| The PMQ Q4 ’07 is being presented to clients Jan.’08. In summary:
Majors came off a dynamic Q4 with improved valuations as the market
sought quality in scale/growth. Barrick, Goldcorp saw solid
pipeline-based growth;, Anglogold & Gold Fields remain impacted buy high
SA cost structures.
Junior majors/Tier 1s such as Kinross focused (and are being rewarded
for) strong growth and lower costs.
Mid.tiers had a mixed quarter with top ranked/quality snr.mid.tiers
like AEM; YRI; RRS seeing significant upward revaluations based on high
growth low risk & moderate-low cost production.
Mid.tiers such as AGI; GAM; SMF; HRG; CG; NSU etc. all stumbled over
operations/country risk reminding the market of the need for stable
growth & operations in low risk jurisdictions.
Junior mid.tiers such as ARZ RBI did well with modest 100-200
K.oz.production & stable low risk growth.
The juniors saw breakout stars such as Detour; Osisko; red Back mimic
mid.tiers in their tight growth/quality focus.
Who is to break out of the pack next? Producers to watch include: the
segment leaders: ABX; G; K; AEM; YRI; RRS; but also juniors DET: OSK;
RBI; etc.
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