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pierregon Feb 19, 2020 10:46am
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Paul Huet calling the shots from a similar playbook
Paul Huet calling the shots from a similar playbookPaul Huet calling the shots from a similar playbook: Learning from Klondex.
Excerpt from Northern Miner Nov. 10th '19.
https://www.northernminer.com/news/rnc-bets-higginsville-mill-mines-worth-cost-of-dilution/1003810507/
« RNC Minerals (TSX: RNX; US-OTC: RNKLF) chairman and CEO Paul Huet is like the hockey coach who takes over mid-season because the team is underperforming.
The Toronto-based company brought Huet in as chairman of the board in February to try and turn around RNC’s high-cost operations at its Beta Hunt nickel mine in Australia, and pinpoint the extensions of the mine’s high-grade gold mineralization. He was also tasked with lowering or eliminating the mine’s punishing royalties.
It wouldn’t be the first time Huet went behind the bench. When he joined Klondex Mines in 2012, the company had negative working capital and a single exploration asset: the Fire Creek gold project, 100 km southwest of Elko, Nevada. Within six years, Klondex sold Fire Creek to Hecla Mining (NYSE: HL) for US$462 million in a cash-and-share deal.
His first big move at Klondex was to raise more than $100 million to buy the Midas mine and mill for $83 million — more than Klondex’s market capitalization at the time. With the remaining cash, he cleared some debt, drilled off more high-grade gold, and boosted production at lower costs.
Now at RNC, Huet is calling the shots from a similar playbook.
[…]
In a conversation after the Red Cloud event, The Northern Miner asked Huet if he might repeat the success he had with Klondex Mines. He quickly replied: “I better.”
Spoken like a true hockey coach. »