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Perron takes the reins at Pretium

Canada’s Pretium Resources has appointed industry veteran Jacques Perron as president and CEO to replace Joseph Ovsenek.
Perron takes the reins at Pretium Perron takes the reins at Pretium Perron takes the reins at Pretium Perron takes the reins at Pretium Perron takes the reins at Pretium

Jacques Perron has become Pretium Resources' new president and CEO and is tasked with stabilising production at the flagship Brucejack mine in Canada's British Columbia

Staff Reporter

With more than 35 years of industry experience, Perron has held key positions in several Canadian miners, including president and CEO of St Andrew Goldfields (2007-2013), senior VP of Iamgold (2006-2007) and senior VP Canada of Cambior Inc (2004-2006).

Most recently, he was president, CEO and director at Denver, Colorado-based Thompson Creek Metals Company, which Canada-based company Centerra Gold bought out in 2016 for US$1.1 billion to gain control of the Mount Milligan copper-gold operation, in British Columbia, and two molybdenum assets.

Perron has been a director of the Canadian Mineral Industry Education Foundation since 2007. He earned a Bachelor of Science degree in Mining Engineering from l'École Polytechnique de Montréal.

Perron is expected to be appointed to the board following the May 1 annual general meeting.

Early last month Pretium announced an updated mineral reserve, resource and life of mine plan for its flagship Brucejack gold mine in British Columbia. The deposit has proven difficult to model given its coarse gold nature.

The updated LOM plan is focused on mining the Valley of the Kings and West Zone to deliver average annual production of more than 366,000oz during the first five years, and average annual production of over 357,000oz over the first 10 years at an average all-in sustaining cost of $747/oz, and a LOM average of 311,000oz.

The updated Brucejack proven and probable reserve estimate is 15.7 million tonnes grading 8.4 grams of per tonne for 4.2Moz at a lowered cut-off grade of 3.5g/t, which the company said better resembled recently mined grades. This represents a 33% grade reduction from the prior 12.6g/t grade and the loss of some 2.2Moz.

The mine produced 35,405oz gold last year at AISC of US$888/oz and management has kept 2020 guidance intact at 325,000-365,000oz, at AISC of $910-$1,060/oz.

Pretium shares (PVG:TSX) have gained about 11% over the past 12 months to C$11.33, achieving a low of C$6.25 and a high of $18.30 over the period. The company has a market capitalisation of $2.1 billion (US$1.5 billion).