Several major guru investors received some unpleasant news about a mine closure at Agnico Eagle (NYSE:AEM).
John Paulson, George Soros and Jean-Marie Eveillard own large stakes of AEM as the shares have been battered for close to 20% today.
Agnico-Eagle was forced to indefinitely suspend operationsgold stocks face as mining is certainly the toughest business around. With political, environmental and engineering problems, gold companies have had a difficult time keeping up with the pace of gold price increases over the past decade.
For John Paulson in particular, the AEM closure is just more bad news in what has been a horrendous year. Paulson was badly burned on the Sino-Forest fraud and losses at Bank of America. Last quarter Paulson purchased 700,000 shares of AEM at an average price of $64. The losses from the AEM closure are over $1 billion dollars. This only adds to the 37% loss that most of Paulson's funds experienced in 2011 thus far.
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