Alamos Gold founder says "best days still lie ahead" after 20th anniversary
London, UK
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October 16, 2023 08:00 AM Eastern Daylight Time
Alamos Gold Inc (TSX:AGI, NYSE:AGI) President and CEO John McCluskey visits the Proactive London studio to speak with Thomas Warner on the occasion of the gold producer's twentieth anniversary.
McCluskey gives an overview of how the business transformed itself from what he describes as a small Canadian penny stock to being a significant north American gold producer, starting with the securing of an option to purchase a major asset when gold was priced around $300 an ounce.
Today, with gold at approximately $1,850 an ounce, the company boasts a production of over 2.5 million ounces of gold, generating nearly half a billion dollars in profit. Key acquisitions, such as the Young-Davidson and the Island Gold mines, have significantly bolstered the company's portfolio.
McCluskey attributes Alamos Gold's success to efficient capital allocation, with returns averaging close to 14% over two decades. Looking ahead, the company aims to increase its production from 500,000 ounces a year to 800,000 ounces by 2028, focusing primarily on Canadian assets. McCluskey also shares his optimistic outlook on gold prices, citing potential macroeconomic factors that he believes may prove supportive.
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