Major Companies - GoldVal.com - World Gold Mining & Silver Mining Companies - Gold Silver Comparative Analysis Gold Shares Silver Shares

Major / Senior Companies

Gold companies may be classified as Majors, Intermediates or Juniors by their levels of gold production. A suitable production level to separate Majors from Intermediates is an annual production level of 0.5 million ounces. Using this criteria, the following companies - of those covered by GoldVal.com - would be regarded as Major Producers:

Listed "Major" Gold & Silver Companies - Annual Oz> 0.5 Moz
Listed in Order of Annual Production
Includes Au Equivalents
	Company	Exchange	Code	Price	Currency	M.Cap.	Annual
				Local		(US$m)	Ounces (m)

1	BARRICK	TSX	ABX	41.45	C$	39 694	7.616
2	NEWMONT	NYSE	NEM	48.42	US$	23 759	6.860
3	ANGLOGOLD ASHANTI	JSE	ANG	310.00	R	15 128	4.752
4	GOLD FIELDS	JSE	GFI	100.98	R	9 593	3.952
5	GOLDCORP	TSX	G	41.51	C$	29 623	2.484
6	KINROSS	TSX	K	20.74	C$	14 045	2.150
7	BUENAVENTURA	NY	BVN	36.11	US$	9 953	1.555
8	NEWCREST	ASX	NCM	36.17	A$	16 176	1.508
9	HARMONY	JSE	HAR	78.20	R	4 489	1.494
10	YAMANA GOLD	TSX	YRI	12.15	C$	8 670	1.259
11	IAMGOLD	TSX	IMG	17.36	C$	6 226	0.976
12	POLYUS	LSE	PLZL	29.20	US$	11 133	0.954
13	LIHIR	ASX	LGL	3.29	A$	7 205	0.933
14	FRESNILLO	LSE	FRES	8.11	Pd	9 468	0.878
15	PAN AMERICAN SILVER	TSX	PAA	26.02	C$	2 209	0.706
16	CENTERRA GOLD	TSX	CG	13.31	C$	3 042	0.664
17	POLYMETAL	LSE	PMTL	10.02	US$	4 002	0.542

	TOTALS					214 416	39.283

*Note: Estimates as at 15 January 2010*

However, the gold companies can also be classified according to Market Capitalisation or Enterprise Value. As will be seen, there are a number of valuable gold companies which currently have relatively low levels of gold (or Equivalent) production – or even zero production. Such companies are obviously deemed to have potential to benefit substantially from future gold production – and the Market Value is likely to be based on that future potential. GoldVal.com will therefore, initially, identify the category of gold company by its current Market Capitalisation. A listed gold company will be regarded as a “Senior” Gold Company if the Market Capitalisation is in excess of US$2000m. The following Senior gold companies are covered by GoldVal.com:

Listed "Senior" Gold & Silver Companies - Market Cap. > $2000m
Listed in Order of Market Capitalisation
Includes Au Equivalents
	Company	Exc	Code	Price	Currency	M.Cap.	Annual
				Local		(US$m)	Ounces (m)

1	BARRICK	TSX	ABX	41.45	C$	39 694	7.616
2	GOLDCORP	TSX	G	41.51	C$	29 623	2.484
3	NEWMONT	NYSE	NEM	48.42	US$	23 759	6.860
4	NEWCREST	ASX	NCM	36.17	A$	16 176	1.508
5	ANGLOGOLD ASHANTI	JSE	ANG	310.00	R	15 128	4.752
6	KINROSS	TSX	K	20.74	C$	14 045	2.150
7	POLYUS	LSE	PLZL	29.20	US$	11 133	0.954
8	BUENAVENTURA	NY	BVN	36.11	US$	9 953	1.555
9	GOLD FIELDS	JSE	GFI	100.98	R	9 593	3.952
10	FRESNILLO	LSE	FRES	8.11	Pd	9 468	0.878
11	AGNICO EAGLE MINES	TSX	AEM	59.84	C$	9 118	0.476
12	YAMANA GOLD	TSX	YRI	12.15	C$	8 670	1.259
13	ELDORADO GOLD	TSX	ELD	15.21	C$	7 947	0.356
14	RANDGOLD RESOURCES	LSE	RRS	50.70	Pd	7 433	0.476
15	LIHIR	ASX	LGL	3.29	A$	7 205	0.933
16	IAMGOLD	TSX	IMG	17.36	C$	6 226	0.976
17	SILVER WHEATON	TSX	SLW	17.81	C$	5 929	0.279
18	HARMONY	JSE	HAR	78.20	R	4 489	1.494
19	POLYMETAL	LSE	PMTL	10.02	US$	4 002	0.542
20	RED BACK MINING INC	TSX	RBI	17.39	C$	3 919	0.321
21	FRANCO-NEVADA	TSX	FNV	30.04	C$	3 278	-
22	PETROPAVLOVSK	LSE	POG	10.71	Pd	3 177	0.494
23	CENTERRA GOLD	TSX	CG	13.31	C$	3 042	0.664
24	OSISKO	TSX	OSK	8.40	C$	2 749	-
25	PAN AMERICAN SILVER	TSX	PAA	26.02	C$	2 209	0.706
26	CENTAMIN EGYPT	LSE	CEY	1.32	Pd	2 186	-

	TOTALS					260 153	41.685


*Note: Estimates as at 10 January 2010*

Although there is some correlation between size of gold production and size of a gold company based on Market Capitalisation, the level of gold production alone is by no means a true measure of value. The above table shows quite a different ranking to that based on production. GoldCorp, for example, moves to 2^nd place on the Market Capitalisation table instead of 5^thplace on the Gold Production table. Harmony moves from 9^th position to 18^th position. Agnico Eagle, does not feature on the list based on production but is 11^th on the Market Capitalisation table – higher than several companies that produce much more gold.

To avoid the exclusion of valuable companies that do not meet the production size criteria to rank as “Major” companies or “Intermediate” companies, GoldVal.com will tend to favour the use of the terms : Senior (above $2000m), Mid-Cap ($500m to $2000m), and Junior ($100m to $500m) Gold Companies ranked by Market Capitalisation.

Any errors or omissions? Please let us know at comment@goldval.com.