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Paulson fund hits out at miners

Marcelo Kim, a partner at Paulson & Co, let fly with both barrels during his keynote speech at the Denver Gold Forum in Colorado Springs, Colorado, accusing the world’s top gold mining companies of “serial value destruction”.

Paulson fund hits out at miners Paulson fund hits out at miners Paulson fund hits out at miners Paulson fund hits out at miners Paulson fund hits out at miners

In a presentation titled, Gold Equities: Myths, Dreams and Reality, he blasted the dreadful shareholder returns generated by the world’s 13 largest publicly traded gold companies, naming names and pointing the finger. The gold price had increased 20% since 2010 yet average total shareholder returns in the top 13 producers were minus-65%. Despite this, CEOs pocketed an aggregate of US$550 million in pay over the 2010-2016 period.