Company

Symbol

P/E

Sales

Income

Book Value

Newmont Mining Corporation

NEM

82.20

27.50

32.75

20.80

+15%

2 billion

103.2 million

9.69B/348M

15.62

Goldcorp

GG

30.00

11.25

13.60

6.40

+310%

185.2M

65.6M

2.11B/182.2M

1.83

Barrick Gold Corp.

ABX

43.70

16.00

23.49

13.46

-10%

1.97B

193M

8.72B/542M

6.14

AngloGold Ltd.

AU

17.70

31.51

38.69

19.75

+29%

2.14B

402M

7.3B/222.3M

5.47

Harmony Gold Mining Co. Ltd

HMY

11.80

14.50

19.00

8.31

+140%

935.5M

276.3M

2.61B/174.6M

5.27

Agnico-Eagle Mines, Ltd.

AEM

222.50

13.49

17.98

9.95

+90%

110M

4M

973M/69.72M

3.13

Symbol

Dividend/share

Company Description

Insider Trading

News and Information

NEM

.16

World's #1 mining company with mines in Canada, Bolivia, Australia, Peru, Mexico, Uzbekistan and Indonesia.

$31M insider sells

Production = 8 million ounces/yr. Reserves = 86 million ounces. In the Bugos Gold Index with a very short term target price of $370/ounce. Zach's rank = Hold. Newmont reported that the "gold hedge book fell sharply " and that the company was reducing committed hedged ounces from 9M (last year) to 5.23M. (Reuters 2.24.03)

GG

.25

Gold mining company with mines in Ontario, Canada and South Dakota, USA

None filed

Production = 525,930 ounces/yr. Reserves = 4.6 million ounces. In the Bugos Gold Index with a very short term target price of $370/ounce. Zach's rank = Mod Buy. Cash operating cost per ounce of gold = $65. One of the few unhedged gold companies.

ABX

.22

#2 gold mining company, with mines in Nevada, Tanzania & Peru

None filed

Production 2003 (estimates) = 5.4-5.5 million ounces/yr. CEO Randall Oliphant was replaced by CFO Gregory Wilkins on concerns about "profits, lagging stock and production snags" (Reuters 1.12.03). 4Q 2002 net income = $54M, compared to negative income of -$109M in 4Q 2001. Worst performing senior gold stock in 2002, with mine production problems, an antitrust lawsuit and an income tax dispute with Peru.

AU

1.46

#3 gold mining company with mines in South Africa, Asia & Colorado.

None filed

In the Bugos Gold Index with a very short term target price of $370/ounce. Zach's rank = Hold

HMY

.55

South Africa's 3^rd largest gold mining company.

None filed

Reserves = 49M million ounces. In the Bugos Gold Index with a very short term target price of $370/ounce. Zach's rank = Hold

AEM

.03

Gold, copper, zinc & silver mines in Quebec, Nevada, Ontario & Newfoundland

None filed

Production = 235,000 ounces/yr. Gold Reserves = "probably" 4 million ounces. In the Bugos Gold Index with a very short term target price of $370/ounce. Zach's rank = Sell. Cash operating cost per ounce of gold = $125.

About the Gold Sector

Schaeffers Research.com: "The outlook of gold remains bright. The recent pullback in many stocks could provide a perfect opportunity for investors to get in on the "ground floor" before the yellow metal makes its next run higher." 1.10.03