Seabridge Gold: "The Best Kept Secret in the Industry"
By Rachel Barsky
Seabridge Gold was built from the cast-offs of other companies, the parts nobody else wanted, but it may be the one laughing in the end. Between 1999 and 2002, when gold prices were lower, explains CEO Rudi Fronk, Seabridge acquired nine advanced-stage gold deposits from larger companies. These projects already had more than $300 million invested into them by the previous owners, but gold prices were less than $300 an ounce at the time, and because of this, they were never mined—the owners viewed the projects as uneconomic.
"They didn't believe in gold going forward," says Fronk, sitting in his office near Toronto's St. Lawrence Market. "These were assets all of which needed at least $400 gold to be economic. And quite frankly, they didn't believe in higher gold prices. We did, so we bought them." Seabridge, which was founded in October 1999, paid $15 million for the projects, and hasn't looked back since.
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