A different business model for a struggling gold mine
Here is a very interesting (albeit dated) article about a northwestern Ontario gold mine called Red Lake.
The mining community was flabbergasted when Rob McEwen, chairman and CEO of Goldcorp Inc., based in Toronto., triggered an internet-age gold rush by issuing an extraordinary challenge to the world’s geologists:
We’ll show you all of our data on the Red Lake mine online if you tell us where we’re likely to find the next 6 million ounces of gold. The prize: a total of $575,000, with a top award of $105,000.
To find out if this risky business decision paid off I suggest reading the entire article.
