Jack Stoch, CEO of Globex Mining Explains Strategy Behind Owning Over 115 Properties
Because we really want to introduce one more high potential mining Company in 2011, we’ve sat down with Mr. Jack Stoch, the President and CEO of Globex Mining Enterprises (GMX – $1.44). Globex is somewhat of an extraordinary member of the mining industry, as it owns over 115 properties, many of which are optioned out to other companies in exchange for cash, shares and royalties.
As a result, the Company is generating lots of revenues. During the first nine months of 2011, $3.3 million to be exact, which it uses to develop properties that it likes best. An additional advantage of this strategy is that Globex only has 22.7 million shares outstanding after being in business for over 25 years, simply because it hardly ever has to raise money.
Mr. Stoch extensively talks about the properties which Globex is developing itself. For example, the 100% owned copper-gold Chibougamau mining district in Quebec with very significant potential and the 100% owned Turner Falls rare earth property in western Quebec. From the latter, the lab recently had to redo analytic tests because the rare earth metals content was so high, it was beyond the upper detection limits of the methodology being used.
The CEO also explains why he feels manganese is a strategic metal and how Globex may become the only significant producer of it in North America with its Woodstock property in New Brunswick.
Mr. Stoch shares his enthusiasm for Eco Refractory Solutions (ERS), a 75% subsidiary of Globex. ERS doesn’t own a mining property, but is commercializing a unique and patented hydrometallurgical process that significantly increases the gold recovery rate from refractory ore. Additionally, it has a lower capital cost compared with other extraction methods and it’s extremely environmental friendly. Globex is currently searching to acquire an asset to showcase the technology.
Our interview is available in a convenient transcript format and you can listen to our interview with Mr. Stoch by clicking the play button on the media player below. We’d love to hear your comments and questions.