By Peter Ker and Jesse Riseborough
Sydney Morning Herald
The world’s most influential mining investor has accused goldminers of having an appalling record of value destruction, urging the sector to adopt an industry-wide reporting system to standardise costs and root out the culture of over-promising.
Evy Hambro, the head of BlackRock’s natural resources fund, launched the attack — which is not his first critique of the gold sector — during a conference in London on Tuesday.
His comments are particularly relevant to Australia’s biggest listed goldminer, Newcrest Mining, in which BlackRock is the biggest shareholder, and which has missed guidance several times in the past 18 months.