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An Insider's Guide to the Mining Sector: An in-depth study of gold and mining shares by Michael Coulson

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4. Valuing Mining Shares

We now come to the vexatious issue of the appropriate method for valuing mining shares.

As the long industrial equity bull market, which started in the mid 70s when despair was at its deepest, entered its final stages with the collapse of first the internet boom and then 9/11, market strategists sought to attach some precision to valuing shares in order to underpin the new paradigm of perpetually rising equities. Part of this search for new valuation techniques was in response to a rising dissatisfaction with the conventional measurements of dividend yields and price earnings ratios, something that veterans of past mining bull markets will have some experience of. Of course cynics might suggest that the stock market ...

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