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Globe editors have posted this research report with permission of  Veritas Investment Research. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following text is excerpted from the report:

Our analysis reveals that accounting-related differences in miners' reported cash flows and cash costs can skew comparisons. Adjustments are needed because companies report under different accounting standards. But even if all the miners used the same rules, adjustments would still be required to normalize for non-controlling interests and equity method accounting.

As a result, we believe a case-by-case cash flow analysis is needed for both comparability and valuation purposes. Our valuations and estimates remain unchanged as we had always incorporated accounting discrepancies into our analyses.

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