Life of a Legend: Ian Slater, Global Mining Entrepreneur, Sees A Bright Future for Copper
Ian Slater is pushing ahead in the global mining industry in Canada, the U.S., and South America. The mining entrepreneur is currently involved in several copper mining projects. Slater sees a bright future for copper mining as electric vehicles and renewable energy industries boom. Unlike some in the sector, Slater didn’t start his career as a geologist or engineer.
From Accountant to Deal Maker
Slater started his career as a chartered accountant at Arthur Anderson and Ernst & Young. The entrepreneurial dream bit him early. “After working in the mining office in Vancouver, I transferred to Moscow, Russia. It was an entrepreneurial experience to recruit staff, develop contacts, and manage a steep learning curve,” Slater shared in an interview.
While in Russia, Slater started to develop the skillset that opened the door to many opportunities in the mining industry. “I transferred to Central Asia and started to help mining companies negotiate with governments of Uzbekistan and Kazakhstan on royalties and fees,” he shared.
Breaking new horizons for EY in Central Asia provided some essential learning experiences. “Entering a country and starting a business from scratch taught plenty of lessons. First and foremost was the importance of hiring a great team. Once you have the key people in place, getting the financing was much easier,” he recalled.
By 2007, Slater was ready for a new challenge. He retired as a partner from EY and started his first mining venture.
Developing New Mines In Northern British Columbia
Slater’s Libero Copper and Gold Corp. (LBC:TSX.V:, LBCMF:OTCQB) has recently found a significant mining opportunity in Big Red, a mining property located in British Columbia. “We optioned the property in 2019 and started to explore it. Some prior mining work had been here back in the 1960s and 1990s. All of those old records had to be digitized to guide our 2020 drilling efforts,” Slater commented.
The search for gold hasn’t found much, but the mine has found promising signs of copper. In contrast to less developed opportunities, the BC mine is relatively economical to develop. The mining site is already connected to the local road system. Big Red is a set of twenty continuous claims covering 26,000 hectares (i.e., 64,247 acres) in the northwest of British Columbia. In July 2021, the company started a 5,000-meter (16,404 feet) drill program to develop the mine further. The Big Red mining site is located approximately 833 kilometers (517 miles) north of Prince Rupert, BC.
Navigating The Ups & Downs of Mining
The mining business is highly cyclical as commodity prices move up and down. That’s not the only challenge Slater had to overcome as a new mining entrepreneur. “When I started, it was right before the 2008 financial crisis. We acquired options on some projects to do exploration in Kazakhstan and were ready to go. When the financial crash happened, nobody returns your calls,” Slater commented.
By the mid-2010s, Slater’s mining ventures were starting to take off in several countries. Today, Slater’s companies have developed multiple successful mining ventures in Columbia, Argentina, and Ecuador. In addition, Slater has found mining opportunities closer to home in British Columbia. He is the founder and chairman of Libero Copper & Gold (TSX: LBC), a mining company developing copper projects in South America and British Columbia.
In addition, Slater is executive chairman of Zacapa Resources, focused on copper and gold mining projects in Arizona and Nevada. Adam Melnik, CEO of Zacapa Resources, has worked at several resource companies, including Pembridge Resources and Vedanta Resources. The company’s Red Top copper mine is located nearby several significant copper mines such as Pinto Valley (Capstone Mining) and Resolution and Superior East (Rio Tinto and BHP). The Red Top project will be drill tested in 2021.
Developing Mines in a COVID World
Fortunately, the COVID-19 pandemic has had a limited impact on Slater’s mining companies so far. “The main problem we’ve faced recently is problems with lab work. The mining labs in British Columbia were backed up for months for much of 2020,” he recalled. These bottlenecks, along with fundraising delays, are starting to fade in 2021.
Earning A Social License
Running a successful mining business takes more than labs, geologists, and market demand. “In our mines, we’ve been focused on earning a social license. It is much easier to operate when the local community benefits from the mine and supports the project,” Slater commented. “When Ian Harris was hired as chief executive officer of Libero Copper & Gold, he spent time meeting with people in the local community to understand their concerns,” Slater explained.
The social license concept goes beyond running the occasional listening tour. Libero Copper & Gold also focuses on hiring local geologists and workers to develop the mine. Earning a social license to operate is part of the company’s success.
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