Ned Goodman: The Outstanding Mining Executive Who Left a Major Legacy

Source: Brock University

Ned Goodman, a driving force in the Canadian mining industry, has passed away and left an indelible legacy. He was known for his geological expertise and business acumen, which he applied to build several successful mining companies. In addition to being an outstanding member of the philanthropic community, Montreal-born Goodman was considered one of the leading architects of Canada’s investment management industry. We would like to take this opportunity to remember all that he has done for Canadian mining and reflect on his remarkable career.

Goodman began his career by studying for a BSc in geology at McGill University in Montreal. However, after being laid off in 1960 from Noranda, he went on to attain an MBA from the University of Toronto. Following his designation as a Chartered Financial Analyst in 1967, Goodman founded Beutel, Goodman & Company, Ltd., and began offering pension funds and private client investment advice, specializing in mining and oil investment. Goodman and his partner Seymour Schulich became experts at finding junior companies with good management and prospective mineral resource projects, and raising funds for them.

His career coincided with and helped boost the booming 1980’s gold-mining industry in Canada, and Goodman ultimately became the largest shareholder and chairman of International Corona. He was an early investor in Kinross, and had leadership roles in Repadre (renamed IAMGOLD), Dundee Precious Metals, FNX Mining Company (renamed Quadra FNX Mining), and that company’s nickel deposit discovery and development in Ontario’s Sudbury camp.

A leading figure in the mining industry, he was the driving force behind making Canada’s mining industry into the international powerhouse it is today, and leaves a legacy of success in the industry. His legacy was such that Brock University in Canada renamed its business school the Goodman School of Business in 2012, the first time the university changed the name of one of its faculties in its history.

Friends, family, and colleagues remember him fondly, as Ned Goodman was a man with a major presence in the lives of those around him. Friends refer to him as a “titan” in their dealings with him, with Douglas McCorkle noting: “Ned touch my life in so many ways as an advisor at Dundee. He was quick to smile, offer advice and to stop and say hello. The amazing thing to me was that he always remembered my name. The world has lost a titan among men and he will be greatly missed. To his family I offer my deepest condolences and prayers that Jehovah will bring you peace in this time. To Ned I say, Shalom my friend.”

His character was never lost on those who knew him best, and was something he brought to every aspect of his life: “I was honoured to know Ned Goodman. He was a remarkable man. Ned had great energy and insight into many businesses, from mining to financial services and innovation. His legendary business acumen allowed him to create massive success with his many ventures, including Dundee Corp., Dundee Wealth, International Corona and many other ventures. He always showed up early and worked late. He told me he remained particularly proud of his contributions to Canadian law and business with his leadership in the International Corona Resources v. Lac Minerals case, which stands as the leading case by the Supreme Court of Canada on fiduciary duties and confidential relationships to this day. However, Ned’s most striking features were his outstanding work-ethic, character and deep courage of his convictions. Ned will be missed and remembered for his many profound contributions, his love of family, countless kindnesses to friends and his great business successes. Please accept my family’s sincere condolences to his family on this profound loss,” wrote Jon Aikman in a memorial message.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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