【出版时间及名称】：2010年3月南非黄金行业研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：27
        【目录或简介】：
Table of Contents
Summary............................................................................................ 3
Hoping for a higher gold price...................................................................................................3
Failing to fund its needs.................................................................... 4
Historically, the SA gold sector has failed to fund its capex budgets with CFO .......................4
What will it take to change this trend? ........................................... 5
We defined and tested a range of scenarios ............................................................................5
The result: In hope of a rising gold price......................................... 6
In the absence of a rising gold price, we believe the sector will fail to fund its capex bills with
CFO..........................................................................................................................................6
AngloGold Ashanti Ltd ..............................................................................................................8
Gold Fields Ltd........................................................................................................................11
Harmony Gold Mining Co Ltd .................................................................................................14
So, what can the sector do? ........................................................... 17
Between a rock and a hard place ............................................................................................17
Valuation and risks.......................................................................... 19
We maintain our preference for ANG .....................................................................................19
Risks ......................................................................................................................................19
Deutsche Bank input price assumptions.................................................................................19