I doubt you get 1 million ounces over 2g in Australia. We have exploited all easy gold. Those that have perhaps a total over 1 million will not have in one pit. Instead bits and pieces here and there. Beware avarages of jorc where they include an average of all resources mixing together open pit and undergound. Ideally underground should have a average over 7,8 or even 10g.
The criteria should focus more on cash cost. Dominion never had anywhere near 1moz but high grade, low cost saw the share in the sun for a while. How much does each ounce cost to extract, is the gold grade easy to predict (too many reconciliation problems as we saw last year), is the gold refractory ore?
I would use this criteria
Cash cost : predicted to be less than 50% POG. Mine life : Greater than 10 years. Mine type: Open pit Lower limit : 1.5g
In ground value simply divide Enterprise value by number of ounces. If one appears cheap, like Citigold always did and Monarch also.then do research. Probably a reason!
So it may cost $700 an ounce for gold at 2gt but $650 for gold at $1.8gt so does depend on geology and processing factors, not just grade. Also the same old, same old for mining - transport.
Most that seem to have done ok appear to have had copper credits or the like (ncm for eg). Not sure of the value of that at the moment.
