WHO’S WHO » GOLD GROUPS
It is the global headquarters for listed gold groups: Kinross, Agnico and Yamana mine 5.1m ounces per annum worth C$9bn ($7bn)
Yamana’s chairman Peter Marrone rolled-up a C$4bn market cap in four years; shares are down 88 per cent from their peak
“I made the mistake of saying I like lemon meringue pie”
Sean Boyd’s early years inside Agnico, auditing the company under penny stock salesman Paul Penna
Edging up output year-on-year, Agnico Eagle has grown from revenue of $50m per annum to $50m per week under CEO Sean Boyd
Measured. Conservative. Straight-shooter Sean Boyd has built Agnico Eagle into a darling of the Canadian gold market by stepping over the trip wires that have caught so many rivals. The son of a policeman, Agnico's CEO began his career as a paper boy for The Globe & Mail. After studying commerce in Toronto he joined accountancy Clarkson Gordon, auditing Agnico, a cobalt miner in Quebec led by penny stock salesman Paul Penna. It became Boyd's biggest file.
“He didn't look like the CEO, he could have been the janitor,” Boyd tells The Northern Miner. “I made the mistake of saying I like lemon meringue pie; the next day he was in with 10 pies.” Boyd joined as »
Above: Tenacious, aggressive: Yamana Gold’s chairman Peter Marrone, Agnico’s Meadowbank mine, The Royal Canadian Mint (Photos: Agnico, Flickr/Jeff, Yamana, Flickr/BriYYZ)
Agnico Eagle has no shortage of in-house talent, but first in line to one day replace CEO Sean Boyd is president Ammar Al-Joundi. With an MBA from Ivey in Ontario and having done 8-years at Citi, no one keeps a sharper eye on the group's diesel bill. Al-Joundi also did an 11-year stint at Barrick under founder Peter Munk, as finance chief of its South American business. Now 55, heading-up Agnico's team in meetings with banks, he is aiming for output of 2m ounces in 2020, up 23 per cent on 2018, and plans to keep to its policy of conservative deal flow. Most money is made with the drill bit, Al-Joundi says.
Yamana Gold's steely-eyed chairman Peter Marrone trained as a litigator. Marrone worked on one case, representing a woman charged with stealing fridge magnets. He decided to retrain, joining Canadian brokerage Canaccord in M&A. Since then he has pocketed some of the largest pay cheques corporate Canada has ever seen.
Tenacious, intense, relentlessly pursuing targets, flying constantly between Toronto and Europe, Marrone rose to head of investment banking at Canaccord, advising Frank Giustra and Ian Telfer, two of the biggest string-pullers in Canada’s fast-moving gold scene. After a trip to Brazil »
At Paracatu, one of Brazil’s largest gold mines, explosions go off every 9 minutes. Tripling output, Canada's Kinross Gold has spent $2bn expanding the operation. Its most recent acquisition: two massive dams for $257m, pumping electricity into the site until 2037, cutting $80 per ounce off costs. Behind the deal was Andrea Freeborough, a key figure inside the group’s Toronto head office behind CEO Paul Rollinson. Previously at KPMG in London and New Jersey, Freeborough joined as head of new investment and is now CFO. From Russia to Mauritania, any numbers going through the company go via Freeborough first.