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ToRONTO (miningweekly.com) – While gold output is in decline as a result of falling grades, mine closures and new construction projects being deferred, and the situation compounded by gutted exploration budgets and capital markets being effectively closed for the gold industry, the next big price move could only be up, the chief owner, chairperson and CEO of McEwen Mining, Rob McEwen, tells Mining Weekly Online.
“Gold is cheap and gold shares are very cheap. I think we are at the bottom for gold. More consolidation and rationalisation is to come and today’s biggest producers will be surpassed by new leaders emerging from the mid-tier.
“These new leaders will have stronger balance sheets, good growth stories and management – more focused on building their share owners’ wealth first, rather than their personal wealth – will emerge and take the lead,” the founder and former chief executive of the world’s largest gold miner by market capitalisation, Goldcorp, stated in an emailed interview.
SCARCE CAPITAL
Despite the public financing market at the moment being effectively closed to the gold mining industry, McEwen noted that public companies were essential for entrepreneurs such as himself to provide capital to make dreams and visions a reality.
This, in turn, created employment, generated taxes, wealth and frequently, large philanthropic contributions to bolster the health, education and welfare of society.
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