Canadian miners are mourning the passing of industry heavyweight Ned Goodman (1936-2022).
Montreal-born Goodman applied his geological training and business acumen to help build several successful mining companies, perhaps most notably International Corona and Kinross Gold (TSX: K; NYSE: KGC). He also nurtured many other mineral-producing companies through astute and timely investments.
In addition to being an outstanding member of the philanthropic community, Montreal-born Goodman was considered one of the leading architects of Canada’s investment management industry.
He founded the first exploration flow-through partnership with his partners, CMP Group, which has raised billions since the 1980s by funding exploration campaigns and developing mining and petroleum companies. It led to job generation and benefits for rural and northern economies in Canada. He was also the driving force of the Dundee group of financial companies, which grew under his leadership from a $300 million base to a $50 billion mutual fund entity.
An early interest in science prompted Goodman to obtain a BSc degree in geology from McGill University. When geological employment was sparse, and Noranda laid off Goodman in 1960, the business world also caught his attention. It led to him achieving an MBA degree from the University of Toronto in 1962.
His career path took a financial turn in 1967 when he earned the designation of Chartered Financial Analyst and co-founded Beutel, Goodman & Company Ltd., which offered pension funds and private client investment advice. The firm also established a reputation as a ‘go-to’ destination for mining and oil investment, with junior companies particularly benefiting from Goodman and his partner Seymour Schulich’s ability to recognize resource mineral projects of merit — as well as good management teams — and raise funds for their exploration and development.
Goodman played a leadership role in the re-emergence of Canada’s gold-mining industry in the 1980s, ultimately becoming the largest shareholder and chairman of International Corona, which held interests in world-class gold mines in Ontario’s Hemlo region.
Aside from his early involvement in Kinross, he also played critical roles in Repadre (later IAMGOLD) and Dundee Precious Metals and was an early backer of FNX Mining Company Inc. (later Quadra FNX Mining) and its discovery and development of new nickel deposits in Ontario’s Sudbury camp.
Goodman brought attention to, and helped develop Canada’s mining industry into an international powerhouse. He understood risk, how best to manage it, and what it took to bring a project to fruition.