Deals
Paulson Urges Underperforming Gold Miner to Seek a Buyer
- Shares in Detour Gold tumbled after guidance cuts in April
- Revised life-of-mine plan is scheduled for release next week
John Paulson
Photographer: Scott Eells/BloombergThis article is for subscribers only.
Billionaire hedge-fund manager John Paulson is among investors pushing for Canadian miner Detour Gold Corp. to put itself up for sale, citing stock losses amid managerial missteps.
In a letter to the Toronto-based company’s board, Paulson & Co. said directors had “failed to recruit and oversee a management team capable of operating the Detour Lake mine in a manner that delivers returns to shareholders.” The letter, a copy of which was obtained by Bloomberg, was signed by John Paulson and Marcelo Kim, a partner at the firm.