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| Date | Topic | Report Title | Purchase Link |
|---|---|---|---|
| 9/22/2024 | X 092224 | U.S. STEEL ENJOYS 90 DAY CFIUS DELAY UNTIL AFTER ELECTION; GUIDES TO 3Q PROFITS | |
| 9/18/2024 | Gold Ind 091824 | GOLD INDUTRY – HIGHLIGHTS OF COLORADO SPRINGS GOLD FORUM | |
| 9/14/2024 | Vale 091424 | VALE VISIT TO CARAJAS IRON ORE MINES & SALOBO COPPER-GOLD MINE | |
| 9/14/2014 | Gold Ind takeover candidates 091424 | GOLD INDUSTRY - - LIST OF 32 POTENTIAL TAKEOVER TARGETS (Figure 1) | |
| 9/8/2024 | Pittsburgh Gazette Fetterman says he'll oppose sale of U. S. Steel as long as union does 090824 | Fetterman says he'll oppose sale of U. S. Steel as long as union does | |
| 9/8/2024 | Pittsburgh Gazette Nippon politics 090824 | Nippon politics | |
| 9/6/2024 | X 090624 | U.S. STEEL GAINS POLITICAL SUPPORT THREATENING TO SHUT DOWN AND LEAVE PA; GOVERNOR SHAPIRO SEEKS TO “SAVE THE JOBS” | |
| 9/5/2024 | X 090524 | U.S. STEEL DRAWS NEARER TO MERGER APPROVAL, BUT STEEL INDUSTRY EARNINGS OUTLOOK SUFFERS WITH FALLING VOLUMES AND PRICES AND HIGH IMPORTS | |
| 9/5/2024 | Steel Ind 090524 | STEEL INDUSTRY - - GLOBAL DEMAND AND U.S. DEMAND BOTH VERY POOR IN JULY; WE INTERPRET MORE OF A “SECULAR DECLINE” THAN A “RECESSION” | |
| 9/5/2024 | Prices and Costs 083124 | GOLD MARGINS TO EXPAND IN 3Q WHILE ALL BULK AND BASE METALS TO FALL | |
| 9/2/2024 | Metals Expansión Vol 111 083124 | METALS EXPANSIONS- - VOLUME 111 AUGUST 15 PROJECTS ADVANCE AND 3 DELAYS DOMINATED BY 6 COPPER AND 6 LITHIUM MINES | |
| 8/18/2024 | Forest Products 081824 | FOREST PRODUCTS - - MILL WOOD PRICES AT LOWS, BUT HOME DEPOT RETAIL PRICE HIGHER UNCHANGED 8 TO 16 WEEKS | |
| 8/3/2024 | SAND 080324 | SANDSTORM GOLD ENJOYS HIGHER PRICES, PROGRESS AT MARA AND WORK ON HOD MADEN | |
| 8/5/2024 | Metals Ratings Outlook 080524 | METALS INDUSTRY - - SOME CHANGES IN INVESTMENT RATINGS AFTER 9.1% FALL IN S&P 500 AND LARGER SHARE PRICE FALLS IN METALS | |
| 8/6/2024 | Steel Ind 080724 | STEEL INDUSTRY - - U.S. DEMAND PLUMMETED IN JUNE | |
| 8/6/2024 | Alcoa 080624 | ALCOA BENEFITS FROM HIGHER ALUMINA PRICES AND COMPLETING ALUMINA LTD MERGER AUGUST 1ST AHEAD OF OUR DECEMBER 31ST ORIGINAL ESTIMATE |
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| 8/5/2024 | NUCOR 080424 | NUCOR MARKET SHARE AND VOLUME TRENDS DRIVE SKINNIER MARGINS | |
| 8/2/2024 | SAND 080324 | SANDSTORM GOLD ENJOYS HIGHER PRICES, PROGRESS AT MARA AND WORK ON HOD MADEN | |
| 8/1/2024 | AEM 080124 | AGNICO-EAGLE MINES VALUATION RISK AS IT SWINGS TO A LARGER PREMIUM TO BARRICK GOLD OFFSETTING CANADIAN LOW SOVEREIGN RISKS; EXPLORATION UPDATE | |
| 7/29/2024 | FCX 072824 | FREEPORT-McMORAN INC. U.S. ORE GRADES, U.S. OUTPUT, COSTS AND PROFITS DROP | |
| 7/22/2024 | Steel Ind Market Share 072224 | STEEL INDUSTRY UPDATED DOMESTIC MARKET SHARE TRENDS |
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| 7/22/2024 | X 072224 | U.S. STEEL DRAWS NEARER TO MERGER APPROVAL, BUT STEEL INDUSTRY EARNINGS OUTLOOK SUFFERS WITH FALLING VOLUMES AND PRICES AND HIGH IMPORTS | |
| 7/22/2024 | X one page 072224 | NIPPON STEEL IS THE BEST BUYER FOR U.S. STEEL | |
| 7/19/2024 | STLD 071924 | STEEL DYNAMICS VOLUMES AND PRICES DISAPPOINT IN LINE WITH INDUSTRY | |
| 7/18/2024 | Metals demand impacts from fertility 071824 | DECREASING FERTILITY RATES TO SLOW GLOBAL POPULATION GROWTH, INCREASE AVERAGE AGE AND A PEAK PROJECTED | |
| 7/9/2024 | OR 070924 | OSISKO GOLD ROYALTIES FACES CHALLENGING “WORKOUT” SITUATION AT VICTORIA GOLD | |
| 7/9/2024 | NEM 070824 | NEWMONT MINING TO DIVEST 8 SMALLER DEPOSITS WE ESTIMATE WORTH $3.43 BILLION + $1.51 B RECLAMATION DIVESTED + $1.55 B SHARES | |
| 7/7/2024 | Steel Ind Imports and Demands 070724 | STEEL INDUSTRY - - IMPORT PENETRATION 30% FOR TWO STRAIGHT MONTHS WHILE 2024 DEMAND STAGNANT | |
| 7/1/2024 | Metals Expansions Vol 109 063024 | METALS EXPANSIONS- - VOLUME 109 JUNE 23 PROJECTS ADVANCE AND 4 DELAYS | |
| 6/27/2024 | VGCX 062724 | VICTORIA GOLD (VGCX US $0.87) RAINFALL THREATENS NEW HEAP LEACH PAD SUBSIDENCE AND EROSION OF JUNE 24TH DEBRIS IN YUKON | |
| 6/27/2024 | METALS PRICES MID-YEAR UPDATED METALS PRICE ESTIMATES 062724 | METALS PRICES MID-YEAR UPDATED METALS PRICE ESTIMATES | |
| 6/25/2024 | Conf Highlights 062524 | HIGHLIGHTS OF JUNE 25TH AEM AND NORTHERN DYNASTY VIRTUAL CONFERENCE MEETINGS | |
| 6/25/2024 | Gold Ind 062524 | GOLD INDUSTRY - - HEAP LEACH PAD SUBSIDENCE IN YUKON | |
| 6/23/2024 | AEM 062224 | AGNICO-EAGLE MINES JUNE 19-20, 2024 DETOUR VISIT AND TECHNICAL STUDY | |
| 6/18/2024 | PAAS 061824 | PAN AMERICAN SILVER INVESTOR DAY FOCUS ON LA COLORADA SKARN | |
| 6/16/2024 | Anglo American rebuffs BHP 061624 | ANGLO AMERICAN VALUES SUFFER DECLINES IN PGM AND DIAMONDS | |
| 6/16/2024 | Lumber vs Sheet Steel Seasonal Trade 061624 | COMPARING A SEASONAL TRADE FOR 90 DAYS AHEAD FOR LUMBER VERSUS HOT-ROLLED SHEET STEEL | |
| 6/10/2024 | First Quantum 061024 | FIRST QUANTUM MINERALS NEGOTIATES WITH A DIFFERENT “REALITY” IN PANAMA EXPRESSED IN SPANISH LANGUAGE PRESS | |
| 6/7/2024 | WFG 060724 | WEST FRASER TIMBER ENJOYS BRISK OSB PROFITS AND STRONG FINANCES, BUT NONE OF ITS OTHER PRODUCTS EARN ANYTHING MUCH | |
| 6/6/2024 | WY 060624 | WEYERHAEUSER ENJOYS GOOD OSB AND ENGINEERED WOOD PRICES, WHILE LUMBER AND LOGS SOFTEN | |
| 6/3/2024 | Metals Expansions Vol 108 053124 | METALS EXPANSIONS- - VOLUME 108 MAY 19 PROJECTS ADVANCE AND 4 DELAYS | |
| 5/31/2024 | CENX Mt Holy visit 053024 | CENTURY ALUMINUM VISIT TO MOUNT HOLLY, SC SMELTER; MORE DETAILED ESTIMATES ON CONCEPT FOR 0.5 TO 1.0 MMT U.S. SMELTER | |
| 5/27/2024 | Zinc and Overview 052624 | ZINC MARKET AS A MICROCOSM OF NONFERROUS METALS RALLIES | |
| 5/25/2024 | Alum Ind 052524 | ALUMINUM INDUSTRY - - SMELTER OUTPUT UP; INVENTORY RISES SLOW; ALUMINA OUTAGE SPARKS RISE | |
| 5/19/2024 | CENX models 051824 | CENTURY ALUMINUM ENJOYS “STRATEGIC METALS” 10% SUBSIDY, TARIFF PROTECTION, OWNS 55% OF JAMALCO AND REVERSES SOME OF PEAK CYCLE COST ESCALATION | |
| 5/19/2024 | CENX smelter project 051824 | CENTURY ALUMINUM CONCEPT FOR 0.5 TO 1.0 MMT U.S. SMELTER | |
| 5/18/2024 | IP 051824 | INTERNATIONAL PAPER ACQUIRES DS SMITH TO GROW; SUZANO LARGE DEBT BURDEN REQUIRES IT TO TAKE A 50% PARTNER AND FINANCE BALANCE OF ANY BID IN STOCK |
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| 5/18/2024 | Alum Ind 051824 | ALUMINUM INDUSTRY - - 2nd LARGEST WEEKLY INVENTORY RISE EVER | |
| 5/17/2024 | PKG 051724 | PACKAGING CORPORATION GAINS SHARE OR DOES BETTER THAN OTHERS IN TOUGH CLIMATE | |
| 5/16/2024 | Anglo American farewell 051624 | ANGLO AMERICAN BREAKUP VALUES SUFFER WITH LOWER VOLUME OUTLOOK AND DECLINES IN PGM AND DIAMOND MARKETS | |
| 5/14/2024 | Containerboard 051424 | CONTAINERBOARD GRADUAL REBOUND | |
| 5/14/2024 | Conf Highlights 051424 | HIGHLIGHTS OF VIRTUAL CONFERENCE MAY 14, 2024 | |
| 5/11/2024 | Prices and Costs 051024 | PRICES REBOUND WHILE COSTS CREEP BACK UP WITH POOR PRODUCTIVITY | |
| 5/10/2024 | LPX 051024 | LOUISIANA-PACIFIC MAKES PROGRESS ON SEVERAL FRONTS EXCEEDING ALL EXPECTATIONS; LENNAR IDEAL VEHICLE TO INTRODUCE SMART-SIDE ACROSS SOUTH | |
| 5/10/2024 | OR 051224 | OSISKO GOLD ROYALTIES OWNS 5% OF BIGGER FUTURE MALARTIC OUTPUT WITH 4.5 G/T, 30 M DRILL INTERCEPT 1,060 M EAST OF CURRENT EAST GOULDIE RESERVES | |
| 5/2/2024 | Copper Ind 050224 | COPPER INDUSTRY - - PANAMIAN PRESIDENTIAL CANDIDATES SUPPORT MINE SHUTDOWN & DENY ECONOMIC DAMAGE HELPING THE GLOBAL COPPER PRICE OUTLOOK | |
| 5/1/2024 | Gold Ind 050124 | GOLD INDUSTRY - - WORLD GOLD COUNCIL UNABLE TO TRACK TWO CHUNKS OF DEMAND | |
| 4/29/2024 | OR 042924 | OSISKO GOLD ROYALTIES OWNS 5% OF BIGGER FUTURE MALARTIC OUTPUT WITH 4.5 G/T, 30 M DRILL INTERCEPT 1,060 M EAST OF CURRENT EAST GOULDIE RESERVES | |
| 4/29/2024 | Metals Expansions Vol 107 042924 | METALS EXPANSIONS- - VOLUME 107 APRIL 36 PROJECTS ADVANCE AND 9 DELAYS | |
| 4/29/2024 | Forest Products wood 042824 | FOREST PRODUCTS - - OSB AND LUMBER FALL WITH 4.78% THIRTY YEAR TREASURIES AND MID-MAY SEASONAL PEAK | |
| 4/26/2024 | AEM 042624 3 new zones | AGNICO-EAGLE MINES THREE SENSATIONAL DRILL RESULTS ADVANCE CONCEPTS | |
| 4/25/2024 | BHP 042524 | BHP CHANGES MIX TO FOCUS MORE ON COPPER AFTER ACQUIRING OZ MINERALS AND NOW BIDDING FOR ANGLO AMERICAN |
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| 4/24/2024 | stld 042424 | STEEL DYNAMICS REBOUNDS IN SHEET STEEL PRODUCTION BUT LAGS IN BARS, FABRICATION AND ALUMINUM STARTUP COSTS AHEAD | |
| 4/24/2024 | NUE 042424 | NUCOR VOLUME AND PROFIT MARGIN EROSIONS | |
| 4/22/2024 | Metals Top Picks 042224 | UPDATED “TOP PICKS” OF WEBSITE TAB | |
| 4/19/2024 | Gold Ind 041924 | GOLD INDUSTRY - - LOGICAL IRANIAN “LULL” TO ADDRESS MILITARY SHORTCOMINGS | |
| 4/16/2024 | Barrick 041624 | BARRICK GOLD SECURITY CONCERNS FOR MALI FOR LOULO-GOUNKOTO AND BALOCHISTAN VENUE OF 50% OF REKO DIQ | |
| 4/14/2024 | Aluminum Ind 041424 | ALUMINUM INDUSTRY | |
| 4/12/2024 | FCX 041224 | FREEPORT-McMORAN INC. PRICE APPRECIATION ANTICIPATES $5 TO $6 COPPER | |
| 4/12/2024 | Iron Ore and Steel 041224 | STEEL INDUSTRY - - - IRON ORE PRICES SUBSIDE FROM 1Q HIGHS DESPITE LARGER CHINESE IMPORTS AND DECEMBER WARNINGS OF LOWER 2024 OUTPUT | |
| 4/10/2024 | GrafTech Letter 041124 | GRAFTECH (EAF $1.63, not rated) OUR PUBLIC LETTER TO MANAGEMENT | |
| 4/9/2024 | Gold Ind 040924 | GOLD INDUSTRY - - DICHOTOMY BETWEEN RECORD GOLD BULLION PPRICES AND MEDIOCRE PERFORMANCE OF GOLD SHARES | |
| 4/5/2024 | AEM Detour Preview 040524 | AGNICO-EAGLE MINES PREVIEW OF JUNE 19-20, 2024 DETOUR VISIT AND TECHNICAL STUDY | |
| 3/28/2024 | Impairment Summary for 2023 032824 | IMPAIRMENT CHARGES RISE IN 2023 TO THE HIGHEST LEVELS SINCE 2015 | |
| 3/26/2024 | Mining Reclamation 032624 | METALS - - UNCERTAINTY IN MEASURING ENVIRONMENTAL RECLAMATION LIABILITIES | |
| 3/26/2024 | Forest Products OSB 032624 | FOREST PRODUCTS - - LUMBER PRICE DICHOTOMY BETWEEN CME GROUP FUTURES VERSUS “RANDOM LENGTHS,” MEASUREMENT ISSUES AND INDICATIONS OF TOO LITTLE INVENTORY | |
| 3/25/2024 | Forest Products OSB 032524 | FOREST PRODUCTS - - OSB PRICE BOOM IN MARCH ABOVE EXPECTATION | |
| 3/23/2024 | X 032424 | U.S. STEEL “FAR LEFT” PITTSBURGH POST-GAZETTE EDITORIAL BACKS NIPPON STEEL TO REJECT BALONEY FROM POLITICIANS, UNION, CLF | |
| 3/22/2024 | Steel Ind China Exports 032224 | STEEL INDUSTRY: CHINA EXPORT RISES HELP SUSTAIN STEEL OUTPUT | |
| 3/18/2024 | AEM 031824 | AGNICO-EAGLE MINES EAST GOULDIE RESERVES AT 3.42 G/T AND RAMP | |
| 3/3/2024 | FORTESCUE 030224 | FORTESCUE METALS BENEFITS FROM HIGHER IRON ORE PRICES AND DEVELOPS ITS GREEN ENERGY ASSETS | |
| 2/26/2024 | LPX 022624 | LOUISIANA-PACIFIC ENJOYS OSB PRICE, VOLUME OR SHARE BUYBACK UPSIDES BEYOND OUR CONSERVATIVE FINANCIAL MODELS; SIDING DESERVES LOW CO2 EMISSIONS PREMIUMS | |
| 2/26/2024 | Inventories Double 022424 | METALS INVENTORIES RISE, ESPECIALLY IN SHANGHAI WAREHOUSES OR RUSAL ALUMINUM WITHIN LME WAREHOUSE SYSTEM | |
| 2/26/2024 | Gold Ind 022524 | GOLD INDUSTRY - - “TIER ONE” OBSESSION WITH SIZE EMBRACES RISKS AND DESTROYS SHAREHOLDER CAPITAL | |
| 2/25/2024 | AA 022524 | ALCOA TO CONSOLIDATE OR ACQUIRE 40% PARTNER ALUMINA LTD | |
| 2/22/2024 | NEM 022424 | NEWMONT MINING “REVISED” OR ERASED 23.5 MM OZ OF GOLD IN YEAR-END 2023 RESERVE AND NONRESERVE RESOURCES ACCOUNTING | |
| 2/202024 | First Quantum 022024 | FIRST QUANTUM MINERALS WRITES DOWN RAVENSTHORPE NICKEL IN AUSTRALIA, BUT NOT COBRE PANAMA | |
| 2/20/2024 | Alum Ind 022024 | ALUMINUM INDUSTRY - - WORLD SMELTER OUTPUT UP 2.4% IN JANUARY 2024 AFTER A 2.2% RISE IN 2023 | |
| 2/11/2024 | Steel Ind Electric Furnace 021124 | STEEL INDUSTRY - - HIGHLIGHTS OF FEB 5-9TH ASSN. IRON AND STEEL TECHNOLOGY “MODERN ELECTRIC ARC FURNACE STEELMAKING” | |
| 2/7/2024 | NUE 020724 | NUCOR HAS CERTAIN VERY LOW VOLUMES; COMMENTS FROM VISIT TO BRANDENBURG, KY NEW 1.2 M.T. PLATE MILL | |
| 2/11/2024 | Steel Ind Electric Furnaces 021124 | STEEL INDUSTRY - - HIGHLIGHTS OF FEB 5-9TH ASSN. IRON AND STEEL TECHNOLOGY “MODERN ELECTRIC ARC FURNACE STEELMAKING” | |
| 2/7/2024 | NUCOR 020424 | NUCOR HAS CERTAIN VERY LOW VOLUMES; COMMENTS FROM VISIT TO BRANDENBURG, KY NEW 1.2 M.T. PLATE MILL | |
| 2/5/2024 | Steel Ind Volume Trends 020524 | STEEL INDUSTRY - - THREE POSSIBLE EXPLANATIONS FOR TERRIBLE STEEL VOLUMES | |
| 1/29/2024 | Metals Expansions Vol 104 012924 | METALS EXPANSIONS- - VOLUME 104 JANUARY 44 PROJECTS ADVANCE AND 12 DELAYS | |
| 1/25/2024 | FCX 012524 | FREEPORT-McMORAN INC. SEGMENT EARNINGS MOSTLY FROM GRASBERG, CERRO VERDE AND MORENCI, WHERE REST OF U.S. MINES, MOLYBDENUM AND CHILE ARE “CALL OPTIONS” | |
| 1/24/2024 | STLD 012424 | STEEL DYNAMICS SELLING PRICES DIP TO $1,090 IN 4Q FROM $1,257 IN 2Q | |
| 1/22/2024` | AA 012224 | ALCOA CUTS COSTS, AND SEEKS TO CUT COSTS MORE | |
| 1/18/2024 | Gold Ind 011824 | GOLD INDUSTRY - - CLAWBACK OF EXECUTIVE COMPENSATION AT ENDEAVOUR MINING; MERGING VERSUS A STANDALONE FUTURE | |
| 1/11/2024 | PAAS Jacobina 011024 | PAN AMERICAN SILVER FAVORABLE HIGHLIGHTS FROM JACOBINA MINE VISIT IN BRAZIL | |
| 1/12/2024 | Barrick 011224 | BARRICK GOLD COMPARISON OF 3 OPPORTUNITIES ENDEAVOUR MINING, FIRST QUANTUM AND 50% OF REKO DIQ | |
| 1/10/2024 | Cerrado Gold 011124 | CERRADO GOLD JANUARY 9TH VISIT TO MONTE DO CARMO GOLD DEPOSIT IN TOCATINS, BRAZIL | |
| 1/9/2024 | PAAS models 010924 | PAN AMERICAN SILVER LA COLORADA SKARN PEA DEC. 18TH; INTEGRATED FINANCIAL MODELS NPV WITHOUT PROJECTS | |
| 1/3/2024 | First Quantum 010324 | FIRST QUANTUM MINERALS TAKEOVER SPECULATION MAY BE ACCURATE | |
| 1/2/2024 | AEM 010224 | AGNICO-EAGLE MINES TEAM SPREAD THIN WITH SO MANY PROJECTS | |
| 12/31/2023 | Metals Expansions Vol 103 123123 | METALS EXPANSIONS- - VOLUME 103 DECEMBER 22 PROJECTS ADVANCE AND 7 DELAYS | |
| 12/29/2023 | Chinese output records 122923 | DATA POINTS SUGGESTING GREATER STRENGTH TO CHINA’S ECONOMY | |
| 12/23/2023 | Steel Ind 122223 | WORLD STEEL OUTPUT STRENGTHENS IN NOVEMBER | |
| 12/18/2023 | X 121823 | U.S. STEEL WINS $55 CASH OFFER FROM NIPPON STEEL TO EXCEED OUR AUGUST 13TH ESTIMATE OF $40 TO $55 PER SHAR VALUES BROKEN INTO 5 PIECES | |
| 12/18/2023 | Metals Interest rates 121623 | IN THE CONTEXT OF A 1.2% FALL IN THIRTY YEAR TREASURY YIELDS | |
| 12/14/2023 | OR 121423 | OSISKO GOLD ROYALTIES SELLS STOCKHOLDINGS | |
| 12/13/2023 | Conf Highlights 121323 | HIGHLIGHTS OF DECEMBER 12-13, 2023 VIRTUAL CONFERENCE SESSIONS | Conf Highlights Dec 12-13, 2023 |
| 12/8/2023 | Rio 120823 | RIO TINTO FACES GOVERNANCE CHALLENGES AMONG SIMANDOU JOINT VENTURERS | RIO 120823 |
| 12/6/2023 | Rio 120623 | RIO TINTO ANNOUNCEMENT DESCRIBING SIMANDOU IRON ORE PROJECT | RIO 120623 |
| 12/4/2023 | Steel Ind 120823 | STEEL INDUSTRY ENJOYS HIGH U.S. SHEET AND IRON ORE PRICES WITHOUT EVIDENCE OF STRONG DEMAND | |
| 12/6/2023 | WOR and WS 120623 | WORTHINGTON STEEL AND WORTHINGTON ENTERPRISES |
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| 12/4/2023 | First Quantum 120423 | FIRST QUANTUM “DUST SETTLES” AS A FULLY BUILT MINE SHUTDOWN INVOLVES CONSIDERABLE DETAILS |
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| 11/30/2023 | Investor Letter 113023 | BALANCING LOW COST, HIGH CASH FLOWS AND A MANDATE FOR EARLY STAGE MINERS WITH ASSETS IN THE GROUND | |
| 11/30/2023 | Metals Expansions Vol 102 113023 | METALS EXPANSIONS- - VOLUME 102 NOVEMBER 30 PROJECTS ADVANCE AND 5 DELAYS LED BY 11 LITHIUM PROJECTS ADVANCING | |
| 11/27/2023 | Metals 112623 | DICHOTOMOUS EXTREME DEVELOPMENTS BOTH GOOD AND BAD | |
| 11/20/2023 | Alum Ind Iceland 112023 | ALUMINUM INDUSTRY - - - VOLCANIC ACTIVITY IN ICELAND COULD IMPACT 1% OF WORLD SMELTER SUPPLY | |
| 11/15/2023 | Champion Iron Ore visit 111423 | IRON ORE INDUSTRY - - VISIT TO CHAMPION IRON ORE IN LABRADOR TROUGH NOVEMBER 13-14TH | |
| 11/12/2023 | Price, cost, margins in 3Q 111123 | PRICES RISE, BUT COSTS RISE MORE OVER 2021-23 YEARS TO SQUEEZE MARGINS | |
| 11/9/2023 | Share Buybacks 110923 | SHARE BUYBACK ACTIVITY IN 2021, 2022 AND 2023 AMONG MATERIALS STOCKS | |
| 11/8/2023 | Alum Ind 110823 | ALUMINUM INDUSTRY - - “STRATEGIC METALS” TAX CREDITS EQUAL TO 10% OF PRODUCTION COST FROM UNCLE SAM | |
| 11/8/2023 | LPX 110823 | LOUISIANA-PACIFIC ENJOYS OSB PRICE, VOLUME OR SHARE BUYBACK UPSIDES BEYOND OUR CONSERVATIVE FINANCIAL MODELS; SIDING DESERVES LOW CO2 EMISSIONS PREMIUMS |
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| 11/3/2023 | FCX 110323 | FREEPORT-McMORAN INC. NOTABLE TECHNICAL ACHIEVEMENTS, BUT EARNINGS ½ OF EARLIER EXPECTATIONS DUE TO HIGHER MINORITY INTEREST, TAXES AND EXPENSES | |
| 11/1/2023 | First Quantum 110123 | FIRST QUANTUM FACES “BINARY OUTCOME,” FULL SHUTDOWN, IN PANAMA | |
| 10/28/2023 | Metal Expansions Vol 101 102823 | METALS EXPANSIONS- - VOLUME 101 OCTOBER 22 PROJECTS ADVANCE AND 8 DELAYS | |
| 10/27/2023 | Metals normal 102723 | A “NORMAL ECONOMY” INTEREST RATE INVESTMENT CLIMATE TILTS US TO DEFENSIVE OR LOWEST COST STOCKS AWAY FROM HIGH COSTS | |
| 10/27/2023 | X 102723 | U.S. STEEL $2 BILLION 2024 EBITDA FORECAST IGNORED BY US DUE TO ADVERSE FISCAL AND MONETARY POLICY AND EXAMPLE OF STLD TEXAS STARTUP WITH NO 2022-23 PROFITS | |
| 10/24/2023 | NUE 102423 | NUCOR CONTINUES RAPID CAPACITY EXPANSIONS DESPITE SHORT-TERM ECONOMIC HEADWINDS FROM HIGHER INTEREST RATES | |
| 10/23/2023 | Gold Ind 102323 | GOLD PRICE REBOUND ENTIRELY FROM RETAIL BUYING WITHOUT ETF BUILDUP AND DESPITE FIRM U.S. DOLLAR | |
| 10/23/2023 | Metals demand 102223 | EVIDENCE OF DEMAND WEAKNESSES MORE THAN STRENGTH | |
| 10/16/2023 | WOR 101523 | WORTHINGTON STEEL AND WORTHINGTON ENTERPRISES |
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| 10/12/2023 | Steel Ind 101223 | STEEL INDUSTRY SIGNS OF POOR PENDING 3Q AND 4Q RESULTS | |
| 10/9/2023 | x 100823 OK | U.S. STEEL FACES MORE CHALLENGES FOR ASSET BUYERS WITH RISING INTEREST RATES, NERVOUS FINANCIAL MARKETS AND LOWER HOT-ROLLED SHEET PRICES | |
| 10/4/2023 | WRK 100423 | WESTROCK RISK-REWARD DETERIORATES AS SMURFIT KAPPA PRICE FELL, INTEREST RATES RISE AND SMURFIT KAPPA NEEDS 75% APPROVAL | |
| 10/11/2023 | Conf Highlights Copper and Silver 101123 | HIGHLIGHTS OF OCTOBER 11TH VIRTUAL CONFERENCE FOR 5 COPPER AND SILVER COMPANIES | |
| 10/10/2023 | Conf Highlights Royalties & Gold 101023 | CONFERENCE HIGHLIGHTS OCTOBER 10, 2023 ROYALTY AND GOLD COMPANIES | |
| 10/1/2023 | Metals Expansions 093023 | METALS EXPANSIONS- - VOLUME 100 SEPTEMBER 31 PROJECTS ADVANCE AND 5 DELAYS | |
| 9/30/2023 | Ratings Changes 092923 | STOCK RATING REVISIONS IN REACTIONS TO SHARE PRICE ACTIONS, INTEREST RATES AND OUTLOOK | |
| 9/30/2023 | Alum Ind Energy Usage 093023 | ALUMINUM INDUSTRY ENERGY EFFICIENCY AND USAGE DATA |
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| 9/29/2023 | Alum Ind S-D 092923 | ALUMINUM INDUSTRY OUTPUT DATA REVISED UP, CHINESE OUTPUT RECORD, LARGER APPARENT DEMAND & 4 GLOBAL EFFICIENCY SURVEYS | |
| 9/27/2023 | NUE 092723 | NUCOR COMPARATIVE ADVANTAGE IN ADVANCING GREEN ELECTRICITY, SECURE ELECTRICITY AND LOW-COST ELECTRICITY; ESTIMATES CUT | |
