Comparison of Financial Performance of Two Gold Miners

This report looks at financial performance and financial health of two gold mining and exploration companies, Randgold Resources Plc ('Randgold') and Petropavlovsk Plc ('Petropavlovsk') over the last three financial years: 2010, 2009 and 2008.

In particular, the report focuses on:

* Profitability

* Solvency and liquidity

* Cash management

* Future prospects

Ratio analysis is employed to help interpret financial information obtained from the respective annual reports and other third party data for each company on its own and in comparison to each other. Limitations of the data and ratios used is considered in each section.

Evolution Securities, 2009. Petropavlovsk. [Online]

Available at: https://www.thomsonone.com

FCO, 2011a. Country Profile: Congo, Democratic Republic. [Online]

Available at: http://www.fco.gov.uk/en/travel-and-living-abroad/travel-advice-by-country/country-profile/sub-saharan-africa/congo-democratic-republic?profile=economy

[Accessed 1 December 2011].

FCO, 2011b. Country Profile: Russia. [Online]

Available at: http://www.fco.gov.uk/en/travel-and-living-abroad/travel-advice-by-country/country-profile/europe/russia?profile=economy

[Accessed 27 November 2011].

Financial Times, 2011. Bullion Bulls talk of $5,000 gold. [Online]

Available at: http://www.ft.com/cms/s/0/843c6ae6-c96f-11e0-9eb8-00144feabdc0.html#axzz1fJwhX3UL

[Accessed 1 December 2011].

London Stock Exchange, 2011a. London Stock Exchange: Randgold. [Online]

Available at: http://www.londonstockexchange.com/download/pdfcompany/Company%20report%20for%20RRS%2001-Dec-2011.pdf

[Accessed 1 December 2011].

London Stock Exchange, 2011b. London Stock Exchange: Petropavlovsk. [Online]

Available at: http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary.html?fourWayKey=GB0031544546GBGBXSTMM

[Accessed 1 December 2011].

London Stock Exchange, 2011c. London Stock Exchange: Randgold. [Online]

Available at: http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary.html?fourWayKey=GB00B01C3S32GBGBXSET1

[Accessed 1 December 2011].

London Stock Exchange, 2011d. London Stock Exchange: Petropavlovsk. [Online]

Available at: http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary.html?fourWayKey=GB0031544546GBGBXSTMM

[Accessed 1 December 2011].

Moody's Global Corporate Finance, 2009. Global Mining Industry, Rating