The Northern Miner’s Global Mining Symposium this week featured an interview with Canadian mining entrepreneur Rob McEwen, chief owner and chairman of McEwen Mining (TSX: ; NYSE: MUX).
The legendary investor, perhaps best known for transforming Goldcorp into a global powerhouse and revitalizing the Red Lake gold mine in Ontario, shared his philosophy on everything from how to pick the right companies in which to invest to how unprecedented government spending around the world is creating the next bull market for gold.
“I am convinced that the price of gold is going much higher and owning gold bullion is the safest way for me to protect my capital and the best way to make large capital gains is investing in distressed and overlooked explorers and turnaround situations,” he told Anthony Vaccaro, the Northern Miner’s publisher, during the online conference.
McEwen pointed to Goldcorp as an example of a turnaround story and one of the biggest wins of his career. “Goldcorp’s Red Lake mine became the company’s most profitable asset, however, at the time I bought it, it was considered a distressed asset,” he said.
His attraction to the Red Lake mine was based on three key things, he explained, all of which made it appear undervalued.