Nuggets of Value Seen in Canada's Midtier Gold Miners

Source: Reuters, Julie Gordon (7/23/12)

"Midtier miners with low cash costs and affordable, near-term development projects offer good value in the current market."

Reuters, Julie Gordon

While the world's top gold miners struggle to contain soaring capital costs at multibillion-dollar mega-projects, their midtier counterparts are quietly building output through smaller mines at a fraction of the cost.

That means shares of Canada's Yamana Gold Inc (YRI.TO), Alamos Gold Inc AGI.TO and other mid-tier firms are outperforming the Toronto Stock Exchange's S&P/TSX Global Gold index, which has fallen more than 24% this year as gold prices stagnate and costs rise.

"Investors want to see gold companies stop building projects that don't make sense," said Darren Lekkerkerker of Pyramis Global Advisors, a Fidelity Investments company. "They do want to see growth, but they want to see it delivered and they want to see it deliver value."

The portfolio manager, who co-manages the Fidelity Global Natural Resources fund, is bullish on gold. He said midtier miners with low cash costs and affordable, near-term development projects offer good value in the current market.

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