Detour Gold sets date for special meeting
Intermediate gold producer Detour Gold has called a special shareholders meeting for December 11, in response to a requisition from hedge fund manager firm Paulson & Co.
The meeting will be held in Toronto and Detour said on Monday that a management information circular would be mailed in advance, providing advice on how to vote.
Paulson, which has a 5.4% stake in Detour, has pushed the Ontario miner to call a special shareholder meeting to replace the majority of the company’s board of directors. Paulson wants Detour’s board to explore alternatives including a sale, and look for a new CEO.
However, chairperson Alex Morrison has previously warned shareholders against “handing control of their company to an activist of even adding any Paulson nominees to their board”.
"Shareholders should be very concerned about Paulson's inexperienced handpicked nominees being elected to the board, as a sale at this time will result in a substantial amount of value being left on the table. This is a clear choice between a board that is committed to the methodical execution of its life of mine (LoM) plan to deliver long-term value to all shareholders, over an activist who we believe will initiate an ill-timed fire sale of the company to benefit himself alone," he said in a July 26 statement.
Under the leadership of COO Frazer Bourchier and interim CEO Michael Kenyon, the company is implementing a LoM plan for its Detour Lake mine, which it believes will improve the mine’s operational performance and set it on a path to be a consistently profitable operation.
Detour has indicated previously that it would conduct a skills and needs search for a candidate to take the company into its next chapter. It also plans to replace two existing board members with new appointments who have operational expertise in large-scale openpit mining and with experience in corporate social responsibility, including First National engagement.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation

