| 9/22/2023 | Gold Ind 092223 | GOLD INDUSTRY--HIGHLIGHTS OF DENVER GOLD FORUM IN COLORADO | |
| 9/17/2023 | Autumn Trends Mixed 091623 | COMMODITIES PRICE DEVELOPMENTS UNEVEN AS AUTUMN APPROACHES; EXCHANGE INVENTORY TOTALS 290,285 T ABOVE YEAR-END 2022 LOWS | |
| 9/15/2023 | WRK 091523 | WESTROCK COMBINATION WITH SMURFIT KAPPA REQUIRES APPROVAL BY THE SHAREHOLDERS OF BOTH COMPANIES | |
| 9/15/2023 | Akora AKO 091523 JTACR | AKORA RESOURCES RESIGNATION OF FOUNDER; DELAYS TO INFILL DRILLING AND “SCOPING STUDY” FOR 2 MMT ANNUAL DSO PROJECT | |
| 8/31/2023 | Metals Expansion Vol 99 083123 | METALS EXPANSIONS- - VOLUME 99 AUGUST 18 PROJECTS ADVANCE AND NO CUTBACKS | |
| 8/28/2023 | China Growth Pessimism 082723 | THE STOCK MARKET PERCEIVES A CHINA SLOWDOWN | |
| 8/19/2023 | X 081823 | U.S. STEEL LIKELY NEEDS TIME TO GIVE POTENTIAL BIDDERS TOURS AND EVALUATE BIDSIN- HAND FOR “PIECES” TO COMMAND A $40 TO $55 TAKEOVER BROKEN INTO UP TO 5 PIECES | |
| 8/17/2023 | STLD 083123 | STEEL DYNAMICS POTENTIAL BENEFICIARY OF THE U.S. STEEL PROCESSES | |
| 8/15/2023 | Price Comparisons and Costs 081523 | SECOND-QUARTER WE OBSERVE 21 UNIT COST INCREASES AND 13 COST DECLINES TO AVERAGE 3.9% UNIT COST HIKES AFTER 2.2% COST INCREASES IN 1Q | |
| 8/14/2023 | LPX 081423 | LOUISIANA-PACIFIC ENJOYS OSB PRICE EXPLOSION AS HOME DEPOT 10% DISCOUNTED BULK E-COMMERCE PRICES AVERAGE $564/000 SQ FT THIS WEEK; BUYBACKS COULD RESUME | |
| 8/14/2023 | X 081323 | U.S. STEEL LIKELY COMMANDS A $40 TO $55 TAKEOVER BROKEN INTO UP TO 5 PIECES FOR MINIMILLS, FLAT-ROLLED, SLOVAKIA, IRON ORE AND TUBULARS | |
| 8/7/2023 | Alum Ind 080723 | ALUMINUM OUTPUT IN CHINA AND RUSSIA HIGHER THAN EXPECTED; CHINA BURNS MORE COAL TO OFFSET A BIG FALL IN HYDRO OUTPUT | |
| 8/7/2023 | NUE 080723 | NUCOR POTENTIALS TO GROW MORE IN FABRICATED STEEL PRODUCTS | |
| 8/4/2023 | SAND 080323 | SANDSTORM GOLD BENEFITS IN GLENCORE BUYOUT OF MARA, RIO TINTO STARTUUP IN MONGOLIA AND SSRM BUYOUT AT HOD MADEN | |
| 8/2/2023 | LPX 080223 | LOUISIANA-PACIFIC ENJOYS MORE OSB PRICE GAINS AND LOWER UNIT COSTS, PARTLY OFFSET BY LOWER SIDING VOLUMES AND HIGHER SIDING COSTS |
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| 7/31/2023 | PAAS 073123 | PAN AMERICAN SILVER BEGINS A PROCESS OF STREAMLINING TO SIMPLIFY | |
| 7/29/2023 | Metals Expansions Vol 98 072923 | METALS EXPANSIONS- - VOLUME 98 JULY 39 PROJECTS ADVANCE AND 3 DELAYS OR CUTBACKS MOSTLY STEEL, IRON ORE, COPPER, LITHIUM AND ALUMINUM RECYCLING |
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| 7/27/2023 | Grupo Mexico 072723 | GRUPO MEXICO RESOLVES MEXICAN GOVERNMENT ISSUES LUCRATIVELY |
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| 7/25/2023 | PKG 072523 | PACKAGING CORPORATION PRICE TARGET BENEFITS FROM MUCH LOWER CAP EX; COSTS CUT BY IDLING OF 560,000 TON WALLULA, WA PLANT | |
| 7/24/2023 | Glencore 072423 | GLENCORE OPERATING RESULTS TO FALL WELL OVER 60% IN 2023, BUT OFFSET PARTLY BY ASSET SALES |
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| 7/20/2023 | STLD 072023 | STEEL DYNAMICS ABOUT TO RESTART SINTON WITH REPAIRS, MID-2025 ALUMINUM STARTUP AND BIGGER SHARE BUYBACKS | |
| 7/20/2023 | AA 072023 | ALCOA SALES PRICES LOWER, LOUSIER, LONGER AS BAUXITE COSTS RISE |
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| 7/17/2023 | AEM 071723 Malartic exploration photos and notes | AGNICO-EAGLE MINES PHOTO BOOK AND LONG-TERM EXPLORATION IMPLICATIONS OF JUNE 20-21 VISIT TO CANADIAN MALARTIC MINE | |
| 7/17/2023 | AEM 071723 Malartic visit models | AGNICO-EAGLE MINES JUNE 20-21 VISIT TO CANADIAN MALARTIC MINE | |
| 7/16/2023 | Metals and Forest price trends 071623 | METALS AND FOREST PRODUCTS - - - - WINNERS AND LOSERS LOOKING AHEAD TO 3Q GUIDANCE AND 2Q RESULTS |
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| 7/16/2023 | STLD 071423 | STEEL DYNAMICS SLOW STARTUP OF SINTON, TX FLAT-ROLLED MILL | |
| 7/14/2023 | TMRC 071423 | TEXAS MINERAL RESOURCES CORP. NEGOTIATES ALTERNATIVE OF 80% PARTNER USA RARE EARTHS FUNDING ITS 20% OF CAP EX | |
| 7/11/2023 | Steel Ind 2022 vs 1955 071123 | STEEL INDUSTRY – CHANGE IN DOMESTIC SHIPMENTS BY SHAPE IN 2022 VERSUS 1955 STUDY PEACETIME PRIOR TO DAMAGE FROM WORLD TRADE | |
| 7/9/2023 | Steel Ind rebar vs plate 070923 | STEEL INDUSTRY – REINFORCING BAR SEGMENT WITH CONSISTENT UNIT GROWTH VERSUS PLATE SEGMENT FOR RESHORING REBOUND | |
| 7/5/2023 | Steel Ind sheet prices 070523 | STEEL INDUSTRY - - COMPARING 2024 EARNINGS OUTLOOKS AT $1,000 VERSUS $800/TON HOT-ROLLED SHEET PRICES | |
| 7/5/2023 | OR 070523 | OSISKO GOLD ROYALTIES MANAGEMENT CHANGES | |
| 7/4/2023 | Avalon Advanced Materials 070323 | AVALON ADVANCED MATERIALS (AVLNF $0.101, not rated) TO BUILD LITHIUM MINE IN KENORA AND REFINERY IN THUNDER BAY, ONTARIO; SAYS THEY WILL “BUILD THE COMPANY” AND NOT SELL OUT |
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| 7/1/2023 | Metals Expansions Vol 97 063023 | METALS EXPANSIONS- - VOLUME 97 JUNE 54 PROJECTS ADVANCE AND 5 CUTBACKS MOSTLY STEEL, COPPER, LITHIUM AND GOLD | |
| 6/29/2023 | WOR 062923 | WORTHINGTON INDUSTRIES HAS STRONG PROFITS FROM STEEL PROCESSING, STEEL FRAMING AND SERVIACERO IN MAY QUARTER | |
| 6/27/2023 | Steel Ind USA demand 062723 | STEEL INDUSTRY - - SEVERAL FAVORABLE DEMAND INDICATORS IN USA | |
| 6/23/2023 | Alum Ind 062323 | ALUMINUM OUTPUT AND APPARENT DEMAND HIGHER THAN EXPECTED AT $0.99/LB LOW LME SPOT PRICES | |
| 6/18/2023 | Iron Ore 061823 | IRON ORE NEW PROJECT LIST AT 853 MILLION METRIC TONNES LARGER THAN 500+ MMT THAT WE WROTE JUNE 16TH MORNING | |
| 6/16/2023 | Iron Ore capacity adds 061623 | IRON ORE PROJECT CANCELLATIONS NEEDED TO PREVENT MASSIVE OVER SUPPLY | |
| 6/12/2023 | Metals 061223 | METALS INVENTORY STABLE; SPOT NONFERROUS BASE METALS PRICE DECLINES BAD FOR 2Q AND 3Q EARNINGS OUTLOOKS | |
| 6/8/2023 | Lithium Refining 060823 | LITHIUM REFINING GLOBAL CAPACITY EX-CHINA SURPLUS IN 2026-28 | |
| 6/7/2023 | Conf Highlights 060723 | HIGHLIGHTS OF OUR JUNE 7TH VIRTUAL CONFERENCE | |
| 6/6/2023 | Conf Highlights 060623 | HIGHLIGHTS OF OUR JUNE 6TH VIRTUAL CONFERENCE | |
| 5/31/2023 | Metals Expansions Vol 96 053123 | METALS EXPANSIONS- - VOLUME 95 MAY 11 PROJECTS ADVANCE AND 3 CUTBACKS | |
| 5/31/2023 | Steel Ind 053123 | STEEL INDUSTRY - - CHINA’S STEEL EXPORTS AND STRONG MILITARY STEEL USE DRIVE 4.1% 2023 YTD CHINA STEEL OUTPUT GAIN | |
| 5/30/2023 | Vale 053023 | VALE PHOTO BOOK FROM MAY 22-24 MINAS GERAIS TOUR | |
| 5/18/2023 | LPX 051823 | LOUISIANA-PACIFIC OSB PRICES REBOUND FOR MAY AND COSTS FALL A LOT IN MARCH QUARTER, BUT SIDING VOLUMES SOFTEN | |
| 5/14/2023 | X 051423 | U.S. STEEL BENEFITS FROM TUBULAR PROFIT BOOM REVERSING 2015-21 LOSSES; MINIMILL UNDERPERFORMS BUT COULD BOOM AFTER 2025 FROM INVESTMENTS; WE AWAIT POST-2025 CAP EX STRATEGY | |
| 5/11/2023 | Price realizations, cost and margins 051123 | STEEL AND ALUMINUM CUT COSTS AS MOST ENERGY INTENSIVE, BUT FIRST-QUARTER AVERAGE UNIT COSTS ROSE 2.1% FROM 4Q DUE TO A FEW STEEP COST INCREASES | |
| 5/10/2023 | Akora Resources 051023 | AKORA RESOURCES INFILL DRILLING, BULK SAMPLE AND “SCOPING STUDY” FOR 2 MMT ANNUAL DSO PROJECT | |
| 5/9/2023 | SAND 050923 | SANDSTORM GOLD HAS A STRONGER OPERATOR AND NEW TIMETABLE AS SSR MINING TO BUY 40% OF HOD MADEN FROM LIDYA | |
| 5/9/2023 | Gold Ind 050923 | GOLD INDUSTRY BANKING CRISES, RISE OF REMNIBI YUAN TRADE, CHINA’S PRIMACY AND UKRAINE CONFLICT | |
| 5/3/2023 | Forest Products wood ratings 050323 | FREEPORT-McMORAN INC. DISCUSSIONS TO EXTEND INDONESIAN MINING CONTRACT BEYOND 2041 | |
| 5/3/2023 | FCX 050323 | FREEPORT-McMORAN INC. DISCUSSIONS TO EXTEND INDONESIAN MINING CONTRACT BEYOND 2041 |
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| 5/2/2023 | Osisko Mining 050223 | OSISKO MINING (OBNNF US $2.79, not rated) JOINS WITH GOLD FIELDS LTD (GFI $15.42, not rated) IN 50%-50% JOINT VENTURE | |
| 4/30/2023 | Metals Expropriative Tax Risks 043023 | POLITICAL RISKS WITH CHILE NATIONALIZING LITHIUM, NEW CHILEAN CONSTITUTION, NEW MEXICAN MINING LAW, ETC. |
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| 4/30/2023 | Metals Expansions Vol 95 043023 | METALS EXPANSIONS- - VOLUME 95 APRIL 16 PROJECTS ADVANCE AND 9 CUTBACKS | |
| 4/26/2023 | Teck and Glencore 042623 | GLENCORE AND TECK RESOURCES BOTH CUT TO UNDERWEIGHT | |
| 4/26/2023 | PKG 042523 | PACKAGING CORPORATION MANAGES VOLUME AND PRICE DECLINES; FIRST TIME EVER THAT CONTAINERBOARD FALLS FAR MORE THAN STEEL | |
| 4/24/2023 | FCX 042423 | FREEPORT-McMORAN INC. FIRST-QUARTER RESULTS WITH GRASBERG OUTAGE |
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| 4/21/2023 | Steel Ind 042123 | STEEL INDUSTRY - - WORLD STEEL OUTPUT IN MARCH 8TH STRONGEST SINGLE MONTH EVER AT 5.326 MMT/DAY | |
| 4/21/2023 | Molybdenum 042123 | MOLYBDENUM MARKET REVERSAL |
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| 4/20/2023 | Alum Ind 042023 | ALUMINUM OUTPUT FALLS 4,323 MTPD IN CHINA IN MARCH 2023 FROM AUGUST 2022 PEAK; ESTIMATE 2.2% GLOBAL DEMAND FALL IN 2023 | |
| 4/20/2023 | AA 042023 | ALCOA COSTS FALL FOR CAUSTIC SODA, TAR, PITCH AND ENERGY |
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| 4/17/2023 | Teck 041723 | TECK RESOURCES IMPACTED WITH MET COAL, MOLYBDENUM, ZINC AND COPPER PRICES; CHINA STEEL OUTPUT UP 5.6% IN EARLY 2023 | |
| 4/12/2023 | Conf Highlights 041223 | HIGHLIGHTS OF APRIL 11-12TH VIRTUAL INVESTMENT CONFERENCE | |
| 4/10/2023 | Metals Impairments 041023 | METALS - - POLITICAL RISKS DRIVE IMPAIRMENTS IN 2022 SUCH AS FROM UKRAINE WAR AND SANCTIONS ON RUSSIA | |
| 4/7/2023 | OR 040723 | OSISKO GOLD ROYALTIES ENJOYS RECORD SHARE PRICE | |
| 4/3/2023 | Metals Expansions Vol 94 033123 | METALS EXPANSIONS- - VOLUME 94 MARCH 13 PROJECTS ADVANCE AND 4 CUTBACKS | |
| 4/3/2023 | Glencore 040323 | GLENCORE INTENT TO DEMERGE ITS COAL FROM METALS & TRADING UNLOCKS A BETTER VALUATION; TECK PROPOSAL | |
| 3/31/2023 | SEC Whistleblower Letter 040323 | COMPLAINT CONCERNING FEES DEDUCTED FROM DIVIDENDS, MEXICAN WITHHOLDING TAXES DEDUCTED FROM MY IRA RETIREMENT ACCOUNT AND DISCRIMINATORY PRACTICES OF CANADIAN BROKERS | |
| 3/29/2023 | Metals sustainable 032923 | ALL METALS PRODUCTION CONSTRAINED WITH HIGH ENERGY INTENSITY AND DECARBONIZATION, BUT ESPECIALLY STEEL AND ALUMINUM | |
| 3/28/2023 | SAND 032823 | SANDSTORM GOLD STEADY IN RECENT MONTHS AS TIME PASSES, NET DEBT FALLS AND PROJECTS A LITTLE CLOSER TO ARRIVAL | |
| 3/23/2023 | Steel Ind 032323 | STEEL INDUSTRY - - WORLD STEEL ASSN RESTATES JANUARY GLOBAL OUTPUT UP 10.1 MMT STRONGER THAN PREVIOUSLY REPORTED |
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| 3/23/2023 | WOR 032323 | STEEL INDUSTRY - - WORLD STEEL ASSN RESTATES JANUARY GLOBAL OUTPUT UP 10.1 MMT STRONGER THAN PREVIOUSLY REPORTED | |
| 3/22/2023 | Copper Ind 032223 | COPPER INDUSTRY JANUARY 2023 SUPPLY LARGER THAN EXPECED | |
| 3/22/2023 | Skeena geostats 032123 | SKEENA RESOURCES (SKE US $5.50, not rated) SEPTEMBER 2022 DEFINITIVE FEASIBIILITY STUDY NOTES ON GOLD ASSAYS, GRADES, INTERPRETATION | |
| 3/22/2023 | Teck 032123 | COPPER INDUSTRY JANUARY 2023 SUPPLY LARGER THAN EXPECED | |
| 3/20/2023 | Metals after bank failures 031823 | TAKING STOCK OF THE PLUNGE IN MARKET INTEREST RATES AFTER BANKING CRISES | |
| 3/16/2023 | FNV 031523 | FRANCO-NEVADA BUSINESS STABILITY ADMIRABLE | |
| 3/15/2023 | WY 031523 | WEYERHAEUSER SUFFERS SHARP LUMBER, OSB AND PLYWOOD PRICE FALLS BELOW EBITDA BREAKEVEN, WHILE ENGINEERED SOLID SECTIONS, I-JOISTS & MDF PRICES FIRMER | |
| 3/14/2023 | Gold Ind 031423 | GOLD INDUSTRY - - COMPARISON OF GFC TO TODAY; 11TH CONSECUTIVE MONTH OF BULLION ETF LIQUIDATIONS | |
| 3/13/2023 | AEM 031323 | AGNICO-EAGLE MINES FORECASTS A 2024 COST DECLINE AND HAS MANY ALTERNATIVES | |
| 3/10/2023 | Copper Ind Argentina 031023 | COPPER INDUSTRY - - FIVE PROJECTS COULD CATAPULT ARGENTINA TO 3⁄4 MMT COPPER MINE OUTPUT BY 2032 | |
| 3/9/2023 | Toronto Highlights 030823 | HIGHLIGHTS OF 2023 TORONTO PROSPECTOR AND DEVELOPERS ASSN CONVENTION | |
| 3/9/2023 | Copper Ind 030823 | COPPER INDUSTRY FINELY BALANCED, WHERE SHORT-TERM RISKS OF NEW SUPPLY BALANCE RECESSION IMPACTS ON DEMAND | |
| 2/23/2023 | AEM 022323 | AGNICO-EAGLE MINES FORECASTS LOWER OUTPUT AT SEVERAL MINES | |
| 2/21/2023 | AA 022123 | ALCOA FACES HEADWINDS IN BAUXITE AND ALUMINA AS SOFT CONSTRUCTION MARKETS FALL MORE THAN OTHER USES GROW IN 2023 | |
| 2/21/2023 | TECK 022123 | TECK RESOURCES SPLIT UP ‘EMASCULATED” WHERE COAL SPINOFF TO GIVE ITS CASH FLOW TO “TECK METALS” FOR PERHAPS 5 TO 11 YEARS TO BE FREE AND CLEAR IN 2029 OR 2035 | |
| 2/20/2023 | Alum Ind 022023 | ALUMINUM INDUSTRY MOVES INTO OVERSUPPLY |
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| 2/17/2023 | TECK 021723 | TECK RESOURCES SPLIT UP EXPECTATIONS DRIVE UP STOCK PRICE |
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| 2/13/2023 | KGC | KINROSS GOLD PUBLISHES 5.0 MM OZ MAIDEN GOLD RESOURCES IN RED LAKE, ONTARIO | |
| 2/12/2023 | METALS AT HIGH INTEREST RATES | HIGH SHORT-TERM INTEREST RATES HAVE DIVERSE ADVERSE IMPACTS | |
| 2/9/2023 | IRON ORE | IRON ORE OUPTUT CONTINUES STRONG IN FOURTH-QUARTER, STEEL OUTPUT REMAINS WEAK AND IRON ORE PRICES REBOUND 50% |
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| 2/7/2023 | GPK 020723 | GRAPHIC PACKAGING REPAYS 1/10TH OF DEBT AND INTEGRATES BOTH EUROPEAN LARGE ACQUISITION AND NEW KALAMAZOO MILL | |
| 2/5/2023 | NEM 020623 | NEWMONT MINING BIDS FOR NEWCREST MINING | |
| 2/5/2023 | Metals Diverse 020423 | METALS DIVERGENT TRENDS | |
| 2/3/2023 | MAG 020323 | MAG SILVER (MAG $14.04) ENERGIZED POWER LINES AND GRINDING MILLS TO RAMP UP TOWARDS 10 MM OZ ATTRIBUTABLE OUTPUT BY YEAR-END | |
| 2/2/2023 | Containerboard 020123 | CONTAINERBOARD MARKET SHARE SHIFTS |
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| 1/31/2023 | IP 013123 | INTERNATIONAL PAPER WEATHERS TOUGH MARKETS |
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| 1/31/2023 | Metals Expansions Vol 92 013123 | METALS EXPANSIONS- - VOLUME 92 JANUARY 29 PROJECTS ADVANCE AND 5 CUTBACKS |
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| 1/31/2023 | FCX 013023 | FREEPORT-McMORAN INC. MANAGES CONSERVATIVELY TO GROW | |
| 1/24/2023 | Copper Ind Focus on Peru 012423 | OUR SURVEY OF SPANISH LANGUAGE NEWS ARTICLES FROM PERU TODAY |
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| 1/22/2023 | Metals 012223 | PERU IN NATIONAL REBELLION; SHANGHAI PUBLIC INVENTORIES RISE; ORIENTED STRAND BOARD AND CARDBOARD SCRAP DEEP NEW LOWS | |
| 1/20/2023 | Alum Ind 012023 | ALUMINUM INDUSTRY | |
| 1/10/2023 | Steel Ind 011023 | STEEL INDUSTRY CAPACITY, OUTPUT AND DECARBONIZATION UPDATES | |
| 1/9/2023 | Copper Ind focus on Moly 010923 | COPPER INDUSTRY BENEFITS FROM DOUBLING IN MOLYBDENUM PRICES; THIS IS BONA FIDE DUE TO MOLY OUTPUT DECLINES OVER PAST 5 YEARS |
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| 1/5/2023 | China Outlook, ratings and price estimates 010523 | METALS OVERVIEW AND UPDATE ON CHINA PLANNING GOALS FOR 2023 | |
| 1/3/2023 | Metals rising 010323 | METALS PRICES CLEARLY IN A RISING TREND FROM SEPT. 2022 LOWS, WHERE NONFERROUS METALS RISING THE MOST | |
| 1/3/2023 | Metals Expansions Vol 91 123122 | METALS EXPANSIONS- - VOLUME 91 DECEMBER 24 PROJECTS ADVANCE AND 11 CUTBACKS | |
| 12/29/2022 | AEM 122822 | AGNICO-EAGLE MINES OPPORTUNITIES TO DIVEST SURPLUS PROJECTS, SAVE TIME OR AVOID FULL THROTTLE CAP EX OUTLAYS |
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| 12/26/2022 | Forest Products wood ratings 122622 | FOREST PRODUCTS - - MUTED OR NIL SPRING RECOVERY LIKELY FOLLOWED BY OUTPUT CUTS CAUSE US TO CUT INVESTMENT RATINGS | |
| 12/22/2022 | Steel Ind 122222 | STEEL INDUSTRY OUTPUT AND DEMAND SUFFER |
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| 12/20/2022 | Gold Ind 122022 | GOLD INDUSTRY - - GOLD BULLION ETF NET BUYING RESUMES IN DECEMBER TO BENEFIT GOLD PRICES AFTER 7 MONTHS OF NET SALES | |
| 12/19/2022 | AA 121922 | ALCOA COST OUTLOOKS FOR 2023 SUGGEST MORE MARGIN PRESSURES | |
| 12/14/2022 | Steel Ind Decarbonization121422 | STEEL INDUSTRY DECARBONIZATION ALTERNATIVE FOR “BIOMASS” OR CHARCOAL | |
| 12/12/2022 | Metals Tax-Loss Selling 121222 | SECTORS WITH POTENTIALLY LARGER DECEMBER TAX-LOSS SELLING | |
| 12/12/2022 | Vale 121222 | VALE GREATLY REDUCES IRON ORE PRODUCTION FORECASTS PERHAPS NEVER RETURNING TO 2018 PRIOR RECORD OUTPUT, ESPECIALLY IN MINAS GERAIS, TIGHTENING MARKETS | |
| 12/8/2022 | Conf Highlights Dec 8 120822 | HIGHLIGHTS OF VIRTUAL CONFERENCE DECEMBER 8TH | |
| 12/7/2022 | Conf. Highlights Dec 7 120722 | HIGHLIGHTS OF VIRTUAL CONFERENCE DECEMBER 7TH | |
| 12/6/2022 | Metals Outlook 2023 120622 | OUTLOOK FOR 2023 AND RECENT CONTRIBUTORS TO PERFORMANCE | |
| 12/6/2022 | Teck 120622 | TECK RESOURCES MANAGES CASH FLOWS UNDER PROSPERITY TO DIVIDE BETWEEN COPPER REINVESTMENTS AND SHARE BUYBACKS; PROJECT EXECUTIONS MORE SLOWLY WITH CARE | |
| 12/5/2022 | Forest Products wood prices 120522 | FOREST PRODUCTS - - - NORMAL SEASONAL UPTURN IN WOOD PRICES IN ANTICIPATION OF SPRING BEHIND SCHEDULE OR SLOW TO FOREST PRODUCTS - - - NORMAL SEASONAL UPTURN IN WOOD PRICES IN ANTICIPATION OF SPRING BEHIND SCHEDULE OR SLOW TO DEVELOP DEVELOP | |
| 12/5/2022 | Metals Expansions Vol 90 120522 | METALS EXPANSIONS- - VOLUME 90 NOVEMBER 23 PROJECTS ADVANCE AND 4 CUTBACKS | |
| 11/26/2022 | Metals 112822 | METALS - - SPOT MARKET OR SUPPLY-DEMAND DATA RANGES FROM DISAPPOINTING TO MIXED, BUT NO “RAGING BULLISH” DATA | |
| 11/18/2022 | Barrick Gold 111822 | BARRICK GOLD MAJOR PROGRAMS TO EXPAND LUMWANA COPPER IN ZAMBIA, BUILD REKO DIQ IN PAKISTAN AND EXTEND IN DOMINICAN REP | |
| 11/16/2022 | SAND 111622 | SANDSTORM GOLD MAKES $1.1 BILLION IN ACQUISITIONS AND LAUNCHES 34%-OWNED HORIZON COPPER JUST PRIOR TO MARKET DECLINES | |
| 11/14/2022 | Gold Ind 111422 | GOLD INDUSTRY - - WHILE LOWER INTEREST RATES WEAKEN US DOLLAR, UKRAINE WAR COSTS AND MANY OTHER FACTORS UNDERMINE EURO | |
| 11/13/2022 | Steel Ind 111322 | STEEL INDUSTRY - - COLLAPSE IN STEEL, SCRAP STEEL AND IRON ORE PRICES UNDERMINE 2023 EARNINGS OUTLOOKS |
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| 11/8/2022 | Century Alum 110822 | CENTURY ALUMINUM CONTINUES WITH VERY HIGH OPERATING COSTS, BUT REPORTS LARGE DERIVATIVE GAINS TO SIDESTEP RED INK | |
| 11/8/2022 | Century Alum 110722 | CENTURY ALUMINUM CONTINUES WITH VERY HIGH OPERATING COSTS, BUT REPORTS LARGE DERIVATIVE GAINS TO SIDESTEP RED INK | |
| 11/7/2022 | AEM 110722 | AGNICO-EAGLE MINES TO APPROACH 4.4 MM OZ GOLD OUTPUT WITH 100% MALARTIC MINE OWNERSHIP AND OTHER INITIATIVES | |
| 11/3/2022 | Price realizations and costs 110322 | FOCUS ON RISING COSTS TO FORCE OUTPUT CUTS WITH LOWER PRICES | |
| 10/31/2022 | Metals Expansions Vol 89 103122 | METALS EXPANSIONS- - VOLUME 89 OCT SEES 16 PROJECTS ADVANCE AND 9 CUTBACKS |
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| 10/31/2022 | Gold Ind 103122 | GOLD INDUSTRY - - WHILE WORLD MINE OUTPUT TRENDS 6% BELOW 2018 RECORD LEVELS, LOWER PRICES AND HIGHER COSTS WILL SLOW IT MORE |
