University of Michigan to invest in gold, copper mining fund


By Janet Lorin
Bloomberg News
Monday, May 16, 2016

The University of Michigan plans to invest $30 million in a fund that will buy North American gold and copper mines from distressed companies.

The school, with a $10 billion endowment as of June 30, plans to make the investment with Waterton Mining Parallel Fund, which is managed by Waterton Global Resources Management in Toronto, according to an agenda for the Board of Regents meeting on May 19.

Gold is the best-performing major metal this year after silver amid rising concern over negative rates in Europe and Japan and whether the Federal Reserve will be able to tighten further.

"These opportunities arise from the financial distress of mining companies who took on significant amounts of debt for M&A activity prior to the collapse in commodity prices since 2011," Kevin Hegarty, chief financial officer at University of Michigan, wrote in the request for approval. "Now looking to strengthen their balance sheets, these financially distressed companies are selling assets to raise cash and reduce debt levels." ...

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