Not sure there is only one major issue ... Investors react to...

Not sure there is only one major issue ...

Investors react to the new Philippine president (Didipio, their flagship mine is sitting there), who seems to prioritise the health of the environment to miners making money:
http://www.bloomberg.com/news/artic...dent-elect-duterte-warns-mines-on-environment

Many investors used to feel as well that they paid too much for their new US assets (Haile gold mine).

and some (well, me) don't like the arrogance of current board and management - they forgot their NZ roots and care these days a s**t for minor and non US shareholders.

What reason to still buy them but gold exposure, and if that's what you want there might be better options as well?

Discl: don't hold anymore, but seem to be unable to change ...