Canada's McEwen Mining aims for S&P500, sees gold on the rise
By Barbara Lewis
LONDON (Reuters) - Canadian resources magnate Rob McEwen aims to list his company McEwen Mining on the S&P 500 in two to three years' time to meet a rise he predicts in demand for gold as part of investor portfolios.
So far the only gold company listed on the S&P 500 is Newmont Mining.
"Our overriding goal is to get into the S&P 500," McEwen said, adding he aimed to achieve that in two-to-three years' time and expected an increased appetite for exposure to gold in investment portfolios.
McEwen made his fortune as the founder and former chairman and CEO of Goldcorp Inc., one of the world's largest gold producers.
He stepped down as head of Goldcorp in 2005 and his business card now describes him as chief owner of McEwen Mining, which in February this year announced it was buying Lexam VG Gold.
Reflecting his view that big bosses should not be overpaid, McEwen holds a 25 percent stake in his company but does not receive a salary.
"I think it should be tempered considerably," he said of executive pay. "They load up with options and give themselves big compensation. I think it should be one or the other, but not both."
For the first quarter, McEwen Mining reported a loss of a cent per share, which McEwen said was because of investment in new operations, including an open pit gold mine in Nevada, the United States, and copper in Argentina. Continued...