Peregrine Diamonds: A path to power
Tom Peregoodoff has always loved the outdoors. Combining this passion with an affinity for science (and math, but that’s “off the record”) made a career in the diamond exploration world a natural fit.
“I was quite a keen observer very early-on in life, and [working in this industry] is a fantastic way to be outdoors and practice my love of exploration,” he explained.
As president and CEO of Peregrine Diamonds Ltd., a Canadian-focused exploration and development company, he has indeed found his calling—and the company is thriving.
Peregoodoff has an extensive background in early-stage global exploration, operations and business development. With a BSc. in Geophysics from the University of Calgary, Peregoodoff understands the current state of the industry and can anticipate needs for future growth based. While this ability can be partially attributed an innate interest, his comprehensive awareness of the foundation of mining and exploration is mainly the result of direct industry experience.
As is the case with many good leaders, Peregoodoff is quick to give credit to others when discussing the company’s success.
“The strength of the company is based on the people,” he said. “Led by Dr. Herman Grütter, who is extremely well-known in diamond exploration circles, I’d venture to say that our technical team is second to none.”
• Related content: [INFOGRAPHIC] A Clear Look at Diamonds: How They're Formed, Mined and Sold
Dr. Grütter’s experience assessing the economic and developmental potential of kimberlite provinces has been key to the project’s continued success, as has his team of experts.
“The tech team is supported by people such as Jennifer Pell, who has also had a very long career specifically focused on diamonds – a lot of which focused on the northern territories as well as the Arctic.
“There are three clusters of new kimberlite discoveries that can be attributed directly to members of this team,” Peregoodoff said, including [President and CEO of Peregrine Exploration Ltd.]Brooke Clements, who led the team that successfully discovered the Renard kimberlite cluster in 2001.
Chidliak diamond project
Located on South Baffin Island approximately 120 kilometers from Iqaluit, the capital of Nunavut, the Chidliak diamond project is 100 percent owned by Peregrine—but this wasn’t always the case.
“The germination of project was from BHP Billiton,” explained Peregoodoff, who held various executive roles with the global giant for a cumulative tenure of 18 years. In his most recent role as the vice president of early-stage exploration, Peregoodoff was responsible for global exploration activities across all commodity lines.
Lynas revenue jumps 21% as rare earth prices jump
Australian miner Lynas Rare Earths posted a 20.6% rise in revenue in the March quarter as selling prices for the key metals it mines hit record highs amid strong demand, particularly for neodymium and praseodymium (NdPr).
NdPr is used in magnets for electric vehicles and windfarms, in consumer goods like smartphones, and in military equipment such as jet engines and missile guidance systems.
The company said it plans to maintain production at 75% however, as it seeks to continue to meet covid-19 safety protocols and grapples with shipping difficulties. Shares in Lynas fell 6.1% after the results.
“They have faced a few logistics issues, and it would be good to know when they are going to start lifting their utilisation rates a bit,” said portfolio manager Andy Forster of Argo Investments in Sydney.
“Pricing has been pretty strong although it may have peeled back a bit recently. I still think the medium, long-term outlook is pretty good for their suite of products.”
Lynas post ed revenue of A$110mn ($85.37mn) for the three months to the end of March, up from A$91.2mn a year earlier as prices soared.
It said its full product range garnered average selling prices of A$35.5/kg during the March quarter, up from $23.7 in the first half of the financial year. “While the persistence of the covid crisis, especially in Europe, calls for careful forecasts for our business ahead, we see the rare earth market recovering very quickly,” said Lynas, the world’s largest rare earths producer outside China.
Freight demand has spiked during the pandemic, while the blockage of the Suez Canal in March delayed a shipment to April.
Lynas’ output of 4,463 tonnes of rare earth oxide (REO) during the quarter was marginally lower than 4,465 tonnes from a year earlier.