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Mineweb/Sergeant: World' top 100 gold stocks: a little shabby, but strong enough

posted on Jul 13, 2009 05:54AM

World's top 100 gold stocks: a little shabby, but strong enough

Gold bullion has taken a bit of a beating, allowing investors to show which listed gold stocks get the most votes during a tough patch.

Author: Barry Sergeant
Posted: Friday , 10 Jul 2009
JOHANNESBURG -
Gold bullion, apparently now targeting USD 900 an ounce, traded briefly just above USD 980 an ounce early in June; on 3 June, global listed gold stocks, seen as a group, made multi month highs, and then retreated quite heavily. Mining stocks across all classes also made multi month highs on 3 June, and have recovered somewhat from lows seen on 23 June, dragging gold stocks upwards from those lows, for now at least.
During a downtrend, as always, investors tend to stick with quality, which seems to remain defined, as always, as a moveable feast. Among Tier I global gold miners, Australia-based Newcrest and South Africa-based AngloGold Ashanti rank among the best performers. Newcrest is quality by any name; in the nine months to March this year, its cash costs were at USD 347 an ounce, against a 2008 global average of USD 467 an ounce. According to its own calculations, Newcrest offers among the most superior returns on capital, and on investment, within the global Tier I gold environment.
AngloGold Ashanti has restructured and caught the attention of a wider pool of investors on 17 March when Anglo American, AngloGold Ashanti's erstwhile parent company, announced a final exit sale in which USD 1.28bn was realised for Anglo American; the stock in that deal was bought by Paulson & Co Inc. Anglo American has been selling down its AngloGold Ashanti holding for well over a year, including a sell down of USD 434m earlier this year.
Paulson & Co Inc. famously scored gains of USD 3.7bn betting against (mainly US) banks in 2007 and 2008. On the latest count, Paulson & Co Inc. also holds around 10% of the SPDR Gold Shares ETF, equal to about 111 tonnes of physical metal. Paulson & Co Inc. also holds stakes in Gold Fields, Kinross, both global Tier I gold diggers, and Centamin Egypt, recently a mover into the gold producer classification. The three stocks, along with AngloGold Ashanti, rank among the world's better-performing gold stocks.
Among global Tier I gold stocks, however, China's Zijin ranks as top performer, from a pricing viewpoint. The supporting subtheme here is found in the general level of Chinese stocks, which made fresh 12-month highs this week, as seen in the current levels of both the Shanghai Composite and also the widely-based CSI 300.
Chinese stocks generally are performing very well indeed, creating what may be described as a two-tier global listed mining stocks universe. Among gold names, the superb performance noted for Zijin has been about matched by some smaller names such as Shandong Gold, Zhongjin, and Hunan Chenzhou, which all rank among the world's top 10 best performing gold stocks.
Looking more broadly at gold stock favourites, and at stocks with a minimum market value of at least USD 10m, the presence of top performing names with attractive stories, not least unexpectedly good drill results, remains a strong theme. Australia's Sandfire Resources stands out as an exceptional story here, with ongoing upbeat results from work at its DeGrussa discovery, part of its 100%-owned Doolgunna Project.
Among stocks more at the micro level, there has been strong demand for Chalice Gold, involved with a subsidiary of Teck at the Gnaweeda gold project in the northern Murchison province of Western Australia. Canada's Golden Odyssey has also been in strong demand, no doubt on interest shown in the recent drilling programme start up at Dome South, five kilometers north east of Smithers, B.C., and about two kilometers from the former big producing Dome Mountain gold mine.
The recent announcement that Regis Resources's 100% owned Duketon gold project in Western Australia will be developed into a 145,000 ounce a year gold mine, with a proposed capital outlay of AUD 125m, has put fire under this stock price. Meanwhile, US Gold Corp. has shone out on persistently encouraging results from a silver, rather than gold, find, at its El Gallo project in Sinaloa State, Mexico.
Carpathian Gold continues to perform well, on significant ounce developments on its properties at Rovina Valley, Romania and gold-copper deposit Riacho dos Machados, in Brazil. Among strong regional themes, Moneta Porcupine, hard at work in the Timmins camp, Ontario, ranks as a top performer; also at work in the area, and ranking as outperformers can be counted Lake Shore Gold and Apollo Gold.
Another persistent subtheme among better performing gold stocks remains in place, in the form of names seen as potential candidates for real - as in the case of Moto Goldmines and Red Back - or imagined corporate action, including the likes of Seabridge, Alamos, Osisko, Andean, Lake Shore Gold, Semafo and Iamgold
Alamos recently announced that step-out drilling to the northeast of the Mulatos Pit, and on-trend with the Puerto del Aire zone, Mexico, has confirmed the presence of a new gold-mineralized zone.
Then, of course, there are those gold stocks that have build up what can be loosely described as a cult following during 2009: London-listed Australian gold digger Norseman Gold, and emerging transnational La Mancha Resources. And finally, but not least, there are those names that have apparently built up followings based on the prior track records of certain involved people, including Ventana Gold, hinged on its two Colombian projects, La Bodega (including Coloro and El Cuatro), and California-Vetas, and also the fast-rising Pelangio.
TOP 100 SELECTED GOLD MINERS

