If you are paying attention to who the next generation of mining leaders will be, you’ve probably heard of Toronto’s Ian Ball, 32, who resigned from the President position at McEwen Mining earlier this year and was a close protege of Mr. McEwen for ten years.
Today Ball was appointed president of a small (10.25 million shares out, last at $2.76) junior royalty company, Abitibi Royalties (TSXV:RZZ), which was founded by chairman Glenn Mullan, a rough and tumble prospector from Val-d’Or, Quebec. Mullen is well known for discovering what is now Canadian Royalties’ Nunavik Nickel Project, is on the PDAC’s board of directors, and part owns his local hockey team, the Val-d’Or Foreurs.
Thanks to some clever staking work and deal making by Mr. Mullan, the small Abitibi has kept a 30% free-carried interest on the Malartic CHL Property, near Agnico Eagle and Yamana’s Canadian Malartic mine which is now in production.
Abitibi also owns a 2% NSR on a portion of the Canadian Malartic project, called the Gouldie deposit, which is 300 meters from the current Agnico Eagle / Yamana open pit, as well as a 2% NSR on the Charlie Zone which is 100 meters from Gouldie.
Abitibi hopes an accelerated mine plan at Canadian Malartic will lead to cash flow to the small company “shortly”.
In his welcome aboard comment as the newly minted president of Abitibi Royalties, Mr. Ball painted quite a picture for the potential of his and Mr. Mullen’s company.
“Abitibi Royalties is a very unique opportunity and has the foundation to become one of the best gold companies in the world. Not the biggest, but the best. The best in my mind is long-term share price appreciation for its owners similar to American Barrick in the 1980’s, Goldcorp in the 1990’s and Franco-Nevada for most of its history. With only 11 million shares outstanding, cash in the bank, free cash flow expected shortly from the Canadian Malartic NSR (Gouldie deposit) and the dynamic opportunity that surrounds the recent Odyssey discovery, I am looking forward to this exciting opportunity.” stated Ian Ball, President.
The tough prospector Mullen and boardroom ready Ball should make a good team together.
And follow Ball on Twitter here:
Ian Ball Appointed President of Abitibi Royalties http://t.co/FQQQQJSINx
— Ian (@Ian_James_Ball) August 5, 2014
Always do your own due diligence.