RNC bets Higginsville worth cost of dilution

RNC Minerals (RNX-TSX; US-OTC: RNKLF) Chairman and CEO Paul Huet is like the hockey coach who takes over midseason because the team is underperforming. The Toronto-based company brought Huet in as chairman of the board in February to try to turn around RNC’s high cost operations at its Beta Hunt nickel mine in Australia, and better pinpoint the extensions of the mine’s high grade gold mineralization. He was also tasked with trying to reduce or eliminate a number of the mine’s punishing royalties. It wouldn’t be the first time Huet went behind the bench. When he joined Klondex Mines in 2012, the company had negative working capital and a single exploration asset: the Fire Creek gold project, 100 km southwest of Elko, Nevada. Within six years Klondex sold Fire Creek to Hecla Mining (NYSE: HL) for US$462 million in a cash and shares deal. His first big move at Klondex was to raise more than $100 million to buy the Midas mine and mill for $83 million … Continue reading at The Northern Miner.