- Paperback: 244 pages
- Publisher: Harriman House Publishing; illustrated edition edition (15 April 2004)
- Language English
- ISBN-10: 189759738X
- ISBN-13: 978-1897597385
- Product Dimensions: 23.1 x 15.5 x 1.5 cm
- Average Customer Review: 4.0 out of 5 stars See all reviews (2 customer reviews)
- Amazon Bestsellers Rank: 481,492 in Books (See Top 100 in Books)
- See Complete Table of Contents
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Product Description
Product Description
The prospect of instant riches gives the mining sector an obvious glamour. And when the mining sector begins to run it can be an awesome sight and the excitement generated can be every bit as seductive and heady as that which enveloped markets during the internet boom. But due to the counter-cyclical nature of many mining stocks, they can also offer a valuable refuge when stock markets turn down. In this book, Michael Coulson gives a masterly overview of the sector, explains both the rewards and the pitfalls of investing in mining shares and argues convincingly that mining should once again form a core sector for all investors. The book is for anyone interested in mining, and particularly mining as an investment. Whilst it contains material which will be useful to even experienced followers of the sector, its main target is those who are interested in mining but perhaps not particularly familiar with the sector, and would like to know more. All the subjects are covered that are fundamental to acquiring sufficient knowledge about the mining sector to invest in it with confidence. While the mining sector's global focus is both educational and rewarding, on a more basic level the sector has been (indeed still is) enormous fun to follow and invest in. This book reflects that and also provides some thoughts as to how this fun can be turned to profit.
From the Inside Flap
The prospect of instant riches gives the mining sector an obvious glamour. And when the mining sector begins to run it can be an awesome sight and the excitement generated can be every bit as seductive and heady as that which enveloped markets during the internet boom. But due to the counter-cyclical nature of many mining stocks, they can also offer a valuable refuge when stock markets turn down.
In this book, Michael Coulson gives a masterly overview of the sector, explains both the rewards and the pitfalls of investing in mining shares and argues convincingly that mining should once again form a core sector for all investors.
The book is for anyone interested in mining, and particularly mining as an investment. Whilst it contains material which will be useful to even experienced followers of the sector, its main target is those who are interested in mining but perhaps not particularly familiar with the sector, and would like to know more. All the subjects are covered that are fundamental to acquiring sufficient knowledge about the mining sector to invest in it with confidence.
While the mining sector's global focus is both educational and rewarding, on a more basic level the sector has been (indeed still is) enormous fun to follow and invest in. This book reflects that and also provides some thoughts as to how this fun can be turned to profit.
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First Sentence
It was a bright morning in early 1971. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
It was a bright morning in early 1971. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
Most Helpful Customer Reviews
7 of 7 people found the following review helpful
Format:Hardcover
For the price, this is well worth buying by any serious investor. And given gold's stellar performance since the meltdown of 2008, a must read. I enjoyed the book immensely and found it an easy, relaxing read. Mr. Coulson summarizes the essentials of mining stocks without getting long winded and has an enjoyable writing style. My only criticism would be that he doesn't discuss the implications of joint ventures in any depth. I'm always reading that company abc has taken a 30% stake of company xyz's project but have never been too sure what it could mean for the stock price. A little more detail on the mechanics of joint ventures would have helped a lot (hence I deducted one star). I hope future additions will expand on such things. I little more on the interpretation of exploration reports would also have been good to read between the lines of exploration jargon.
I just wish other analysts in other sectors would write similar books since so many of us could benefit from their experience (harridan house seem to have found a niche in this area).
In summary: if you're about to buy a mining stock or fund, invest in this book first.
I just wish other analysts in other sectors would write similar books since so many of us could benefit from their experience (harridan house seem to have found a niche in this area).
In summary: if you're about to buy a mining stock or fund, invest in this book first.
5 of 5 people found the following review helpful
Format:Hardcover
I like this book. It sets out a lot of the basics in understanding and valuing mining companies. Probably most useful for those with not much experience of the mining sector. But the horror stories at the back are a timly reminder of the risks involved for anyone investing in this type of company. He also explains the cyclical nature of the sector.
Good information about the family of metals and how to approach building a portfolio across the metals. He includes a good example of how to value an exploration company at different stages of a discovery.
My one gripe is that it would have been nice to have a couple more such examples of this.
But still a very good read.
Good information about the family of metals and how to approach building a portfolio across the metals. He includes a good example of how to value an exploration company at different stages of a discovery.
My one gripe is that it would have been nice to have a couple more such examples of this.
But still a very good read.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
4 reviews
15 of 15 people found the following review helpful
Better books out there
22 July 2006
Format:Paperback
Unfortunately my experience with this book is that it is only mediocre at best. While the book's cover claims to teach you how to make money from mining shares, in reality it only barely scratches the surface on what you need to know to really evaluate mining shares.
