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Hedge Funds Lose Big After $AEM Closes Goldex Mine

Several hedge fund lost big Wednesday after Agnico-Eagle Mines Ltd. (AEM) announced “it is suspending mining operations and gold production at its Goldex mine in Val d’Or, Quebec due to flooding and instability,” reported ProactiveInvestors. The company will write off the $260 million loss in its third quarter results, due October 26. Further adding to the cost of the loss is the fact that the Goldex mine was one of AEM’s lower cost operations. AEM closed Tuesday at $57.10 a share to close Wednesday at $46.51.

CHILTON INVESTMENT COMPANY

The following hedge funds lost the most on the news:

1. Chilton Investment Company – Richard Chilton: Lost $20.8 million

2. First Eagle Investment Management – Jean-Marie Eveillard: Lost $16.7 million

3. Tetrem Capital Management – Daniel Bubis: Lost $14.9 million

4. Paulson & Co – John Paulson: Lost $7.4 million

5. Royce & Associates – Chuck Royce: Lost $6.5 million

6. Sun Valley Gold – Peter Franklin Palmedo: Lost $6.4 million

7. Renaissance Technologies – Jim Simons: Lost $5.2 million

8. Bristol Investment Partners – Trey Reik: Lost $3.6 million

9. Libra Advisors – Ranjan Tandon: Lost $3.5 million

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in AEM since the end of June. We did not take into account their option positions.

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