Craig Porter

Confirming the quality of a resource company's assets is his first hurdle.

Michael Ryval 17 September, 2004 | 1:00PM
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Confirming the quality of a resource company's assets is the first hurdle for Craig Porter, manager of the $104-millionAltamira Resource and the $52.2-millionAltamira Precious & Strategic Metals.

"If there's a lousy gold mine, if doesn't matter how good the management team is. It will be a lousy asset at the end of the day," says Porter, 40, vice-president, Canadian equities, at Natcan Investment Management Inc. in Toronto. "You want to look at a company that has one of the better gold mines, or has strong reserves if it's on the oil and gas side."

While secondary, the quality of management is a critical ingredient and can tip the scale in stock selection. That's the case with one of Porter's larger positions, Glamis Gold Ltd. ( GLG/TSX), a junior gold producer. "Whatever management tells you, they live up to. They have one strong mine in Nevada, but they have a path you see," says Porter, noting that Glamis is developing mines in Mexico, Honduras, and Guatemala. Acquired five years ago at about $3, Glamis shares recently traded at more than $21.

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About Author

Michael Ryval

Michael Ryval  Michael Ryval, a regular contributor to Morningstar, is a Toronto-based freelance writer who specializes in business and investing.

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