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Kinross CEO Tye Burt (Fred Lum/Fred Lum/The Globe and Mail)
Kinross CEO Tye Burt (Fred Lum/Fred Lum/The Globe and Mail)

Streetwise

Tye Burt feels Kinross shareholders' pain Add to ...

Kinross Gold's stock hasn't been performing as well as some people think it should, as gold is up around $1,500 (U.S.) an ounce while the stock is down 24 per cent this year.

That plunge has some shareholders riled up, and one of them got the courage to voice his frustration to chief executive officer Tye Burt, at the company's annual general meeting Wednesday. The Globe's mining reporter, Brenda Bouw, is covering the AGM and passed along the exchange.

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"I want to emphasize how painful it is on a personal level..." to see the stock go down, the shareholder said in the midst of a long question.

Hearing the frustration in the shareholder's voice, Mr. Burt responded with some compassion, saying things like "I feel your pain" and "I completely sympathize."

"We know it's frustrating to see the stock underperform when the gold price has been reaching new highs," Mr. Burt added. "It is frustrating for me as well, not just as the CEO, but as a shareholder because most of my net worth is tied up in the company's stock."

To reassure shareholders of the company's growth potential, he said the company plans to increase production by 77 per cent from today to 2015.

He also took a small shot at Barrick Gold by noting that Kinross is "the purist gold producer among the seniors, with no base metal credits."

Follow on Twitter: @timkiladze

 
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