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BlackRock’s Hambro Sees CEO Exits as Gold Miners Book Writedowns

BlackRock Managing Director Evy Hambro
Evy Hambro, managing director of BlackRock Inc. Photographer: Munshi Ahmed/Bloomberg

Sept. 27 (Bloomberg) -- BlackRock’s Evy Hambro, who manages the $8b World Mining Fund, expects more heads of gold producers to exit as cos. book further writedowns after the metal’s biggest quarterly drop in >90 yrs.

* “It’s very clear to us that there will be further

writedowns as we go into the full yr, or the results season

at the beginning of next yr; I would be very surprised if we

didn’t see more change in CEOs across the gold industry,”

Hambro said in interview * Producers from Toronto to Melbourne are pledging to curb

spending and halt expansions after taking $26b in writedowns

since July in wake of price declines and an acquisitions

boom * Output from the 10 largest global producers increased in 3

mos. to June 30 to 5.6m oz from 5.4m oz in pvs qtr:

Bloomberg data * Story

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

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