The federal government’s Export Development Corporation says its deal to insure Placer Dome’s investment in Papua New Guinea is its largest foreign investment deal ever. The insurance covers Placer’s investment to develop the $180 million(US) gold-silver mine on Misima Island. EDC will ensure Placer’s interest while its Australian counterpart will insure the non- Canadian interest in the project.
Former American Barrick Resources (TSE) executive vice-president Stephen Dattels seems to be suffering from a severe case of itchy feet.
About a year after he left Barrick to take over as Chairman of Hayes Resources, Dattels has quit his post to pursue other business interests.
According to sources at Hayes, they include an industrial manufacturing company called Werner Dahnz and former holding firm International Pursuit (trading of Pursuit shares have been halted pending an announcement).
Dattels’ departure coincides with a turnaround in the fortunes of the MacLellan gold mine near Lynn Lake, Man. Under the direction of a management team assembled by Hayes, the mine is expected to produce 70,000 oz gold this year, far ahead of expectations.
Hayes is controlled by American Barrick and DCC Equities. They each hold a 25% interest. So it comes as no surprise that DCC President Robert Buchan will fill in for Dattels until a permanent successor is found.
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