Robin Williams and Eugene Levy provided the jokes, Burton Cummings, Wyclef Jean and Elton John the tunes, Shakira the sex appeal, Tom Cruise and John Travolta the movie star magic and former president Bill Clinton the political power.
But it was Bay Street mining types who dug deep to raise more than $16-million for the Clinton Giustra Sustainable Growth Initiative (CGSGI) at a lavish event held in Toronto Saturday night.
Goldcorp Inc. chairman Ian Telfer, made what is believed to be the largest single donation of the night, pledging $3-million for the initiative, which aims to eliminate poverty and create lasting business opportunities for local residents in developing areas of the world where mining takes place.
“This is a good time for our industry. It’s time for us to give back,” Mr. Telfer told the well-heeled crowd that paid between $60,000 and $300,000 for a table to the event.
Thanks to soaring metal prices, many mining firms and executives are flush with cash these days.
Vancouver mining financier Frank Giustra created the CGSGI with the former U.S. president last June. Mr. Giustra committed $100-million to the philanthropic organization, as well as half of his future earnings from the resource sector.
“It’s the right thing to do. Of course, it’s smart business....but you do it because it feels good,” Mr. Giustra said in his remarks.
The son of a Sudbury nickel miner, Mr. Giustra also thanked the PDAC for allowing him to “hijack” the mining convention ahead of today’s start.
The CGSGI unveiled its first programs at the event, earmarking $20-million for programs in Peru and Colombia.
The initiative has raised more than $300-million so far, with Mexican telecom billionaire Carlos Slim and Lukas Lundin, the head of a Vancouver family mining empire each donating $100-million.
The CGSGI is part of Mr. Clinton’s philanthropic organization The Clinton Foundation. While calling on the crowd to donate to the effort, the former president praised Mr. Giustra for coming up with the idea for the CGSGI.
“Miners are going to make a lot of money over the next 50 years,” he said.
Indeed, musician and producer Wyclef Jean also remarked on the attendees’ good fortunes.
“There is a lot of money in this room. I’m trying to get in the mining business myself,” he said.