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| 10/28/2022 | Iron Ore 102822 | IRON ORE INDUSTRY – COMBINED OUTPUT OF 5 SEABORNE LEADERS IN SEPTEMBER 2022 QUARTER BREAKS JUNE 2018 RECORD |
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| 10/24/2022 | Copper Ind 102122 | COPPER APPARENT DEMAND ABOUT 1%-2% BETTER THAN EXPECTED, WHILE MINED & REFINED OUTPUT ABOUT 1%-2% LESS THAN EXPECTED |
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| 10/20/2022 | Alum Ind 102022 | ALUMINUM INDUSTRY - -MINOR DECLINES IN AUGUST AND SEPTEMBER OUTPUTS IN CHINA; EXCHANGE INVENTORIES RISE |
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| 10/17/2022 | Forest Products 101722 | FOREST PRODUCTS - - SCRAP CONTAINERBOARD IN OCTOBER FALLS TO $38/TON FROM $77 IN SEPT. AND $126/TON IN JULY; ECONOMIC WEAKNESS |
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| 10/16/2022 | Metals 101622 | METALS INVENTORIES RISE AND REBOUND; SOME PRICES FALL TO NEW LOWS WHILE SOME OTHER PRICES REBOUND IN 4Q |
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| 10/12/2022 | Conf Highlights 101222 | HIGHLIGHTS OCTOBER 12TH VIRTUAL CONFERENCE |
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| 10/11/2022 | Conf Highlights 101122 | HIGHLIGHTS OCTOBER 11, 2022 VIRTUAL CONFERENCE |
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| 10/5/2022 | Perth HQ visits 100322 | PERTH, WESTERN AUSTRALIA COMPANY HQ VISITS |
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| 10/2/2022 | Metals Inventories 093022 | NEW 31-YEAR LOW FOR NONFERROUS METALS TOTAL EXCHANGE INVENTORIES |
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| 9/30/2022 | Metals Expansions 88 093022 | METALS EXPANSIONS- - VOLUME 88 SEPT SEES 12 PROJECTS ADVANCE AND 9 CUTBACKS |
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| 9/27/2022 | Osisko Mining 092722 | OSISKO MINING (OBNNF US $1.83, not rated) SUGGESTS 625 METER OR 2+ MM OZ GOLD RESOURCE EXTENSIONS | |
| 9/26/2022 | GOLD INDUSTRY - - MECHANISMS TO BYPASS U.S. DOLLAR IN EARLY STAGES OF BYPASSING DOLLAR OR EURO AS RESERVE CURRENCIES 092622 | GOLD INDUSTRY - - MECHANISMS TO BYPASS U.S. DOLLAR IN EARLY STAGES OF BYPASSING DOLLAR OR EURO AS RESERVE CURRENCIES | |
| 9/24/2022 | Metals Price Cuts 092322 | METALS PRICE REDUCTIONS DUE TO STRONGER US DOLLAR, HIGHER INTEREST RATES GLOBALLY AND USA ECONOMIC SLOWDOWN | |
| 9/20/2022 | Alum Ind 092022 | ALUMINUM INDUSTRY - - AUGUST CHINA AND WORLD SMELTER OUTPUT RISES A 5TH STRAIGHT MONTHLY RECORD; EXCHANGE INVENTORIES RISE | |
| 9/19/2022 | Containerboard Ind 091922 | CONTAINERBOARD INDUSTRY – FALL TO $77/TON OLD CORRUGATED CONTAINERBOARD (OCC) SCRAP SIGNALS DEMAND WEAKNESS | |
| 9/13/2022 | Gold Ind 091322 | GOLD INDUSTRY - - HIGHER INFLATION AND INTEREST RATES CONTINUE |
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| 9/12/2022 | Metals Update 091122 | GOLD INDUSTRY - - HIGHER INFLATION AND INTEREST RATES CONTINUE | |
| 8/26/2022 | Metals Expansions Vol 87 082622 | METALS EXPANSIONS- - VOLUME 87 AUGUST SEES 26 PROJECTS ADVANCE AND 11 CUTBACKS | |
| 8/26/2022 | Metals Irregular Dividends 082622 | METALS - - COMPARISONS OF 14 “IRREGULAR DIVIDENDS” OVERSEAS | |
| 8/24/2022 | LPX Smart-Side 082422 | LOUISIANA-PACIFIC “SMART-SIDE” SOLD MORE IN NORTH THAN U.S. SOUTH; MUCH UPSIDE AS LPX SIDING ALMOST UNKNOWN IN CENTRAL FLORIDA; FINANCIAL ANALYSIS | |
| 8/24/2022 | AA 082422 | ALCOA HIGHER COSTS & LOWER PRICES ERASE EARNINGS IN 2H 2022 | |
| 8/23/2022 | Steel Ind 082322 | STEEL INDUSTRY - - WORLD STEEL OUTPUT COLLAPSES IN JULY 2022 | |
| 8/22/2022 | Alum Ind 082022 | ALUMINUM INDUSTRY - - DEMAND AND SUPPLY BOTH LARGER THAN EXPECTED | |
| 8/20/2022 | Copper D Growth Speech Final Updated 082122 | COPPER INDUSTRY DEMAND TRENDS IN A COMPARATIVE HISTORICAL CONTEXT | |
| 8/19/2022 | Metals Prices and Costs 081922 | METALS AND FOREST PRODUCTS COMPARISONS OF JUNE QUARTER MARGINS, COSTS, PRICE REALIZATIONS AND SEPTEMBER QUARTER OUTLOOK | |
| 8/10/2022 | Conf Highlights 081022 | HIGHLIGHTS OF OUR AUGUST 10, 2022 VIRTUAL CONFERENCE |
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| 8/9/2022 | Conf Highlights 080922 | HIGHLIGHTS OF AUGUST 9, 2022 VIRTUAL CONFERENCE |
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| 8/1/2022 | Metals Expansions Vol 86 073122 | METALS EXPANSIONS- - VOLUME 86 JULY SEES 10 PROJECTS ADVANCE AND 2 CUTBACKS | |
| 7/16/2022 | Metals 071622 | NONFERROUS METALS INVENTORIES CONTINUE TO FALL; METALS PRICES CONTINUE TO FALL; CHINESE STATE CENTRAL IRON ORE | |
| 7/15/2022 | Copper Ind speech 071522 | COPPER INDUSTRY DEMAND TRENDS IN A COMPARATIVE HISTORICAL CONTEXT | |
| 7/14/2022 | X 071422 | U.S. STEEL FOURTH-QUARTER WILL SUFFER IMPACTS FROM CLOSURES OF UKRAINE IRON ORE MINES AS WELL AS LOWER STEEL PRICES | |
| 7/12/2022 | PAAS 071222 | PAN AMERICAN BUILDS CASH WITH PROJECT DELAYS TO WEATHER LOWER METALS PRICES | |
| 7/11/2022 | Teck 070922 | TECK RESOURCES ENJOYS BOOM ENERGY AND METALS PRICES; RETURNS OF CAPITAL TO SHAREHOLDERS AND PROJECT REINVESTMENTS NOW THE FOCUS | |
| 7/8/2022 | Gold Ind 070822 | GOLD INDUSTRY - - GERMANY & FRANCE BAIL OUT NATURAL GAS UTILITY TO PREVENT CONSUMERS FROM PAYING MARKET PRICES | |
| 7/7/2022 | WY 7/7/2022 | WEYERHAEUSER A POTENTIAL BENEFICIARY AS INTEREST RATES BEGIN TO FALL WITH CONSENSUS NOW EXPECTING A RECESSION | |
| 7/5/2022 | Political Risks 070522 | METALS - - UN VOTES CONCERNING UKRAINE WAR AS MEASURES OF RISK | |
| 7/3/2022 | Metals Inventories 070422 | METALS PRICES AND INVENTORIES BOTH FALL MORE, WHERE LARGE OUTPUT CUTS WILL WORSEN METALS SHORTAGES | |
| 7/3/2022 | PKG 070422 | PACKAGING CORPORATION ENJOYS BIGGER EARNINGS GAINS THAN WRK OR IP AGAIN IN 2022 AFTER OUT EARNING THEM IN 2021 | |
| 7/1/2022 | WRK 070122 | WESTROCK ENJOYS GOOD SALES PRICES AND OPERATING PROFITS, BUT SHUTS DOWN VIRGIN CONTAINERBOARD CAPACITY | |
| 6/29/2022 | X 062922 | U.S. STEEL TO CLOSE MOLTEN STEELMAKING AT GRANITE CITY, IL IN 2024; SLOVAK MILL RUNS SMOOTHLY DESPITE UKRAINE WAR; STRONG FIRST-HALF PROFITS | |
| 6/29/2022 | Metals Expansions 062922 | METALS EXPANSIONS- - VOLUME 85 JUNE SEES 18 PROJECTS ADVANCE AND 5 CUTBACKS, INVENTORIES FALL & SEVERAL NOTABLE WORLD OUTPUT DECLINES EMERGE | |
| 6/29/2022 | Galway Metals 062822 | GALWAY METALS FILES CLARENCE STREAM NI-43-101 RESOURCES JUNE 9 TH; 3 RIGS RUNNING AT CLARENCE STREAM AND 20+ KM ASSAYS DUE | |
| 6/27/2022 | Metals Inventories 062522 | METALS EXCHANGE INVENTORIES APPROACH DECEMBER 2006 16-YEAR AND 1991 31-YEAR LOWS | |
| 6/23/2022 | WOR 062322 | WORTHINGTON INDUSTRIES NAVIGATES ERRATIC WILD STEEL PRICES | |
| 6/22/2022 | CENX 062222 | CENTURY ALUMINUM MAKES THE RIGHT DECISION AND CUTS OUTPUT WITH LOWER ALUMINUM PRICES AND HIGHER ENERGY PRICES | |
| 6/21/2022 | Conf Highlights 062122 | HIGHLIGHTS OF JUNE 21ST VIRTUAL CONFERENCE | |
| 6/20/2022 | Metals 062022 | METALS PRICE FALLS ANTICIPATE “HARD LANDING” RECESSION WHERE DOUBLE DIGIT OUTPUT DECLINES OR SHORTAGES LOOM | |
| 6/15/2022 | Gold Ind 061522 | GOLD INDUSTRY - - WEEKLY JOBLESS CLAIMS A POTENTIAL LEAD INDICATOR TO FEDERAL RESERVE AS TO EASING OF INFLATION | |
| 6/15/2022 | IP 061522 | INTERNATIONAL PAPER EXPOSURE TO RUSSIA IN CONTEXT OF “2ND HAIRCUT” TO KINROSS GOLD ASSET SALE ON JUNE 15TH |
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| 6/13/2022 | Gold Ind 061022 | GOLD INDUSTRY - - FARCICAL POLITICIZATION OF U.S. ECONOMIC POLICY | |
| 6/4/2022 | Copper 060422 | COPPER WORLD SUPPLY-DEMAND FINELY BALANCED IN 2022 | |
| 6/3/2022 | IP 060322 | INTERNATIONAL PAPER EXPOSURE TO RUSSIA INVOLVES 50% JV SELLING 60% OF PRIOR OUTPUT DIRECTLY TO CHINA | |
| 6/1/2022 | Yamana 060122 | YAMANA GOLD ALTERNATIVES TO REPAIR GFI MAY 31ST BID, SEEK A NEW BIDDER OR HAVE FORMALITY OF SHAREHOLDERS VOTE ON MAY 31ST BID | |
| 6/1/2022 | LPX 060122 | LOUISIANA-PACIFIC HOME OSB SIDING SUGGESTS THAT LPX SMART-SIDE RETAIL COSTS OFFER BETTER QUALITY AT COSTS ABOUT SIMILAR TO VINYL OR HARDIE BOARD | |
| 5/11/2021 | Centerra Gold 051121 | CENTERRA GOLD A CASE STUDY IN EXPROPRIATION | |
| 5/8/2021 | Price Realizations 050721 | SPOT PRICES KEEP RISING | |
| 5/5/2021 | Containerboard 050521 | CONTAINERBOARD INDUSTRY SEES FIRST PRICE HIKE IN 2 YEARS | |
| 5/5/2021 | WRK 050521 | WESTROCK CEO EXPRESSES OPTIMISM; NO HINTS OF STRATEGIC OR SURGICAL CHANGES | |
| 4/23/2021 | Iron Ore 042321 | IRON ORE AND STEEL INDUSTRY - - CHINESE STEEL OUTPUT UP 15.6% IN 1Q WITH 3.03 MMT/DAY IN MARCH; MAY CONTRACTS AT $180/T FIRMING | |
| 4/20/2021 | Conf Highlights 042021 | HIGHLIGHTS OF APRIL20TH VIRTUAL CONFERENCE SESSION INCLUDES 4 GOLD MINES, A ZINC, A COPPER AND 2 LITHIUM STOCKS | |
| 4/19/2021 | Conf Highlights 041621 | HIGHLIGHTS OF APRIL19TH VIRTUAL CONFERENCE SESSION WHERE 7 OF 8 PRESENTATIONS RELATED TO OSISKO GOLD ROYALTIES ASSETS | |
| 4/17/2021 | Steel and Wood Prices 041621 | FOREST PRODUCTS AND STEEL: COMPARISON OF RISING RECORD WOOD AND STEEL PRICES | |
| 4/16/2021 | Equinox Gold 041621 | EQUINOX GOLD A CASE STUDY IN RECENT GOLD MINE ACQUISITIONS | |
| 4/13/2021 | Akora AKO 041321 | AKORA RESOURCES FIRST EIGHT DRILL HOLES RELEASED APRIL 13TH | |
| 4/9/2021 | Wood Prices 040921 | FOREST PRODUCTS - - ALL SIGNS POINT TO OVERWHELMING WOOD EARNINGS | |
| 4/9/2021 | Gold and German interest rates 040921 | GOLD, INTEREST RATES AND COMMODITIES: THINKING AHEAD TO NEXT GERMAN FEDERAL ELECTIONS SEPTEMBER 26TH | |
| 4/6/2021 | Metals D-S changes 040621 | GROWTH RATE UNUSUAL COMPARISONS IN 2021 TO 2020 | |
| 4/5/2021 | Metals Overview 040521 | INTEREST RATES RISE VERY LITTLE AFTER HUGE EMPLOYMENT GAINS | |
| 3/29/2021 | Metals Expansions Vol 70 032921 | METALS EXPANSIONS- - VOLUME 70 MARCH SEES 23 PROJECTS ADVANCE LED BY STEEL, IRON ORE, GOLD AND LITHIUM | |
| 3/26/2021 | Ratings changes 032621 | METALS AND FOREST PRODUCTS - - - INVESTMENT RATINGS CHANGES | |
| 3/26/2021 | WFG 032621 | WEST FRASER GROUP CONCERNS ABOUT HIGHER INTEREST RATES, BUT CASH BUILDUPS ARE MOST FORMIDABLE | |
| 3/23/2021 | Steel and Alum outputs 032321 | STEEL INDUSRY - - - GLOBAL STEEL, ROW STEEL OUTPUT, GLOBAL ALUMINUM OUTPUT, CHINA AL AND ROW AL ALL SET RECORDS | |
| 3/15/2021 | Alum Ind 031321 | ALUMINUM INDUSTRY -- DOWNGRADES DUE TO LARGE INVESNTORY AND PRICE APPRECIATION: COPPER, NICKEL OR ZINC MAY BE SIMILAR | |
| 3/11/2021 | Gold and Nonferrous 031121 | GOLD INDUSTRY -- TORONTO PROSPECTORS AND DEVELOPERS CONVENTION (PDAC) GONE VIRTUAL | |
| 3/6/2021 | Gold 030521 | GOLD INDUSTRY - - PRICES RETREAT BY ALMOST ½ OF TWO-YEAR GAINS | |
| 3/2/2021 | WRK 030221 | WESTROCK HIRES NEW CEO FROM SHERWIN WILLIAMS PAINTS AND EARLIER GE | |
| 2/28/2021 | Metals 022821 | METALS MARKETS START OUT 2021 STRONGLY | |
| 2/28/2021 | Metals Expansions Vol 69 022821 | METALS EXPANSIONS- - VOLUME 69 FEBRUARY SEES 21 PROJECTS ADVANCE LED BY STEEL, GOLD AND LITHIUM AND 8 DELAYS OR CUTS | |
| 2/19/2021 | Metals substitution 021921 | METALS SUBSTITUTION COMPARISONS AS PRICES RISE | |
| 2/17/2021 | Conf Highlights 021721 | HIGHLIGHTS OF FEB. 17TH VIRTUAL CONFERENCE BASE METALS SESSIONS | |
| 2/16/2021 | Conf Highlights 021621 | HIGHLIGHTS OF FEBRUARY 16TH VIRTUAL CONFERENCE GOLD SESSIONS | |
| 2/13/2021 | Forest Products wood 021321 | FOREST PRODUCTS BENEFIT AS WOOD PRICES RISE EVEN MORE | |
| 2/8/2021 | IP 020821 | INTERNATIONAL PAPER AINTERNATIONAL PAPER APPEARS TO SUFFER COST INFLATIONSPPEARS TO SUFFER COST INFLATIONS | |
| 2/2/2021 | Metals Expansions Vol 68 013121 | METALS EXPANSIONS- - VOLUME 68 JANUARY SEES 28 PROJECTS ADVANCING LED BY STEEL AND BATTERY METALS AND 4 CUTBACKS | |
| 1/27/2021 | Gold fake CPI data 012821 | GOLD - - ESTIMATE 1.4% CPI IN 2020 AND 1.77% THIRTY YEAR TREASURY TRANSITION TO 10+% CPI OR 10+% THIRTY YEAR TREASURY YIELD | |
| 1/22/2021 | Iron Ore 012221 | IRON ORE OUTPUT SHORTFALLS TO INTERRUPT CHINESE STEEL OUTPUT | |
| 1/21/2021 | Metals political regulatory outlook 012121 | METALS - - - POLITICAL REGULATORY OUTLOOK APPEARS TO LEAN TO DEMOCRATS FOR MORE REGULATIONS, HIGHER TAXES, HIGHER SPENDING | |
| 1/13/2021 | Gold Ind 011321 | GOLD - - A THIRD AND FOURTH FACTOR ON INFLATION EXPECTATIONS | |
| 1/11/2021 | Domtar 011121 | DOMTAR SALE OF PERSONAL CARE UNIT FOR US $920 MM FAR BELOW OUR EXPECTATIONS | |
| 1/5/2021 | Century Alum 010521 | CENTURY ALUMINUM WORKS TO PARE DEBT AND COSTS AS PRICES REBOUND IN 2021 AFTER TOUGH 2018-20 PERIOD | |
| 12/31/2020 | WORK 123120 | WORTHINGTON INDUSTRIES RIDES ROLLER COASTER TO $1,000 HOTROLLED SHEET STEEL INPUTS | |
| 12/31/2020 | Metals Expansions Vol 67 123020 | METALS EXPANSIONS- - VOLUME 67 DECEMBER SEES 20 PROJECTS ADVANCING AND 2 CUTBACKS | |
| 12/30/2020 | SAND 123020 | SANDSTORM GOLD ENJOYS STRONG PROGRESS AT SOME PROJECTS AND DELAYS AT SOME OTHERS | |
| 12/29/2020 | Metals Outlook 122920 | LOOKING AHEAD TO 2021 DYNAMICS | |
| 12/28/2020 | White Paper 122720 | FOREST PRODUCTS - - STAPLES MAKES THIRD LARGE WHITE PAPER PRICE CUT IN 16 MONTHS | |
| 12/22/2020 | AEM 122320 | AGNICO EAGLE MINES 3 NEW UNDERGROUND MINES MALARTIC RAMP, EAST GOULDIE SHAFT AND UPPER BEAVER & SANTA GERTRUDIS LEACH | |
| 12/21/2020 | Metals Prices 122120 | Metals Prices 122120 | |
| 12/21/2020 | Akora AKO 122020 JTACR | AKORA RESOURCES LIMITED BEGINS TO EVALUATE THE BEKISOPA IRON ORE PROJECT IN MADAGASCAR | |
| 12/20/2020 | Alum Ind 122020 | ALUMINUM INDUSTRY LIKELY A STRONG BENEFICIARY OF CLIMATE CHANGE GLOBAL TRENDS AND INDIVIDUAL COMPANIES ESG EMPHASIS | |
| 12/19/2020 | Wood Prices 121920 | FOREST PRODUCTS - - - OMG LUMBER, PLYWOOD AND OSB REBOUND SMARTLY IN DECEMBER ! ! ! | |
| 12/18/2020 | Spot Markets 121820 | SPOT MARKETS - - BASE METALS PRICES BOOM WITH RECOVERY EXPECTATIONS AND AS VARIOUS CARBON NEUTRALITY TARGETS CONSTRAIN FUTURE OUTPUT | |
| 12/16/2020 | Metals Hosted Takeovers 121620 | METALS - - WE HAVE HOSTED 95 COMPANIES BOUGHT OUT FOR US $77.2 BILLION | |
| 12/10/2020 | Steel Ind 121020 | METALS - - BIDEN NOMINATES A U.S. TRADE REPRESENTATIVE FROM THE BOWELS OF THE DEMOCRATIC PARTY | |
| 12/10/2020 | x 121020 | FORTESCUE METALS TAKES “BABY STEPS” AT 1% OF “FORTESCUE FUTURE INDUSTRIES” TO BE BIGGER THAN CHEVRON OR TOTAL AT NEAR 235 GIGA-WATTS | |
| 12/8/2020 | Fortescue 120820 | FORTESCUE METALS TAKES “BABY STEPS” AT 1% OF “FORTESCUE FUTURE INDUSTRIES” TO BE BIGGER THAN CHEVRON OR TOTAL AT NEAR 235 GIGA-WATTS | |
| 12/8/2020 | ATI 120820 | ALLEGHENY TECHNOLOGIES TO FOCUS ON AEROSPACE AND “REQUIEM FOR A DREAM” IN HISTORIC FLAT-ROLLED STAINLESS | |
| 12/2/2020 | Gold Ind 120220 | GOLD BULLION ETF AND GOLD PRICE HISTORICAL CORRELATION | |
| 12/1/2020 | Metals Expansions Vol 66 | METALS EXPANSIONS- - VOLUME 66 NOVEMBER SEES 14 PROJECTS ADVANCING AND NO CUTBACKS | |
| 12/1/2020 | Outlook 2021 113020 | OUTLOOK INCLUDES UNCERTAINTIES AS WE LOOK AHEAD TO 2021 | |
| 11/25/2020 | Northern Dynasty 112520 | NORTHERN DYNASTY MINERALS (NAK $0.397, no rating, no financial models) DENIED PERMITS BY U.S. ARMY CORPS OF ENGINEERS | |
| 11/21/2020 | Silver 112120 | SILVER MARKET OUTLOOK IMPROVES AS MINE OUTPUT LESS WHILE ELECTRIFICATION, GREEN HYDROGEN AND SOLAR MOMENTUMS BUILD | |
| 11/19/2020 | Steel Ind 111920 | STEEL INDUSTRY - - CLF MARKET SHARE AFTER MERGER OF AKS AND MT ASSETS | |
| 11/12/2020 | Fortescue 111220 | FORTESCUE METALS PREDICTS “FORTESCUE FUTURE INDUSTRIES” TO BE BIGGER THAN CHEVRON OR TOTAL AT NEAR 235 GIGA-WATTS | |
| 11/10/2020 | FCX 110920 | FREEPORT-McMORAN INC. MAINTAINS COST CONTROLS EVEN WITH $3-$4 BILLION PROSPECTIVE FREE CASH FLOWS BOTH IN 2021 AND 2022 | |
| 11/9/2020 | Domtar 110920 | DOMTAR STRATEGIC ALTERNATIVES UNFOLD AS BOTH WHITE PAPER VOLUMES AND PERSONAL CARE IMPROVE | |
| 11/5/2020 | Metals Expectations 110520 | METALS --- MACRO STIMULUS EXPECTATIONS IN USA MAY FALL SHORT | |
| 11/5/2020 | Wood prices boom 110520 | FOREST PRODUCTS - - WOOD PRICES REMAIN HISTORICALLY STRONG | |
| 11/5/2020 | Containerboard 110520 | CONTAINERBOARD INDUSTRY SEES FIRST PRICE HIKE IN 2 YEARS | |
| 11/2/2020 | Metals Expansions Vol 65 103020 | METALS EXPANSIONS- - VOLUME 65 OCTOBER SEES 19 PROJECTS ADVANCING AND ONLY 4 CUTBACKS | |
| 10/19/2020 | Gold Ind 101620 | GOLD INDUSTRY - - UZBEKISTAN 31.7 T CENTRAL BANK GOLD RESERVE SALE IN AUGUST; GOLD PRICE DOWNSIDE RISKS GROW | |
| 10/13/2020 | SPOT Markets 101320 | SPOT MARKETS - - EIGHT METALS PRICE THIRD-QUARTER AVERAGES EXCEED 2019 AVERAGE | |
| 10/9/2020 | Copper Ind 100920 | COPPER INDUSTRY - - HIGHER DEMAND AND SUPPLY ESTIMATES | |
| 10/6/2020 | OR 100820 | OSISKO GOLD ROYALTIES TO SPIN OUT MANY EXPENSES INTO OSISKO DEVELOPMENT | |
| 10/1/2020 | Conf Highlights 100120 | VIRTUAL CONFERENCE HIGHLIGHTS OCTOBER 1, 2020 | |
| 9/30/2020 | Metals Expansions Vol 64 093020 | METALS EXPANSIONS- - VOLUME 63 SEPTEMBER SEES 12 PROJECTS ADVANCING AND 6 CUTBACKS | |
| 9/28/2020 | Metals and Gold 092820 | METALS INDUSTRY - - LEAD INDICATORS OF U.S. INDUSTRIAL DECLINE BEARISH FOR MANY COMPANIES, BUT BULLISH FOR GOLD | |
| 9/28/2020 | Steel Ind 092820 | STEEL INDUSTRY - - CLF ACQUIRES MT USA OPERATIONS OF 19 PLANTS | |
| 9/24/2020 | Gold Ind Colorado conf 092420 | GOLD - - HIGHLIGHTS OF DENVER GOLD FORUM AMERICAS | |
| 9/23/2020 | WOR 092320 | WORTHINGTON INDUSTRIES ENJOYS $10.74 PER SHARE NET GAIN ON NKLA AND CLOSES QUARTER WITH $650.1 MM IN CASH BALANCES | |
| 9/17/2020 | IP 091720 | INTERNATIONAL PAPER SUFFERS AS REVENUES FALL; UNCOATED FREE SHEET DECLINES | |
| 9/14/2020 | Domtar 091420 | DOMTAR STRATEGIC ALTERNATIVES AS WHITE PAPER MARKET SHRINKS; AVOIDS RED INK AS PERSONAL CARE AND PULP IMPROVE | |
| 9/14/2020 | OR 091420 | OSISKO GOLD ROYALTIES REVIEWED IN TERMS OF PRODUCING VERSUS PRE-REVENUE ASSETS | |
| 9/11/2020 | PAAS 091120 | PAN AMERICAN SILVER HAS 1.2 BIL. OZ AG RESOURCES TRIPLE RESERVES AND 20.2 MM OZ AU RESOURCES QUINTUPLE AU RESERVES; LA COLORADA SKARN 141 MM OZ AG & 6.3 MMT ZN, PB AND CU | |
| 9/10/2020 | Conf Highlights 091020 | HIGHLIGHTS OF VIRTUAL CONFERENCE SEPTEMBER 10, 2020 | |
| 9/9/2020 | Grupo Mexico 090920 | GRUPO MEXICO: KANSAS CITY SOUTHERN REJECTS US $20 BILLION BID ILLUSTRATING UNDERLYING VALUE OF RAIL OPERATIONS | |
| 9/8/2020 | BHP 090820 | BHP TARGETS COPPER, NICKEL AND POTASH TO LIKELY BE SMALLER | |
| 9/4/2020 | WY 090420 | WEYERHAEUSER ENJOYS WOOD PRICE BOOM WITH HOUSING REBOUNDS | |
| 9/4/2020 | Spot Markets 090420 | SPOT MARKETS - - METALS PRICES RISE DUE TO CHINESE RECOVERY AND WEAK U.S. DOLLAR | |
| 8/30/2020 | Metals Expansions Vol 63 | METALS EXPANSIONS- - VOLUME 63 AUGUST SEES FULL THROTTLE TURNAROUND WITH 16 PROJECTS ADVANCING AND 4 CUTBACKS | |
| 8/28/2020 | Fortescue 082820 | FORTESCUE METALS ENJOYS IRON ORE PRICE BOOM AS CHINESE STOCKPILES RUN OUT, BUT VALE, RIO, BHP AND FORTESCUE EACH REINVEST TO DELIVER MUCH ORE IN 2022 | |
| 8/17/2020 | Silver 081720 | SILVER MARKET REVIEWED IN LONG-TERM CONTEXT | |
| 8/15/2020 | Wood prices boom 081520 | FOREST PRODUCTS - - WOOD PRICES ACCELERATE AUGUST 15TH TO “SUPER BOOM” NEW RECORD LEVELS | |
| 8/14/2020 | Conf Highlights 081420 | HIGHLIGHTS OF AUGUST 14TH VIRTUAL CONFERENCE SESSIONS | |
| 8/13/2020 | Conf Highlights 081320 | HIGHLIGHTS OF THE AUGUST 13TH VIRTUAL CONFERENCE SESSIONS | |
