From Mineweb:

If there are beds of roses in the investment world, they could well be found among the pricing levels of specialist gold miners, a global subsector finding it increasingly difficult to produce free cash flows. Historic numbers for the second quarter of 2009 illustrated how it was that only a handful of gold diggers across the world were able to produce free cash flow (FCF).

With miners now facing third quarter reporting season, investors can anticipate another round of crafty marketing, diverting attention from the issue of free cash flows.

Broadly defined as operating cash flow less cash spent on capital expenditure (new and stay-in-business), FCF has become increasingly illusive for…

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