Lauded mining stalwart joins Karora ranks

Karora Resources has appointed Tony Makuch to the role of special advisor to the corporation.

Makuch brings extensive gold industry management, technical and operating experience, most recently as former chief executive officer and director of Agnico Eagle Mines.

Karora chairman and chief executive officer Paul A Huet said Makuch’s willingness to join the Karora team was a strong endorsement of the company as well as its promising growth potential.

“He has a strong track record of growing mining companies as demonstrated during his extremely successful tenure leading Kirkland Lake Gold as CEO from 2016 until its merger with Agnico in early 2022,” Huet said.

During his five-year tenure as CEO of Kirkland, Makuch led the transformation of the company, with annual gold production increasing from 315,000 ounces to more than 1,400,000 ounces, the market capitalisation of the company increasing from about $1 billion to over $13 billion and Kirkland’s share price increasing over 530 per cent.

These milestones were achieved on the back of two successful acquisitions, industry-leading operational performance and significant exploration success and ultimately culminated in Kirkland’s merger with Agnico Eagle Mines.

Karora is focused on increasing gold production to a targeted range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia.

The Higginsville treatment facility is a low-cost 1.6 million tonnes per annum processing plant, expanding to a planned 2.5 million tonnes by 2024, which is fed at capacity from Karora’s underground Beta Hunt mine and Higginsville mines.

The company also owns the high grade Spargos Reward project, which came into production in 2021.

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