| 8/12/2020 | Conf Highlights 081220 | HIGHLIGHTS OF THE AUGUST 12TH SESSION OF OUR VIRTUAL CONFERENCE | |
| 8/11/2020 | Conf Highlights 081120 | HIGHLIGHTS OF THE AUGUST 11TH SESSION OF OUR VIRTUAL CONFERENCE | |
| 8/10/2020 | Conf. Highlights 081020 | HIGHLIGHTS OF AUGUST 10TH SESSION OF OUR VIRTUAL CONFERENCES | |
| 8/3/2020 | tmrc 080320 JTACR | TEXAS MINERAL RESOURCES CORP. PROXY VOTE | |
| 8/2/2020 | Metals Expansions Vol 62 | METALS EXPANSIONS- - VOLUME 62 JULY SEES PROJECTS AGAIN, BUT COMPANIES STRUGGLE TO KEEP PACE WITH PLANS IN PANDEMIC | |
| 7/31/2020 | Norbord 073120 | NORBORD BENEFITS FROM BOOM IN OSB PRICES AND HOUSING IN NORTH AMERICA | |
| 7/31/2020 | LPX 073120 | LOUISIANA-PACIFIC BENEFITS FROM BOOMS IN OSB PRICES AND HOUSING | |
| 7/30/2020 | Galway Metals JTACT | GALWAY METALS REPORTS VERY HIGH GRADE RESULTS AT “CLARENCE STREAM” IN NEW BRUNSWICK THAT WE VISITED LAST AUGUST 8TH | |
| 7/29/2020 | Metals aerospace 072920 | METALS - - COMMERCIAL AEROSPACE DECLINE IMPACTS GLENCORE, VALE, WPM, NEW ARCONIC, HOWMET AEROSPACE, CONSTELLIUM, KAISER ALUMINUM, ATI VIA COBALT, TITANIUM, ALUMINUM PLATE | |
| 7/24/2020 | Metals price supply shortfalls 072320 | METALS MACRO OVERVIEW TO HIGHER PRICES AS EVENTS CHANGE FAST; MINE OUTPUT DECLINES IN FE, CU, AU, NI, PB AND ZN | |
| 7/21/2020 | PKG 072120 | PACKAGING CORPORATION HAS FLEXIBILITY AS CASH BALANCES RISE; INDUSTRYWIDE WHITE PAPER SALES COLLAPSE | |
| 7/20/2020 | WRK 071920 | WESTROCK MOVES TO REPAY $1 BILLION OF DEBT FASTER; UP AND DOWN ERRATIC MONTHLY TRENDS FOR CONTAINERBOARD AND CONSUMER PACKAGING | |
| 7/16/2020 | Cameco vs Solar 071620 | CAMECO: SOME RECENT ADVANCES IN SOLAR ENERGY | |
| 7/14/2020 | Chile Copper Output 071420 | COPPER INDUSTRY - - CHILEAN COPPER OUTPUT UP 1% FOR MAY | |
| 7/10/2020 | Sport Markets 071020 | SPOT MARKETS - - NONFERROUS METALS SPOT PRICES RISE DUE TO CHINESE RECOVERY AND WEAKER U.S. DOLLAR, WHERE U.S. DOLLAR COULD PLUNGE IF BAD NEWS PERSISTS | |
| 7/9/2020 | Cameco 070820 | CAMECO: ENERGY TECHNOLOGY AND COMPETITION ADVANCE; WORLD RECESSION LIFTS URANIUM PRICES AS MINES CLOSE & DEMAND FALLS | |
| 7/8/2020 | OR 070820 | OSISKO GOLD ROYALTIES “INCUBATOR ASSETS” ADVANCE WITH MORE DRILLING, MORE RESOURCES, ECONOMIC STUDIES AND/OR HIGHER GOLD | |
| 7/6/2020 | Copper Ind 070620 | COPPER INDUSTRY - - HIGHER DEMAND AND SUPPLY ESTIMATES FOR 2020; PRICE FORECASTS KEPT AT MARCH 24TH REDUCTIONS; RATINGS CUT | |
| 7/4/2020 | Metals Inventories 070520 | METALS - - CHANGE IN CHINESE INVENTORY BEHAVIOR | |
| 7/4/2020 | Virus Comparison Macro 070420 | GLOBAL VIRUS DATA OR GOLD VERSUS CYCLICALS OR LONG VS. SHORT | |
| 7/1/2020 | WOR NKLA 070120 | WORTHINGTON INDUSTRIES 19.05 MM SHARE INVESTMENT INTO NIKOLA MOTORS INVOLVES ELECTRICITY, HYDROGEN AND DIESEL PRICES | |
| 6/30/2020 | Metals Expansions Vol 61 063020 | METALS EXPANSIONS- - VOLUME 61 JUNE SEES PROJECTS AGAIN MOVING FORWARDS AS CHINA REBOUNDS AND US MORE OPTIMISTIC | |
| 6/30/2020 | Virtual Conference June 30, 2020 063020 | HIGHLIGHTS OF JUNE 30TH ZOOM WEBCASTS FOR WOLFDEN RESOURCES AND LARGO RESOURCES | |
| 6/29/2020 | X 062020 | U.S. STEEL FACES MANY CAPITAL NEEDS IN THE 2020 RECESSION | |
| 6/29/2020 | Steel Ind 062820 | STEEL INDUSTRY - - CHINA ROCKETS TO 62% OF WORLD STEEL OUTPUT IN MAY AND APRIL 2020 | |
| 6/28/2020 | Forest Products 062820 | FOREST PRODUCTS - - WOOD AND CONTAINERBOARD HAVE MILD DOWNTURNS WITH OUTLOOKS FIRMER THAN BASE METALS | |
| 6/24/2020 | Virtual Conference June 23-24, 2020 | HIGHLIGHTS OF JUNE 23-24 VIRTUAL WEBCAST MEETINGS | |
| 6/11/2020 | WOR 061120 | WORTHINGTON INDUSTRIES OWNS 19.05 MM SHARES OF NKLA WORTH ABOUT $17/WOR SHARE NET 25% FOR INCOME TAXES | |
| 6/8/2020 | Fortescue Metals 060720 | FORTESCUE METALS PERFORMS SPLENDIDLY IN JUNE 2020 FY; IRON ORE MARKETS FIRM AS MANY SUPPLIERS FALL SHORT OF PRODUCTION TARGETS | |
| 6/6/2020 | Virtual Conference June 3-4, 2020 | VIRTUAL CONFERENCE HIGHLIGHTS OF JUNE 3-4, 2020 WEBCASTS | |
| 6/5/2020 | Big Picture 060520 | METALS MARKET “BIG PICTURE” THOUGHTS | |
| 6/4/2020 | Spot Markets 030620 | SPOT MARKETS - - CHINESE STOCKPILE HOARDING NONFERROUS METALS WHILE MAINTAINING FULL METALS OUTPUT; PANDEMIC CRISIS ESCALATES IN THIRD WORLD | |
| 5/31/2020 | BHP 053020 | BHP SHARES REBOUND WITH BROAD FINANCIAL MARKETS | |
| 5/31/2020 | Metals Expansions Vol 60 053020 | METALS EXPANSIONS- - VOLUME 60 MAY SEES VIRTUALLY FEW NEW PROJECTS AS SHUTDOWNS BEGIN TO MOUNT | |
| 5/31/2020 | Grupo Mexico 053020 | GRUPO MEXICO: CUTS ALL DIVIDENDS 50% WITH LOWER COPPER PRICES, WHILE TRANSPORTATION, COSTS AND CASH BALANCES EACH DO WELL | |
| 5/29/2020 | Virus Big Picture 052920 | METALS AND FOREST PRODUCTS - - “BIG PICTURE” UNKNOWNS AND CERTAIN SHARE PRICE REBOUNDS TEMPT ME TO GO TO “HALF CASH” | |
| 5/29/2020 | SCCO 052920 | SOUTHERN COPPER: DIVIDENDS, EARNINGS ESTIMATES AND PRICE TARGET CUT WITH LOWER COPPER PRICES DESPITE DECENT INTERNAL DYNAMICS | |
| 5/19/2020 | Spot Markets 051920 | SPOT MARKETS - - WORLD AUTO SALES FALL 6 MM IN 1Q AND WE ESTIMATE AT LEAST AN 8 MM UNIT DECLINE IN 2Q 2020 FROM FROM ABOUT 22.5 MM/ QTR IN 2019 | |
| 5/11/2020 | Gold Ind 051120 | GOLD MINING - - COMPARISON TO 1979-80 AND 2011 PRIOR GOLD PEAKS | GOLD MINING - - COMPARISON TO 1979-80 AND 2011 PRIOR GOLD PEAKS |
| 5/7/2020 | Norbord 050720 | NORBORD REPORTS LESS THAN EXPECTED VOLUMES AND PRICES ON BOTH CONTINENTS | |
| 5/6/2020 | KL 060620 | KIRKLAND LAKE GOLD ENJOYS HIGH GOLD PRICES, BUT MAY DIP TO AS LOW AS 255,000 OZ JUNE QUARTER OUTPUT WITH PANDEMIC RESTRICTION | |
| 5/6/2020 | LPX 050620 | LOUISIANA-PACIFIC MARCH QUARTER VOLUMES AND PRICES FELL SHORT | |
| 5/5/2020 | ATI 050520 | ALLEGHENY TECHNOLOGIES RICHER MIX IN BOTH SEGMENTS AS LONGTERM CONTRACTS AND BACKLOGS PRESERVE MOST PROFITABLE SALES | |
| 5/4/2020 | WY 050420 | WEYERHAEUSER OMITS DIVIDEND MAY 1ST TO STRENGTHEN BALANCE SHEET | |
| 5/2/2020 | Metals Expansions Vol 59 043020 | METALS EXPANSIONS- - VOLUME 59 APRIL SEES VIRTUALLY NO NEW PROJECTS NOR PERMANENT SHUTDOWNS AS UNCERTAINTY PREVAILS | |
| 4/28/2020 | BPH 042820 | BHP NAVIGATES DIFFICULT OPERATING CONDITIONS | |
| 4/27/2020 | PVG 042720 | PRETIUM RESOURCES NAMES JACQUES PERRON CEO; WILL HE KEEP THIRD PARTY AUTHORS OF NEGLIGENT TECHNICAL STUDIES ? | |
| 4/21/2020 | Wealth Effects 042120 | METALS AND FOREST PRODUCTS - - BEHAVIORAL CHANGES TO REDUCE DEMAND IN CERTAIN SEGMENTS | |
| 4/20/2020 | Containerboard 042020 | CONTAINERBOARD LEAD INDICATORS OF PRICE HIKES ACCUMULATING | |
| 4/15/2020 | Metals Price Impairments 041520 | METALS - - BASE METALS, ENERGY AND STOCK PRICE DECLINES TRIGGER IMPAIRMENT CHARGES, COVENANT ISSUES OR DIVDEND CUTS | |
| 4/6/2020 | Domtar 040620 | DOMTAR TO ENJOY LOWER PULP AND PERSONAL CARE COSTS IN 2020 | |
| 4/4/2020 | Impairments 033120 | METALS AND RELATED RESOURCE INDUSTRIES - - IMPAIRMENTS LARGER THAN EXPECTED IN 2019 AT $31.5 BILLION AS NOTABLE LARGE PROJECTS SUFFER SETBACKS | |
| 4/3/2020 | Metals prices 040320 | METALS - - EXAMPLES OF EXTREME PRICE PHENOMENA; MORE OUTPUT CUTS TO COME | |
| 4/1/2020 | Gold 040120 | GOLD INDUSTRY - - A $2,000 TO $5,000 GOLD PRICE SCENARIO PLAUSIBLE IF PANDEMIC CONTINUES TO YEAR-END 2020 | |
| 3/31/2020 | Metals Expansions Vo 58 033120 | METALS EXPANSIONS- - VOLUME 58 MARCH SEES EARLY SIGNS OF CAP EX CUTS, DELAYS AND HINTS OF A DELUGE OF CUTBACKS LATER | |
| 3/31/2020 | Spot Market 033120 | SPOT MARKETS - - WORLD AUTO SALES DOWN ABOUT ¼ IN MARCH QUARTER; METALS OUTPUT CUTS LIKE CRUDE OIL CUTS DRIBBLE OUT VERY SLOWLY | |
| 3/29/2020 | Forest Products wood 032920 | FOREST PRODUCTS - - WOOD PRICES FALL THIS WEEKEND AFTER BIG RUN | |
| 3/28/2020 | Macro Unknown 032820 | MARCH 2020 IN THE CONTEXT OF PAST FINANCIAL CRISES | |
| 3/27/2020 | FCX 032720 | FREEPORT-McMORAN INC. FIRST MAJOR COMPANY TO OMIT DIVIDEND; JANUARY 2020 GLOBAL REFINED COPPER OUTUT UP 15.8% AND MINE OUTPUT UP 9.5% | [purchase_link id="13117" text="Add to Cart" style="b |
| 3/24/2020 | Metals and Copper 032420 | METALS - - SECOND ROUND OF EARNINGS ESTIMATE CUTS WITH LOWER DEMAND WITHOUT ENOUGH PRODUCTOIN CUTS | |
| 3/15/2020 | WY 031420 | WEYERHAEUSER UPGRADED TO OVERWEIGHT BASED ON SHARE PRICE DECLINE, RECENT STRONG HOUSING STARTS, DOUBLED OSB PRICES | |
| 3/13/2020 | BHP 031220 | BHP SUFFERS LOWER ENERGY SELLING PRICES, WHILE WE UPGRADE TO OVERWEIGHT AS SHARES FALL SHARPLY DESPITE MUCH LOWER COSTS | |
| 3/11/2020 | Gold, Metals, Wood Outlook 031120 | GOLD - - 50 BASIS POINT MARCH 3RD INTEREST RATE CUT, MARKET-BASED INTEREST RATE DECLINES OR TRUMP NEXT TAX CUT BENEFIT GOLD | |
| 3/9/2020 | Forest Products wood 030920 | FOREST PRODUCTS - - WOOD PRICE “SUPER BOOM” | |
| 3/9/2020 | LPX 030920 | LOUISIANA-PACIFIC BENEFITS FROM RECORD LOW MORTGAGE RATES AND 13 YEAR PEAK IN HOUSING STARTS | |
| 3/6/2020 | NEM 030520 | NEWMONT GOLDCORP RATES OF RETURN ANALYZED IN TOTAL, FOR BODDINGTON AND A LOOK AT 50%-OWNED NORTE ABIERTO | |
| 3/4/2020 | Toronto PDAC Highlights 030420 | METALS - - HIGHLIGHTS OF TORONTO ANNUAL PROSPECTORS AND DEVELOPERS ASSN CONVENTION | |
| 2/29/2020 | Spot Markets 022820 | SPOT MARKETS - - CORONAVIRUS CRUSHES 2020 FOR METALS, BUT USA SEEMS GOOD | |
| 2/29/2020 | NEM 022820 | NEWMONT GOLDCORP PENASQUITO MINE TOUR FEB. 26-27TH; FINANCIAL MODELS WITH SHORTER LIVES | |
| 2/29/2020 | Metals Expansions Vol 57 022920 | METALS EXPANSIONS- - VOLUME 57 FEBRUARY SEES 12 METALS EXPANSIONS AND 4 CLOSURES | |
| 2/17/2020 | FCX 021720 | FREEPORT-McMORAN INC. UPDATED PROVEN AND PROBABLE RESERVES A LITTLE SOFT | |
| 2/14/2020 | PVG 021320 | PRETIUM RESOURCES CHANGES MANAGEMENT WITHOUT FIRING THIRD PARTY AUTHORS OF NEGLIGENT TECHNICAL STUDIES | |
| 2/2/2020 | Metals Expansions Vol 56 | METALS EXPANSIONS- - VOLUME 56 MOSTLY STEEL EXPANSIONS IN JANUARY WITH 18 NEW PROJECTS AND 10 RATIONALIZATIONS | |
| 1/29/2020 | Metals prices 012920 | CYCLICALS DEVASTATED BY CORONAVIRUS FEARS; SOME BASE METALS PRICE ESTIMATES CUT AND GOLD RAISED AGAIN | |
| 1/27/2020 | ARNC 012720 | ARCONIC GUIDES TO A $400 MM REVENUE DROP DUE TO 737MAX HALT | |
| 1/21/2020 | Alcoa 012020 | ALCOA SUFFERS FROM LOWER PRICES AND 1.2% ESTIMATED 2019 GLOBAL ALUMINUM MARKET SHRINKAGE IN 2019 WITH LOWER VEHICLE SALES | |
| 1/21/2020 | Alum Ind | ALUMINUM INDUSTRY - - PACKAGING AND VEHICLE MARKETS TO INCREASE USAGES TO LEAD A REBOUND | |
| 1/16/2020 | PAAS 011620 | PAN AMERICAN SILVER HAS 1.2 BIL. OZ AG RESOURCES TRIPLE RESERVES AND 20.2 MM OZ AU RESOURCES QUINTUPLE AU RESERVES; MAIDEN LA COLORADA SKARN 102 MM OZ AG & 4.8 MMT ZN, PB AND CU | |
| 1/15/2020 | Metals Inventories 011520 | METALS INVENTORIES FALL FOR ZINC AND COPPER, BUT RISE FOR ALUMINUM, NICKEL, LEAD AND TIN IN THE PAST MONTH | |
| 1/15/2020 | FCX 011520 | FREEPORT-McMORAN INC. BENEFITS FROM HIGHER GOLD PRICES; COPPER PRICES MAY BREAK OUT BEYOND OUR $3.25/LB 2021 ESTIMATE; FCX MERGER TALK | |
| 1/13/2020 | SPOT MARKETS 011320 | SPOT MARKETS - - COPPER AND ZINC EXCHANGE INVENTORIES FALL, WHILE ALUMINUM, NICKEL, LEAD AND TIN RISE; PHASE ONE TRADE DEAL WITH CHINA BODES WELL | |
| 1/13/2020 | Forest Products 011320 | FOREST PRODUCTS - - NASCIENT SIGNS OF UPWARD PRICE BOOM MOMENTUM IN WOOD AND PAPER | |
| 1/8/2020 | Copper Ind 010820 | COPPER INDUSTRY - - GLOBAL COPPER DEMAND IMPROVES; EASING TRADE TENSIONS, LOW INTEREST RATES BENEFIT 2020 OUTLOOK | |
| 1/7/2020 | ARNC 010720 | ARCONIC SEC FORM 10 CIRCULAR FOR ARCONIC ROLLED PRODUCTS CORP. | |
| 1/6/2020 | Gold Ind 010620 | GOLD INDUSTRY - - DOLLAR WEAKER, GLOBAL MINE OUTPUT DOWN AND MORE GEOPOLITICAL UNKNOWNS | |
| 1/6/2020 | NEM 010620 | NEWMONT GOLDCORP HIGHER DIVIDEND AND SHARE BUYBACKS REDUCE “EXTRA MONEY” AVAILABLE FOR HIGHER RISK MEGA PROJECTS | |
| 1/3/2020 | Steel Ind 010320 | STEEL INDUSTRY - - ASIA DOMINATES WORLD DEMAND FOR IRON ORE, MET COAL, SCRAP STEEL AND THE 12 FERROALLOY | |
| 1/2/2020 | KL 010220 | KIRKLAND LAKE GOLD REVIEW OF OUTLOOK AND DISCUSSION OF DETAILS OF THE OFFERING CIRCULAR FOR DETOUR GOLD | |
| 12/31/2019 | Metals Expansions Vol 55 123119 | METALS EXPANSIONS- - VOLUME 55 STEEL EXPANSIONS DOMINATE LATE-2019 AND 278 OF 521 TOTAL CAPACITY EXPANSIONS WE IDENTIFIED FOR 2018 AND 2019 | |
| 12/31/2019 | Steel Ind 123019 | STEEL INDUSTRY - - NOVEMBER STEEL IMPORTS FALL TO 30 YEAR LOWS | |
| 12/24/2019 | IP 122419 | INTERNATIONAL PAPER EARNINGS ESTIMATES REDUCED AS ALL SEGMENTS SOFTEN IN 2019 SECOND-HALF | |
| 12/20/2019 | Barrick Gold 122019 | BARRICK GOLD MAKES A PLETHORA OF ACTIONS TO IMPROVE ITS MINES | |
| 12/19/2019 | NEM 121919 | NEWMONT MINING DIGESTS GOLDCORP AND COMPLETES BARRICK NV JV | |
| 12/19/2019 | GOLD 121819 | GOLD INDUSTRY - - CENTRAL BANK DEMAND, LARGE ETF BUYS AND FALLING MINE OUTPUT HELP PRICES; CUT FIVE EARNINGS ESTIMATES | |
| 12/18/2019 | KL 121819 | KIRKLAND LAKE GOLD RATES OF RETURN DISCUSSION WITH REGARD TO DETOUR GOLD ACQUISITION | |
| 12/17/2019 | WY 121719 | WEYERHAEUSER SALE OF MONTANA LANDS FOR $230/ACRE AFTER SALE OF MICHIGAN LANDS FOR $541/ACRE | |
| 12/13/2019 | PAAS 121319 | PAN AMERICAN SILVER PUBLISHES MAIDEN LA COLORADA SKARN AT 102 MM OZ SILVER, 3.2 MMT ZN, 1.5 MMT PB AND 0.1 MMT CU | |
| 12/11/2019 | Spot Markets 121119 | SPOT MARKETS - - STEEL SCRAP MAKES $50+/T WINTER REBOUND, BUT ALUMINUM AND PAPER SCRAP REMAIN NEAR LOWS | |
| 12/10/2019 | KL 121019 | KIRKLAND LAKE GOLD DEFINES LIKELY ECONOMIC ORE GRADES AT ROBBIN’S HILL SATELLITE DEPOSIT AT FOSTERVILLE | |
| 12/5/2019 | Alumina Ltd 120519 | ALUMINA LTD SUFFERS WITH LOWER ALUMINUM AND ALUMINA PRICES | |
| 12/5/2019 | ARNC 120519 | ARCONIC SHARE PRICE GAINS REFLECT SPINOFFS, BUYBACKS, AND BETTER ENGINEERED PRODUCTS RESULT | |
| 12/4/2019 | Metals Expansions Vol 54 120319 | METALS EXPANSIONS- - VOLUME 54 32 STEEL AND 9 NONSTEEL NEW PLANTS IN NOVEMBER, AND 4 STEEL AND 5 NONFERROUS SHUTS | |
| 12/3/2019 | Steel Ind merger 120319 | STEEL INDUSTRY - - CLEVELAND-CLIFFS TO ACQUIRE AK STEEL | |
| 11/30/2019 | Gold Ind project streamings 112919 | GOLD INDUSTRY - - REVIEW OF POSSIBLE LARGE GOLD OR SILVER STREAMING PROJECT POSSIBILITIES | |
| 11/29/2019 | Steel Ind 112919 | STEEL INDUSTRY - - IMPORT PENETRATON FALLS AND WILL FALL MORE WITH CAPACITY ADDITIONS | |
| 11/25/2019 | KL 112519 | KIRKLAND LAKE GOLD ISSUES 77 MM SHARE TO ACCESS LOWER MARGIN 0.6+ MM OZ OUTPUT AND 15.4 MM OZ RESERVES AT DETOUR GOLD | |
| 11/22/2019 | Big River Steel 112219 | STEEL INDUSTRY - - HIGHLIGHTS OF VISIT NOVEMBER 21ST TO NEWEST STEEL MILL IN THE AMERICAS, BIG RIVER STEEL IN OSCEOLA, ARKANSAS | |
| 11/18/2019 | RIO 111819 | RIO TINTO - - COMPARISON OF IRON ORE QUALITY AND OUTPUTS IN 2019; SELLING PRICES UNDER PRESSURE IN CU, AL AND IRON ORE | |
| 11/17/2019 | Buybacks Dividends 111519 | SURVEY OF RECENT TRENDS IN SHAREHOLDER RETURNS | |
| 11/14/2019 | WOR 111419 | WORTHINGTON INDUSTRIES PREDICTS MARGIN EXPANSION; OUR MODELS ADJUSTED FOR CONVERSION TO JV FOR ENGINEERED CABS UNIT | |
| 11/12/2019 | Short Sale Ideas 11219 | SEVERAL SHORT SALE IDEAS | |
| 11/8/2019 | Containerboard 110819 | FOREST PRODUCTS - - CONTAINERBOARD PRICE REALIZATIONS FELL MORE THAN WE EXPECTED THUS FAR IN 2019 | |
| 11/8/2019 | PKG 110819 | PACKAGING CORPORATION EARNINGS ESTIMATES REDUCED DUE TO LOWER CONTAINERBOARD PRICES AND HIGHER TAX RATE | |
| 11/8/2019 | Metals Expansions Vol 53 | METALS EXPANSIONS- - VOLUME 53 WE NOTE 6 NEW METALS PLANTS AND 16 SHUT OR DELAYED PLUS FOUR FOREST CLOSURES IN OCTOBE | |
| 11/6/2019 | KL 110619 | KIRKLAND LAKE GOLD ENJOYS NEW QUARTERLY RECORD OUTPUTS IN TOTAL AND AT FOSTERVILLE AS GOLD PRICES RISE | |
| 11/5/2019 | Forest Products wood prices 110519 | FOREST PRODUCTS - - PRICES DID NOT FALL SO SHARPLY IN 3Q WITH HOUSING UPTICK, LOWER INTEREST RATES AND MILL CLOSURES | |
| 11/4/2019 | Spot Markets 110419 | SPOT MARKETS - - EXCHANGE INVENTORY LEVELS AT 2 DAYS OF WORLD CONSUMPTION FOR LEAD, 3 FOR ZINC,6 DAYS FOR AL 7 DAYS FOR CU AND AT 10 DAYS FOR NI | |
| 10/30/2019 | Impairments 103019 | METALS AND RELATED RESOURCE INDUSTRIES - - IMPAIRMENTS EXCEED $93 BILLION PRETAX IN 2016-19 FALLING FROM 2015 $123.5 BILLION RECORD | |
| 10/25/2019 | WY 102519 | WEYERHAEUSER SALE OF MICHIGAN TIMBER FUNDS MUCH OF CASH FLOW TO PAY 2020 DIVIDEND AS WOOD PRICES REBOUND | |
| 10/24/2019 | Fortescue 102419 | FORTESCUE METALS SEPTEMBER QUARTER PRICING ABOUT $4/T BETTER THAN ESTIMATED; WE ENCOURAGE FORTESCUE TO LIST ON NYSE TO IMPROVE TRADING VOLUMES | |
| 10/22/2019 | Alum Ind 102219 | ALUMINUM INDUSTRY DEMAND GROWTH LEADS COMMODITIES; CONUNDRUM OF LOW ALUMINUM PRICES AS SUPPLIES FALL | |
| 10/16/2019 | WOR 101519 | WORTHINGTON INDUSTRIES “SQUEEZED” BY HIGHER STEEL INPUT PRICES. BUT HIGHER EQUITY INCOME AND BUYBACKS OFFSET | |
| 10/15/2019 | Metals Inventories 101519 | METALS INVENTORIES FALL NEARER TO CRISIS SHORTAGES DUE TO FALLING OUTPUT AND FALLING REINVESTMENTS | |
| 10/10/2019 | ATI 101019 | ALLEGHENY TECHNOLOGIES NICKEL PRICE BENEFITS FLAT-ROLLED OUTLOOK WHILE 737MAX DELAYS INTO 2020 HURT HIGH PERFORMANCE | |
| 10/10/2019 | Spot Markets 101019 | SPOT MARKETS - - GOLD BULLION ETF HOLDINGS BREAK 2012 RECORD IN SEPTEMBER | |
| 10/7/2019 | Free Cash Flow 100719 | METALS/PAPER REVIEW OF FREE CASH FLOW STOCKS; DISCUSSION OF LOWEST PRICE-TO-FREE CASH FLOW MULTIPLES | |
| 10/7/2019 | X 100719 | U.S. STEEL TO CONTROL BIG RIVER STEELTO LEVERAGE LARGE ESSTIMATED SYNERGIES; NEAR-TERM HOT-ROLLED SHEET SPOT PRICES PLUNGE TO $500/TON | |
| 10/4/2019 | Steel Ind 100319 | STEEL INDUSTRY - - MORE CAPACITY, “RESHORING,” RISING DEMAND AND FALLING IMPORTS AND EXPORTS | |
| 9/30/2019 | Steel Ind 093019 | STEEL INDUSTRY - - COMPARISON OF INTEGRATED STEELMAKERS | |
| 9/30/2019 | Metals Expansions Vol 52 093019 | METALS EXPANSIONS- - VOLUME 52 WE TABULATE 31 NEW METALS PLANTS MOSTLY IN STEEL AND 13 SHUT OR DELAYED IN SEPT. | |
| 9/30/2019 | Copper Ind 093019 | COPPER INDUSTRY - - GLOBAL COPPER DEMAND AND SUPPLY IMPROVE; DATA REVISIONS TO 2017-18 SUGGEST TIGHTER CONDITIONS | |
| 9/30/2019 | Anglo American 093019 | ANGLO AMERICAN IRON ORE MINES MORE IMPORTANT CONTRIBUTORS TO EARNINGS MIX WITH HIGHER LUMP PREMIUMS AND PRICES | |
| 9/28/2019 | Glencore 092819 | GLENCORE PLC TRADING, AFRICAN COPPER AND COBALT SUFFER IN 2019 | |
| 9/25/2019 | BHP 092519 | BHP GUIDES ESSENTIALLY TO A “STEADY STRATEGY” FOR THE FUTURE | |
| 9/24/2019 | Grupo Mexico 092418 | GRUPO MEXICO: LOWER COPPER PRICES AND LOW EXPECTATIONS CONTRAST TO FALLING CU COSTS, FIRM CU OUTPUT AND GOOD TRANSPORTATION AND INFRASTRUCTURE RESULTS | |
| 9/19/2019 | Gold Ind Denver Highlights 091819 | GOLD INDUSTRY - - HIGHLIGHTS OF DENVER GOLD FORUM 2019 | |
| 9/13/2019 | AEM 091319 | AGNICO EAGLE MINES LONG-TERM MODELS UPDATED FOR GOLD PRICES OR OUTPUT CHANGES | |
| 8/27/2019 | Metals Expansions Vol 51 082719 | METALS EXPANSIONS- - VOLUME 51 WE TABULATE 14 NEW METALS PLANTS AND 14 SHUT OR DELAYED IN AUGUST 2019 WITH TARIFF FEAR | |
| 8/27/2019 | Spot Markets 082719 | SPOT MARKETS - - WE OBSERVE 1.5 MMT OF NEW METAL-IN-CONCENTRATE INVENTORIES; TRADE SPATS WORSEN; FIRMNESS IN SEVERAL MARKETS CONTINUES DESPITE TRADE MESS | |
