'An excellent time to build or buy something' - Frank Giustra
|Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here!|
(Kitco News) - The time is right to enter the gold market, said Frank Giustra, CEO of the Fiore Group and noted philanthropist.
Giustra spoke to Kitco mid-September at the Gold Forum Americas 2023 held in Colorado Springs, Colorado. Giustra was joined by Neil Woodyer, CEO of Aris Mining.
Giustra is a major player in the mining industry. Woodyer was a founder and CEO of both Leagold Mining and Endeavour Mining, one of the largest gold producers in West Africa.
Woodyer is now leading the two-year-old Colombia-focused Aris. The company has charted a path to 400,000 equivalent gold ounces per year in production.
Giustra said the timing is right to enter the precious metals space.
"For a few years now, I've been looking [for] a bull market in metals," said Giustra. "I think it is going to be a secular bull market for metals, especially gold, and I think we're in the beginnings of it now. You're seeing that gold has found a new level, and it's staying there.
"I think there's going to be tremendous opportunities for creating wealth in our industry, although you would not believe it today by looking at the market. This is an excellent time to be building something or buying something."
Woodyer distilled his strategy for building a successful mining company.
"It's a buy and build strategy," said Woodyer. "I think from the buy side, what we always look for is an asset that has a fair valuation but has some good upside potential."
Giustra added patience.
"Find a great asset, back a great management team, invest early and then you just wait," said Giustra. "On average [these] take between three and seven years to mature and become something of great value, depending upon the market. That's been our experience."
Giustra was asked why he is still building miners.
"The thrill of achieving success, which we've done several times, is just too much to walk away from," said Giustra.
Coverage of the Gold Forums Americas 2023 was sponsored by Metalla Royalty & Streaming.
|Start date for British Columbia's largest gold mine is 2024|