Gold Miners: Enterprise Value per Ounce of P&P Reserves

Each company's enterprise value divided by the proven and probable gold ounces in its own latest reserve statement. A lower figure means a lower enterprise value per reported reserve ounce; it does not account for extraction costs or reserve quality.

Not ranked: a company whose enterprise value includes material value from metals other than gold, whose reserve statement is 15 months old or more or on a gold-equivalent basis, whose listing we do not cover, or whose enterprise value is not in US dollars.

Companies with enterprise values reported in currencies other than US dollars are excluded until we have a licensed exchange rate for the relevant date.