LionGold

LionGold: Group targets an increase of 67% to 200,000 ounces of gold production annually by 2014. This would be achieved from the group's acquisition of six gold companies over its FY13 period at an aggregate of $190m. Currently, LionGold's portfolio include 5.5m ounces of gold resources (of which 900,000 are classified as reserves). LionGold targets gold resources of 10m ounces and reserves of 2m ounces, through organic growth and acquisitions. Group believes in the long-term outlook for gold, supported by physical market dynamics. As an active acquirer of gold assets, the steep fall in the prices of many gold mining companies from the start of 2013 improves expansion opportunities for the group. LionGold trades at 5.3x P/B, compared to peer CNMC Goldmine at 7.5x.