| 8/27/2019 | LPX 082619 | LOUISIANA-PACIFIC MODELED WITH A HIGHER LONG TERM OSB PRICE REALIZATION | |
| 8/27/2019 | Fortescue 082619 | FORTESCUE METALS GENERATES EXCELLENT CASH AND PAYS LARGE DIVIDENDS | |
| 8/23/2019 | WY 082319 | WEYERHAEUSER CANADIAN TIMBER RIGHTS COULD BE KEY “HIDDEN ASSET” | |
| 8/23/2019 | Forest Products OSB 088819 | FOREST PRODUCTS - - PRICES HIGHER THAN TRADE JOURNAL BENCHMARKS | |
| 8/23/2019 | Norbord 082219 | NORBORD MODEL UPDATED WITH A $245/000 SF UP FROM $234/000 SF LONG TERM OSB PRICE | |
| 8/21/2019 | Tech 082019 | TECK RESOURCES EXECUTES QUEBRADA BLANCA SULFIDES ON A STRONG FINANCIAL FOOTING | |
| 8/18/2019 | ANTO 081819 | ANTOFAGASTA PLC: ENJOYS LARGE YTD OUTPUT GAINS AND PLANS MORE EXPANSIONS TO OFFSET SCHEDULED GRADE DECLINES | |
| 8/18/2019 | Metals Peru Regulation 081919 | METALS INDUSTRY - - PERU COURTS CONVICT PROSECUTIONS AGAINST MINE PROTEST OR POLITICAL LEADERS | |
| 8/16/2019 | X 081519 | U.S. STEEL UPGRADED TO OVERWEIGHT OWING TO ANTICIPATED HIGHER IRON ORE, SCRAP STEEL AND ELECTRODE PRICES BENEFITING ITS INTEGRATED STEELMAKING ECONOMICS | |
| 8/16/2019 | FCX 081619 | FREEPORT-McMORAN INC. RAISED TO OVERWEIGHT AS SHARE PRICE AND COPPER PRICE FALL TO LEVELS WITH BETTER RISK-REWARD | |
| 8/16/2019 | HudBay 081519 | HUDBAY MINERALS: UPGRADED TO OVERWEIGHT AS SHARE PRICE FALLS TO ATTRACTIVE DISCOUNT TO NPV; ROSEMONT DELAY TO BUILD CASH | |
| 8/13/2019 | WRK 081319 | WESTROCK CLOSE TO COMPLETING MAJOR CAPITAL PROJECTS; LARGER DEBT PAYDOWNS IN 2020 AND 2021 | |
| 8/12/2019 | Wolfden zinc 080912 | ZINC INDUSTRY - - COMMENTS FROM AUGUST 9th VISIT TO WOLFDEN RESOURCES PICKETT MOUNTAIN DEPOSIT IN NORTHERN MAINE | |
| 8/4/2019 | ATI 080219 | ALLEGHENY TECHNOLOGIES CAPITAL GAINS ENHANCE REPORTED EARNINGS AS OPERATING EARNINGS DO NOT MATCH 2018 | |
| 8/2/2019 | Fortescue 080219 | FORTESCUE METALS BENEFITS FROM HIGHER PRICES AND DIVERSE CORPORATE PROGRESS | |
| 8/1/2019 | KL 080119 | KIRKLAND LAKE GOLD CUTS COSTS AS OUTPUT AND EARNINGS BOOM | |
| 7/31/2019 | SCCO 073019 | SOUTHERN COPPER: JULY 5TH PERMIT ISSUANCE FOR TIA MARIA TRIGGERS WIDESPREAD PROTESTS; PROJECT EXECUTION SCHEDULES IN PERU IN DOUBT | |
| 7/30/2019 | Metals Expansions 50 073019 | METALS EXPANSIONS- - VOLUME 50 WE TABULATE 26 NEW METALS PLANTS MOSTLY IN STEEL AND 7 SHUT OR DELAYED MOSTLY IN NONFERROUS METALS IN JULY 2019 | |
| 7/30/2019 | Spot Markets 072919 | SPOT MARKETS - - OUTPUT CUTS CAUSE PRICE SURGES FOR NI, HOT-ROLLED SHEET STEEL IN U.S. AND WOOD PRICES IN U.S.; STIMULUS EXPECTATIONS HELP NONFERROUS METALS TOO | |
| 7/26/2019 | WY 072719 | WEYERHAEUSER TIMBER EXPORT SALES TO ASIA FALL AS WOOD PRICES WEAK; CASH FLOWS, DEBT AND FEWER ACRES THREATEN DIVIDEND | |
| 7/24/2019 | FCX 072419 | FREEPORT-McMORAN INC. LOOKS TO 2021 COPPER OUTPUT REBOUND AND BEYOND | |
| 7/24/2019 | Forest Products vs plastics 072319 | FOREST PRODUCTS - - TREND TO MORE NATIONS REFUSING TO ACCEPT PLASTICS WASTER | |
| 7/18/2019 | PAAS 071819 | PAN AMERICAN SILVER CASH FLOWS DISCOUNTED AT 9% DOWN FROM 11.5% DISCOUNT RATE | |
| 7/17/2019 | RIO 071719 | RIO TINTO - - - IRON ORE PRICE BOOMS; OYU TOLGOI PROJECT RETURNS IN DOUBT WITH GROUND STABILITY REDESIGN, DELAYS AND HIGHER COSTS | [purchase_link id="12678" text= |
| 7/15/2019 | Dividends 071519 | DIVIDEND LARGE PAYOUT COMPANIES | |
| 7/14/2019 | Spot Markets 071319 | SPOT MARKETS - - FOUNDATION FOR FOURTH-QUARTER OR 2020 PRICE RALLIES | |
| 7/12/2019 | FNV 071119 | FRANCO-NEVADA PRICE-EARNINGS RATIO FALLS WITH COBRE PANAMA REVENUES AND GOLD PRICE REBOUND | |
| 7/10/2019 | ATI 071019 | ALLEGHENY TECHNOLOGIES SOME DOMESTIC CUSTOMERS DO POORLY | |
| 7/9/2019 | Forest Products Wood 070919 | FOREST PRODUCTS - - WOOD IS NOT YET “GOOD,” BUT REBOUNDS | |
| 7/8/2019 | Metals Stimulus 070819 | METALS - - COMPARISON OF 1982 AND 2009 “LIQUIDITY RALLIES” IN NONFERROUS METALS PRICES | |
| 7/3/2019 | OR 070319 | OSISKO GOLD ROYALTIES MODEL UPDATED FOR LOWER DIAMOND PRICES AND 12.4 MM SHARE REPURCHASES | |
| 7/3/2019 | Spot Markets 070319 | SPOT MARKETS - -CONTAINERBOARD SCRAP BREAKS BELOW MARCH 2009 LOWS; MANY PRICE LEVELS LOW ENOUGH TO ENCOURAGE BUYING OR DISCOURAGE DESTOCKING | |
| 7/2/2019 | Metals Brazil Senate Proposals 070219 | METALS - - BRAZIL’S SENATE WANTS 40% TAX ON MINING, ALL TAILINGS DAMs ILLEGAL, ENVIRONMENTAL LAW AND MURDER INDICTMENTS | |
| 7/2/2019 | Metals Expansion Vol 49 063019 | METALS EXPANSIONS- - VOLUME 49 WE TABULATE 12 NEW METALS PLANTS MOSTLY IN STEEL AND 8 SHUT OR DELAYED MOSTLY IN NONFERROUS METALS IN JUNE 2019 | |
| 6/29/2019 | Copper Ind Cascabel Ecuador 062919 | COPPER INDUSTRY - - MANY DOUBTS IN SOLGOLD PLC PRELIMINARY | |
| 6/27/2019 | Vale 062619 | VALE TO APPLY TO MINE 50 MMT MORE AT CARAJAS, WET PROCESSING, 30 MMT BRUCUTU RESTART AND BRAZILIAN PROCEEDINGS | |
| 6/24/2019 | Conf Highlights Large Cap track 062419 | CONFERERNCE HIGHLIGHTS JUNE 19TH “LARGE CAP” TRACK | |
| 6/20/2019 | Conf Highlights Mid-Cap 062019 | CONFERENCE HIGHLIGHTS JUNE 20TH MID-CAP TRACK | |
| 6/17/2019 | Lundin Mining 061719 | LUNDIN MINING CHAPADA ACQUISITION AND LOWER METALS PRICES BUILT INTO OUR MODELS | |
| 6/17/2019 | Gold Ind earnings sensitivity 060619 | GOLD INDUSTRY SENSITIVITY OF VALUATIONS TO A $50/OZ PRICE GAIN | |
| 6/16/2019 | Conf Highlights Base Metals track 061919 | HIGHLIGHTS OF JUNE 19TH CONFERENCE “BASE METALS” TRACK | |
| 6/16/2019 | Vale 051519 | VALE MOVES TO “DRY PROCESSING” REMOVES LESS IMPURITIES TO DISPOSE OF FEWER TAILINGS | |
| 6/16/2019 | Conf Moderators Remarks 061619 | MODERATORS REMARKS TO OUR ANNUAL CONFERENCE AND PARTY ON THE JERSEY SHORE | |
| 6/15/2019 | Golds vs Industrials 061519 | GOLD INDUSTRY LOW IN DIVIDENDS, CASH FLOW, ROE & RETURNS; WE CITE 11 INDUSTRIALS AT < 9X FREE CASH OR 15 WITH YIELDS > 4% | |
| 6/14/2019 | Gold Ind anxiety 061419 | GOLD INDUSTRY - - MEGA ANXIETY RALLY PROMPTS US TO DOWNGRADE SEVERAL COMPANIES NEARER TO OUR PRICE TARGETS | |
| 6/10/2019 | FCX tailings dam sites reviewed | FREEPORT-McMORAN INC. TAILINGS DAM DISCLOSURES AND SCRUTINY | |
| 6/7/2019 | AEM 060719 | AGNICO EAGLE MINES SHOULD BE NEAR A 5% ROE IN 2020 OR 2021 WITH AMARUQ AND MELIADINE CONTRIBUTING OUTPUT | |
| 6/6/2019 | Rio 060619 | RIO TINTO - - - WINU EXPLORATION UPDATE; IRON ORE AND MET COAL REMAIN STRONG WHILE CU AND AL FADE | |
| 6/4/2019 | WPM 060419 | WHEATON PRECIOUS ENJOYS FIRM GOLD AND PALLADIUM PRICES BUT LOWER COBALT AND SILVER PRICES | |
| 6/3/2019 | McEwen 053119 JTACR | McEWEN MINING- - BLACK FOX MINE SITE VISIT MAY 22ND HIGHLIGHTS; MANY CORPORATE OPPORTUNITIES AT HIGHER PRICES NEEDING FUNDING | |
| 6/3/2019 | TMRC 060319 JTACR | TEXAS MINERAL RESOURCE CORP. DUE TO UPDATE ITS RESOURCES TO INCLUDE ANOTHER SEVEN ELEMENTS AND SIX SULFATE MINERALS | |
| 5/31/2019 | Metals Expansion Vol 48 053119 | METALS EXPANSIONS- - VOLUME 48 WE TABULATE 16 NEW METALS PLANTS AND 2 SHUT OR DELAYED IN MAY 2019; EXPANSIONS MOSTLY ARE STEEL & COPPER SMELTING, AND OUTAGES IRON ORE | |
| 5/29/2019 | PVG 052919 | PRETIUM RESOURCES UPDATES LIFE-OF-MINE PLAN AND RESERVES LAST UPDATED IN 2016 | |
| 5/28/2019 | Detour Gold mine visit 052819 | DETOUR GOLD - - HIGHLIGHTS OF VISIT TO DETOUR GOLD MINE MAY 23RD | |
| 5/27/2019 | Copper Ind 052719 | COPPER INDUSTRY - - GLOBAL COPPER DEMAND REPORTED DOWN 7.6% IN THE 2019 FIRST-QUARTER | |
| 5/27/2019 | Iron Ore 052519 | IRON ORE INDUSTRY - - COMPARISON OF IRON ORE PORT CAPACITIES | |
| 5/26/2019 | Forest Products wood prices 052419 | FOREST PRODUCTS - - 2018-19 WOOD VOLUMES ABOUT 80% OF 2004 PEAK | |
| 5/23/2019 | Gold Ind 052319 | GOLD INDUSTRY - - NEWMONT A POTENTIAL CONSOLIDATOR OF KNOWN REFRACTORY GOLD DEPOSITS IN THE TIMMONS, ONTARIO VICINITY | |
| 5/20/2019 | Fortescue diversification 052019 | FORTESCUE METALS - - DIVERSIFICATION LONG-TERM STRATEGY AND MANAGEMENT EVOLUTION TO 3RD CEO | |
| 5/17/2019 | CENX 051719 | CENTURY ALUMINUM WORKS TO CUT COSTS AS PRICES FELL | |
| 5/17/2019 | Alumina Ltd 051719 | ALUMINA LTD SUFFERS WITH LOWER ALUMINUM AND ALUMINA PRICES | |
| 5/14/2019 | GPK 051419 | GRAPHIC PACKAGING INCREASES BUYBACKS AND REPORTS STRONG QUARTER; EBIT MARGIN INCREASED 0.1% TO 8.9% LONG TERM | |
| 5/14/2019 | Fortescue 051419 | FORTESCUE METALS BENEFITS FROM HIGHER PRICES AND DIVERSE CORPORATE PROGRESS | |
| 5/12/2019 | Spot Markets 051019 | SPOT MARKETS - -U.S. MATERIALS DEMAND FALLS; STEEL, ALUMINUM, ALUMINA, NICKEL AND WOOD PRICES FALL TO FORCE OUTPUT CUTS; CONTAINERBOARD OUTPUT CUTS MADE | |
| 5/10/2019 | Vale 5/10/2019 | VALE HAS EXCELLENT EBITDA AND MARGINS IN 1Q DESPITE LOUSY VOLUMES IN EVERY SEGMENT; INITIAL $4.7 BILLION CHARGES LARGE | |
| 5/8/2019 | Forest Products OSB pricing margins 050819 | FOREST PRODUCTS - - FIRST-QUARTER ORIENTED STRAND BOARD REALIZED PRICES EXCEED TRADE JOURNAL BENCHMARKS | |
| 5/7/2019 | KL 050719 | KIRKLAND LAKE GOLD CUTS COSTS AS OUTPUT AND EARNINGS BOOM | |
| 5/6/2019 | Containerboard 050619 | CONTAINERBOARD INDUSTRY - - IP AND WRK ENJOY HIGHER PRICE REALIZATIONS WITH NEW 2019 LARGER CUSTOMER CONTRACTS AND FEWER EXPORT TONS | |
| 5/5/2019 | X 050319 | U.S. STEEL HIGHER 2019 CONTRACT PRICES OFFSET VERY LITTLE OF THE PLUNGE IN SPOT PRICES AND SLOVAK MARGINS FALL DEEPLY WITH HIGHER PURCHASED IRON ORE PRICES | |
| 5/3/2019 | Detour Gold 050319 | DETOUR GOLD - - RESTORED AS OVERWEIGHT AFTER STRONG MARCH QUARTER WITH IMPROVED COSTS, AND ALSO SHARE PRICE DECLINE | |
| 5/1/2019 | Metals Expansions Vol 47 043019 | METALS EXPANSIONS- - VOLUME 47 WE TABULATE 21 NEW METALS PLANTS AND 7 SHUT OR DELAYED IN APRIL 2019; EXPANSIONS MOSTLY ARE STEEL & COPPER, AND OUTAGES IRON ORE | |
| 5/1/2019 | Cameco 050119 | CAMECO: REVIEW OF GLOBAL PROGRESS OF RENEWABLE ELECTRICITY | |
| 4/30/2019 | First Quantum 043019 | FIRST QUANTUM BEGINS COBRE PANAMA OPERATIONS; MANY OPTIMIZATIONS TO FOLLOW | |
| 4/30/2019 | ARNC 043019 | ARCONIC TRANSITIONS TO FLAT-ROLLED AND ENGINEERED PRODUCTS & FORGINGS SPINOFFSFOLLOWS “SLOW LIQUIDATION” STRATEGY | |
| 4/29/2019 | SCCO 042919 | SOUTHERN COPPER: COPPER PRICES LOWER THAN PAST ESTIMATES; CAP EX HIGHER; SOME PROJECTS A LITTLE SLOWER; EXECUTION DRIVES TIMING OF GROWTH TO 2025 | |
| 4/26/2019 | Forest Products 042019 | FOREST PRODUCTS - - MARCH HOUSING STARTS CONTINUE DECLINES; WOOD PRICES MAKE SPRING LOWS INSTEAD OF PEAKS | |
| 4/25/2019 | FCX 042519 | FREEPORT-McMORAN INC. LONE STAR DRILL INTERCEPTS EXCITING | |
| 4/25/2019 | AA 042519 | ALCOA SUFFERS FROM MARKET RECESSION FEARS FOR LME INGOT AND FALLING ALUMINA PRICES, BUT SOME DATA ARE VERY FAVORABLE | |
| 4/23/2019 | ATI 042319 | ALLEGHENY TECHNOLOGIES EARNINGS ESTIMATES CUT AGAIN AS ATI CUT GUIDANCES FOR BOTH SEGMENTS FOR 2019 | |
| 4/22/2019 | HudBay 042219 | HUDBAY MINERALS: ROSEMONT ADVANCES; COMMENTS FROM LALOR MINE VISIT; LOWER EARNINGS ESTIMATES AS COPPER SOFT; CONSTANCIA SLOW TO FINISH COMMUNITY DEALS | |
| 4/19/2019 | Gold Ind ROE 041919 | GOLD INDUSTRY - - REVIEW OF RETURN ON EQUITY IN 2018 | |
| 4/14/2019 | Spot Markets 041219 | SPOT MARKETS - - SCRAP STEEL PRICES FALL $20-$25/T IN APRIL; SCRAP PAPER DOWN; VEHICLE SALES FALL IN MANY REGIONS; METALS INVENTORIES FALL FAST NONETHELESS | |
| 4/12/2019 | Copper Ind 041219 | COPPER INDUSTRY - - TEN COPPER PROJECTS ADVANCE AND ANOTHER DOZEN OR MORE IN PLANNING IN USA | |
| 4/12/2019 | Iron Ore 041219 | IRON ORE INDUSTRY - - PRICES RISE MORE AS LOST OUTPUT STEADY AT 141.8 MMT IN 1.8 BILLION TONNE EXPECTED WORLD STEEL OUTPUT | |
| 4/9/2019 | AU 040919 | ANGLOGOLD ASHANTI STABLE OUTLOOK; OBUASI RESTART IN GHANA COULD BE 10% MORE OUTPUT IN 2021; WE MODEL 1 OF 3 ASSET SALES | |
| 4/7/2019 | ATI 040719 | ALLEGHENY TECHNOLOGIES HAS SEVERAL NEAR-TERM HEADWINDS | |
| 4/3/2019 | GUYFF 040319 | GUYANA GOLDFIELDS FOLLOWUP TO NI 43-101 STUDY FILED MARCH 29TH | |
| 4/3/2019 | Iron Ore 040319 | IRON ORE INDUSTRY - - LOST OUTPUT RISES ANOTHER 10 MMT AT VALE, 14 MMT AT RIO AND 7 MMT AT BHP TOTAL 141.8 MMT RELATIVE TO 1.8 BILLION TONNE EXPECTED WORLD STEEL OUTPUT | |
| 4/2/2019 | Forest Products 040219 | FOREST PRODUCTS - - EU BANS 10 SINGLE-USE PLASTICS IN 2021 | |
| 4/1/2019 | Vale demerger 040119 | VALE SIMPLIFICATION A VIRTUOUS LONG-TERM GOAL; WE ADVOCATE A DEMERGER INTO FOUR ENTITIES AFTER ADDRESSING 2015 AND 2019 DAMS | |
| 3/31/2019 | Metals Expansions Vol 46 | METALS EXPANSIONS- - VOLUME 46 WE TABULATE 18 NEW METALS PLANTS AND 4 SHUT OR DELAYED IN MARCH 2019; EXPANSIONS MOSTLY ARE STEEL & AL, AND OUTAGES IRON ORE AND COPPER | |
| 3/31/2019 | Vale 033019 | VALE FOURTH-QUARTER REPORTS FILED ALMOST 2 MONTHS LATE; PEAK OUTAGES AT 120.8 MMT WITH SAMARCO; FORECASTS 320 MMT SALES | |
| 3/28/2019 | SAND 032819 | SANDSTORM GOLD’S 30%-OWNED HOD MADEN A FEATURE DISCOVERY | |
| 3/23/2019 | KL 032519 | KIRKLAND LAKE GOLD ERIC SPROTT RETIRES AS CHAIRMAN; A BUYING OPPORTUNITY | |
| 3/23/2019 | Forest Products 032219 | FOREST PRODUCTS - - WOOD PRICES FALL COUNTER-SEASONALLY IN MARCH AND REGISTER MINIMAL GAINS FROM JUNE-TO-DECEMBER LOWS | |
| 3/20/2019 | Iron Ore 032019 | IRON ORE INDUSTRY - - VALE AND SAMARCO NOW IDLE 110 MMT LARGE RELATIVE TO 1.8 BILLION TONNE EXPECTED WORLD STEEL OUTPUT | |
| 3/19/2019 | RIO 030519 | RIO TINTO - - - IRON ORE OUTLOOK IMPROVES, WHILE CU AND AL LESS | |
| 3/18/2019 | KL 031819 | KIRKLAND LAKE GOLD PROGRESS ON RESERVES, OUTPUT, COSTS, HOLLOWAY, HOLLOWAY ROYALTY AND COSMO/LANTERN | |
| 3/11/2019 | NEM-Barrick JV 031119 | GOLD INDUSTRY - - BARRICK 61.5% AND NEWMONT 38.5% NEVADA JV | |
| 3/7/2019 | IP 030619 | INTERNATIONAL PAPER EARNINGS ESTIMATES RAISED FOR PRINTING PAPERS, CELLULOSE FIBERS AND SHARE BUYBACKS | |
| 3/6/2019 | Prospector Conv Highlights 030619 | METALS - - TORONTO ANNUAL PROSPECTORS AND DEVELOPERS ASSN. CONVENTION HIGHLIGHTS | |
| 3/3/2019 | FCX 030119 | FREEPORT-McMORAN INC. TO STRENGTHEN ASSETS AND FINANCES; COPPER PRICE ESTIMATES CUT; LONE STAR AND EL ABRA MILLS | |
| 3/3/2019 | Spot Markets 0300119 | SPOT MARKETS - - TRADE AGREEMENTS WITH CHINA, CANADA, MEXICO, EU AND NUCLEAR IMPASSES WITH NORTH KOREA AND IRAN FRIGHTEN EXPECTATIONS | |
| 3/1/2019 | Metals Expansions Vol 45 022819 | METALS EXPANSIONS- - VOLUME 45 WE TABULATE 6 NEW METALS PLANTS AND 8 SHUT OR DELAYED IN FEBRUARY 2019 | |
| 3/1/2019 | RGLD 022519 | ROYAL GOLD BUYS SILVER STREAM ON THE KHOEMACAU COPPER-SILVER PROJECT IN BOTSWANA; OTHER MODEL CHANGES HURT PRICE TARGET. | |
| 2/27/2019 | Domtar 022719 | DOMTAR ESTIMATES RAISED DUE TO HIGHER 2019 ONWARDS ESTIMATED PAPER PRICE REALIZATIONS | |
| 2/25/019 | NEM Barrick 022519 | GOLD INDUSTRY - - PRO AND CON VIEWS ON A NEM-BARRICK MERGER | |
| 2/21/2019 | WRK 022119 | WESTROCK GUIDES TO STRONG JUNE AND SEPTEMBER QUARTERS AFTER SOFTER DECEMBER AND MARCH QUARTERS | |
| 2/21/2019 | Market Rally 022019 | METALS AND FOREST PRODUCTS - - STOCK MARKET RALLY NEAR 20%; BRAZIL HOLDS 98 MMT IRON ORE IDLE AND “UPSTREAM” DAMS ILLEGAL | |
| 2/18/2019 | Forest Products Wood 021819 | FOREST PRODUCTS - - WOOD DEMAND DULL, SPRING SEASONAL PRICE REBOUNDS MINIMAL AND OUTPUT CUTS OVERDUE | |
| 2/15/2019 | Osisko GR 021519 | OSISKO GOLD ROYALTIES HAS AGNICO-EAGLE WISHING FOR IT TO TRIM THE 5% ROYALTY ON CANADIAN MALARTIC FOR UNDERGROUND ZONES | |
| 2/14/2019 | LPX 021419 | LOUISIANA-PACIFIC MODELED REPURCHASING $638 MM OF SHARES IN 2019 AT $27/SHARE | |
| 2/13/2019 | PKG 021319 | PACKAGING CORPORATION EARNINGS ESTIMATES REDUCED SLIGHTLY DUE TO LOWER PACKAGING SEGMENT OPERATING MARGINS; PAPER MARGINS INCREASED DUE TO PRICING. | |
| 2/13/2019 | Cameco 021319 | CAMECO: GLOBAL ELECTRICITY DEMAND SLOWER; CHINA ENERGY BALANCES; PACE OF URANIUM MARKET IMPROVEMENT VERY GRADUAL | |
| 2/10/2019 | Metals and Elections 021019 | METALS - - ELECTION OUTCOMES IN 2020 IMPACT REGULATORY POLICY | |
| 2/8/2019 | Containerboard 020819 | FOREST PRODUCTS: CONTAINERBOARD PRICES ROSE ON AVERAGE $72/TON IN 2018 INCLUDING CHANGES IN PRODUCT MIX | |
| 2/8/2019 | Iron Ore 020819 | IRON ORE INDUSTRY - - VALE IDLES 40+ MMT; REVIEW OF QUALITY DIFFERENTIAL, PRICE, QUALITY AND INVESTMENT TRENDS | |
| 2/8/2019 | ARNC 020819 | ARCONIC FOLLOWS “SLOW LIQUIDATION” STRATEGY | |
| 2/7/2019 | Vale 020719 | VALE TESTIMONY BY TUV SUD ENGINEERS “RATS” ON VALE; ANOTHER 30 MMT ATOP 40 MMT NOW IDLED | |
| 2/3/2019 | Metals Expansions Vol 44 020119 | METALS EXPANSIONS- - VOLUME 44 WE TABULATE 15 NEW METALS PLANTS AND 6 SHUTS AND FOREST PRODUCTS 4 EXPANSIONS AND 2 SHUTS IN JANUARY 2019 | |
| 2/2/2019 | gpk 020119 | GRAPHIC PACKAGING INCREASES BUYBACKS AND REPORTS WEAK QUARTER, BUT MARGINS EXCEED OUR CAUTIOUS 7.5% EBIT FIRST LOOK | |
| 1/31/2019 | Detour Gold 013119 | DETOUR GOLD - - SHARES REBOUND; THREE RECENT MERGERS WITHOUT PREMIUMS | [p urchase_link id="12149" text="Add to Cart" style="button" color="white"] |
| 1/31/2019 | RGLD 013119 | ROYAL GOLD MEETS OUR PRICE OBJECTIVE | |
| 1/30/2019 | NEM Continental 013019 | NEWMONT MINING BENEFITS AS 19.9%-OWNED CONTINENTAL GOLD INCREASES RESOURCES | |
| 1/30/2019 | ABX 013019 | BARRICK GOLD TOTAL RESERVES AND RESOURCES MODELED TO FALL TO 84 MM OZS DOWN FROM 205 MM OZS AFTER $6.2 BILLION IN ASSET SALES | |
| 1/30/2019 | Vale 013019 | VALE TO SHUT 40 MMT TO REPLACE ALL 10 “UPSTREAM” TAILINGS DAMS | [p urchase_link id="12141" text="Add to Cart" style="button" color="white"] |
| 1/28/2019 | Vale 012519 | VALE SUFFERS HUMILIATION OF ANOTHER TAILINGS DAM FAILURE | |
| 1/25/2019 | ABX 012419 | BARRICK GOLD SIMULATED SELLING MANY ASSETS AND SIMPLIFYING | |
| 1/24/2019 | Spot Markets 011719 | SPOT MARKETS - - SCRAP STEEL, SCRAP AL AND WOOD PLUNGE COUNTER-SEASONALLY | |
| 1/23/2019 | Metals Prices 012319 | METALS PRICE ESTIMATES REDUCED DUE TO SLOWING WORLD ECONOMY | |
| 1/22/2019 | Arconic 012219 | ARCONIC POSSIBLE EXPOSURES IN GRENFELL TOWER INQUIRY | |
| 1/15/2019 | NEM 011519 | NEWMONT MINING ACQUIRES GOLDCORP TO APPOACH 8 MM OZ OUTPUT | |
| 1/11/2019 | Domtar 011119 | DOMTAR ENJOYS “CHRISTMAS” ON JANUARY 10TH AS SANTA BRINGS LATE GOOD FORTUNE WITH CLOSURE OF 630,000 TON COMPETITOR | |
| 1/9/2019 | Steel Ind 010919 | STEEL INDUSTRY - - DECLINE IN SCRAP STEEL PRICES IN JANUARY FINALIZE AT $30-$80/T OR ABOUT 10%-20% | |
| 1/9/2019 | Cash Flow Study 010419 | METALS AND FOREST PRODUCTS - - “FREE CASH FLOW STUDY” REFINED TO “PRUNE” THE 25 STOCKS AT 11% TO > 25% FREE CASH FLOW YIELDS | |
| 1/8/2019 | KL 010819 | KIRKLAND LAKE GOLD RECORD OUTPUT AT 39.7 G/T FOSTERVILLE AND 25.9 G/T MACASSA RECORD ORE GRADES AND LOW TONS | |
| 1/7/2019 | Steel Ind 010719 | STEEL INDUSTRY - - DECLINE IN SCRAP STEEL PRICES IN JANUARY | |
| 1/2/2019 | LPX 010219 | LOUISIANA-PACIFIC MODELED WITH LOWER Q4 2018 AND 2019 OSB PRICE REALIZATIONS | |
| 1/1/2019 | GPK 123118 | GRAPHIC PACKAGING COMPETITORS CONSOLIDATE AND TO MODERNIZE | |
| 12/31/2018 | Metals Expansions Vol 43 123118 | METALS EXPANSIONS- - VOLUME 43 302 NEW METALS PLANTS AND 50 SHUTS AND FOREST PRODUCTS 85 EXPANSIONS AND 9 SHUTS IN 2018 | |
| 12/31/2018 | Metals Green New Deal 123118 | METALS INDUSTRY - - “GREEN NEW DEAL” A RISK FACTOR | |
| 12/28/2018 | Gold 122818 | GOLD INDUSTRY - - TWELVE DEMOCRATIC PRESIDENTIAL DEBATES IN JUNE 2019 TO JUNE 2020 INFLUENCE THE U.S. DOLLAR, BONDS, STOCKS | |
