Gold
miners risk becoming a “barbarous relic” to equity investors unless
they return more money to shareholders, a leading precious metals
investor has warned.
Evy Hambro, who manages the emblematic commodities funds of BlackRock that together have more than $7bn in gold-related assets, said the gold mining industry had focused on growing production at the expense of increasing profits.
The warning comes after the share price of Barrick Gold fell to a 20-year low last week, losing its crown as the world’s largest gold miner by market value to GoldCorp.
“Gold miners will become a barbarous relic without change,” he told an audience in London as BlackRock celebrated the 25th anniversary of its flagship Gold & General Fund. The vehicle, with has $2.5bn in assets alone, is the world’s largest of its kind.
More here
Evy Hambro, who manages the emblematic commodities funds of BlackRock that together have more than $7bn in gold-related assets, said the gold mining industry had focused on growing production at the expense of increasing profits.
The warning comes after the share price of Barrick Gold fell to a 20-year low last week, losing its crown as the world’s largest gold miner by market value to GoldCorp.
“Gold miners will become a barbarous relic without change,” he told an audience in London as BlackRock celebrated the 25th anniversary of its flagship Gold & General Fund. The vehicle, with has $2.5bn in assets alone, is the world’s largest of its kind.
More here
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