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Paulson urges underperforming Detour Gold to seek a buyer

Section: Daily Dispatches

By Danielle Bochove
Bloomberg News
Friday, June 22, 2018

Billionaire hedge-fund manager John Paulson is among investors pushing for Canadian miner Detour Gold Corp. to put itself up for sale, citing stock losses amid managerial missteps.

In a letter to the Toronto-based company's board, Paulson & Co. said directors had "failed to recruit and oversee a management team capable of operating the Detour Lake mine in a manner that delivers returns to shareholders." The letter, a copy of which was obtained by Bloomberg, was signed by John Paulson and Marcelo Kim, a partner at the firm.

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Paulson & Co., whose $9 billion in assets includes a 5.4 percent stake in Detour, wants the board to explore all strategic alternatives, including a sale. Those sentiments were echoed by other shareholders, including Franklin Templeton, Mackenzie Investments, Tocqueville Asset Management, and VanEck. ...

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