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.
When Joe Foster cleared customs at Melbourne’s Tullamarine Airport in February, it was the first time in 15 years that an Australian immigration stamp had adorned his passport.
Life as the world’s biggest active gold investor is busy, and despite producing more gold than all nations except China, Australia had simply not warranted his attention since the turn of the millennium.
“There weren’t enough gold companies in Australia to justify a trip and the expense of going all the way down there,” says Foster, who runs several gold funds for New York investment giant Van Eck.