| 12/21/2018 | Cash Flow study 122118 | METALS AND FOREST PRODUCTS - - COMPARISONS OF ESTIMATED 2019 FREE CASH FLOWS SUGGESTS 28 COMPANIES UNDERVALUED | |
| 12/21/2018 | Norbord 122118 | NORBORD MODEL UPDATED WITH LOWER Q4 2018 AND 2019 OSB PRICES, PARTIALLY OFFSET BY LOWER COSTS | |
| 12/21/2018 | Nucor 122118 | NUCOR HAS A RECORD 2018, BUT NEW CAPACITY MAY ARRIVE JUST AS TARIFFS EXPIRE TURNING THE “SUNNY DAY 2018” INTO A NIGHTMARE | |
| 12/21/2018 | Vale acquisitions 122118 | VALE ACQUISITION OF FERROUS RESOURCES STRENGTHENS MINAS GERAIS SOUTHERN SYSTEM | |
| 12/21/2018 | Vale 122118 | VALE OUTLOOK “STABLE” AS IT FINE TUNES FOUR CORE BUSINESSES | |
| 12/20/2018 | China output 122018 | METALS INDUSTRIES - - CHINA MAKES NO WINTER SHUTDOWNS AT ALL IN STEEL AND ALUMINUM | |
| 12/19/2018 | ATI 121918 | ALLEGHENY TECHNOLOGIES BENEFITS IF TARIFFS END OR EXCLUSIONS WON | |
| 12/19/2018 | WOR 121918 | WORTHINGTON INDUSTRIES “SQUEEZED” BY HIGHER STEEL INPUT PRICES. BUT HIGHER EQUITY INCOME AND BUYBACKS OFFSET | |
| 12/17/2018 | Metals Inventories 121418 | METALS EXCHANGE INVENTORIES FELL 6.1 MMT SINCE MARCH 2013 PEAK TO 2.8 MMT; ZN, PB AND CU EXCHANGE INVENTORIES VERY LOW | |
| 12/16/2018 | Forest Products | FOREST PRODUCTS - - WOOD PRICES MAKE NEW LOWS AS SEASONAL BOTOOM PASSES; PRODUCTION CUTS LIKELY | |
| 12/16/2018 | WPM 121418 | WHEATON PRECIOUS METALS CANADIAN REVENUE AGENCY SETTLEMENT | |
| 12/16/2018 | NEM 121318 | NEWMONT MINING OUTPUT PROJECTIONS REFLECT CONSISTENT, STEADY EMPHASIS ON INTERNAL PROJECT DEVELOPMENT | |
| 12/11/2018 | Alcoa 121118 | ALCOA ALUMINA FORECASTS MAINTAINED BUT INGOT FORECASTS CUT | |
| 12/10/2018 | BHP 121018 | BHP GROUP RETURNS $10.4 BILLION IN CAPITAL FROM OIL & GAS ASSET SALES; DISDAINS “PROCYCLICAL” INVESTMENTS | |
| 12/7/2018 | Domtar 120318 | DOMTAR CONSIDERS BETWEEN WHITE PAPER, PULP AND CONTAINERBOARD PRODUCT MIX PATHS | |
| 12/3/2018 | Detour Gold 130318 | DETOUR GOLD - - TOSSING A COIN TO DETERMINE WHETHER TO VOTE FOR MANAGEMENT BOARD SLATE, PAULSON BOARD NOMINEES OR SIMPLY TO SELL SHARES AND MOVE ON | |
| 12/2/2018 | Metals Expansions Vol. 42 113018 | METALS EXPANSIONS- - VOLUME 42 279 NEW METALS PLANTS AND 46 SHUTS AND FOREST PRODUCTS 85 EXPANSIONS AND 9 SHUTS NOV. YTD | |
| 11/30/2018 | Pan Am Silver 113018 | PAN AMERICAN SILVER CASH FLOWS DISCOUNTED AT 11.5% RATE WITH 58% OF EBITDA EXPOSED PROPOSED MINING LAW REFORM IN MEXICO | |
| 11/30/2018 | KL 113018 | KIRKLAND LAKE GOLD COMMENTS FROM OUR SECOND VISIT TO FOSTERVILLE ON NOVEMBER 29TH | |
| 11/24/2018 | bhp 112418 | BHP GROUP RETURNS $10.4 BILLION IN CAPITAL FROM OIL & GAS ASSET SALES; DISDAINS “PROCYCLICAL” INVESTMENTS | |
| 11/23/2018 | Spot Markets 112318 | SPOT MARKETS - - “RECESSION PRICES” AND WORRIES, BUT INVENTORIES KEEP FALLING AND U, MN, ALUMINA, MET COAL, THERMAL COAL, N, PHOSPHATE AND POTASH PRICES UP | |
| 11/16/2018 | SAND 111618 | SANDSTORM GOLD UPS ANTE TO 15.8 MM MORE AFTER COMPLETING 2.5 MM SHARE BUYBACK | |
| 11/16/2018 | RGLD 111618 | ROYAL GOLD NET DEBT LOWERED AND KEY ASSETS UPDATED | |
| 11/16/2018 | PAN AM SILVER 11618 | PAN AMERICAN SILVER RESEARCH COVERAGE INITIATED AT OVERWEIGHT INVESTMENT RATING | |
| 11/13/2018 | WRK 111318 | WESTROCK TO INCREASE CAP EX 50% IN 2019 AND MAKES CAUTIOUS DECEMBER QUARTER GUIDANCE DESPITE GOOD SEPTEMBER RESULTS | |
| 11/13/2018 | Metals and elections 111318 | METALS MARKETS IMPACTED BY SEVERAL POLITICAL EVENT VARIABLES | |
| 11/12/2018 | Tahoe 110918 | TAHOE RESOURCES: GUATEMALAN CONSULTATION TO BEGIN; GOLD MINE OUTPUT AND COSTS BELOW ANNUAL GUIDANCE THUS FAR IN 2018 | |
| 11/9/2018 | ATI 110918 | ALLEGHENY TECHNOLOGIES INVESTOR DAY GUIDANCE ABOVE OUR ESTIMATES | |
| 11/1/2018 | GPK 110118 | GRAPHIC PACKAGING COVERAGE INITIATED DUE TO FREE CASH FLOWS AND FAVORABLE RETURNS FROM CONSOLIDATING SMALL COMPETITORS | |
| 11/1/2018 | CF 110118 | CF INDUSTRIES BENEFITS FROM ITS PAST EXPANSIONS, BUYBACKS, CHINA’S POLLUTION CONTROLS AND HIGHER OVERSEAS ENERGY COSTS | |
| 10/30/2018 | ABX Randgold 103018 | BARRICK GOLD DILUTES ITS “AMERICAS” APPEAL WITH RANDGOLD | |
| 10/30/2018 | WRK 103018 | WESTROCK WINS ANTITRUST APPROVAL TO ACQUIRE KAPSTONE WITH NO ASSET SALES; KAPSTONE’S EARNINGS NEARLY TRIPLE | |
| 10/29/2018 | Metals Expansions Vol 41 | METALS EXPANSIONS- - VOLUME 41 268 NEW METALS PLANTS AND 45 CONTRACTIONS AND FOREST PRODUCTS HAS 78 EXPANSIONS AND 8 SHUTS OCTOBER YTD | |
| 10/29/2018 | Spot Markets 102918 | SPOT MARKETS - - SHARE PRICES AND SPOT PRICES PLUNGE ON EXCHANGES; NONEXCHANGE TRADED URANIUM, MN, ALUMINA GRAPHITE AND MET COAL FIRM | |
| 10/23/2018 | ATI 10/23/2018 | ALLEGHENY TECHNOLOGIES TOLL-ROLLING STRATEGY CYCLICALLY OR COMPETITIVELY VOLATILE AND VULNERABLE | |
| 10/22/2018 | Rio Tinto 102218 | RIO TINTO - - - DISTRIBUTION OF NEXT $4 BILLION IN GRASBERG AND DUNKERQUE PROCEEDS AND NEXT BIG CAP EX PROJECTS FOR 2019 | |
| 10/22/2018 | Alum Ind Alumina 102218 | ALUMINUM AND ALUMINA MARKET DYNAMICS | |
| 10/18/2018 | Tax Rates, Politics and Trump Music 101818 | METALS - - PRO-BUSINESS 21% INCOME TAX RATES, DEREGULATION, PROENERGY, PRO-MINING, STEEL & AL TARIFFS SURVIVE 2018 AND 2020 VOTES | |
| 10/16/2018 | Alum 101618 | ALUMINUM INDUSTRY - - COST ESCALATIONS LARGE AND SOME PAST SALES CONTRACTS PREVENT COST RECOVERIES | |
| 10/13/2018 | Wood 101218 | FOREST PRODUCTS - - WOOD PRICE DECLINES LARGER THAN EXPECTED; NO RUSH TO UPGRADE LPX OR OSB BACK TO OVERWEIGHT | |
| 10/12/2018 | Mosaic 101218 | MOSAIC CORP. ENJOYS MILD REBOUNDS IN PHOSPHATE AND POTASH PRICES; VALE FERTILIZER ASSETS PROFITABLE | |
| 10/12/2018 | Spot Markets 101118 | SPOT MARKETS - - INVENTORIES MAKE NEW LOWS; NON-EXCHANGE TRADED URANIUM, MN, ALUMINA GRAPHITE AND MET COAL FIRM WHLE EXCHANGE LISTED METALS PRICES SOFT | |
| 10/12/2018 | Containerboard 101218 | CONTAINERBOARD INDUSTRY SENTIMENT SWINGS FAR BEARISH; WE UPGRADE PKG AND IP TO OVERWEIGHT | |
| 10/9/2018 | Century Alum 100918 | CENTURY ALUMINUM MAKES SIX YEAR ALUMINA SUPPLY CONTRACT | |
| 10/08/2018 | FIRST QUANTUM 100818 | FIRST QUANTUM MAY REFOCUS ON COBRE PANAMA OPTIMIZATION “BY PROCESS OF ELIMINATION” DUE TO WORSE POLITICAL RISKS ELSEWHERE | |
| 10/08/2018 | Copper Ind EV simulation 100818 | COPPER INDUSTRY - - TAKING A STAB AT GLOBAL INCREMENTAL COPPER DEMAND FROM ELECTRIC VEHICLES | |
| 10/7/2018 | Copper Ind D-S 100518 | COPPER INDUSTRY - - DEMAND DATA IN CHINA AND RUSSIA A LITTLE STRONGER THAN EXPECTED WHILE ROW LANGUISHES | |
| 10/05/2018 | KL 010518 | KIRKLAND LAKE GOLD LONG TERM MACASSA THROUGHPUT REDUCED TO 1,750 MTPD USING A SINGLE NEW SHAFT FROM 2,000 MTPD FROM TWO SHAFTS, BUT AT HIGHER ORE GRADES | |
| 10/03/2018 | AA 100318 | ALCOA TO BENEFIT FROM CLOSURES IN BRAZIL AND CHINA; METAL PRICES COULD EXCEED $1.39/LB JUNE 1988 QUARTERLY AVERAGE | |
| 10/01/2018 | Metals Expansions Vol 40 092818 | METALS EXPANSIONS- - VOLUME 40 255 NEW METALS PLANTS AND 41 CONTRACTIONS AND FOREST PRODUCTS HAS 68 EXPANSIONS AND 7 SHUTS SEPTEMBER YTD | |
| 09/30/2018 | FNV 093018 | FRANCO NEVADA UPGRADED TO NEUTRAL AND FIRST QUANTUM STUDIES INCREMENTAL EXPANSION OPPORTUNITIES IN PANAMA | |
| 9/27/2018 | South32 092718 | SOUTH32 ENJOYS UNIQUE PRODUCT MIX EXPOSURE TO STRONG NONEXCHANGE LISTED COMMODITY PRICES; MN MARKET DISCUSSION | |
| 9/26/2018 | Gold Ind 092618 | GOLD INDUSTRY - - HIGHLIGHTS OF DENVER GOLD FORUM IN COLORADO SPRINGS | |
| 9/20/2018 | Gold Ind 092018 | GOLD INDUSTRY - - PREVIEW OF COLORADO SPRINGS “DENVER GOLD FORUM” SEPT 23-26TH | |
| 9/20/2018 | GG 092018 | GOLDCORP - - HIGHLIGHTS FROM SEPT. 18TH VISIT TO ELEONORE MINE | |
| 9/14/2018 | Hudbay 091418 | HUDBAY MINERALS: BALANCE SHEET IMPROVES AS ROSEMONT PERMITS STALL CAP EX AND CONSTANCIA SLOW TO FINISH COMMUNITY DEALS | |
| 9/12/2018 | ATI 091218 | ALLEGHENY TECHNOLOGIES OUTLOOK IMPROVES IN HIGH PERFORMANCE MATERIALS AND COMPONENTS; TSINGSHAN JV UNCLEAR | |
| 9/11/2018 | Alcoa 091118 | ALCOA: ALUMINA PRICES SQUEEZE SMELTERS TO CREATE LARGE MINORITY INTEREST AND AUSSIE TAXES; NET LIABILITIES PAYDOWNS | |
| 9/10/2018 | tECK 091018 | TECK RESOURCES COMMENTS FROM SEPT. 4-5TH FORT HILLS OIL SANDS TRIP NORTH OF FORT McMURRAY, ALBERTA | |
| 9/2/2018 | Spot Markets 083118 | SPOT MARKETS - - STRONG U.S. DOLLAR DEFLATES PRICES, CHINESE DESTOCK AND EXCHANGE INVENTORIES FALL TO 3.378 MMT TO MATCH DECEMBER 2008 LEVELS | |
| 8/31/2018 | Metals Expansions Vol 39 083118 | METALS EXPANSIONS- - VOLUME 39 226 NEW METALS PLANTS AND 39 CONTRACTIONS AND FOREST PRODUCTS HAS 62 EXPANSIONS AND 7 SHUTS AUGUST YTD | |
| 8/31/2018 | Alumina Ltd 083118 | ALUMINA LTD: HIGHER 2019 ONWARDS ALUMINA PRICES DRIVE HIGHER EARNINGS WITH SINGLE TAXATION OF ALUMINA LTD | |
| 8/25/2018 | WRK 082518 | WESTROCK FAVORABLE LEAD INDICATORS | |
| 8/24/2018 | Gold Ind losers 082418 | GOLD INDUSTRY - - OVER 50 GOLD STOCKS MAKE NEW FIVE YEAR LOWS | |
| 8/24/2018 | SAND 082418 | SANDSTORM GOLD PRICE TARGET CUT DUE TO A HIGHER DISCOUNT RATE | |
| 8/23/2018 | China Pollution 082318 | METALS & OTHER RESOURCES BENEFITS FROM CHINA POLLUTION RULES | |
| 8/23/2018 | Tahoe 082318 | TAHOE RESOURCES: FOUR GUATEMALAN NEWS ARTICLES; SITUATION SIMILAR WITH NEW CEO; JULY METALS PRICE CUTS | |
| 8/22/2018 | Norbord 082218 | NORBORD MODEL UPDATED WITH LOWER OSB PRICES, PARTIALLY OFFSET BY LOWER COSTS | |
| 8/20/2018 | Metals ratings changes 082018 | METALS - - U.S. STEEL AND ROYAL GOLD UPGRADED TO NEUTRAL FROM UNDERWEIGHT | |
| 8/20/2018 | Gold Ind 082018 | GOLD INDUSTRY - - DIVERSE COMMOITIES SUFFER WITH STRONG DOLLAR | |
| 8/16/2018 | LPX 081618 | LOUISIANA-PACIFIC REPURCHASES 1.4 MM SHARES IN JUNE QUARTER | |
| 8/15/2018 | WY 081518 | WEYERHAEUSER FIELD TRIP TO EUGENE, OREGON TIMBER FARM AND SAWMILL; WY MATCHES 2004 PRIOR RECORD WOOD PRODUCTS EBIT | |
| 8/12/2018 | Spot Markets 081218 | SPOT MARKETS - - CHINESE DESTOCK AL, CU, ZN, IRON ORE AND OTHERS SELLING INTO THE DECLINING MARKETS RAISING CASH TO PAY DEBTS OR FUND OTHER PRIORITIES | |
| 8/12/2018 | Teck 081218 | TECK RESOURCES ENJOYS FIRM MET COAL MARKET AND FAVORABLE BITUMEN COSTS, WHILE CU AND ZN PRICES SOFTEN | |
| 8/11/2018 | Containerboard Ind 081118 | CONTAINERBOARD INDUSTRY COMPARATIVE PROFIT MARGINS | |
| 8/10/2018 | ABX 081018 | BARRICK GOLD “FOUR MILE” DISCOVERY NEXT TO GOLDRUSH; NO CORPORATE CHANGES DUE TO GOLD PRICE DECLINES | |
| 8/7/2018 | PKG 080718 | PACKAGING CORPORATION EARNINGS ESTIMATES RAISED BASED ON HIGHER PACKAGING SEGMENT PRICE REALIZATIONS | |
| 8/6/2018 | Steel Ind 080618 | STEEL INDUSTRY - - BIG RIVER STEEL TAKEOVER DISCUSSIONS | |
| 8/6/2018 | Copper Ind 080418 | COPPER INDUSTRY - - DEMAND DATA REVISED BY WORLD BUREAU OF METALS STATISTICS DOWN FURTHER FOR 2018 MAY YTD | |
| 8/4/2018 | IP 080318 | INTERNATIONAL PAPER UPGRADED TO NEUTRAL AS RISKS PASS AND VALUATION IMPROVES; UPDATED FOR Q2 2018 RESULTS | |
| 8/3/2018 | WRK 080218 | WESTROCK UPDATED FOR STRONG JUNE 2018 QUARTER PERFORMANCE; SHARES MORE ATTRACATIVE AFTER SHARE PRICE DECLINES | |
| 7/31/2018 | Metals Expansions Vol 38 073118 | METALS EXPANSIONS- - VOLUME 38 197 NEW METALS PLANTS AND 31 CONTRACTIONS AND FOREST PRODUCTS HAS 49 EXPANSIONS AND 6 SHUTS JULY YTD | |
| 7/27/2018 | Detour Gold 072718 | DETOUR GOLD - - PAULSON JULY 18TH LETTER; STRESS TESTS TO $1,200, $1,100 OR $1,000 AU | |
| 7/26/2018 | PVG 072618 | PRETIVM RESOURCES TO REFINANCE; ESTIMATGED 2018 BRUCEJACK PRODUCTION INCREASED BY 48,000 OZS. | |
| 7/25/2018 | Grupo Mexico 072518 | GRUPO MEXICO: LOWER RECENT METALS PRICES PARTLY OFFSET BY HIGHER TRANSPORTATION AND INFRASTRUCTURE RESULTS | |
| 7/25/2018 | FCX 072518 | FREEPORT-McMORAN INC. MARKET OUTLOOK; GRASBERG PIT MINING TO EARLY 2019; INDONESIAN DEAL IN “FINE PRINT” STAGES; ESTIMATES CUT | |
| 7/23/2018 | Metals ratings target earnings changes 072318 | INVESTMENT RATING, PRICE TARGET AND EARNINGS ESTIMATE CUTS DUE TO METALS PRICE ESTMATE CUTS WITH STRONGER US $ OR LESS DEMAND | |
| 7/23/2018 | Metals Price Changes 072318 | METALS PRICE REVISIONS DUE TO STRONGER DOLLAR OR LESS DEMAND | |
| 7/19/2018 | Copper Ind 071918 | COPPER INDUSTRY - - DEMAND FALLS WELL SHORT OF EXPECTATIONS; CUTTING COPPER PRICE ESTIMATES AGAIN | |
| 7/19/2018 | KL 071918 | KIRKLAND LAKE GOLD ENJOYS MANY EXPLORATION SUCCESSES; MODELS REVISED FOR $73.2 MM BUYOUT OF THE 2% NSR ON FOSTERVILLE | |
| 7/16/2018 | Metals 071618 | METALS PRICES FALL BELOW 2017 FULL YEAR AVERAGES | |
| 7/12/2018 | Glencore 071218 | GLENCORE PLC ADDRESSES U.S. SUBPOENA, ANNOUNCES BUYBACKS, MAKES KATANGA SETTLEMENTS AND PRODUCTION REPORT | |
| 7/11/2018 | Detour Gold 071118 | DETOUR GOLD - - JUNE 27TH NEW MINE PLAN $385/OZ LIFE-OF-MINE DEPRECIATION COMPARED TO THE MANY PUBLICLY TRADED GOLD MINERS | |
| 7/10/2018 | WOR 071018 | WORTHINGTON INDUSTRIES EARNINGS ESTIMATES CUT 3% TO 9% WITH LEANER $35/TON STEEL PROCESSING EBIT MARGIN AND NEAR NIL CABS, ALTERNATIVE ENERGY AND ENERGY PRODN. CYLINDERS | |
| 7/9/2018 | Spot Markets 070618 | SPOT MARKETS - - COMMODITY PRICE ESTIMATE REVISIONS UP AND DOWN; JULY 6TH SPOT PRICES PLUNGE ON CHINESE WORRIES OF TRADE WAR SETTING BACK CHINA | |
| 7/6/2018 | Detour Gold 070618 | DETOUR GOLD - - JUNE 27TH NEW MINE PLAN REAFFIRMS OUTPUT, MINE LIFE AND NPV, BUT ERODES SOME COST CUSHIONS AND SUGGEST $385/OZ LIFE-OF-MINE CAP EX | |
| 7/3/2018 | PKG 070318 | PACKAGING CORPORATION’S HIGHER PACKAGING SEGMENT OPERATING PROFIT ESTIMATES PARTLY OFFSET BY LOWER PAPER SEGMENT PROFITS | |
| 7/3/2018 | Metals Expansions Vol 37 063018 | METALS EXPANSIONS- - VOLUME 37 184 NEW METALS PLANTS AND 23 CONTRACTIONS AND FOREST PRODUCTS HAS 39 EXPANSIONS AND 6 SHUTS JUNE YTD | |
| 7/2/2018 | Conf Base Metals Track 062718 | CONFERENCE HIGHLIGHTS “BASE METALS TRACK” JUNE 27TH | |
| 6/29/2018 | Conference Core Shack photos 062818 | “CORE SHACK” PHOTOS FROM OUR JUNE 27TH -28TH CONFERENCE | |
| 6/28/2018 | Conf. Mid-Cap Golds Track | HIGHLIGHTS OF JUNE 28TH CONFERENCE “MID-CAP GOLD TRACK” | |
| 6/27/2018 | Conf. Large Cap Track 062718 | CONFERENCE HIGHLIGHTS “LARGE CAP TRACK” JUNE 27TH | |
| 6/26/2018 | Conference Moderator's Remarks 062718 | INVESTORS HAVE MORE CHOICES, AND COMPANIES NEED TO OFFER BETTER RETURNS TO ATTRACT CAPITAL | |
| 6/25/2018 | Alcoa 062218 | ALCOA: HIGHER ALUMINA PRICES AND STRONG COST CONTROLS TO INCREASE EARNINGS; LARGER DEBT PAYDOWNS AND DIVIDENDS LIKELY | |
| 6/21/2018 | Southern Copper | SOUTHERN COPPER: LOWER NEAR TERM COPPER & SILVER PRICES OFFSET BY MICHIQUILLAY PRODUCTION STARTING IN 2023 SOONER THAN 2025 | |
| 6/21/2018 | Containerboard Ind 062118 | CONTAINERBOARD INDUSTRY FORECASTED OPERATING RATES TO FALL FROM CURRENT LEVELS AS NEW CAPACITY COMES ONLINE | |
| 6/19/2018 | Rio Tinto 061818 | RIO TINTO - - “VALUE OVER VOLUME” TARGETS 360 MMT IRON ORE | |
| 6/16/2018 | ANTO 061518 | ANTOFAGASTA PLC: HIGHER LONG TERM MOLYBDENUM AND COPPER PRICES INCREASE EARNINGS FROM AUG. 2017 REPORT; MODELS UPDATED FOR 2018 GUIDANCE | |
| 6/14/2018 | IP 061418 | INTERNATIONAL PAPER UPDATED FOR $25/TON HIGHER RATHER THAN $30/TON LOWER 2018 CORRUGATED PACKAGING PRICES | |
| 6/12/2018 | WPM Cobalt Deal 061218 | WHEATON PRECIOUS METALS INVESTS $390 MM IN A COBALT STREAM | |
| 6/12/2018 | Gen Moly 061218 | GENERAL MOLY INC. MOUNT HOPE AND LIBERTY PROJECTS PUSHED BACK UNTIL 2022 AND 2024, RESPECTIVELY | |
| 6/11/2018 | ARNC 061118 | ARCONIC POSSIBLE EXPOSURES IN GRENFELL TOWER INQUIRY | |
| 6/9/2018 | Steel Ind Tariffs 060818 | STEEL INDUSTRY - - MANY CUSTOMER TARIFF EXCLUSION REQUESTS ARE TINY OR IMMATERIAL TONNAGES; WE NOTE FIVE LARGE REQUESTS | |
| 6/8/2018 | WRK 060818 | WESTROCK HIGH PRICES MOSTLY OFFSET BY HIGHER COSTS; KAPSTONE ACQUISITION MODELED; CONTAINERBOARD PRICES UP WHILE OCC DOWN | |
| 6/5/2018 | Alumina Ltd 060518 | ALUMINA LTD: HIGHER ALUMINA PRICE REALIZATIONS FOR AWAC DRIVE HIGHER EQUITY EARNINGS FOR ALUMINA LIMITED | |
| 6/5/2018 | Alumina Ltd 060518 | ALUMINA LTD: HIGHER ALUMINA PRICE REALIZATIONS FOR AWAC DRIVE HIGHER EQUITY EARNINGS FOR ALUMINA LIMITED | |
| 6/5/2018 | Teck 060518 | TECK RESOURCES BUYOUT OF 13.5% OF QUEBRADA BLANCA; CAPITAL EXPENDITURE ESTIMATES INCREASED | |
| 6/4/2018 | Rio Tinto 060418 | RIO TINTO - - - LARGE NEST EGG BUILDING WITH OVER $5 BILLION IN COAL AND ALUMINUM SALES AND POTENTIAL GRASBERG SALE BENEFITS | |
| 6/1/2018 | Grupo Mexico 060118 | GRUPO MEXICO: GRUPO MEXICO AND GMXT SELL DOWN BADLY WITH MAY BANDITO TRAIN ROBBERIES BETWEEN PUEBLA AND VERACRUZ | |
| 5/31/2018 | Metals 232 Tariffs 053118 | METALS INDUSTRIES - - TARIFFS AND QUOTAS HAVE GOOD AND BAD INTENDED AND UNINTENDED CONSEQUENCES | |
| 5/31/2018 | Gold Ind 053118 | GOLD INDUSTRY - - “PURGE” OUR OVERWEIGHT OR “BUY” RECOMMENDATIONS TO SIX FROM NINE PRECIOUS METALS STOCKS | |
| 5/31/2018 | Metals Expansions Vol 36 053118 | METALS EXPANSIONS- - VOLUME 36 114 NEW METALS PLANTS AND 19 CONTRACTIONS AND FOREST PRODUCTS HAS 33 EXPANSIONS AND 6 SHUTS MAY YTD | |
| 5/29/2018 | BHP 052918 | BHP BILLITON HISTORICAL COMPARISON OF PETROLEUM REVENUES | |
| 5/29/2018 | Spot Markets 052918 | SPOT MARKETS - - GOLD, COPPER, ZINC, MIDWEST ALUMINUM PREMIUMS AND IRON ORE DROP BELOW OUR 2018 PRICE ESTIMATES | |
| 5/25/2018 | NAK & FQ split 052518 | NORTHERN DYNASTY PROBABLY WILL TALK TO “FIRST RUNNER UP” PRIOR TO FIRST QUANTUM DECEMBER 18TH FRAMEWORK AGREEMENT | |
| 5/25/2018 | Vale 052418 | VALE ENJOYS HIGHER THAN ITS FORECASTED PRICES, WHERE MARCH VOLUMES FELL SHORT AND HIGHER OIL SIGNALS COST HEADWINDS | |
| 5/24/2018 | Wheaton PM cobalt test 052418 | WHEATON PRECIOUS METALS MODELED TO TEST POSSIBLE COBALT STREAM ON VALE’S VOISEY’S BAY MINE ADAPTABLE TO GORO MINE TOO | |
| 5/23/2018 | Century Alum 052318 | CENTURY ALUMINUM BENEFITS FROM MIDWEST PREMIUMS AND LME SPOT PRICE, BUT HIGH ALUMINA COSTS OFFSET REVENUE GAINS | |
| 5/21/2018 | Tahoe 052118 | TAHOE RESOURCES: GUATEMALAN SITUATION “THE SAME” WITHOUT A RESOLUTION; PERU AND ONTARIO MINES OPERATE MOSTLY OKAY | |
| 5/21/2018 | Forest Products 052018 | FOREST PRODUCTS - - WOOD PRICES MAY CONTINUE STRONG PAST NORMAL SEASONAL PEAK | |
| 5/18/2018 | South32 051818 | SOUTH32 SHARE BUYBACKS, HIGHER MANGANESE PRICES INCREASE EARNINGS AND CASH FLOW AND LOWERS NET DEBT | |
| 5/18/2018 | Detour Gold 051818 | DETOUR GOLD - - CEO CHANGE MAY SIGNAL INTENT TO SELL OUT TO A MAJOR | |
| 5/18/2018 | AEM 051718 | AGNICO EAGLE MINES OPERATING COST ESTIMATES INCREASED BASED ON 2018 GUIDANCE | |
| 5/11/2018 | SPOT MARKETS 051118 | SPOT MARKETS - - GLOBAL COPPER MINE OUTPUT UP 5.3% AS CHILE, INDONESIA AND ZAMBIA SURGE AND NICKEL MINES UP 16.9% AS INDONESIA AND PHILIPPINES SURGE | |
| 5/9/2018 | Detour Gold 050918 | DETOUR GOLD - - VAST RESERVES UNDERVALUED | |
| 5/9/2018 | Lundin Mining 050918 | LUNDIN MINING: DISCOUNT RATE RAISED FROM 8% to 9% WITH ACQUISITION UNKNOWNS; PRODUCTION ESTIMATES RAISED SLIGHTLY | |
| 5/3/2018 | ARNC 050318 | ARCONIC STRATEGIC REVIEW TO UNFOLD IN LATE-2018; NO 2019 GUIDANCES | |
| 4/30/2018 | Metals Expansions Vol 35 042818 | METALS EXPANSIONS- - VOLUME 35 82 NEW METALS PLANTS AND 15 CONTRACTIONS AND FOREST PRODUCTS HAS 31 EXPANSIONS AND 5 SHUTS APRIL YTD | |
