S. Thursday provided an unexpected benefit.
“The weak Canadian dollar, some people jokingly call it the Canadian peso, is a huge benefit for a company that sells its revenue in U.S. dollars,” Martin told the audience.
It has effectively dropped the price Detour has to pay to produce each ounce of gold. He said it this is a competitive edge for Detour that is not shared by U.S. gold producers, for example. The payoff for Northern Ontario and Timmins is significant, said Martin.
He said the annual payroll from Detour Gold, which has its mining operation located north of Cochrane, is roughly $136 million. Over the next 20 years, that will be more than $2.7 billion.
“Getting a little more specific to Timmins, we’re at about 100 employees, direct employees at the mine site,” Martin said. “We also have contractors beyond that. And about 17% of our workforce lives in the Timmins area.”
He said that number is tempered by the fact Detour has to compete with local gold mines in trying to attract qualified workers, who are willing to accept a seven-days in and seven-days out work schedule.
For the rest of this article, click here: http://www.timminspress.com/2015/09/17/detour-gold-finds-silver-lining-in-current-economic-climate