The conglomerate mines from WMC, Ranger Minerals, going nowhere Philippines copper project due to licensing problems, eternal Arctic Platinum project and South America mines with the sole star Tarkwa?
Oor the 70 year old behemoths portfolio with one of the mines being the biggest producer in the history of gold mining ( 100 mio ozs)?
Take a look at the 2009 and 2010 annual reports and consider the fact that in some mining jurisdictions resources means nothing more than "mineralized material in the ground" while in another resources are defined on the basis of a mining block model and the single determining factor is costs (i.e. lower costs = unlocking of all the resources now not even reported any longer).
Be prepared for a surprise.
Some currencies might have been victims of inflation-disregarding and yield seeking carry trades inflating cost figures artificially...
Who has got phony earnings with real cash outflows and who has double earnings and fcf in 1st quarter 2013. There are not many absolute value propositions in the gold mining sector.