PROFILE (December 23, 1991)

At a time when the market is bearish, LAC Minerals sends a signal to investors that it remains a serious player in the mining industry, looking for quality assets worldwide. It has just raised $106 million by selling 11 million common shares at $9.625 per share. The gross proceeds will be used for acquisitions of mineral properties, joint venture projects and related corporate purposes.

Meanwhile LAC has appointed a new man to a newly created position, which was shared by several senior staff members and is complementary to the exploration and mining development divisions. Neil Westoll, 50, who joined LAC as vice-president of business development on Nov. 1, has been involved in evaluating advanced projects worldwide for acquisition and development. “The company wants to be better, not bigger,” he says.

The injection of new blood into the senior level of management in the last two years underscores LAC’s new direction, says Westoll. He, who has no previous connection with LAC, is expected to introduce a new perspective. As LAC looks for mature properties to buy, some wonder if it will deepen its roots in Canada or upgrade its presence elsewhere. “There are no geographical restraints to what I do at present,” says Westoll, but LAC will remain primarily a gold producer. “We like gold, and have been successful handling it.”

If Westoll’s recent trip to Chile is any indication, LAC seems intent on producing more ore on ground with which it is familiar.

At present 85% of LAC’s revenue comes from gold and 15% from base metals and limestone; geographically, 40% from Canada, 30% from the U.S. and 30% from Chile.

“LAC will be project-driven,” Westoll adds. “It may go as far as Spain, Portugal or Papua New Guinea. But it is not joining the rush to Russia in the foreseeable future and has no intention of walking away from Ontario or being a non-Canadian company.” Yet he notes that it is more difficult to find an easily accessible new orebody in Canada than in Chile and parts of the U.S. Born in Aberdeen, Scotland, Westoll graduated from the University of Edinburgh with a B.Sc. in 1963 and a Ph.D. in 1968 in geology. In the same year, he came to Canada on a post-doctoral fellowship at Queen’s University. From 1970 to 1981, he worked for Brinco, and was involved in the 1974 discovery of the deposit at the Jason property in the Yukon. In 1981, Westoll went into the consulting business and two years later, he became an independent consultant.

Westoll’s father, a former professor of geology at Newcastle University, plays the piano. Neil’s two children (a son and a daughter) and his wife, Maureen, are all musical. Music, like photography, “refreshes me,” says Westoll.

Does LAC anticipate a strong showing of the yellow metal in 1992? “I expect there will always be a market for gold,” he says. “But we can’t assume a major runup in gold prices. We anticipate a long slow climb. Our focus is on reducing the cost of gold production per ounce and maximizing the returns to shareholders.”