Prophecy Development CEO says: ‘definitely good timing to get involved in vanadium’
“I think it is definitely good timing to get involved in vanadium, but also you would not see myself if I were to be in a conflict area. I have spent most of my career in conflict areas when I was working with Barrick Gold for many years. I definitely prefer to be either in Canada or the U.S.” States Gerald Panneton, President and CEO of Prophecy Development Corp. (TSX: PCY | OTCQX: PRPCF), in an interview with InvestorIntel Corp. CEO Tracy Weslosky.
Tracy Weslosky: Prophecy Development Corporation, their mandate is to seek vanadium properties that are in conflict free areas in the planet. Is that correct?
Gerald Panneton: I think it is definitely good timing to get involved in vanadium, but also you would not see myself if I were to be in a conflict area. I have spent most of my career in conflict areas when I was working with Barrick Gold for many years. I definitely prefer to be either in Canada or the U.S.
Tracy Weslosky: That is a great segue for asking you, with your significant professional career you have just accepted the role as CEO and President for Prophecy Development. Can you tell me why you would take this role at this point in your career? We as shareholders want to know Gerald.
Gerald Panneton: It is very simple. I am a shareholder too. More importantly is that I have already built three mines during my career; two at Barrick and one with the Detour Lake project. You do not join a company because you just want to join a company. There must be a reason. The main reason is that Prophecy Development or PCY ticker is undervalued, tremendously undervalued compared to the value of the vanadium deposit. Of course it is subject to the vanadium price.
Tracy Weslosky: Alright so let us discuss vanadium prices. For those of you out at InvestorIntel who are not familiar with how hot vanadium is right now you should check our trending section. Vanadium continues to be one of the most well-read topics that we are covering presently. There are not a lot of real players out there in the vanadium market, are there Gerald?
Gerald Panneton: No, mainly 50% of the production comes out of China, 10% South Africa, 10% Brazil, maybe 10% to 15%. There are two types of deposits that will produce vanadium. The one we have at Gibellini is one of the easiest ones compared to all the others.
Tracy Weslosky: You just made an announcement about the Gibellini with an MOA with the Bureau of Land Management. Can you provide us with some highlights from that news release?
Gerald Panneton: With the recent election of the Republican being in power in the U.S. there is an Article 3335 that is very important for BLM to apply, which means every project that has a notice of intent, which means you completed all the baseline studies or for us it is the gap analysis from the last predecessor. We have 12 months basically to provide an environmental report with consultation and approved by BLM Nevada. In the MOA it is the understanding to help each other achieve this target and if necessary Prophecy will help pay for some consultant to review the process.
Tracy Weslosky: Now that you are leading the company, leading Prophecy Development, can you tell us where you plan on focusing your energies next?
Gerald Panneton: Twofold, the first one is our gap analysis of all the baseline studies that were initiated some time ago by our predecessor. What we need to do is complete those by September of next year…to access the complete interview, click here
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Raj Shah has been a member of the InvestorIntel.com team for the last nearly 9 years. Recruited from Merrill Lynch, he has over 13 years’ ... <Read more about Raj Shah>