Diversifying Geo-Political Risk: Metal Miners for Every Region of the World

by: Hyperinflation

Below is a broad list of some well known as well as not so well known gold and silver miners, who have operations in different areas of the world. This is an attempt to bring up some miners that will help diversify geo-political risk. It also mentions some miners whose operations are in locations that tend to exceed expectations (regarding ore grade, reserve and resource base and life of mines), i.e. West Africa.

North America:

  • Agnico-Eagle (NYSE:AEM) : One of the best pure plays on Canadian Gold Mining in the Mid-Tier Group. Growing production from 580k in 2009E - 2 million ounces by 2013-2014.
  • Kirkland Lake (OTCPK:KGILF) - An Emerging Junior and another pure play on Canada. Production expected to grow from 48k oz in 2009E - 450k- 500k oz in 2012-2013. - Click here for a detailed explanation and analysis about this unique company.
  • Apollo Gold (AGT) - Another Canadian Miner with incredible potential.
  • Rubicon (RBY) - Canadian exploration company with great potential, most recently increasing their resource base to nearly 4.8 million ounces. This has been a trend for Rubicon, making it likely that it will continue. Great buyout target, along with Andean (ANDPF.PK and Ventana (OTC:VENGF).
  • Goldcorp (NYSE:GG) - Key growth driver in the immediate term is Penasquito
  • Coeur d Alene (NYSE:CDE) - The majority of future production will come from Alaska, Mexico, Nevada. Two fo three flagship operations are located in Alaska (Kennsington) and Mexico (Palmarejo). - Click here for a more detailed analysis and map of operations.
  • First Majestic (OTC:FRMSF) - Mexico focused silver producer- 3 mines - Click here for a detailed explanation of their core assets and strategy for growth.
  • Pan American Silver (NASDAQ:PAAS) - Another silver producer focused on Mexico
  • Silver Wheaton (NYSE:SLW) - The royalty stream fueling near term growth is Goldcorp's Penaquito Mine in Mexico. Click here for an analysis regarding the impact Penaquito will have on Silver Wheaton or here for a General Overview of their Assets
  • Franco-Nevada (FNNVF.PK) - Several Core assets in North America including the aforementioned Palmarejo mines ( 50% interest ) , Gold quarry, Gold Strike among several others. Click here for an in depth overview and analysis of their royalty assets.
  • Royal Gold (NASDAQ:RGLD) - Like Franco, RGLD has their Core royalty assets in North America - including their biggest growth driver in Andacallo, which they purchased from Teck (TCK) at bargain basement prices. Click here for an overview of their royalty portfolio.
  • Minefinders (MFN) - the Dolores project (which mines 70% Gold and 30% silver) will be the near term growth catalyst for this company. Gold equivalent ounces are set to exceed 150k oz.s in 2010 from 100k in 2009E. Post-2010, growth is set to taper off dramatically to a high of 175k-180k GEO, barring any meaningful increase in peak production potential or acquisitions.
  • San Gold (OTC:SGRCF) - Similiar to Minefinders in terms of immediate and long term growth, but with the notable exception regarding their successful drilling program at the Rice Lake project, which has now found 3 high grade discoveries in just 18 months. From just 40k oz of production in 2009E to over 200k oz by 2012 (excluding any likely upward production guidance).

Other Mentionables: ECU Silver (OTC:ECUXF), SilverCorp (SVM), Fortuna (FVITF.PK), Bear Creek (OTCPK:BCEKF), Mag Silver (NYSEMKT:MVG)


  • Anglo-Gold Ashanti (NYSE:AU) - More focus on South Africa - which is not my cup of tea.
  • Randgold Resources (NASDAQ:GOLD) - Growth drivers will be their interest in the Moto mines acquisition in the DRG. One of my preferred miners until the Moto acquisition.
  • Redback Mining (OTC:RBIFF) - Focus is on West Africa, i.e Ghana - with 1 world class mine in Tasiast and another potential world class operation in their Chrano operation. Click here for a detailed analysis.
  • Semafo (OTCPK:SEMFF)- Growth is beginning to stagnate, with an estimated 245-250k oz mined this year, increasing just 40-50k over the next 2 to 3, with peak production estimated to be between 290-300k oz. The good news is that it may prove to be another Red Back type miner, in the sense that it continually raises guidance and peak production potential.
  • Keegan Resources - (KGN) - Worth taking a look into...


  • Newmont Mining (NYSE:NEM) - Their big project at the moment and for 2010 is their Boddington operation in Western Australia.
  • Newcrest Mining (OTCPK:NCMGY) - Australia's largest gold miner, which has generated considerbale cash flow as it is in the middle of a growth spurt, reaching approx 2m oz in the next couple of years.
  • Lihir Gold (LIHR) - Focus on the Asian Region with their flagship mine in Lihir Island (38m oz of proven reserves in just this one mine). Along with Coeur d' Alene, Lihir gets my vote for turnaround story of the year. Management has also demonstrated their ability to maximize shareholder value by finally deciding to sell the Ballarat Mine (which has never met expectations, in addition to wasting plenty of money), fixing their balance sheet in such a way that continued operations will not be interrupted, a MOPU (an upgrade to the mining platform, i.e electricity so that Lihir Island can finally reach full capacity) and exploration efforts can be maintained.

South America - Mainly Brazil, Chile & Argentina

  • Yamana (NYSE:AUY) - Has operations in Brazil, Chile, Argentina - Yamana has been frustrating if you have been an investor the last two years or so, with expectations failing to meet consensus estimates. This all changed in Q3 as expectations were exceeded, which hopefully turns into a trend. Click here for an in depth analysis of Q3 and the progree being made on the near term growth catalysts.
  • Jaguar Mining (JAG) - Pure play on Brazil's Iron Quadrangle- Click here for an in depth analysis and quanataive valuation.
  • Minera Andes - Argentina
  • Colossus Minerals (OTC:CSIMF) - Brazil
  • Couer d"Alene Mines - Mines in Chile, Argentina, Bolivia*
  • Andean - Great exploration company in Argentina - Like Rubicon, Andean is on my watchlist for buyout target in 2010.


  • El-Dorado (NYSE:EGO) - Not one of my favorite miners until the acquisition of Sino Gold, which gives them a stranglehold on China Mining (which should make it very easy to get financing for future projects due to the recent investment interest by the Chinese government), as well as making it a great way to play China in general.
  • CGA Mining- (OTC:CGAFF)
  • Jinshin - (OTCPK:JINFF)

Disclosure: Long AEM Calls, KGILF.PK, RBY, JAG, CDE, RBIFF.PK, SLW (CS & Warrants), FRMMSF.PK (Warrants), FNNVF.PK (CS & Warrants)