Tye "I feel your pain"
Tye Burt feels Kinross shareholders' pain (RTGAM)
TIM KILADZE
Kinross Gold’s stock hasn’t been performing as well as somepeople think it should, as gold is up around $1,500 (U.S.) an ounce while the stock is down 24 per cent this year.
That plunge has some shareholders riled up, and one of them gotthe courage to voice his frustration to chief executive officer Tye Burt, atthe company’s annual general meeting Wednesday. The Globe’s mining reporter,Brenda Bouw, is covering the AGM and passed along the exchange.
"I want to emphasize how painful it is on a personallevel..." to see the stock go down, the shareholder said in the midst of along question.
Hearing the frustration in the shareholder's voice, Mr. Burtresponded with some compassion, saying things like “I feel your pain” and"I completely sympathize.”
"We know it's frustrating to see the stock underperformwhen the gold price has been reaching new highs,” Mr. Burt added. “It isfrustrating for me as well, not just as the CEO, but as a shareholder becausemost of my net worth is tied up in the company's stock."
To reassure shareholders of the company’s growth potential, hesaid the company plans to increase production by 77 per cent from today to2015.
He also took a small shot at Barrick Gold by noting that Kinrossis “the purist gold producer among the seniors, with no base metal credits.”
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