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.
The Canadian Press reports a group of shareholders in junior miner Ursa Major Minerals is looking to gather support for a bid to oust the company’s board over the underperformance of its stock on the Toronto Stock Exchange.
Merchant bank Forbes & Manhattan Inc. and Inspiration Mining Corp., which is Ursa Major’s largest shareholder, said Tuesday they have filed a dissident proxy circular seeking backers for a move to elect new directors at an annual meeting June 23.
“Ursa Major’s share price has fallen more than 92 per cent over the last seven years, while the S&P/TSX Capped Diversified Metals & Mining Index has increased over 523 per cent in the same period,” Forbes & Manhattan chief operating officer George Faught said in a statement.
