If someone alive today had multiplied your wealth 33-fold in thirteen years, would you trust him to manage your money further?  Would you believe that such a person is not only alive and well today, but wants to manage your money for free?

His name is Rob McEwen, and he produced a 33-fold increase in share price in thirteen years for Goldcorp shareholders (click the image to enlarge it):

mcewenrob140915a

McEwen owns 25% of McEwen Mining and pays himself a salary of ZERO:

mux140915a

McEwen on February 18, 2011 spent US$20 million of his own money to buy U.S. Gold (since renamed “McEwen Mining”) shares at US$6.50 each.  You can buy shares in McEwen Mining today for only US$2.36 each.

mux110218a

As of June 30, 2014; McEwen Mining owes no debt:

sec140630a

Are there downsides to MUX?  Of course.  The downside that puts off the most would be an absence of profit.  MUX has never earned much profit ever.  But gold miners never earn a profit before production begins.  This was true of Goldcorp before it struck gold big, and it is true now of MUX as it continues to use the gold mined from two of its mines to finance development of all its future mines.

Advertisements