Capitalization of the companies /September 2009/
CAPITALIZATION OF THE WORLD’S GOLD MINING COMPANIES
and calculated coefficients (as of 23-09-2009)
|
Company
|
MCap, $million
|
Reserves,
thousand ounces
|
Output.
thousand ounces
|
MCap. $/ounce
of output
|
MCap. $/ounce
of reserves (M&I)
|
|
NEWMONT MINING
|
22 157.7
|
27 951.0
|
6 255.0
|
3 542.4
|
792.7
|
|
ANGLOGOLD ASHANT
|
15 237.4
|
240 980.0
|
4 982.0
|
3 058.5
|
63.2
|
|
BARRICK GOLD
|
37 049.2
|
99 793.0
|
7 657.0
|
4 838.6
|
371.3
|
|
GOLD FIELDS
|
9 812.1
|
223 600.0
|
3 881.0
|
2 528.2
|
43.9
|
|
HARMONY GOLD
|
4 824.9
|
256 280.0
|
1 550.0
|
3 112.9
|
18.8
|
|
KINROSS GOLD
|
15 699.0
|
34 980.0
|
1 994.0
|
7 873.1
|
448.8
|
|
BUENAVENTURA
|
9 468.8
|
8 150.0
|
412.0
|
22 984.2
|
1 161.8
|
|
NEWCREST MINING
|
14 534.9
|
78 114.0
|
1 781.0
|
8 161.1
|
186.1
|
|
GOLDCORP
|
30 479.3
|
43 960.0
|
2 324.3
|
13 113.3
|
693.3
|
|
CENTERRA GOLD
|
1 682.9
|
7 626.0
|
556.0
|
3 026.8
|
220.7
|
|
LIHIR GOLD
|
6 388.8
|
36 300.0
|
882.0
|
7 243.6
|
176.0
|
|
RANDGOLD
|
6 176.8
|
20 390.0
|
428.0
|
14 431.8
|
302.9
|
|
AGNICO-EAGLE
|
10 937.7
|
3 294.0
|
276.7
|
39 529.1
|
3 320.5
|
|
IAMGOLD CORP
|
5 439.5
|
29 447.0
|
997.0
|
5 455.9
|
184.7
|
|
YAMANA GOLD
|
8 117.8
|
26 934.0
|
915.6
|
8 866.1
|
301.4
|
|
|
|
|
|
|
|
|
Average
|
|
|
|
5 674
|
174
|
CURRENT CAPITALIZATION OF THE CIS GOLD MINING COMPANIES
|
Company
|
MCap, $million
|
Reserves,
thousand ounces
|
Output.
thousand ounces
|
MCap. $/ounce
of output
|
MCap. $/ounce
of reserves (M&I)
|
|
PETER HAMBRO MIN
|
2 639.8
|
11 561.0
|
393.6
|
6 706.7
|
228.3
|
|
HIGHLAND GOLD MI
|
434.2
|
7 413.0
|
158.9
|
2 732.6
|
58.6
|
|
KAZAKHGO-GDR
|
358.4
|
46 400.0
|
133.6
|
2 682.7
|
7.7
|
|
HIGH RIVER GOLD
|
249.3
|
6 082.9
|
220.3
|
1 131.6
|
41.0
|
|
AURIZON MINES
|
681.4
|
1 856.0
|
158.8
|
4 289.9
|
367.1
|
|
POLYUS GOLD-CLS
|
8 130.3
|
110 215.0
|
1 375.0
|
5 912.9
|
73.8
|
|
POLYMETAL-CLS
|
2 803.5
|
6 916.0
|
610.0
|
4 595.9
|
405.4
|
|
Average
|
|
|
|
5 015
|
80.3
|
Capitalization of “Seligdar” OJSC
We consider the assessment of Seligdar Holding based on the coefficients of Russian analogues and of the foreign companies with substantial part of their business being related to Russian project to be feasible.
The assessment of Seligdar Holding based on the coefficients of similar companies is as follows:
|
Company
|
Capitalization
as of 20/03/2009
|
P/S |
EV / EBITDA
|
Cost/output
$/ounce
|
Cost/reserves
$/ounce
|
|
Polyus
|
8 130
|
7.48
|
10.57
|
5 913
|
73.8
|
|
Polymetal
|
2 804
|
5.58
|
13.50
|
4 596
|
405.4
|
|
Peter Hambro
|
2 640
|
5.87
|
9.34
|
6 707
|
228.3
|
|
KazakhGold
|
358.4
|
3.94
|
-
|
2 683
|
7.7
|
|
Highland Gold
|
434.2
|
2.84
|
3.42
|
2 733
|
58.6
|
|
Weighted average*
|
4.54
|
7.02
|
$5 015
|
$80
|
|
|
|
|
|
|
|
|
|
Seligdar
|
|
|
|
Output,
thousand
ounces
|
Reserves, thousand ounces
|
|
Seligdar parameters as of the end of 2009 (estimate)
|
112.5
|
4 190
|
|||
|
Estimated capitalization based on averages
|
$ Million.
|
|
564.2
|
336.5
|
|
|
Weight factors
|
|
|
|
0.5
|
0.5
|
|
Holding capitalization
|
$ Million.
|
|
450.4
|
|
|
* - total capitalization of all companies included into the table divided by the corresponding total (e.g., output)
Thus, in the opinion of the analysts of Russian Funds investment group, taking into account the growth of gold prices at the world market in 2009, the estimated capitalization of the Holding corresponds to $450 million. The weighting factors for assessment of capitalization based on output and based on reserves were assumed equal – 0.5.
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