Detour Gold President and CEO to retire
Toronto-based gold mining company Detour Gold has confirmed that CEO Paul Martin will be stepping down from his role due to retirement on 1 June.
Martin will be leaving after a decade with the company, having joined as CFO in 2008, later gaining promotion to President and CEO in 2014.
“On behalf of our employees and the Board, we all recognize the immense contribution Paul has made to Detour Gold,” said Chairman of the Board at Detour Gold, Michael Kenyon.
Kenyon will assume the role of Interim CEO upon Martin’s retirement, whilst Audit Committee Chair Alex Morrison will become Chairman of Board.
“I look forward to working with the leadership team as the Company proceeds in implementing a number of key operational initiatives to ensure the long-term success of the Company,” Kenyon continued.
Morrison brings 25 years of experience to the role, having stood as both the Vice President and Chief Financial Officer of Franco Nevada and Vice President of Operations Services at Newmont Mining.
The company has revealed that it has begun searching for a new suitable candidate to fill the available CEO position.
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.