ZURICH (Mineweb.com) --Goldcorp [GG] investors were rattled today by news that two executives had quit; apparently because of disagreements about marketing strategy following a decision by chief executive, Rob McEwen to sell the company’s bullion holdings as well as a significant personal position in the stock at the end of last year. Chief operating officer, Bruce Humphrey and senior vice president, Chris Bradbrook are leaving the company next month. The terse announcement overshadowed otherwise positive financial results for the first quarter, and explains why the company cancelled its scheduled presentation to investors in Zurich. The company earned 9 cents a share, or $17.3 million, for the quarter on production of 159,327 ounces of gold at a total cash cost of $100/oz. Notably, McEwen has made good on a pledge earlier this year to rebuild the company’s bullion holdings. The company withheld one third of its gold production from sale. Investors interpreted December’s sales as a timing and value call on Goldcorp and gold by McEwen, who has developed a reputation as a gold guru. The resultant heavy sell-off was hardly a surprise and the subsequent decay, combined with a general flight in the face of a sagging gold price, has pushed Goldcorp below $12 per share in New York – its lowest level since last August. The bullion and stock sales apparently sparked tension within Goldcorp because they conflicted with heavy corporate promotion of investing in gold for the long term based on interpretations of macro-economic conditions. McEwen later confirmed to Dow Jones that the departures were sparked by disagreements about how the company should be grown “among other things.”
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