| 4/30/2018 | HBM 041018 | HUDBAY MINERALS: HIGHER CONSTANCIA PRODUCTION THROUGH 2023; REMOVAL OF 777 PRODUCTION AFTER 2019; ROSEMENT COMMERCIAL PRODUCTION STILL ESTIMATED BY MID-2022 | |
| 4/30/2018 | FCX 043018 | FREEPORT-McMORAN INC. FACES SOME EXECUTION RISKS AS IT PLANS FOR NEW COPPER DEVELOPMENT PROJECTS | |
| 4/27/2018 | WY 4/27/2018 | WEYERHAEUSER ENJOYS “WATERSHED” RECORD FIRST QUARTER WOOD PRODUCTS EBIT EARNINGS > 2004 BACK AT 2.2 MM HOUSING STARTS | |
| 4/26/2018 | Domtar 042618 | DOMTAR MODELED WITH A MILL CONVERSION TO LINERBOARD IN 2023 | |
| 4/25/2018 | ATI 042518 | ALLEGHENY TECHNOLOGIES EARNS BETTER MARGINS IN FIRST-QUARTER | |
| 4/23/2018 | KL Financial Models 042018 | KIRKLAND LAKE GOLD MODELED WITH A LOWER DISCOUNT RATE AND A HIGHER VALUATION PREMIUM | |
| 4/23/2018 | KL Fosterville Tech Report 042018 | KIRKLAND LAKE GOLD ANNOUNCES MACASSA SHAFT; VIEW OF FOSTERVILLE APRIL 2ND TECHICAL REPORT | |
| 4/19/2018 | Glencore 041819 | GLENCORE PLC POLITICAL RISKS IN RUSSIA AND DRC CONGO | |
| 4/18/2018 | Alum Ind 041818 | ALUMINUM - - U.S. SANCTIONS STRANGLE UC RUSAL’S RAW MATERIALS TO LIKELY CUT OUTPUT BY 2+ MMT FROM 3.7 TO UNDER 1.7 MMT | |
| 4/17/2018 | Norbord 041718 | NORBORD MODEL UPDATED FOR HIGHER 2018 CAPEX AND A HIGHER 2018 OSB PRICE REALIZATION | [pu rchase_link id="11339" text="Add to Cart" style="button" color="white"] |
| 4/16/2018 | Metals Inventories 041618 | METALS - - ALUMINUM INVENTORIES CONTINUE TO RISE, WHILE COPPER FALLS IN PAST TWO WEEKS | |
| 4/11/2018 | Norilsk Nickel 041118 | NORILSK NICKEL: RUSSIAN POLITICAL RISKS; DEBT RISES; COSTS RISE | |
| 4/10/2018 | Fortescue Metals | FORTESCUE METALS LOWER LONG TERM REALIZED IRON ORE PRICES | |
| 4/9/2018 | Iron Ore 040918 | IRON ORE INDUSTRY - - PRICES FALL IN MARCH-APRIL WITH FALL IN GLOBAL FINANCIAL MARKETS OVER TRADE WAR OR RECESSION WORRIES | |
| 4/6/2018 | Containerboard discount rates 040618 | CONTAINERBOARD INDUSTRY - - RAISING DISCOUNT RATES TO REFLECT CYCLICAL RISKS | |
| 4/5/2018 | IP 040518 | INTERNATIONAL PAPER PRICE FLUCTUATIONS IMPACT ODDS OF A SMURFIT KAPPA ACQUISITION | |
| 4/2/2018 | LPX 4-2-18 | LOUISIANA-PACIFIC MODELED TO REFLECT HIGHER CAPEX ESTIMATES AND A HIGHER 2018 OSB PRICE REALIZATION | |
| 3/30/2018 | Metals Expansions Vol 34 | METALS - - VOLUME 34 69 NEW METALS PLANTS AND 12 CONTRACTIONS IN 1Q; FOREST PRODUCTS HAS 27 EXPANSIONS AND 4 SHUTS | |
| 3/30/2018 | Spot Markets 032918 | SPOT MARKETS - - BASE METALS PRICES FALL WITH HIGHER INVENTORY AND RECESSION WORRIES; GOLD, PAPER AND WOOD PRICES FIRMEST; BOOM IN CU & NI OUTPUTS & DEMAND | |
| 3/28/2018 | Wheaton Precious Metals 032718 | WHEATON PRECIOUS METALS MODELED WITH HIGHER DISCOUNT RATE | |
| 3/26/2018 | Gold Mine Valuations 032618 | GOLD INDUSTRY - - REVIEW OF BENCHMARK VALUATIONS | |
| 3/26/2018 | Gold 032618 | GOLD - - ANOMALY OF FIRMER GOLD PRICES AND SHARE WEAKNESS; ASSETS OUTFLOWS FROM GOLD FUNDS | |
| 3/23/2018 | Northern Dynasty 032318 | NORTHERN DYNASTY ENJOYS “EARLY 2020 RECORD OF DECISION’ TARGET DATE FROM U.S. ARMY CORPS OF ENGINEERS | |
| 3/22/2018 | First Quantum 032218 | FIRST QUANTUM MANAGES CHALLENGES IN ZAMBIA AND PANAMA | |
| 3/19/2018 | Metals Inventories 031618 | METALS - - EXCHANGE INVENTORIES UP NEAR ¼ IN 3 MONTHS TO 4.2 MMT | |
| 3/15/2018 | OR 031518 | OSISKO GOLD ROYALTIES INVESTS IN VICTORIA GOLD’S EAGLE GOLD PROJECT; PRETIUM BRUCEJACK DISCLOSURES EVOLVE | |
| 3/12/2018 | IP 031218 | INTERNATIONAL PAPER BID FOR SMURFIT KAPPA COULD CREATE HIGH LEVERAGE AND LARGE POTENTIAL COST SAVINGS | |
| 3/12/2018 | WY 031218 | WEYERHAEUSER VALUATION INCREASED ON HIGHER 2018 ESTIMATED WOOD PRODUCTS EARNINGS. | |
| 3/12/2018 | Grupo Mexico 031218 | GRUPO MEXICO: UPDATED SUM OF THE PARTS VALUATION AFTER TRANSPORTATION IPO; HIGHER FUTURE COPPER PRICES RAISE EPS | |
| 3/9/2018 | Steel Ind 030818 | STEEL INDUSTRY - - EXPECTATION OF TRADE PROTECTION OR TRUMP SOLUTIONS MAY BE A WORSE CATASTROPHE THAN 1932, 1982 OR 2009 | |
| 3/8/2018 | GOLD IND 030819 | GOLD INDUSTRY - - JEWELRY MARKET FAILS TO GROW, MAKING PRICES HINGE ON BUILLON ETFS, CENTRAL BANKS AND PRIVATE BARS/COINS | |
| 3/8/2018 | Gold mine highlights Toronto conf. 030818 | METALS - - ANNUAL “PROSPECTORS AND DEVELOPERS ASSOCIATION CONVENTION” IN TORONTO DESCRIBES GLOBAL SUCCESSES | |
| 3/5/2018 | ABX 030518 | BARRICK GOLD FORECASTS 4.4 MM OZ AVERAGE OUPTUT IN 2019-22 AS RESERVES FALL TO 64.5 FROM 86.0 MM OZ | |
| 3/3/2018 | Spot Markets 030218 | SPOT MARKETS - - WOOD AND STEEL MAKE NEW PRICE PEAKS, BUT RECESSION WORRIES LOOM WITH INTEREST RATES, HIGHER INVENTORY OR TARIFFS | |
| 3/2/2018 | Metals Expansions Vol 33 030118 | METALS - - VOLUME 33 HAS 20 NEW METALS PLANTS OPENINGS, 1 CLOSING AND 1 NEW TAX ACTION IN FEBRUARY | |
| 3/1/2018 | Southern Copper 030118 | SOUTHERN COPPER BENEFITS FROM HIGHER FUTURE OUPTUT TO 1.7 MMT MICHIQUILLAY IN 2025; DCF/NPV ACCRETION HELPS PRICE TARGET | |
| 2/26/2018 | Tahoe Resources 022618 | TAHOE RESOURCES: COURT DELAYS DECISION; GOLD MINES REPORT INCREASED OUTPUT, RESERVES AND RESOURCES | |
| 2/20/2018 | First Quantum 022018 | FIRST QUANTUM HIGHER COPPER PRICES AND COPPER OUTPUT DRIVE INCREASED EARNINGS; CAP EX COMPLETION TO REBUILD FINANCES | |
| 2/20/2018 | Metals Inventories 022018 | METALS - - TOTAL EXCHANGE INVENTORIES RISE SHARPLY TO 3.82 MMT ON FEBRUARY 16TH FROM 3.42 MMT ON DECEMBER 10TH DUE TO AL & CU | |
| 2/20/2018 | FNV | FRANCO NEVADA ENJOYS EXTRA 10% STAKE, FASTER 2019 STARTUP AND EXPANDED HIGHER COBRE PANAMA GOLD AND SILVER OUTPUT | |
| 2/20/2018 | Alum Ind 022018 | ALUMINUM INDUSTRY - - TARIFF OR QUOTA CHANGES TO HAVE SMALL IMPACTS ON WORLD OR U.S. TONNAGES, BUT WILL RAISE PROFITS VIA HIGHER MIDWEST PREMIUM PRICES | |
| 2/15/2018 | ABX 021518 | BARRICK GOLD FORECASTS 4.4 MM OZ AVERAGE OUPTUT IN 2019-22 AS RESERVES FALL TO 64.5 FROM 86.0 MM OZ | |
| 2/13/2018 | AWC 021318 | ALUMINA LTD: HIGHER ALUMINUM AND ALUMINA PRICES RAISE PRICE TARGET AND EARNINGS, PARTLY OFFSET BY COSTS; DISCOUNT RATE CUT | |
| 2/12/2018 | OR 020118 | OSISKO GOLD ROYALTIES REVISED TO LATER PVG BUYBACKS, LESS PVG OUTPUT AND HIGHER 2020 ONWARDS OUTPUT AT CANADIAN MALARTIC. | |
| 2/9/2018 | SPOTMARKETS 013118 | SPOT MARKETS - - GLOBAL GROWTH EXPECTATIONS DRIVE FIRMER PRICES AND CASH FLOW | |
| 2/8/2018 | WPM 020818 | WHEATON PRECIOUS METALS MODELED WITHOUT BARRICK’S PASCUA | |
| 2/7/2018 | SAND 010818 | SANDSTORM GOLD MODELS INCORPORATE 2% NSR ON ENDEAVOUR’S HOUNDE MINE IN BURKINA FASO | |
| 2/5/2018 | CONTAINERBOARD 020518 | CONTAINERBOARD INDUSTRY - - FIRST GREENFIELD U.S. MILL SINCE 1970 MAY NOT BE THE ONLY ONE; OVERSUPPLY PLAUSIBLE | |
| 2/5/2018 | ALUM IND 020518 | ALUMINUM INDUSTRY - - REVISIONS TO ALUMINUM DATA AND OUTLOOK | |
| 2/2/2018 | Northern Dynasty 020218 | NORTHERN DYNASTY HAS ROUGHLY TWENTY TIMES AS MUCH PUBLIC COMMENT AS POLYMET’S PROJECT IN MINNESOTA | |
| 2/2/2018 | AA 020218 | ALCOA: HIGHER ALUMINUM PRICES AND ALUMINA PRODUCTION INCREASE EARNINGS; LARGE DEBT PAYDOWNS AND DIVIDEND IN 2018 | |
| 2/2/2018 | METALS DE-INDUSTRIALIZATION 020218 | METALS - - SEASONAL DE-INDUSTRIALIZATION IN CHINA | |
| 1/31/2018 | Metals Expansion Vol 32 013118 | METALS - - VOLUME 32 HAS 20 NEW METALS PLANTS OPENINGS AND 6 CLOSINGS IN JANUARY | |
| 1/31/2018 | Copper Ind supply-demand 013118 | COPPER INDUSTRY - - SUPPLY-DEMAND MODELS TIGHTER; DEMAND ESTIMATES RAISED AND FUTURE MINE OUTPUT PROJECTS TRIMMED TO OFFSET MINE REBOUND IN LATE-2017 | |
| 1/31/2018 | PVG 013118 | PRETIVM RESOURCES ORE GRADES FALL OVER 20% SHORT OF GEOLOGICAL MODEL; HIGHER MILL THROUGHPUT RATES | |
| 1/29/2018 | WRK 013118 | WESTROCK TO ACQUIRE KAPSTONE PAPER TO JUMP TO $2.9 BILLION IN EBITDA FROM $2.3 BILLION IN 2017 TOWARDS $4+ BILLION EBITDA FY 2022 | |
| 1/28/2018 | Northern Dynasty 010618 | NORTHERN DYNASTY POTENTIAL NEW PEBBLE ECONOMIC STUDY IN LATE-2018 OR 2019 LIKELY VERY DIFFERENT THAN FEBRUARY 2011 | |
| 1/26/2018 | GG 010618 | GOLDCORP MODEL UPDATED TO REFLECT LOWER CAPEX FROM NUEVA UNION; EXPLORATION AND DEPRECIATION EXPENSES INCREASED | |
| 1/26/2018 | RIO 012618 | RIO TINTO HIGHER LONG-TERM COPPER AND MET COAL PRICE ESTIMATES LIFT EARNINGS AND PRICE TARGET | |
| 1/24/2018 | NEM 012418 | NEWMONT MINING VISIT TO 19.9%-OWNED BURETICA MINE OF CONTINENTAL GOLD IN MEDELLIN, COLOMBIA JANUARY 23RD | |
| 1/19/2018 | WPM 011918 | WHEATON PRECIOUS METALS. SAN DIMAS STREAM RESTRUCTURED; NET DEBT REDUCED. | |
| 1/19/2018 | TECK 011918 | TECK RESOURCES LOWER FUTURE CAPEX, HIGHER PRICES AND ADDING SAN NICOLAS AND ZAFRANAL PROJECTS IN MODEL RAISE PRICE TARGET | |
| 1/18/2018 | KL 011718 | KIRKLAND LAKE GOLD ANNOUNCES MACASSA SHAFT, COSMO MINE RESTART PLAN, MUCH EXPLORATION AND 1 MM OZ OUTPUT TARGET | |
| 1/12/2018 | ABX 011218 | BARRICK GOLD TAX RATE REDUCED SLIGHTLY FOR U.S. TAX ACT; DONLIN AND PASCUA LAMA PROJECTS EACH PUSHED BACK TWO YEARS | |
| 1/11/2018 | FCX 011118 | FREEPORT-McMORAN INC.: EFFECTIVE TAXES BROKEN DOWN INTO US, GRASBERG, CERRO VERDE, AND EL ABRA SEGMENTS RESULTING IN HIGHER NEAR TERM TAX AMD LOWER EARNINGS ESTIMATES | |
| 1/10/2018 | NEM 011018 | NEWMONT MINING CORPORATE TAX RATE AND DISCOUNT RATE BOTH REDUCED SLIGHTLY | |
| 1/10/2018 | IRON ORE 011018 | IRON ORE PRICES CONTINUE TO RISE IN JANUARY AND DECEMBER DESPITE WINTER CHINESE STEEL OUTPUT CUTS | |
| 1/9/2018 | ATI 010918 | ALLEGHENY TECHNOLOGIES INCOME TAX AND JV REVISIONS | |
| 1/5/2018 | RGDL 010518 | ROYAL GOLD NET DEBT AND CORPORATE TAX RATE LOWERED | |
| 1/5/2018 | RGLD 010518 | ROYAL GOLD NET DEBT AND CORPORATE TAX RATE LOWERED | |
| 1/4/2018 | ARNC 010418 | ARCONIC BENEFITS FROM US CORPORATE TAX REFORM; LOWER FUTURE ESTIMATES TAXES INCREASE EARNINGS ESTIMATES AND PRICE TARGET | |
| 1/2/2018 | Vale 010218 | VALE SELLS ASSETS DESPITE LOW PRICES SENDING “CAPITAL DISCIPLINE,” “COST DISCIPLINE” AND SIMPLIFICATION MESSAGES | |
| 1/1/2018 | Forest Products tax-rate and EPS revisions 123118 | HARMONIZING FOREST PRODUCTS STOCKS FOR 21% CORPORATE TAX RATE, OUR ESTIMATE OF 28% FROM 2022 AND OTHER CHANGES | |
| 1/1/2018 | GLENCORE 123118 | GLENCORE PLC HIGHER FORECASTED VOLUMES FOR 2018-2020 AND COBALT PRICES GENERATE ADDITONAL EARNINGS | |
| 12/28/2017 | Metals Expansions Vol 31 122817 | METALS - - VOLUME 31 HAS 32 NEW METALS PLANTS OPENINGS AND 9 CLOSINGS IN DECEMBER | |
| 12/24/2017 | WRK 122217 | WESTROCK INVESTOR DAY TARGETS $4+ BILLION EBITDA IN FY 2022 UP FROM $2.3 BILLION IN FY 2017 | |
| 12/24/2017 | SPOT MARKETS 122417 | SPOT MARKETS - - GLOBAL GROWTH EXPECTATIONS DRIVE FIRMER PRICES | |
| 12/22/2017 | Cameco 122217 | CAMECO: CHINESE ENERGY CRISIS SEVERE IN DECEMBER AS NATURAL GAS SUPPLIES FALL WELL SHORT | |
| 12/22/2017 | U.S. STEEL | U.S. STEEL HIGHER PRICE REALIZATIONS HELP MARGINS AND INCREASE EARNINGS ESTIMATES | |
| 12/21/2017 | Forest Products balance sheets 122117 | FOREST PRODUCTS BALANCE SHEET COMPARISONS | |
| 12/19/2017 | WOR 121917 | WORTHINGTON INDUSTRIES TO BENEFIT FROM LOWER CORPORATE INCOME TAX RATE, BUYBACKS AND STRONGER CYLINDER EARNINGS | |
| 12/19/2017 | First Quantum 121917 | FIRST QUANTUM TARGET OF GREATER SCRUTINY AND REQUIRES MAYBE $25 MM LARGER ANNUAL ENVIRONMENTAL OUTLAYS | |
| 12/18/2017 | First Quantum and NAK | FIRST QUANTUM ORGANIZING JV ON WORLD’S LARGEST UNDEVELOPED GOLD AND COPPER DEPOSIT IN ALASKA | |
| 12/15/2017 | Nucor 121517 | NUCOR A MAJOR BENEFICIARY OF 21% CORPORATE TAX RATE; ADDS BAR CAPACITY, TUBULAR VALUE-ADDED AND VALUE-ADDED AUTO SHEETS | |
| 12/13/2017 | NEM 121317 | NEWMONT MINING AHAFO NORTH AND YANACOCHA SULFIDES MODELED; OUTPUT AND COSTS ADJUSTED TO GUIDANCES | |
| 12/12/2017 | Tahoe Resources 121217 | TAHOE RESOURCES: COURT DELAYS WITH SITE VISITS BY JUSTICES TO FOLLOW IN JANUARY; CASILLAS ROAD BLOCKADE CONTINUES | |
| 12/11/2017 | Vale 121117 | VALE REAFFIRMS 2018 IRON ORE OUTPUT AT 390 MMT AND CUTS 2018 NICKEL OUTPUT TARGET 15% CUTTING $1.6 BILLION NI CAP EX | |
| 12/07/2017 | FCX 120617 | FREEPORT-McMORAN INC.: RIO TINTO MAY SELL ITS 40% EARN-IN TO THRUST INDONESIAN GOVERNMENT ALMOST TO ITS 51% TARGET | |
| 12/5/2017 | Lunding Mining 120517 | LUNDIN MINING: LARGE CAPITAL PROGRAMS TO REBUILD AND EXPAND LARGEST CANDALARIA AND ZINKGRUVAN MINES | |
| 12/05/2017 | GG 120517 | GOLDCORP RETURNS BY MINE STUDIED. | |
| 12/4/2017 | Iron Ore 120417 | IRON ORE PRICES RISE IN DECEMBER DESPITE EXPECTATION OF WINTER CHINESE STEEL OUTPUT CUTS | |
| 12/4/2017 | Gold Ind 120417 | GOLD SHARES A “CONTRARIAN,” LAGGARD OR TAX-SELLING TRADE | |
| 12/1/2017 | BHP 120117 | BHP BILLITON PRESENTS MESSAGES OF CAPITAL RESTAINT AND INCREMENTAL MARGIN ENHANCEMENTS | |
| 11/31/2017 | sportmarkets 113117 | SPOT MARKETS - - INVENTORIES FALL ON LME AND RISE IN SHANGHAI EXCHANGE; CHINA CUTS ALUMINUM 15.6%, ALUMINA 19.5% AND STEEL ONLY 4.4% FROM JUNE RECORDS | |
| 11/30/2017 | NEM 112717 | NEWMONT MINING NET DEBT PAYDOWNS CONTINUE; 2018 GOLD PRICE REQUUIRED FOR A 5% RETURN ON ASSETS DETERMINED | |
| 11/30/2017 | kirklnd lake 113017 | KIRKLAND LAKE GOLD CORPORATE DEVELOPMENT OPPORTUNITIES | |
| 11/30/2017 | impairments 113017 | METALS AND RELATED RESOURCE INDUSTRIES - - FIVE COMPANIES REVERSE BITS OF PAST CHARGES AS IMPAIRMENTS DIMINISH NICELY | |
| 11/30/2017 | Metals Expansions Vol 30 113017 | METALS - - VOLUME 30 HAS 37 NEW METALS PLANTS OPENINGS AND 7 CLOSINGS IN NOVEMBER | |
| 11/30/2017 | ccj 112717 | CAMECO: UPGRADED TO OVERWEIGHT AS NUCLEAR REACTORS LOGICAL REPLACEMENT AS CHINA AND INDIA FORCE COAL-FIRED POWER IDLINGS | |
| 11/27/2017 | ABX 111517 | BARRICK GOLD MODEL ADJUSTED TO REFLECT THE SALE OF 50% OF VELADERO AND LOWER ACACIA OUTPUT | |
| 11/19/2017 | AEM 111917 | AGNICO EAGLE MINES “ESTIMATED ROAD MAPS TO $2/SHARE EPS;” COMPARISON OF COMPANY ECONOMICS IN 2017 VERSUS 2007 | |
| 11/17/2017 | Anglo American 11117 | ANGLO AMERICAN: SUM OF PARTS VALUATION ANALYSIS; RENEWED DIVIDEND PAYOUTS; SLIGHT CHANGES IN PRICE ESTIMATES | |
| 11/16/2017 | Fortescue 111617 | FORTESCUE METALS: ECONOMICS OF A 35 MMT CONCENTRATOR 67% VERSUS 13% PRETAX, PRE-INTEREST RETURN OF 30 MMT PELLET PLANT | |
| 11/15/2017 | SANDSTORM 1116178 | SANDSTORM GOLD MODELS INCORPORATE BUYBACKS, AMENDED BACHELOR LAKE AGREEMENT AND SALE OF $18.2 MM IN TREK MINING | |
| 11/13/2017 | Spot Markets 11132017 | SPOT MARKETS - - COPPER AND NICKEL PHYSICAL DEMAND SOFT DESPITE COINCIDENT WORLD GROWTH | |
| 11/10/2017 | PKG 111017 | PACKAGING CORKIRKLAND LAKE GOLD FOSTERVILLE MINE TECHNICAL STUDY ITEMS; THREE EQUITY INVESTMENTS; IDLE MINE SALES; WIDER & DEEPER AT MACASSA DISCLOSED ON JUNE 28TH IMPRESSES US TOO PORATION OF AMERICA MODELED WITHOUT ANY BENEFIT FROM TRUMP TAX CUT | |
| 11/8/2017 | KL 110817 | KIRKLAND LAKE GOLD FOSTERVILLE MINE TECHNICAL STUDY ITEMS; THREE EQUITY INVESTMENTS; IDLE MINE SALES; WIDER & DEEPER AT MACASSA DISCLOSED ON JUNE 28TH IMPRESSES US TOO | |
| 11/8/2017 | Teck 110817 | TECK HIGHER PRICE TARGET DUE TO INCREASED LONG TERM COPPER OUTPUT, SHARE BUY-BACKS, AND HIGHER NEAR TERM METALS PRICES | |
| 11/8/2017 | LPX 110617 | LOUISIANA-PACIFIC ESTIMATES RAISED DUE TO SLIGHTLY BETTER PERFORMANCE ACROSS ALL SEGMENTS FOR 2019 ONWARDS | |
| 11/8/2017 | ATI 110817 | ALLEGHENY TECHNOLOGIES ADJUSTING OUR MODELS TO 149.35 MM SHARES AFTER 19.55 MM OFFERING AND 4 ¾% DEBENTURE CONVERSION | |
| 11/6/2017 | IRON ORE 110617 | IRON ORE INDUSTRY - - BACKWARDATION LOWEST IN THREE YEARS, AND MAY SWITCH TO CONTANGO RISING PRICE WITH PRODUCTION MISSES | |
| 11/3/2017 | IP110317 | INTERNATIONAL PAPER SELLS NORTH AMERICAN CONSUMER PACKAGING BUSINESS FOR $1.8 B TO GRAPHIC PACKAGING RETAINING 20.5% STAKE; CONTAINERBOARD MARGINS FALL SHORT | |
| 11/3/2017 | Copper Ind Supply-Demand 110217 | COPPER INDUSTRY - - SUPPLY-DEMAND MODELS TIGHT; BOTH DEMAND AND MINE OUTPUT LESS THAN EXPECTED; MODEL EXCESS SUPPLY 2021-23 | |
| 11/3/2017 | Copper Demand 110217 | COPPER INDUSTRY - - DEMAND GROWTH WEAK WITH 4%-6% EXPECTED IN 7 OF 31 NATIONS OR REGIONS INTO WHICH WE BREAK DOWN THE WORLD | |
| 11/3/2017 | Copper Industry Sensitivity $4.50 | COPPER INDUSTRY - - SENSITIVITY OF VARIOUS STOCKS TO $4.50/LB LONGTERM COPPER PRICES | |
| 11/2/2017 | ATI Tsingshan 110217 | ALLEGHENY TECHNOLOGIES JOINT VENTURE WITH TSINGSHAN DEPENDS ON THE TOLL PRICING FOR ATI ROLLING AND TSINGSHAN SLABS | |
| 10/31/2017 | Southern Copper103117 | SOUTHERN COPPER CORP. ENJOYS COPPER PRICES NEARER TO OUR $3.25/LB 2018 ESTIMATE VALIDATING EXPANSIONS TO 1.55 MMT BY 2025 | |
| 10/31/2017 | bhp 103117 | BHP BILLITON PROGRESS TO SETTLE SAMARCO FINANCIAL CLAIMS | |
| 10/31/2017 | bhp 103117 | BHP BILLITON PROGRESS TO SETTLE SAMARCO FINANCIAL CLAIMS | |
| 10/31/2017 | Vale 103117 | VALE PROGRESS IN 50%-OWNED SAMARCO FINANCIAL CLAIMS | |
| 10/30/2017 | METALS EXPANSION VOL 29 103017 | METALS - - VOLUME 29 HAS 17 NEW METALS PLANTS OPENINGS AND 17 CLOSINGS IN OCTOBER. | |
| 10/30/2017 | ATI TOLL ROLLING | ALLEGHENY TECHNOLOGIES CONTINUES TO DISCUSS THIRD-PARTY CARBON OR SPECIALTY METALS CUSTOM ROLLING AT BRACKENRIDGE | |
| 10/25/2017 | WRK 102517 | WESTROCK TO BENEFIT AS GRAPHIC PACKAGING CONSOLIDATES AND BUYS OUT INTERNATIONAL PAPER’S CONSUMER PACKAGING DIVISION | |
| 10/24/2017 | ATI 102417 | ALLEGHENY TECHNOLOGIES DIVIDEND OUTLOOK MUTED UNTIL 2020; SOME CONSIDERATIONS WEIGH IN FAVOR OF ASSET SALES | |
| 10/24/2017 | ARNC 102417 | ARCONIC NAMES LEADERSHIP TEAM AND SETS TARGETS; ONLY THE TRANSPORTATION & CONSTRUCTION SEGMENT MEETS TARGETS | |
| 10/19/2017 | WRK 101919 | WESTROCK VULNERABLE TO SCRAP PAPER PRICE FLUCTUATIONS; CORRUGATED COSTS RAISED BASED ON 2017 RESULTS. | |
| 10/18/2017 | TAHOE 101817 | TAHOE RESOURCES: CASILLAS ROAD BLOCKADE CONTINUES; CHOPPER SHOT; MINES AGENCY DELAYS EXPORT PERMIT; OPPONENTS APPEAL | |
| 10/18/2017 | STEEL IND 101817 | STEEL INDUSTRY - - CHINESE EXPORTS PLUNGE IN SEPTEMBER 55% FROM PEAKS IN 2015 | |
| 10/17/2017 | FORTESCUE 101717 | FORTESCUE METALS: SENSITIVITY TO 58% IRON ORE PRICE DISCOUNTS | |
| 10/16/2017 | ALUM IND 101617 | ALUMINUM OUTPUT IN CHINA FALLS 12.5% IN AUGUST FROM JUNE 2017 ALL-TIME RECORD; WORLD ALUMINA OUTPUTS UP 15.1% PROVIDES BUFFER AS CHINESE OUTPUT CUTS UNFOLD | |
| 10/13/2017 | SPOT MARKET 101317 | SPOT MARKETS - - PRICE DIVERGENCES “WEIRD” WITHIN GENERALLY STRONG MARKETS; SCRAP STEEL PLUNGES OVER 10% AND CONTAINERBOARD OVER 30% FOR OCTOBER | |
| 10/12/2017 | CONTAINERBOARD IND. 101217 | CONTAINERBOARD CAPACITY ADDITIONS EXPECTED FROM NUMEROUS COMPANIES ACROSS THE INDUSTRY | |
| 10/10/2017 | COPPER IND MERGER VALUES 101017 | COPPER INDUSTRY - - COMPARISON OF FIVE COPPER DEPOSITS FOR SALE; DATA BASE OF 96 TRANSACTIONS SINCE 2005 UPDATED | |
| 10/6/2017 | GLENCORE PLC | GLENCORE PLC MODELS UPDATED FOR ACQUISITION OF VOLCAN ZINC AND CHEVRON DOWNSTREAM OIL ASSETS | |
| 10/6/2017 | RIO TINTO | RIO TINTO LIFTS 2017 SHARE BUYBACK AUTHORIZATION TO $4.0 BILLION | |
| 10/4/2017 | WEYERHAEUSER | WEYERHAEUSER HIGHER NEAR-TERM WOOD PRODUCTS PRICES PARTIALLY OFFSET BY HIGHER TIMBERLANDS OPERATING COSTS | |
| 10/3/2017 | METALS RETURNS | METALS - - COMPARISONS OF RETURNS ON ASSETS OF MAJOR MINES | |
| 10/2/2017 | METALS - - VOLUME 28 | METALS - - VOLUME 28 HAS 25 NEW METALS PLANTS OPENINGS AND 17 CLOSINGS IN SEPTEMBER WITH UNEXPECTED ALUMINUM SETBACKS | |
