Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Billionaire George Soros isn’t waiting around to see if this year’s surge in gold-mining shares will last.
Soros Fund Management LLC, which took a $263.7 million stake in Barrick Gold Corp. in the first quarter, cut its holdings in the world’s biggest producer of the metal by 94 percent in the ensuing three months, a U.S. regulatory filing showed Monday. After climbing 169 percent in the year through June, its best-ever performance for the period, Barrick shares have slipped from a three-year high reached last month.
Barrick, Soros’s biggest holding in the first quarter, was the investor’s biggest sale in the second quarter.
