Rob McEwen's mining story

Rob McEwen's journey began with his childhood fascination for gold, nurtured around the family dinner table where his father, Don McEwen, engaged in discussions about gold investments.

Rob McEwen's journey began with his childhood fascination for gold, nurtured around the family dinner table where his father, Don McEwen, engaged in discussions about gold investments. Rob's educational path involved mastering the intricacies of the mining industry and earning an MBA from York University. Following a hiatus spent traveling the world to gain a unique global perspective, he joined Merrill Lynch. 

He steered Goldcorp to growth through strategic acquisitions and the assembly of a dynamic management team, defying conventional wisdom by making significant investments in the Red Lake Mine. This move ultimately transformed it into the world's richest gold mine. Despite substantial challenges, including a protracted 46-month union strike, McEwen persevered. During the strike, Goldcorp showcased remarkable innovation by intensifying exploration efforts, constructing a cutting-edge plant with fiber optic technology, exploring automation, and collaborating with M D Robotics.

In the year 2000, McEwen initiated a groundbreaking internet challenge, sharing decades' worth of geological data dating back to 1948. This global challenge not only elevated Goldcorp's profile but also led to the discovery of an additional six million ounces of gold. Goldcorp further embraced technological advancements, including virtual reality, and partnered with Mirarco Mining Innovation to adapt oil and gas technologies for mining, substantially enhancing their exploration capabilities.

A pivotal achievement was the eventual decertification of the union, a rare occurrence in Canadian mining history, making Goldcorp a non-unionized operation. By focusing on low-cost operations, maintaining a debt-free status, and committing to not forward-selling gold, Goldcorp became an industry leader in cost efficiency. This strategy benefited shareholders through dividends and strategic gold-holding.

While the Red Lake Mine remained the cornerstone of Goldcorp's success, the company continued to explore new projects and invest in promising junior companies. McEwen remained dedicated to educating people about the gold market and encouraged potential investors to consider gold as an asset class. In summary, Robert McEwen's innovative strategies, resilience in the face of adversity, and unwavering commitment to excellence transformed Goldcorp into a prominent force in the mining industry.

In 2004, after 18 years at the helm, Rob McEwen stepped down as Goldcorp's CEO, citing the need for new leadership due to the company's growing complexity. His departure hinted at potential differences in strategic direction within the board. Goldcorp, with ample cash reserves, was exploring growth opportunities, possibly through mergers or acquisitions, under the fresh leadership of Ian Telfer. McEwen's exit marked a turning point, signaling a potential shift toward a more aggressive growth strategy.

In 2019, Newmont acquired Goldcorp for $10 billion, forming Newmont Goldcorp, one of Canada's largest gold producers.