Richard Spencer likes to think that there is a fine line between tenacity and stupidity in the exploration business.
The South African geologist found himself in that grey area about 15 years ago while working in Ecuador as Iamgold’s (TSX: IMG; NYSE: IAG) exploration manager for South America.
Spencer remembers the day he was sitting in Iamgold’s offices in Quito talking with industry colleagues at Cogema. It was the late 1990s, and the Cogema geologists were putting pressure on him to acquire their Quimsacocha concession in the Western Cordillera of the Andes, 480 km south of the capital and 30 km southwest of the city of Cuenca, in southern Ecuador.
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