Stock

From

From

Value

price

high*

low*

USD bn

AUD 0.29

0.0%

307.1%

0.016

CAD 0.24

0.0%

1100.0%

0.010

AUD 1.50

-3.8%

2900.0%

0.098

GBP 0.05

-4.5%

180.0%

0.094

GBP 0.14

-5.1%

250.0%

0.135

CAD 0.73

-5.2%

386.7%

0.024

CNY 61.40

-6.4%

365.2%

6.394

CNY 11.10

-7.2%

195.2%

17.116

CNY 62.54

-7.2%

503.4%

7.236

0.2127

-7.5%

257.5%

0.189

CAD 31.30

-7.9%

317.3%

1.005

AUD 0.49

-9.3%

151.3%

0.049

AUD 6.40

-10.0%

190.9%

0.477

AUD 2.48

-10.5%

504.9%

0.325

CAD 8.91

-12.2%

332.5%

0.438

AUD 0.25

-12.5%

240.3%

0.079

CAD 8.92

-13.0%

154.9%

0.825

CAD 0.71

-13.4%

115.2%

0.070

USD 8.00

-13.5%

700.0%

2.520

CAD 6.52

-13.6%

365.7%

1.459

AUD 0.55

-14.1%

773.0%

0.104

CAD 1.52

-14.1%

253.5%

1.295

CAD 4.50

-14.3%

581.8%

0.422

AUD 0.48

-14.3%

242.9%

0.101

AUD 0.14

-15.6%

237.5%

0.068

CAD 2.86

-15.6%

340.0%

0.282

AUD 1.80

-15.9%

323.5%

0.627

CAD 4.30

-16.3%

465.8%

0.212

CAD 9.35

-16.4%

226.9%

1.847

CAD 2.35

-16.7%

250.7%

0.516

CAD 2.13

-16.8%

273.7%

0.471

GBP 0.72

-16.9%

65.3%

0.088

USD 2.47

-17.4%

550.0%

0.259

CAD 2.45

-18.3%

206.3%

0.074

HKD 6.44

-18.4%

47.0%

0.548

CAD 25.60

-18.7%

120.3%

2.461

CAD 2.52

-18.7%

320.0%

0.461

AUD 30.16

-18.9%

82.2%

11.310

AUD 0.10

-19.2%

410.5%

0.088

USD 2.65

-19.2%

278.6%

0.392

CAD 2.10

-19.2%

180.0%

0.452

USD 9.22

-19.9%

315.3%

3.382

CAD 2.51

-20.1%

139.0%

0.169

GBP 0.11

-20.4%

32.3%

0.019

GBP 0.32

-20.5%

2033.3%

0.089

USD 34.30

-20.5%

156.5%

12.151

AUD 0.68

-20.6%

170.0%

0.048

USD 58.90

-20.6%

164.4%

4.522

CAD 0.35

-20.7%

1280.0%

0.025

AUD 0.38

-20.8%

280.0%

0.049

AUD 2.88

-20.9%

89.5%

5.293

HKD 11.72

-20.9%

530.1%

0.661

CAD 0.30

-21.1%

500.0%

0.060

CAD 0.15

-21.1%

500.0%

0.013

CAD 1.01

-21.1%

236.7%

0.112

CAD 3.15

-21.3%

194.4%

0.152

CAD 2.00

-21.3%

471.4%

0.044

CAD 0.85

-21.3%

2025.0%

0.104

CAD 6.10

-21.9%

70.4%

0.149

AUD 0.29

-21.9%

383.1%

0.037

USD 0.39

-22.0%

289.9%

0.086

CAD 0.28

-22.2%

600.0%

0.060

AUD 0.07

-22.2%

191.7%

0.036

USD 4.47

-22.3%

123.5%

0.184

USD 8.10

-22.3%

240.3%

3.008

CAD 8.05

-22.5%

219.4%

0.405

USD 38.50

-22.7%

69.2%

1.568

CAD 3.35

-23.0%

449.2%

0.187

CAD 0.40

-23.1%

263.6%

0.016

HKD 2.73

-23.1%

241.3%

0.105

GBP 0.49

-23.4%

378.0%

0.093

AUD 0.14

-24.3%

241.5%

0.031

AUD 0.03

-25.0%

560.0%

0.091

AUD 0.26

-25.0%

88.9%

0.029

AUD 0.15

-25.0%

265.9%

0.026

CAD 3.79

-25.2%

144.5%

0.386

CAD 0.55

-25.7%

450.0%

0.040

CAD 1.56

-25.7%

420.0%

0.036

GBP 0.30

-25.9%

20.0%

0.015

AUD 0.31

-26.2%

287.5%

0.103

CAD 0.92

-26.4%

162.9%

0.013

AUD 4.86

-26.5%

105.1%

1.102

AUD 0.28

-27.3%

194.7%

0.102

ZAR 90.25

-27.8%

69.5%

7.744

CAD 3.15

-27.9%

200.0%

0.169

CAD 3.55

-28.0%

193.4%

0.080

AUD 0.18

-28.0%

260.0%

0.049

CAD 0.69

-28.1%

122.6%

0.115

USD 38.04

-28.6%

79.7%

18.220

AUD 0.29

-28.8%

185.0%

0.054

AUD 0.57

-28.8%

313.0%

0.030

CAD 1.61

-28.8%

222.0%

0.131

AUD 0.41

-28.9%

118.9%

0.149

AUD 4.04

-29.0%

111.5%

0.323

CAD 4.45

-29.4%

11025.0%

0.307

CAD 1.30

-29.7%

100.0%

0.036

USD 17.77

-29.9%

159.4%

12.346

AUD 1.00

-29.9%

563.3%

0.125

CAD 7.66

-30.3%

185.8%

0.808

CAD 5.38

-30.7%

497.8%

1.085
Averages/total

-19.6%

457.3%

137.207
Weighted averages

-20.1%

155.2%

Compare:
Top 100 global miners

-45.6%

115.8%

1250.028
* 12-month
Source: market data; tables compiled by Barry Sergeant
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