MININGPaulson pares gold stakes

John Paulson, the US hedge fund manager seeking to reverse record losses in 2011, scaled back positions in AngloGold Ashanti and Gold Fields in the first quarter, it emerged yesterday, as producers of the metal drove dips in his largest hedge funds. Paulson & Co, of which Paulson is the president, sold 1.1 million of its US depositary receipts of AngloGold Ashanti, its third-largest position, making the total value of its stake $1.2 billion (R10bn) at March 31, the New York-based firm said. – Bloomberg