Interview with Ross Beaty, Magma Energy Corp.
Interview with the person behind Magma Energy Corp., Ross Beaty.
An interview that I found the other day gives a good overview on the person behind Magma Energy Corp., Ross Beaty. Ross Beaty is a well known name in the mining sector. The former President and CEO of Equinox Resources (TSX:EQN) and Pan American Silver Corp. (TSX:PAA). The interview is between John Pugsley of “The Stealth Investor” and Ross Beaty.
In the interview, Beaty talks about his “new love of (his) life, geothermal and his new company Magma Energy Corp.” He then describes why he was getting into the geothermal field.
I’ve become attracted to it because I think geothermal is one of the great answers to our energy crisis. It’s the cleanest form if energy of all. It’s also the cheapest, it’s permanent, and the supply is free. Add to these advantages the fact that you’re not exposed to commodity prices, you’re not exposed to the dictators of the world, and you’re not throwing away your domestic product to foreigners. It’s just a great, great business. It goes forever, and it’s available in countries all around the world.
“I started this business a year ago and I’ve worked very hard on it. It’s resource development in the same way the mining industry is—exploration, project development, financing, permitting, construction, and operation—but you sell electricity instead of metals. I love the business and I’m passionately active in it.
We have a large pool of talent in the company and have now acquired 21 properties in Nevada, Utah, Oregon, Chile, Nicaragua, Peru, and Argentina. Magma has the largest property base of any company in the business. I’m applying the things that have worked in my career and not apply the things that haven’t worked. We’re well financed. We just raised $29 million two weeks ago. The object is to do the same thing we did in Pan American Silver: to build the biggest geothermal energy business in the world.”
The question if one can invest now, he replies that ” At this point Magma is private. We were planning to go public last year but we pulled back because of market conditions. We’re going to do an IPO, hopefully later this year, and hope to come up with a market value of $300 or $400 million.”
Source: Success Stories, an interview with Ross Beaty via The Market Oracle