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Paulson investor group tells miners to ignore gold price suppression by central banks
Paulson's Gold Investor Group Urges Deals, Costs Purge
By Jeff Lewis
Thursday, September 12, 2019
Gold bull John Paulson's investor coalition today urged the world's largest gold miners to immediately cut what it called excessive governance and administrative costs and said smaller rivals should pursue no-premium mergers to boost shareholder returns.
Concerns over global growth and trade uncertainties have pushed gold prices to multi-year highs, stoking expectations of deals among miners and reviving anxieties over cost control. This month gold climbed to its highest level since 2013 hitting $1,503.04 per ounce today.
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Major miners including Polymetal, Kinross Gold Corp and Newmont Goldcorp Corp spend nearly two times more on G&A than non-gold producing rivals, Paulson’s Shareholders Gold Council said in a report. ...
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