A new boss will take the Magino open-pit gold mine project across the finish line.
Larry Radford is stepping down immediately for “personal health reasons” as president-CEO of Argonaut Gold, the Toronto mine builder announced in a news release.
His board-appointed successor is Richard Young, most recently the president of Terango Gold, which was sold to Endeavour Mining in 2021.
Young is a 30-year mining industry veteran in finance, operation, corporate development and investor relations.
Radford, who will remain a board member and advisor to the CEO until mid-January, came aboard at a precarious time last March when the company was struggling to keep escalating costs under control at its flagship Magino Mine construction site outside Dubreuilville.
The project is back on track and is scheduled to do its first gold pour in the first half of 2023. Commissioning is scheduled for the second quarter of 2023. Commercial production begins in the third quarter.
"Larry stepped in during a challenging time for the Company,” said board chairman James Kofman in a statement.
“Larry put in place an experienced construction team at Magino, developed a solid plan to bring Magino into production and ensured the Company was on a solid financial footing. Kofman called Young an “exceptional leader and seasoned CEO” with a track record of delivering results on the operational side.
“His experience at Teranga Gold in leading teams that built, commissioned and operated mines will be valuable to Argonaut. The board is confident that Richard is the right leader for the company at a pivotal time with the completion of the Magino mine in 2023 as part of our transformative strategy that will drive long-term, sustainable value for our shareholders and all stakeholders"