Barrick Gold founder Peter Munk praised the generosity of Canadian mining companies as he accepted a lifetime achievement award in mining finance for his “vision and risk-taking” and his role in making Toronto the mining finance capital centre of the world.
“This depressed sector has set the standard for philanthropy in health care, in education and voluntary giving,” Munk told a crowd gathered for the ceremony. The award was presented by the Toronto Stock Exchange (TSE) and Mining Works for Canada on May 26, officially declared “Mining Works for Toronto Day” by Mayor Mel Lastman.
The day also marked Munk’s 39th continuous year of managing listed companies on the TSE. His biggest success was Barrick Gold, which he transformed from a small mining company to one of the world’s largest and most successful gold producers. In 1998, the company accounted for 40% of the value of mining stock trading on the TSE, and 20% of the global figure.
“I’ve had less than a little role in finding mines and developing technology,” Munk conceded. “My role has been in raising capital, and, in that context, I’ve made a contribution.
“I’ve had my failures as well,” he added, “and I think my failures taught me more than my successes. Life is nothing but a learning curve.”
After accepting the award, Munk praised the contributions made by his former partner, Robert Smith, who died in 1998. “Without Bob Smith, I would not be here today.”
The award is now permanently displayed in a mining exhibit that was unveiled May 26 at the TSE’s Stock Market Place.
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