GOLD
ARTEMIS GOLD’S
AUSSIE ADVANTAGE
Junior’s disciplined, methodical approach paying off at Blackwater By Alisha Hiyate
22 | CANADIAN MINING JOURNAL
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teven Dean, chairman and CEO of Artemis Gold, has now spent more of his 35-year mining career to date in Canada than in his native Australia – 22 years vs. 13 years. But many aspects of his approach to the business can be traced directly back to the mining culture of his homeland. “Australian junior companies in particular have a strong focus on early cash flow, ean says. hat has consistently been a differentiator between the Australian gold industry and the Canadian gold industry, which has historically focused on growing the size of deposits, he adds. “Any student of investment 101 knows that regardless of what business you’re in, whether it’s widgets or gold mining, the best returns on capital can often be
achieved by using cash flow to grow your business. he focus on early cash flow, and along with that, staged development to reduce upfront capital costs, have held Dean in good stead throughout his career. In 1999, a cash flowing junior that he cofounded, ac in ining, was purchased by eck Cominco – landing Dean the job of president of eck ominco, a position he held for three years. More recently, that strategy also made Atlantic Gold a success. Under Dean’s leadership as chairman, CEO and founder, the junior got the Moose River gold mine in ova cotia into first-phase production for US$160 million, starting in . wo years later, the company was purchased for $802 million by Aussie miner St. Barbara.
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