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South American Silver Corp	Zanaga Iron Ore Company
Hambledon Mining	Allied Gold Mining
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62% increase in NPV

Mining | published 20/12/2010

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Resources - Mining sector team

Latest research

Cheap acquisition

Update | Mining | 03/02/2012

Since the arrival of CEO Philip Kotze on 1 August 2011, Wits Gold has redefined its strategies on exploration and project building to include acquisitions.…

District scale nickel?

Outlook | Mining | 03/02/2012

While Amur pursues final approval for its Kun-Manie mining licence with the Russian authorities, recent exploration results achieved over its lease area…

27% discount to peers

Update | Mining | 02/02/2012

On 27 January, African Barrick (ABG) announced a four-fold increase in resources at its 100% owned Nyanzaga Project (comprising the Tusker and Kilimani…

Growing clarity

Update | Mining | 31/01/2012

Red Rock Resources has continued its transition in 2011 away from a holding company function towards an owner-operator one. As such, it begins 2012 with…

Dubbo very robust

Update | Mining | 26/01/2012

Media attention concerning the rare earth group of elements has dragged negative sentiment towards Alkane’s flagship Dubbo Zirconia Project (DZP).…

Research methodology

Of all of the market’s sectors, natural resources is probably the most uniquely empirical and also the most given to purely objective analysis. As such, we do not believe that there is such a thing as an expensive share – just one that discounts certain future events, be it exploration success or a higher commodity price or whatever. But that does not mean that analysts should slavishly attempt to quantify everything – especially the unquantifiable. For example, we do not believe in prejudicing our research by applying an arbitrarily high discount rate just because a company operates in a politically unfashionable part of the world. That is for individual investors to put their own price on. Instead, we start by assuming that a project will be successfully developed and then analysing to what extent reality must fall short of expectations before it is compromised. This, we believe, is the true meaning of independent research.