Here’s why John Paulson has protesters outside his house every Sunday
It’s not easy being John Paulson on Sunday mornings: For the past seven Sundays in a row, a group of protesters have taken to gathering in front of his townhouse on the Upper East Side of Manhattan, calling on him to withdraw his investment in Canada’s Gabriel Resources (TSE:GBU) – the company behind the proposed Rosia Montana gold mine in Romania.
As reported by New York Magazine, protesters stand in front of the 28,5000-square-foot home, hoping to get a reaction from the hedge fund billionaire – or at least to annoy him.
With a 16% stake in Gabriel Resources’, Paulson is the controversial miner’s biggest individual investor. According to New York Magazine, Paulson believes that without the Rosia Montana mine, Romanian development would be “stunted and its people would remain impoverished.”
Gabriel Resources has been fighting for approval for its gold mine – which would become Europe’s largest – for 14 years now. Earlier this week a parliamentary commission rejected the project, but proposed a new legal framework for reviewing mining applications in the country. Gabriel sees this as a step forward, not an outright rejection.
Other high-profile investors in Gabriel include Seth Klarman and Beny Steinmetz – also known for his involvement in the Simandou scandal.