Monday, June 13, 2016

Tony Makuch Leaves Lake Shore Gold

Today Tahoe announced that Anthony Makuch, the former CEO of Lake Shore Gold, has left Tahoe. At the same time another mining company, Kirkland Lake, announced that Mr. Makuch was elected the CEO of Kirkland.

To remind my readers, a few months ago Lake Shore Gold was acquired by Tahoe Resources. On this acquisition, Mr. Makuch became the Executive Vice-President and President of Canadian Operations. 

However, it looks like this post did not meet his expectations. Let me remind a few facts from Mr. Makuch biography:

  • First of all, he was the CEO of Lake Shore Gold (since March 1, 2008). Under his leadership the company became a mid-tier gold producer with annual production of 179 thousand ounces of gold in 2015. 
  • Before Lake Shore Gold, he was a member of the management team of FNX Mining, a company acquired by Quadra in 2010 (then, in 2012 Quadra was acquired by a Poland-based copper - silver giant, KGHM). 
  • Before FNX, Mr. Makuch was Vice President of Dynatec, responsible for the Sudbury JV, comprising such projects as McCreedy West, Levack Mine, Victoria (now under KGHM's development), Podolsky and Kirkwood. Later on the assets of Sudbury JV were purchased by FNX (with Mr. Makuch continuing as the Sudbury's manager). 

Well, it looks like Lake Shore Gold has lost an excellent manager. 

Fortunately, Kirkland gained the right person to run its excellent business. 

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