Veteran investor Marc Faber has resigned his board seats at three companies based in Canada on Tuesday following comments he made in his investment newsletter that America was better off because it was settled by white people instead of black people.
Late Tuesday, Vancouver-based mineral exploration and development company Ivanhoe Mines Ltd. was the latest firm to accept Faber's resignation after Toronto-based Sprott Inc. and Vancouver-based Novagold Resources Inc. announced his departure earlier in the day.
In his October Gloom, Boom and Doom Report newsletter, Faber wrote, "Thank God white people populated America, and not blacks. Otherwise, the U.S. would look like Zimbabwe, which it might look one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority."
Faber provided a copy of the newsletter to The Canadian Press and wrote in an email that "if stating some historical facts makes me a racist, then I suppose that I am a racist. For years, Japanese were condemned because they denied the Nanking massacre."
Ivanhoe Mines said in a statement Tuesday that it "deplores" the views about race Faber published in his investment newsletter.
"Values of equality, respect and dignity for all people are a fundamental underpinning of the company's enterprise and the conduct of every aspect of its business," the statement said. "There is zero tolerance for racism."
Sprott chief executive Peter Grosskopf called Faber's comments in the newsletter deeply disappointing and completely contradictory with the views of Sprott and its employees.
"We pride ourselves on being a diverse organization and comments of this sort will not be tolerated," Grosskopf said in a statement.
"We are committed to providing an inclusive workplace for all of our employees and we extend the same respect to our clients and investors."
The investment management firm said Faber has stepped down effective immediately.
Precious metals company Novagold announced Faber's departure, but did not address the comments in his investment newsletter.