Take the money and run: investors cash in on gold deals
With gold up near $US3300 an ounce, miners have a licence to print money. But what is that licence worth? Investors are more pragmatic than you’d think.
For all the bullishness about gold, the price of gold and the price of gold miners’ shares, it is funny how even gold bugs can be willing sellers.
Take $3.7 billion takeover target Gold Road Resources, a Perth mid-cap gold play whose claim to fame is a 50 per cent non-operating stake in the Gruyere gold project – an operating mine that has produced more than 1.5 million ounces in the past five years.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
