gold companies comparative

According to AZX/GGB announcement, upon formation of the merged company as Bullabulling Gold Limited (BBG):

Market cap should be $A95m, JORC resource of 2.6 oz, zero JORC reserves (undergoing upgrade). Feasibility studies are undergoing, expected to be completed by end of 2011. Initial production is expected start of 2013. Cash costs per oz, not determined yet (released on completion of feasibility studies.

So how does this compare with non-producer peer companies in the Eastern Goldfields belt?

SXG: mkt cap of $15.9m; JORC resource of 0.6m oz; JORC reserve ZERO; status ? feasibility studies to be completed end Q3 2011 and production of 30k oz pa early 2012 (scoping studies show cash costs of $750-800 per oz); cash position of $4.2m; NPAT nil; exploration upside moderate. Debt: No
CRE: mkt cap of $87m; JORC resource of 2m oz; JORC reserve of 0.4m oz; status ? near production starting 2012 at nearly 100,000 oz pa; cash costs est. over $A1000 per oz; cash position of $8m; NPAT (half year) loss of $11m; exploration upside moderate. Debt: Yes
GOR: mkt cap of $180m; JORC resource of 1m oz; JORC reserves ZERO ; cash costs N/A (ready to commence scoping studies); status ? commencing scoping studies; cash position of $9.8m; exploration upside very high. Debt: no

What about comparison against the Eastern Goldfield producers?

SLR: mkt cap $443m; JORC resource of 3.3m oz, JORC reserves ZERO (maiden booking expected by Dec 2011); status? in production of around 100,000 oz pa; cash costs of around $650 per oz, cash position of $23m; NPAT (half year) $6m; high exploration upside with mine lifes of potentially 10 years. Debt: no.

RMS: mkt cap $431m; JORC resource of 3.55m oz, JORC reserve of 0.5m oz; status? in production of over 100,000 oz pa; cash costs of $A330 per oz (Wattle Dam) and $A860 per oz (Mt Magnet); cash position of $90m; NPAT FY11 $69m; limited exploration upside (where Wattle Dam has 2.5 years left; Mt Magnet has 6 year life; Mt Windsor and Nevade projects are at infant exploration stages). Debt: no

IGR: mkt cap $451m; JORC resource of 2.6m oz; JORC reserve of 0.5m oz; status? just started production since beginning of 2011 (produced 54,000 oz so far); cash costs of $A500; cash position of $A38m; NPAT (half year) $3.9m; mine life of 6 years; exploration upside? moderate. Debt: $26.2m

SAR: mkt cap $354m; JORC resource of 3.3m oz; JORC reserve of 0.9m oz; status? in production of 110,000-120,000 oz pa; cash costs of $680-$720 per oz; cash position of $34m; NPAT (half year) $34m; mine life of 7 years; exploration upside moderate. Debt: no

FML (not inc. CRE): mkt cap $271m; JORC resource of 2.3m oz; JORC reserve of 0.3m oz; status? in production of 80,000 oz pa; cash costs of $A981 per oz; cash position of $45m; NPAT (half year) of $6.2m; exploration upside high. Debt: no

RECENT CORPORATE ACTIVITY:

- Chinese gold company takes 70% of GDO
- SBM attempted to takeover CAH
- CAH merges with CQT
- FML takes over CRE
- ADU merges with Endeavour Mining
- GGB attempts to takeover AZX
- takeover failed and replaced with revised merger BBG
- SBM quiet on its ambitions
- talks on takeover of SLR (SLR confirms its in talks)

So what's going to happen next? I think it would be interesting to see the gold industry post-merger completion of AZX/GGB.