Despite the business companions he's kept, Mr. Telfer doesn't see himself as a farsighted prophet like his former partners.
"I'm more of an opportunist than a visionary," he explains.
And while he still may see himself as an interloper in the global business theatre, he is certainly an alpha among the big dogs of the Vancouver corporate pack.
We are lunching at Il Giardino. Of course we are. The ridiculously overpriced Italian eatery has (too) long been the default spot for power noshing on the left coast.
Western business types have always seen themselves as separate and distinct from their Eastern brethren. They take bigger risks and have more spectacular failures. This, somewhat outdated take on Tuscan cuisine, is where they eat. Its tables have propped up the paperwork for the shakiest of junior mining plays. The tome of a wine list has fuelled the most creative of mining mergers, financings and compensation schemes. In Vancouver, Il Giardino is as establishment as it gets.
It is the same restaurant where former Shaw Communications chief executive officer Jim Shaw allegedly brought a premature end to his executive tenure at the family business with some boozy invective hurled at some of his larger shareholders.
About five metres away from our table sits Peter Brown, the founder and chairman of Canaccord Financial, holding court over a group of brokers and investment bankers. Known for his own legendary appetite for fun as much as for his deal-making prowess, Mr. Brown owns half the restaurant in a partnership with chef Umberto Menghi.
Mr. Telfer is a friend to most of the suits (sans tie, as per the Vancouver dress code) in the restaurant today, including Mr. Brown, who has banked many of his deals. They pop by the table to pay their respects or offer a wink and familiar nod as he digs in to his appetizer, a caprese salad of tomatoes, basil and buffalo mozzarella ($19.95).
With the help of these and other Vancouver comrades, Mr. Telfer has helped create a gaggle of mining firms during the last 10 years. Some, like Wheaton River and the silver stream spinoff Silver Wheaton Corp. , have been home runs and made Mr. Telfer and shareholders scads of money. Others, including the unimaginatively named Gold Wheaton have been duds.
"At least we got the shareholders out alive," he says. The jury is still out on many more, including Uranium One Inc. , which has failed to live up to its initial hype and where Mr. Telfer is also chairman. There was also Peak Gold (another team effort with Mr. Giustra) which, as an underperformer, was pushed into a merger to create what is now called New Gold Inc.
Not every mining deal can be the next Wheaton River, Mr. Telfer concedes. But with each venture he's created jobs. Blue-collar ones for miners and white-collar ones for executives. Of this, he is proud.
Whether it be in Guatemala, Africa or Vancouver, "the best thing you can give someone is a job," he says.
And for a city's economy, what is the value of a head office?, he asks rhetorically, listing off the services that each one consumes and the positive economic effect on Vancouver.
He clearly has a deep affinity for the rainy city. Like his wealth, he found it rather late in life, moving here in 1993.
But it is the place where he has truly excelled. And if there is one thing that Ian Telfer can appreciate, it's a place that gives a guy a second chance.
- Age: 65
- Born: Oxford, England. Father was an RAF pilot (later an accountant) and mother was a schoolteacher from Moose Jaw
- Moved to Canada when he was two. Family lived in Moose Jaw for five years before settling in the Downsview area of Toronto where he grew up.
- Family: Married for 34 years to Nancy Burke. Two children ages 27 and 23
- BA, political science, University of Toronto
- MBA, University of Ottawa
- Professional designation: Chartered Accountant
- Current titles: Chairman of Goldcorp Inc., Uranium One Inc. and The World Gold Council
- Former titles: Chief executive officer of Goldcorp and Wheaton River.
- Other mining firms he's helped launch: Terrane Minerals (spun off from and then merged with Goldcorp), Tahoe Resources, Peak Gold (now merged with New Gold), UrAsia Energy (now Uranium One), Primero Mining
- Number of countries where he's had his passport stamped: 80
Hits and misses
- Hits: Wheaton River (now Goldcorp). Silver Wheaton.
- Misses: Gold Wheaton, Vengold, itemus Inc.
In his own words
On being told there was a groundswell of opposition to Goldcorp's takeover of Glamis Gold in 2006
- "I've talked to the ground and there is no swell."