Investor joins John Paulson’s push for gold mining firm’s sale

July 21st, 20189:30 am @

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A Canadian gold-miner is facing mounting pressure from New York hedge funds to put itself on the block.

Hedgie John Paulson has been pushing Detour Gold to consider a sale after learning last week that the mining company received interest from a potential buyer.

Paulson’s hedge fund, Paulson Co., threatened to call a special meeting to overhaul the board to induce the company to explore a sale process. The hedgie’s crusade is getting support from another Detour investor.

New York-based Van Eck, which holds 12.5 percent of Detour’s shares, said Friday that following a “history of a number of failures,” it also wants Detour to consider a sale, Bloomberg reported.

The news comes as Bloomberg also reported Friday that Canadian-based Barrick Gold was the potential buyer that expressed interest in Detour.

Reps from Detour and Paulson declined comment on the Barrick report.

Article source: https://nypost.com/2018/07/20/investor-joins-john-paulsons-push-for-gold-mining-firms-sale/