Indeed Bade seems fairly bearish on gold and the miners
The Major Gold Producers and a review of the article
We are on record as arguing that this is a sector steeped in mediocrity. The sector has focussed on production and per ounce valuations for too long and will be forced to focus on shareholders’ returns as competition increases for the investor dollar.
A good appendix at the end trending return on shareholders' funds.
The Major Gold Developers
Of course a turn and upward trend in gold prices may see leverage come back to marginal stocks
Gold Producers reviewed
| African Barrick Gold |
| Agnico Eagle |
| Alacer Gold |
| Alamos Gold |
| Allied Nevada Gold |
| AngloGold Ashanti |
| Apex Minerals |
| Argonaut Gold |
| Atna Resources |
| Aura Minerals |
| AuRico Gold |
| Aurizon Mines |
| Avocet Mining |
| B2 Gold |
| Banro Corp |
| Barrick Gold |
| Besra Gold |
| Brigus Gold |
| Buenaventura |
| Centamin Egypt |
| Centerra Gold |
| CGA Mining |
| China Gold International |
| Coeur D'Alene Mines |
| Crocodile Gold |
| DRD Gold |
| Dundee Precious Metals |
| Dynacor Gold Mines |
| Eldorado Gold |
| Endeavour Mining |
| Evolution Mining |
| Gold Fields |
| Gold One |
| Gold Resource Corp |
| Goldcorp. |
| Golden Star Resources |
| Gryphon Gold |
| Harmony Gold Mining |
| High River Gold Mines |
| Highland Gold |
| IAMGOLD |
| Jaguar Mining |
| Kingsgate Consolidated |
| Kingsrose Mining |
| Kinross |
| Lake Shore Gold |
| Luna Gold |
| Mandalay Resources |
| McEwen Mining |
| Medusa Mining |
| Nevsun Resources |
| New Dawn Mining |
| New Gold Inc. |
| Newcrest Mining |
| Newmont Mining Corp. |
| Nord Gold |
| Northern Star Resources |
| Oceana Gold |
| Orvana Minerals |
| Osisko Mines |
| Pan African Resources |
| Perseus Mining |
| Petropavlovsk |
| Polymetal Intl |
| Polyus Gold |
| Primero Mining |
| Ramellius Resources |
| Randgold Resources |
| Red 5 Limited |
| Regis Resources |
| Resolute Mining |
| Richmont Mines |
| Rio Alto Mining |
| St Andrew Goldfields |
| St Barbara |
| San Gold Corp |
| Saracen Minerals |
| SEMAFO |
| Signature Metals |
| Silver Lake Resources |
| Tanami Gold |
| Teranga Gold Corp |
| Timmins Gold |
| Troy Resources |
| Unity Mining |
| Veris Gold |
| Yamana Gold |
| As a result of our analysis, we would focus on Nevsun Resources (NSU-TSX), Dynacor |
| Gold (DNG-TSX), Gold Resource Corp |
| (MND-TSX) and would pay close attention to updates from Argonaut Gold (AR-TSX), |
| Northern Star Resources (NST-ASX), Rio Alto Mining (RIO-TSX/BVL), Teranga Gold |
| (TGZ-TSX/ASX), Timmins Gold (TMM-TSX/TGD-NYSE) and Veris Gold (VG-TSX). |
Developers Reviewed
| Ampella Mining (AMX-ASX) | Lydian International (LYD-TSX) |
| Azimuth Resources (AZH-ASX) | Midway Gold (MDW-TSX-V) |
| Atacama Pacific (ATM-TSX-V) | Millennium Minerals (MOY-ASX) |
| Azumah Res. (AIM-ASX/AZR-TSX) | Noble Mineral Res. (NMG-ASX) |
| Batero Gold (BAT-TSX-V) | Orezone Gold (ORE-TSX) |
| Beadell Resources (BDR-ASX) | Oromin Exploration (OLE-TSX) |
| Brazilian Gold (BGC-TSX-V) | Papillon Resources (PIR-ASX) |
| Canaco Resources (CAN-TSX-V) | Paramount Gold (PZG-TSX) |
| Carpathian Gold (CPN-TSX) | PMI Gold (PMV-ASX/PVM-TSX) |
| Chesser Resources (CHZ-ASX) | Premier Gold Mines (PG-TSX) |
| Colossus Minerals (CSI-TSX) | Probe Mines (PRB-TSX) |
| Continental Gold (CNL-TSX) | Rainey River Resources (RVS-TSX) |
| Crusader Resources (CAS-ASX) | Riverstone Resources (RVS-TSX) |
| Dalradian Resources (DNA-TSX) | Robex Resources (RBX-TSX) |
| Detour Gold Corp (DGC-TSX) | Robust Resources (ROL-ASX) |
| East Asia Minerals (EAS-TSX-V) | Romarco Minerals (R-TSX) |
| Eco Oro Minerals (EOM-TSX) | Roxgold (ROG-TSX-V) |
| Exeter Res. (XRC-TSX/XRA-NYSE) | Sabina Gold & Silver (SBB-TSX) |
| Gabriel Resources (GBU-TSX) | Sihayo Gold (SIH-ASX) |
| Golden Predator (GPD-TSX) | Sulliden Gold (SUE-TSX) |
| Gold Road Resources (GOR-ASX) | Sunward Resources (SWD-TSX) |
| Golden Rim Resources (GM-ASX) | Tanzanian Royalty (TNX-TSX-NYSE) |
| Glory Resources (GLY-ASX) | Torrex Gold Resources (TXG-TSX) |
| Gt. Basin Gold (CBG-TSX)/NYSE/JSE) | Victoria Gold (VUT-TSX-V) |
| Guyana Goldfields (GUY-TSX) | Vista Gold (VGZ-TSX/NYSE) |
| Intl. Tower Hill (ITH-TSX/THM-NYSE) | Volta Resources (VTR-TSX) |
| Keegan Resources (KGN-TSX/NYSE) |
| In terms of the companies reviewed in this document, we believe that Brazilian Gold |
| (BGC-TSX-V), Crusader Resources (CAS-ASX), East Asian Minerals Corp (EAS-TSX-V), |
| Gold Road Resources (GOR-ASX), Millennium Minerals(MOY-ASX), and Robust |
| Resources (ROL-ASX) might offer some value. |
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