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Mining legends Frank Giustra and Neil Woodyer told Kitco their recipe for building a successful mining company.
Giustra spoke to Kitco mid-September at the Gold Forum Americas 2023 held in Colorado Springs, Colorado. Giustra was joined by Neil Woodyer, CEO of Aris Mining.
Giustra is a major player in the mining industry. Woodyer was a founder and CEO of both Leagold Mining and Endeavour Mining, one of the largest gold producers in West Africa.
Woodyer is now leading the two-year-old Colombia-focused Aris. The company has charted a path to 400,000 equivalent gold ounces per year in production.
Woodyer distilled his strategy for building a successful mining company.
“It’s a buy and build strategy,” said Woodyer. “I think from the buy side, what we always look for is an asset that has a fair valuation but has some good upside potential.”
Giustra added patience.
“Find a great asset, back a great management team, invest early and then you just wait,” said Giustra. “On average [these] take between three and seven years to mature and become something of great value, depending upon the market. That’s been our experience.”
Giustra was asked why he is still building miners.
“The thrill of achieving success, which we’ve done several times, is just too much to walk away from,” said Giustra. “This is fun. I love doing this. I love starting from nothing and creating something of great value.”
Watch the full video on Kitco Mining’s YouTube channel – https://youtu.be/WbZwIz9KraU?feature=shared
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