Young CEOs Explain How to Fix the Mining Industry's "Demographic Time Bomb"

There aren’t many young leaders in the mining sector, but according to Andrew Pollard, president of The Mining Recruitment Group, that needs to change. 
In a popular panel at last weekend’s International Metal Writers Conference, Pollard argued that the generational gap in the industry has created a “demographic time bomb” that needs to be addressed. He was joined on stage by Dan O’Flaherty, president and CEO of Maverix Metals (TSXV:MMX); Jordan Trimble, president and CEO of Skyharbour Resources (TSXV:SYH); and Steve de Jong, president and CEO of Integra Gold (TSXV:ICG). Together they made a case for bringing young people into the fold. 
Read on to learn more about what these young leaders had to say about the mining space today, and how they managed to succeed against all odds. And stay tuned for our video interviews with Trimble and other speakers at the show.

Advantages to being young

Pollard kicked the talk off by asking the panelists, all of whom are under 35, about the biggest advantage of being a young person in the mining industry.
“In my opinion, [it has been] access to people that have been in the industry for a long time who want to share their knowledge,” said Trimble. “[At Skyharbour] we’ve put together a good mix of youth, passion and experience. We need younger people coming up through the ranks in this industry and experienced people to impart what they’ve learned and know.”
O’Flaherty agreed with Trimble and said that “a good mix of people is always important.”
Integra’s de Jong said he has found that more experienced people in the mining industry are not as threatened by younger generations, so they are more willing to share their expertise and mentor others. “If you ever see a young CEO who does not listen and believes that they know everything, you should probably invest somewhere else. We obviously do not have 30 years of experience, so we can’t pretend to know everything there is to know about this business,” he commented.

Succeeding in a bear market

According to Pollard, the three panelists all made their names during the last bear market, when many investors turned away from the stock market and swathes of projects didn’t succeed. The three young CEOs shared their thoughts on how they reached success despite the negative circumstances.
“It is important to see bear markets as an opportunity to invest and take positions in companies,” O’Flaherty said.
Similarly, Trimble said, “you need to be aggressive when others are fearful. I would much rather be cutting my teeth in difficult markets than in good markets.” He believes it is essential to find projects that can still work in difficult markets. “If [the company’s] aim is to be acquired, then you need to find projects that work both in good and bad markets,” he said.
For de Jong, attitude is key in bear markets. “Taking an attitude that everything is going to get better if you stay at it, not only in this industry but in life in general, works out well,” he said.

Mining and tech moving forward

Pollard also asked panelists how technology could help the mining industry in the future.
“I am a big believer that as we bring artificial intelligence and big data to mining, this is going to change the entire industry. I personally believe that the biggest discoveries we are going to see in the next five to 10 years will come from mature mining camps,” de Jong said.
For O’Flaherty, access to information has been incredibly helpful in developing projects as more databases are being built globally.
Trimble agreed with de Jong, saying, “technology, innovation and new techniques, in particular big data, will see new discoveries yield in existing jurisdictions.” He added that from an environmental standpoint technology will make the industry safer, cleaner and overall better.

How to attract young people

Finally, Pollard asked the panelists what the mining industry can do to attract more young people to executive positions.
“The mining industry is here to stay. I believe new technology will help bring new blood to the industry to close the generational gap. We need to almost do a rebranding of the sector and show that this industry can still be sexy,” Trimble said.
For de Jong, a better job needs to be done in the industry to bring in new people in general, not only younger generations. “I agree that it will be technology and communicating the positive impact of the mining industry that will attract new people to the sector,” de Jong emphasized.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Related reading: 
International Metal Writers Conference 2017, Day 1: Notes from the Floor
International Metal Writers Conference 2017, Day 2: Notes from the Floor