The key differentiators beyond production volume and cash cost which further drive valuation are capital costs and timelines to production, driving NPV, investment and build already made, assets, and the risks of the country / project driving market views of likeliehood of financing or acquisition.
As the gold bull progresses it is likely that the low cost "quality" deposits are acquired for production soon and the higher cost projects move to acquisition and production as increasing gold prices widen margins.
Having said that Detour will be a high cost producer but should be in production by 2013. The costs quoted are net of by-products, care is needed in reviewing miners' adjustments to production volume as "equivalent" gold or costs net of by-products.
Many stock prices in this group are up almost 100% from annual lows of a few months ago.
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