For example drill results are a large part of the mining game and this book doesn't cover how to make rough estimates of how much mineral is in the ground based on those drill results. Not in any meaningful detail at least - there's perhaps a few paragraphs on this, but nowhere near enough detail) Since probably 80% of all companies in the mining sector are non producers you're automatically excluded from 80% of the opportunities out there (unless you wish to take a major gamble and invest not knowing whether the set of drill results were great or not)
The book does however teach you how to value shares given forecast company cashflows using concepts such as the PE ratio, NPV and IRR, WACC and EVA. This is useful information, if you read mining share broker reports you'll know their valuations revolve mainly around PE's and NPVs. Still there's only a small chapter is dedicated to this, and I've found some free websites do a better job of explaining these concepts.
What the book does cover quite well is general knowledge in the mining industry - such as, what each commodity is used for, what the Poseidon and Bre-X sagas were about, and a bit about individual companies like Rio Tinto and Anglogold. Here again web resources here did the job equally well or better.
Recently I was looking at Rio Tinto's prospects just for interest. I found the USGS website to be a better source of data than the book for commodity profiles, and Rio Tinto's website a better soure of information on the company's operations.
In the end I'd suggest this book is okay for someone taking an idle interest in the resource sector, but if you're dead set on making money out of mining shares this book is just about completely useless. A much better one is Victor Rudenno's "The Mining Valuation Handbook" - which covers more practical topics such as how to estimate capital and operating costs for a particular mining operation, explanations of difference mining styles (e.g. block caving, stoping, etc), and generally things that affect the economics of a mining project, and for an investor that's the thing that really matters. If your company has just reported a blow out in their strip ratio Coulson's book just couldn't tell you to what degree this would affect company costs, or to what extent the lack of infrastructure would impact on the company's new mineral discovery. The book for me has been $50 very poorly spent.
For example drill results are a large part of the mining game and this book doesn't cover how to make rough estimates of how much mineral is in the ground based on those drill results. Not in any meaningful detail at least - there's perhaps a few paragraphs on this, but nowhere near enough detail) Since probably 80% of all companies in the mining sector are non producers you're automatically excluded from 80% of the opportunities out there (unless you wish to take a major gamble and invest not knowing whether the set of drill results were great or not)
The book does however teach you how to value shares given forecast company cashflows using concepts such as the PE ratio, NPV and IRR, WACC and EVA. This is useful information, if you read mining share broker reports you'll know their valuations revolve mainly around PE's and NPVs. Still there's only a small chapter is dedicated to this, and I've found some free websites do a better job of explaining these concepts.
What the book does cover quite well is general knowledge in the mining industry - such as, what each commodity is used for, what the Poseidon and Bre-X sagas were about, and a bit about individual companies like Rio Tinto and Anglogold. Here again web resources here did the job equally well or better.
Recently I was looking at Rio Tinto's prospects just for interest. I found the USGS website to be a better source of data than the book for commodity profiles, and Rio Tinto's website a better soure of information on the company's operations.
In the end I'd suggest this book is okay for someone taking an idle interest in the resource sector, but if you're dead set on making money out of mining shares this book is just about completely useless. A much better one is Victor Rudenno's "The Mining Valuation Handbook" - which covers more practical topics such as how to estimate capital and operating costs for a particular mining operation, explanations of difference mining styles (e.g. block caving, stoping, etc), and generally things that affect the economics of a mining project, and for an investor that's the thing that really matters. If your company has just reported a blow out in their strip ratio Coulson's book just couldn't tell you to what degree this would affect company costs, or to what extent the lack of infrastructure would impact on the company's new mineral discovery. The book for me has been $50 very poorly spent.
5 of 5 people found the following review helpful
Pretty good for investors w/o a technical background
23 Jun 2005
Format:Paperback
I work in a financial firm that is very prominent in the junior to mid tier mining industry. For people without a very solid technical background--whether it be in geology or engineering--the entire mining industry and in particular, mining companies, can be very confusing to even begin to understand.
Investors need to selectively filter out the technicals -- let's face it, a typical investor would not have a PhD in engineering and geology and tens of years worth of experience to make a sound decision as to whether a particular mining company's technicals actually make sense.
Leave that to the technical people (and hope you don't hit another Bre-X). Investors need to get to the end result and I believe this book does a very good job in giving a general overview of how the industry works and how an investor can value the company.
Perhaps of my finance and slight accounting background, I find most of the financial terminologies in the book to be pretty straightforward. However, for people without a basic understanding of finance and/or accounting, this book could be more challenging than it's intended to be.
1 of 1 people found the following review helpful
Too many loose ends
13 Nov 2009
Format:Hardcover|Amazon Verified Purchase
Valuing mining shares, which should be the meat of this book, is limited to Chapter 4, "Valuing Mining Shares," pp. 231-250. The treatment covers standard metrics for the most part, with few sector-specific insights. I would recommend that in the next edition the author devote far more space to working through comparative valuations and demonstrating the validity of the methods. Otherwise, the book is well written and an enjoyable survey of the mining sector.
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