market folly

John Paulson's hedge fund firm Paulson & Co has filed a Form 4 with the SEC regarding its stake in NovaCopper (NCQ).  Per the filing, Paulson sold 70,618 shares combined on May 27th and May 31st at prices of $0.5456 and $0.51.

After these transactions, Paulson now owns 11.73 million shares of NCQ.  Paulson had also previously done some other selling in late May.  The firm owned 11.82 million NCQ shares at the end of the first quarter this year.

Per Google Finance, NovaCopper is "a Canada-based company engaged in the exploration and development of its Upper Kobuk Mineral Projects located in the Ambler mining district in Northwest Alaska, the United States. The Company's segments are Alaska, USA; Antioquia, Colombia, and Corporate and other. Its Upper Kobuk Mineral Projects consist of Arctic Project, which contains a polymetallic volcanogenic massive sulfide (VMS) deposit, and Bornite Project, which contains a carbonate-hosted copper deposit. The Company also owns interest in the Titiribi gold-copper exploration project located approximately 70 kilometers southwest of the city of Medellin, in Antioquia Department, Colombia. The Arctic Project is located in the Ambler mining district of the southern Brooks Range, in the Northwest Arctic Borough (NWAB) of Alaska. The Bornite Project is located in the Ambler mining district of the southern Brooks Range, in the NWAB of Alaska. The Bornite Project is located within the Arctic Alaska Terrane."