Gold miners have just raised their highest ever quarterly proceeds from share sales, with a prolonged rally in bullion prices attracting a range of investors seeking extra profit by betting on the companies that produce the metal.
Zijin Gold International Co.’s $3.2 billion initial public offering in Hong Kong — one of the largest this year — accounted for almost half of the $6.7 billion raised by the sector through new listings, placements and block trades in the three months to the end of September, according to data compiled by Bloomberg.
The bounty reverses a years-long trend that saw gold miners’ stocks lagging the metal itself. Investors shunned the sector after companies burned through billions of dollars on failed acquisitions, cost inflation and operational hiccups. Now, with healthier balance sheets and prices climbing at a speed not seen in decades, equities are once again viewed as a…
