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The Real Cost of Growth for Gold Miners Part 1

By Cipher Research

In the Real Cost of Mining Gold we examine cost reporting in mining which can be made obscure by conventionally used non–GAAP measures. We standardized and reviewed the financial ratios of seven major mining companies historically and rated them based on cash adequacy and operational health.

In The Real Value of Gold in The Ground we studied 253 gold M&A transactions from the period 1990-2013 and applied Comparable Transactions Method to benchmark the value of an ounce of gold in the ground to be used in our project valuations.

In this series we turn our attention to growth in the gold mining sector, the most active of which, occurs at the Mid-Tier level. Mid-Tier companies emerge and grow as producers employing one or some combination of the following strategies:

Ø  Identify, explore and develop one or several properties all the way through to production

Ø  Acquire one or consolidate several advanced stage properties and develop through to production

Ø  Acquire an existing mine or consolidate several existing mines

Here we study the growth of eight Mid-Tier gold companies: B2Gold (TSX:BTO), New Gold (TSX:NGD), Endeavour Mining (TSX:EDV), Oceana Gold (TSX:OGC), Primero Mining (TSX: P), Newmarket Gold (TSX:NMI) , Teranga Gold (TSX:TGZ), and Alamos Gold (TSX:AGI).

read more.......


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