Paulson says gold mine co. produces lead

John Paulson may be losing his Midas touch.

The billionaire hedgie behind Paulson & Co. — who famously pocketed $4 billion after betting against subprime mortgages ahead of the housing crisis — fired off yet another testy letter on Tuesday to shareholders of a Canadian gold mine, complaining that directors have ignored his pleas to put the company up for sale.

Paulson & Co., which manages $9 billion — down from a 2011 peak of $38 billion — has a 5.4 percent stake in the gold mine, Detour Gold, and wants to replace the board with its eight nominees.

With its position recently slipping into the red and it now pushing to replace all the board members, the hedge fund, invested in the gold mine for nine years, and Detour Gold brass no longer have a “very constructive” relationship, Paulson partner Mar- celo Kim told The Post. The ties may have soured as Detour Gold shares fell 30 percent this year, to $10.37. They rose 2 percent on Tuesday.

“The board must be held accountable for the value destruction, disregard for shareholders, poor disclosure practices, failing leadership and culture of entitlement at Detour Gold over many years,” Paulson and Kim wrote in Tuesday’s letter.

The hedge fund laments that its nine years as a loyal shareholder ha- ven’t won it any respect. Amid underperformance, Paulson & Co. began pushing the mining company in July to revamp its board with Paulson’s nominees and contemplate a sale.

The hedgies noted that Detour Gold’s recent decision to add three new board members was “concerning” given that companies under activist attack often make “modifications around the edges.”

Detour Gold reps declined to comment.