The story of a daring CEO who was seing its mining company underperforming and going down.
http://www.businessweek.com/innovate/content/feb2007/id20070201_774736.htm
Goldcorp is Toronto based mining firm with a 50 year-old mine in Red Lake Ontario. In 1999 CEO Rob McEwen instructed his geologists to release all geological records to the public.
The “Goldcorp Challenge” offered $575k to anyone who could find the gold and drew 1,200 people from 50 countries.
Results:
- 110 sites identified 50% new, 80% produced gold.
- 8 million ounces found.
- Company value up from $100 million to $9 billion.
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