| 10/2/2017 | NEWMONT MINING | NEWMONT MINING RESERVE LIFE POSSIBLE EXTENSIONS TO CARLIN UNDERGROUND AND CRIPPLE CREEK AFTER SEPT. 21-22 NEVADA TOURS | |
| 9/29/2017 | LOUISIANA-PACIFIC | LOUISIANA-PACIFIC ESTIMATES RAISED DUE TO HIGH OSB PRICES | |
| 9/29/2017 | NORBORD | NORBORD EARNINGS ESTIMATES RAISED DUE TO HIGH OSB PRICES | |
| 9/29/2017 | VALE CARAJAS S11D TOUR | VALE VOLUME ESTIMATES CUT FOR FOR MOST PRODUCTS; COMMENTS FROM SEPTEMBER 21-22, 2017 CARAJAS S11D ‘TRUCKLESS MINE” SITE VISIT | |
| 9/29/2017 | GLENCORE PLC | GLENCORE PLC 2017 MARKETING EBITDA ESTIMATES RAISED; ACQUISITION OF 49% OF HUNTER VALLEY COAL OPERATIONS | |
| 9/27/2017 | GOLD INDUSTRY | GOLD INDUSTRY - - DENVER GOLD FORUM HIGHLIGHTS SEPT 25-27, 2017 | |
| 9/25/2017 | NEWMONT MINING | NEWMONT MINING VISITS SEPT. 21-22 TO CARLIN AND LONG CANYON GOLD MINES | |
| 9/25/2017 | GOLDCORP | GOLDCORP MODEL UPDATED TO REFLECT HIGHER OPERATING COSTS IN THE FIRST HALF OF 2017 | |
| 9/18/2017 | GOLD INDUSTRY | GOLD INDUSTRY - - GOLD PRICES REBOUND SUSTAINABLE WITH NEARLY A 10% WEAKER DOLLAR | |
| 9/14/2017 | AEM APPENDIX MINE TOURS | AGNICO EAGLE MINES APPENDIX TO SEPT 14, 2017 REPORT FOR GOLDEX, CANADIAN MALARTIC AND MELIADINE VISIT NOTES AND | |
| 9/14/2017 | AGNICO EAGLE | AGNICO EAGLE MINES ESTIMATES RAISED FROM INCLUSION OF EL BARQUENO, ODYSSEY, AND HIGHER CANADIAN MALARTIC AFTER 2021 | |
| 9/12/2017 | TAHOE RESOURCES | TAHOE RESOURCES: CASILLAS ROAD BLOCKADE, XINCAS CONSULTATION, APPEALS TO SEPT. 10TH REVERSAL AND JULY 5TH INJUNCTION ISSUES | |
| 9/12/2017 | FREEPORT-McMORAN INC | FREEPORT-McMORAN INC.: INDONESIAN OUTCOME DISAPPOINTING | |
| 9/8/2017 | VALE | VALE LOWER 400 MMT LONG-TERM IRON ORE PRODUCTION; LOWER 2017 FE, CU, NI OUTPUTS; NICKEL OUTLAYS CUT; SHARE CONVERSIONS | |
| 9/7/2017 | SPOT MARKETS | SPOT MARKETS - - EVIDENCE OF BROAD GLOBAL DEMAND GAINS AND WEAK DOLLAR DRIVE HIGHER METALS PRICES AS SHARES FOLLOW | |
| 9/2/2017 | METALS EXPANSIONS | METALS - - VOLUME 27 HAS 25 NEW METALS PLANTS OPENINGS AND 22 CLOSINGS IN AUGUST WITH SEVERAL UNEXPECTED SETBACKS | |
| 9/1/2017 | AU 083117 | ANGLOGOLD ASHANTI ESTIMATED CUT FOR RESTRUCTURING OF SOUTH AFRICAN ASSETS AND HIGHER OPERATING COSTS; TANZANIA IN DOUBT | |
| 8/31/2017 | NILSKY 083117 | NORILSK NICKEL: LOWER 2017 NI, CU, AND PT OUTPUT PARTLY OFFSET BY HIGHER PT AND PD PRICES; HIGHER NET DEBT HURTS NPV | |
| 8/30/2017 | PVG 082917 | PRETIVM RESOURCES JUNE EARNINGS REPORT A LITTLE LESS IMPRESSIVE THAN MILL THROUGHPUT RATES | |
| 8/24/2017 | ANTO 082417 | ANTOFAGASTA PLC: HIGHER NEAR-TERM PRICES AND LOWER OPERATING COSTS IMPROVE OPERATING MARGINS, INCREASING EARNINGS ESTIMATES AND VALUATION | |
| 8/19/2017 | ARNC 081817 | ARCONIC CONTINUES PRODUCTION OF REYNOBOND (1) WITH FIRE RETARDANT, (2) FOR LOW RISE OR (3) FOR EXTERIOR SIGNAGE/FRONTAGE | |
| 8/17/2017 | FIRST QUANTUM 081917 | FIRST QUANTUM FACES SHORT-TERM DEBT AS IT FINISHES PANAMA; HIGHER NET DEBT LOWER NPV VALUATION | |
| 8/17/2017 | SPOT MARKETS 081717 | SPOT MARKETS - - WORLD STAINLESS OUTPUT UP 14.5% IN MARCH QUARTER AS CHINESE “PLAY POSSUM” CUTTING Cu, Ni, Fe INVENTORIES CAUSING THOSE PRICES TO LAG | |
| 8/15/2017 | CONF PHOTOS AUG 3RD | ANNUAL “PARTY AND CONFERENCE ON THE JERSEY SHORE” PHOTOS | |
| 8/14/2017 | FNV 081417 | FRANCO NEVADA MODEL UPDATED TO INCLUDE OUTPUT FROM VICTORIA GOLD’S DUBLIN GULCH PROJECT AND EXERCISE OF 6.4 MM WARRANTS | |
| 8/14/2017 | BHP 081117 | BHP BILLITON: HQ VISIT IN MELBOURNE JULY 10th NOTES; MODELED TO 2024 TO CAPTURE JANSEN PROJECT, HIGHER CU AND HIGHER FE OUTPUTS | |
| 8/11/2017 | CONF HIGHLIGHTS BASE METALS AND SMALL CAP TRACK 080317 | CONFERENCE ON THE JERSEY SHORE BASE METALS AND SMALL CAP GOLD AUGUST 3RD HIGHLIGHTS | |
| 8/9/2017 | TAHO 080817 | TAHOE RESOURCES: CASILLAS ROAD BLOCKADE ALSO BLOCKS OUTPUT IN ADDITION TO JULY 5TH INJUNCTION TO HALT GUATEMALAN MINE | |
| 8/7/2017 | CONF HIGHLIGHTS LARGE CAP TRACK AUG 3 | METALS CONF. ON JERSEY SHORE “LARGE CAP” AUG. 3RD HIGHLIGHTS | |
| 8/6/2017 | CONF HIGHLIGHTS DAY TWO 080417 | METALS CONFERENCE ON JERSEY SHORE “DAY TWO” HIGHLIGHTS | |
| 8/2/2017 | CONF MODERATOR SPEECH 080207 | METALS - - MODERATOR’S COMMENTS TO AUGUST 3-4 CONFERENCE | |
| 7/31/2017 | METALS EXPANSIONS VOL 26 073117 | METALS - - VOLUME 26 HAS 32 NEW METALS PLANTS OPENINGS AND 23 CLOSINGS IN JULY MOSTLY WITH NEW STEEL & NICKEL PLANTS | |
| 7/30/2017 | NEM 072817 | NEWMONT MINING GOLD OPERATING COSTS LOWER AND AHAFO OUTPUT INCREASED AS TWO KEY PROJECTS MOVE AHEAD | |
| 7/28/2017 | RIO TINTO | RIO TINTO HIGHER 2017 ALUMINUM PRICES OFFSET BY LOWER REALIZED 2017 IRON ORE PRICES AND HIGHER ESTIMATED OPERATING COSTS | |
| 7/28/2017 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD LIFTS TOP CUTS AT FOSTERVILLE MINE; WIDER & DEEPER AT MACASSA DISCLOSED ON JUNE 28TH IMPRESSES US TOO | |
| 7/27/2017 | IRON ORE 072717 | IRON ORE INDUSTRY - - VALE EXITS 19 MMT HIGH SILICA PRODUCTS | |
| 7/26/2017 | U.S. STEEL | U.S. STEEL SUFFERS POOR PRODUCTIVITY AND COSTS EQUIVALENT TO A $40/TON “COST MISS” OR $400/TON DEVIATION WITHIN 1 M.T. SUBSET | |
| 7/25/2017 | FREEPORT-McMORAN INC | FREEPORT-McMORAN INC.: COPING WITH VERY DIFFICULT PRODUCTION CONDITIONS BETTER THAN IMAGINABLE IN SUCH TOUGH CONDITIONS | |
| 7/24/2017 | STEEL INDUSTRY | STEEL INDUSTRY - - EXPECTATION OF TRADE PROTECTION OR TRUMP SOLUTIONS MAY BE A WORSE CATASTROPHE THAN 1932, 1982 OR 2009 | |
| 7/17/2017 | FOREST PRODUCTS 071717 | FOREST PRODUCTS - - DRY JULY AND FIRE ACTIVITY CREATE PRICE SURGE | |
| 7/14/2017 | SOUTH32 | SOUTH32 BENEFITS FROM MANGANESE, MET COAL, THERMAL COAL AND ALUMINUM PRICE REBOUNDS | |
| 7/7/2017 | PVG 070717 | PRETIVM RESOURCES EARNINGS OUTLOOK VERY IMPROVED WITH JUNE 2017 COMMERCIAL OUTPUT | |
| 7/7/2017 | OSISKO GR 070717 | OSISKO GOLD ROYALTIES DIFFERENTIATES ITSELF FROM STREAMING COMPANIES IN DIVERSE STRATEGIES AND ORION ACQUISITION | |
| 7/7/2017 | CENTURY ALUM 070617 | CENTURY ALUMINUM - - HIGHER 2017 LME INGOT PRICE ESTIMATE RAISES 2017 EPS ESTIMATE; HIGHER CASH COSTS AND LOWER FUTURE DIRECT SHIPMENTS LOWER FUTURE EPS ESTIMATES | |
| 7/6/2017 | TAHOE 070617 | TAHOE RESOURCES: OUR SPANISH LANGUAGE LITERATURE SURVEY AFTER ADVERSE JULY 5TH INJUNCTION TO HALT GUATEMALAN MINE | |
| 7/5/2017 | ATI 070517 | ALLEGHENY TECHNOLOGIES TITANIUM JV FOR “MELTLESS” OR ADDITIVE POWDER MANUFACTURING IN NEARER NET SHAPES SPECIALTIES | |
| 7/5/2017 | SPOT MARKETS 070417 | SPOT MARKETS - - EXCHANGE INVENTORIES FALL 15 OF 16 WEEKS TO 8 YEAR LOWS AT 3.63 MMT JUNE 30TH FROM 3.88 MMT MAY 31ST FROM 8.93 MMT MARCH 2013 RECORDS | |
| 7/3/2017 | CONTAINERBOARD MARKET 070317 | CONTAINERBOARD INDUSTRY STRUCTURE TO CHANGE AS #2 EUROPEAN MILL BUYS A U.S. BOX SUPPLIER WITH TWO SMALL MILLS | |
| 7/3/2017 | ANGLO AMERICAN 063017 | ANGLO AMERICAN: 2017-2019 PRODUCTION, CAPITAL EX AND COMMODITY PRICE ESTIMATES UPDATED; LOWER NET DEBT LEVELS RAISE NPV | |
| 7/2/2017 | WOR 063017 | WORTHINGTON INDUSTRIES - - JUNE 2ND AMTROL CYLINDER ACQ ACCRETIVE; STEEL PROCESSING BEATS FY 2005 RECORD BY $50 MM | |
| 7/2/2017 | METALS EXPANSIONS VOL 25 063017 | METALS - - VOLUME 25 HAS 34 NEW METALS PLANTS OPENINGS AND 14 CLOSINGS IN JUNE MOSTLY WITH NEW STEEL & ALUMINUM PLANTS | |
| 7/2/2017 | WOR 063017 | WORTHINGTON INDUSTRIES - - JUNE 2ND AMTROL CYLINDER ACQ ACCRETIVE; STEEL PROCESSING BEATS FY 2005 RECORD BY $50 MM | |
| 7/2/2017 | METALS - - VOLUME 25 | METALS - - VOLUME 25 HAS 34 NEW METALS PLANTS OPENINGS AND 14 CLOSINGS IN JUNE MOSTLY WITH NEW STEEL & ALUMINUM PLANTS | |
| 6/30/2017 | ARCONIC | ARCONIC CONTINUES PRODUCTION OF REYNOBOND (1) WITH FIRE RETARDANT, (2) FOR LOW RISE OR (3) FOR EXTERIOR SIGNAGE/FRONTAGE | |
| 6/30/2017 | ALUMINA LTD 062917 | ALUMINA LTD: LOWER ALUMINA OPERATING COSTS AND HIGHER REALIZED PRICES INCREASE EARNINGS AND PRICE TARGET; HIGHER ESTIMATED 2017 LME ALUMINUM INGOT PRICES | |
| 6/30/2017 | STEEL IND GERDAU | STEEL INDUSTRY - - VISIT TO GERDAU PETERSBURG, VA LARGE STRUCTURAL MILL JUNE 27TH AND INVESTOR DAY JUNE 28TH | |
| 6/29/2017 | LPX HAYWARD MILL 062717 | LOUISIANA-PACIFIC JUNE 27TH TOUR OF HAYWARD, WISCONSIN SIDING AND OSB MILL | |
| 6/26/2017 | ALCOA | ALCOA EARNINGS AND NPV VALUATIO BOTH BENEFIT FROM FIRM 2017 LME ALUMINUM PRICES AND LOW ALUMINA AND BAUXITE COSTS | |
| 6/22/2017 | CONTAINERBOARD | CONTAINERBOARD DEMAND TO BENEFIT FROM AMAZON PURCHASE OF WHOLE FOODS | |
| 6/20/2017 | ARNC | ARCONIC PRODUCT IN GRENFELL TOWER TRAGEGY IN UK | |
| 6/19/2017 | METALS DICHOTOMY | METALS - - DICHOTOMOUS MARKETS AS SOME COMMODITIES HIGH AND OHTERS LOW | |
| 6/15/2017 | ROYAL GOLD | ROYAL GOLD PENASQUITO NEAR TERM GOLD PRODUCTION ESTIMATES REDUCED AND RUBICON TERMS RESTRUCTURING BUILD INTO MODELS | |
| 6/13/2017 | STEEL INDUSTRY | STEEL INDUSTRY - - RECORD WORLD STEEL OUTPUT, BUT FINISHED STEEL, IRON ORE AND MET COAL PRICES SUBSIDE | |
| 6/6/2017 | GOLDCORP | GOLDCORP PERSONNEL AT PENASQUITO INVENT SAFER, MORE STABLE TAILINGS DAM DESIGN IN AN EFFORT TO CONSERVE WATER | |
| 6/6/2017 | EBITDA Coverage | METALS - - REVIEW OF EBITDA COVERAGE RATIOS OF 40 RESOURCE COMPANIES WITH EYE TO BOND RATINGS | |
| 6/1/2017 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES FLAT-ROLLED DIVISION SPINOFF, JV, TOLLING AND RELATED CHALLENGES | |
| 6/1/2017 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES VISIT TO BAKERS, NC TITATIUM MELT, POWDER, FORGE FOCUS ON AEROSPACE AND HIGH VALUE SPECIALTIES | |
| 6/1/2017 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES CUTS COSTS AND CUTS POST-2016 CAP EX PROFILE; FOCUS ON AEROSPACE AND HIGH VALUE SPECIALTIES | |
| 5/31/2017 | VALE | VALE CEO ARTICULATES POLICIES OF HIS OWN FROM THE ONSET | |
| 5/30/2017 | OSISKO GOLD ROYALTIES | OSISKO GOLD ROYALTIES ENJOYS INCREASED VALUE OF EQUITY HOLDINGS AND GIBRALTAR SILVER STREAM | |
| 5/29/2017 | METALS EXPANSION VOL 24 | METALS - - VOLUME 24 HAS 44 NEW METALS PLANTS OPENINGS AND 15 CLOSINGS IN MAY MOSTLY WITH NEW STEEL & ALUMINUM PLANTS | |
| 5/26/2017 | COPPER INDUSTRY | COPPER INDUSTRY - - DEMAND REPORTED DOWN 1.6% AND REFINED OUTPUT DOWN 0.1% WHILE MINE OUTPUT UP 2.2% IN MARCH QUARTER | |
| 5/26/2017 | GLENCORE PLC | GLENCORE PLC ALTERNATIVE ZINC AND COAL PRICE SCENARIOS ANALYZED; SALE OF ZINC ASSETS TO TREVALI BUILT INTO MODELS | |
| 5/24/2017 | GOLD INDUSTRY | GOLD INDUSTRY - - CHANGES IN GDXJ HOLDINGS OVER THE PAST TWO WEEKS | |
| 5/23/2017 | SANDSTORM GOLD | SANDSTORM GOLD EPS NPV ESTIMATE RAISED FOR MARIANA RESOURCES 30% STALE IN HOT MADEN HIGH GRADE AU-CU MINE IN TURKEY | |
| 5/22/2017 | ARCONIC | ARCONIC DIVIDES SIX MAN BOARD WITH THREE DIRECTORS NOMINATED BY ELLIOT MGT. AND THREE BY THE COMPANY | |
| 5/18/2017 | METALS APERAM RATING | METALS - - EUROPEAN STAINLESS PRODUCER “APERAM” UPGRADED TO INVESTMENT GRADE BOND RATING | |
| 5/17/2017 | WEYERHAEUSER | WEYERHAEUSER HIGHER BOND RATING SHOULD EQUATE TO FIRMER DIVIDEND YIELD | |
| 5/17/2017 | METALS POLITICS | METALS - - TRUMP CONGRESSIONAL POLITICAL OPPOSITION UNDERMINES POLICY AGENDAS | |
| 5/15/2017 | GOLD INDUSTRY | GOLD INDUSTRY - - GOLD PRICES AND DYNAMICS QUIET IN 2017; GDXJ REBALANCE CRUSHES SOME MID-CAP GOLD MINES | |
| 5/15/2017 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD INCREASES RESERVES AND RESERVE GRADES AT MACASSA AND FOSTERVILLE | |
| 5/12/2017 | GRUPO MEXICO | GRUPO MEXICO: FEC RAILROAD ACQUISITION INCORPORATED INTO MODELS; PESO DEVALUATION PRESSURES DIVISIONAL MARGINS | |
| 5/8/2017 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC.: POTENTIAL LONE STAR MILL AROUND 2024 | |
| 5/7/2017 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC.: CHINO, SAFFORD, EL ABRA, GRASBERG DEEP ORE ZONE, OTHERS FELL AS “CONTINUING” CU OUTPUT FELL 11% | |
| 5/5/2017 | TAHOE RESOURCES | TAHOE RESOURCES ENJOYS “IDEAL QUARTER” FOR MARCH; ESTIMATED EFFECTIVE TAX RATE LOWERED | |
| 5/5/2017 | CONTAINERBOARD | CONTAINERBOARD AND CORRUGATED BOX PRICING OVER THE PAST NINE QUARTERS | |
| 5/3/2017 | SPOT MARKETS | SPOT MARKETS - - OUTPUT UP 6%-10% IN EARLY 2017 EXCEPT NI & AG WITH FIRM PRICES AND RESTARTS; MAYBE WORLD DEMAND FIRM TOO | |
| 5/1/2017 | BHP BILLITON | BHP BILLITON: ELABORATION ON 10 KM DISTANCE TO “SOUTH FLANK” REPLACEMENT AND MARCH 29TH 80 MMT YANDI DEPLETION WARNING | |
| 4/27/2017 | BHP BILLITON | BHP BILLITON: LOWER ESTIMATED 2017 COPPER, IRON ORE, COAL AND OIL OUTPUTS; LOWER NEAR TERM IRON ORE PRICES; HIGHER CAP EX WITH 80 MMT YANDI DEPLETION WARNING | |
| 4/27/2017 | METALS | METALS - - VOLUME 23 DESCRIBES LARGE GAINS IN OUTPUT WITH HIGH CONFIDENCE IN CHINA & ROW; MANY MORE OPENINGS AND NEW PLANTS | |
| 4/27/2017 | FORTESCUE METALS | FORTESCUE METALS: OUR LOWER IRON ORE PRODUCTION AND PRICE ESTIMATES LOWER EARNINGS AND PRICE TARGET | |
| 4/26/2017 | U.S. STEEL | U.S. STEEL SUFFERS POOR PRODUCTIVITY AND COSTS EQUIVALENT TO A $40/TON “COST MISS” OR $400/TON DEVIATION WITHIN 1 M.T. SUBSET | |
| 4/26/2017 | FOREST PRODUCTS | FOREST PRODUCTS - - WOOD STOCKS DOWNGRADED WITH SHARE PRICE GAINS AND HISTORIC MAY 15TH WOOD PRICE SEASONAL PEAKS | |
| 4/26/2017 | GOLDCORP | GOLDCORP NUEVA UNION CAPEX ESTIMATED INCREASED; SEVERAL LOW GRADE GOLD-COPPER PROJECTS COMPARED WITH CERRO CASALE | |
| 4/21/2017 | IRON ORE INDUSTRY | IRON ORE INDUSTRY - - SPOT PRICES FALL AS WORLD STEEL OUTPUT UP, MINES DEPLETING, NECESSARY EXPANSIONS QUASHED, GRADES FALL | |
| 4/17/2017 | ARCONIC | ARCONIC INSTALLES EX-PRATT & WHITNEY JET ENGINE HEAD AS CEO; POSSIBLE TACTICS TO GROW REVENUES, CUT COSTS OR CUT DEBT | |
| 4/12/2017 | ROYAL GOLD | ROYAL GOLD, RUBICON’S PHOENIX PROJECT ADDED BACK TO MODEL. PASCUA LAMA NSR PERCENTAGE INCREASED BY 0.74% | |
| 4/11/2017 | RIO TINTO | RIO TINTO DETAILED MODEL EXTENDED TO 2030 TO INCORPORATE 2025-30 MONGOLIA U/G, LA GRANJA 2024, RESOLUTION 2026-30 AND BUYBACKS | |
| 4/10/2017 | STEEL INDUSTRY | STEEL INDUSTRY - - TRUMP DE-REGULATIONS TO ENCOURAGE OFFSHORE DRILLING TO BENEFIT “MIX” FOR HIGH VALUE STEELMAKERS | |
| 4/5/2017 | SPOT MARKETS | SPOT MARKETS - - OUTPUTS RISE 6% TO 30% IN EARLY 2017 WITH RESTARTS OR NEW CAPACITY; MAYBE WORLD DEMAND FIRMER TOO | |
| 4/4/2017 | BIG SIX NET DEBT | METALS - - COMPARISON OF 2015, 2016, AND 2017E YEAR-END BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES (BHP Billiton, Vale, Rio Tinto, Anglo American, Glencore, and Teck) | |
| 3/31/2017 | METALS EXPANSIONS VOL 22 | METALS - - VOLUME 22 DESCRIBES MORE REOPENINGS AND NEW INVESTMENTS THAN SHUTDOWNS | |
| 3/31/2017 | NEWMONT MINING SURINAME | NEWMONT MINING COMMENTS FROM MARCH 2ND SURINAME MINE VISIT; COMPANYWIDE MODELS UPDATED FOR YEAR-END RESULTS | |
| 3/31/2017 | GUYANA GOLDFIELDS | GUYANA GOLDFIELDS SITE VISIT TO AURORA GOLD MINE MARCH 3RD | |
| 3/30/2017 | FRANCO NEVADA | FRANCO NEVADA ASSET PORTFOLIO UPDATES BENEFIT PRICE TARGET | |
| 3/29/2017 | GRUPO MEXICO S.A.B. de C.V. | GRUPO MEXICO S.A.B. de C.V. BUYS FL EAST COAST RAILWAY FOR 60% OF PRICE FORTRESS INVESTMENT GROUP PAID IN JUNE 2007 PRE-CRISIS | |
| 3/28/2017 | ALUMINUM INDUSTRY | ALUMINUM AND ALUMINA OUTPUTS MAKE NEW RECORDS AS EXCESS SUPPLY DEBACLE UNFOLDS | |
| 3/28/2017 | VALE | VALE APPOINTS OUTSIDER FOR SIX YEAR CEO TERM | |
| 3/27/2017 | WORTHINGTON INDUSTRIES | WORTHINGTON INDUSTRIES - - RESTORED TO OVERWEIGHT AS SHARES RETREAT FROM NOVEMBER 2016 RECORD AS FUNDAMENTALS BETTER | |
| 3/24/2017 | METALS OUTPUT | METALS - - DOUBLE-DIGIT GAINS IN JANUARY 2017 WORLD OUTPUT; HUDBAY AND NORILSK NICKEL TO NEUTRAL FROM OVERWEIGHT | |
| 3/24/2017 | CONTAINERBOARD INDUSTRY | CONTAINERBOARD INDUSTRY - - CHINESE SLOW PURCHASES NEAR $270- $280/METRIC T AS IP PENSACOLA, FL RESTART PLAUSIBLE IN LATE-APRIL | |
| 3/23/2017 | STEEL INDUSTRY | STEEL INDUSTRY - - WORLD OUTPUT UP 5.8% JAN-FEB 2017 | |
| 3/23/2017 | PAPER MARKET | FOREST PRODUCTS: U.S. PAPER AND BOARD MARKET LONG-TERM GROWTH RATES COMPARING 2016 VERSUS PEAK YEAR 1999 | |
| 3/21/2017 | TAHOE RESOURCES | TAHOE RESOURCES SHORTER MINE LIVES AND HIGHER OPERATING COST ESTIMATES ACROSS PORTFOLIO | |
| 3/16/2017 | VALE | VALE SHAREHOLDER SENTIMENT IMPLIED IN DISCOUNT RATE, IRON ORE PRICE OR COSTS REFLECTED IN CURRENT SHARE PRICE | |
| 3/15/2017 | FORTESCUE METALS | FORTESCUE METALS SHAREHOLDER SENTIMENT IMPLIED IN DISCOUNT RATE, IRON ORE PRICE OR COSTS REFLECTED IN CURRENT SHARE PRICE | |
| 3/14/2017 | ARCELORMITTAL CALVERT, AL | ARCELORMITTAL STEEL’S AM/NS CALVERT INVESTOR SITE VISIT ON MARCH 7th 2017 | |
| 3/13/2017 | SILVER WHEATON | SILVER WHEATON. PASCUA-LAMA MODELED AS AN UNDERGROUND MINE BEGINNING PRODUCTION IN 2021; TOUR OF ANTAMINA MARCH 3RD | |
| 3/13/2017 | OUTOKUMPU STAINLESS AL | STEEL INDUSTRY - - OUTOKUMPU ANALYST SITE VISIT TO CALVERT, ALABAMA STAINLESS FACILITY ON MARCH 7th 2017 | |
| 3/12/2017 | METALS INVENTORIES | METALS--EXCHANGE INVENTORIES RISE 11 OF PAST 13 WEEKS BY 585,590 T | |
| 3/10/2017 | NORBORD SC TRIP | NORBORD TOUR OF THEIR JOANNA, SOUTH CAROLINA ORIENTED STRAND BOARD MILL | |
| 3/9/2017 | METALS TORONTO PROSPECTORS CONV. | METALS - - ANNUAL “PROSPECTORS AND DEVELOPERS ASSOCIATION CONVENTION” HAS PRESENTATIONS ON WATER TREATMENT LIABILITIES AS WELL AS MINERAL DISCOVERIES | |
| 3/8/2017 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD LOWER COSTS, HAS HIGHER CAP EX AND FINDS “LANTERN ZONE” AT COSMO IN NORTHERN TERRITORIES | |
| 3/2/2017 | VALE | VALE EARNINGS ESTIMATES INCREASED DUE TO HIGHER IRON ORE AND COPPER PRICE ESTIMATES; INCREASED DIVIDEND PAYOUT ESTIMATES | |
| 3/2/2017 | BARRICK GOLD | BARRICK GOLD’S PASCUA-LAMA PROJECT AS AN UNDERGROUND MINE; 2017 GOLD PRODUCTION GUIDANCE EXCEEDS PRIOR ESTIMATES | |
| 2/28/2017 | NICKEL INDUSTRY | NICKEL INDUSTRY - - PRICE GAINS SLOW AS INDONESIA, NEW CALEDONIA AND PHILIPPINES COULD SURPRISE WITH MORE OUTPUT THAN EXPECTED | |
| 2/28/2017 | WOOD FIRM | FOREST PRODUCTS : WOOD PRICES ACCELERATE IN FEBRUARY IN LINE WITH HISTORIC SPRING FAVORABLE SEASONALITY; OSB > $300 AND PLYWOOD & LUMBER > $400 | |
| 2/28/2017 | SPOT MARKETS | SPOT MARKETS - - NEARLY ½ MMT OF MOSTLY AL, CU AND PB EXCHANGE INVENTORY APPEAR SINCE DECEMBER MOSTLY FROM CHINA | |
| 2/27/2017 | METALS EXPANSIONS VOL 21 | METALS - - VOLUME 21 DESCRIBES MORE REOPENINGS AND NEW INVESTMENTS THAN SHUTDOWNS | |
| 2/26/2017 | AGNICO EAGLE MINES | AGNICO EAGLE MINES LONGER MINE LIVES AND HIGHER TAX DEFERRALS MORE THAN OFFSET HIGHER OPERATING, EXPLORATION, OTHER EXPENSE | |
| 2/24/2017 | FORTESCUE METALS | FORTESCUE METALS BENEFITS FROM LOWER OPERATING COSTS AND HIGHER REALIZED PRICES; PRODUCTION LEVELS STABLE | |
| 2/24/2017 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC.: BALANCE SHEET IMPROVES, NO RESERVE REPLACEMENT AND COMPLEX INDONESIAN DEVELOPMENTS | |
| 2/23/2017 | VALE | VALE DECLARES $1.52 BILLION APRIL DIVIDEND OR 152% OF THE $4 BILLION WE HAD ESTIMATED FROM 2018 ONWARDS | |
| 2/16/2017 | DOMTAR | DOMTAR CAPEX RAISED, PAPER SHIPMENTS FALL, PAPER PRICE ESTIMATES DECREASED AND SHARE BUYBACKS NOT AS RAPID | |
| 2/15/2017 | SOUTHERN COPPER CORP. | SOUTHERN COPPER CORP. HIGHER OUTPUT RAISES EARNINGS AND VALUATION AS ANNOUNCED JANUARY 31ST TO 1.5 MMT MID-2023 | |
| 2/15/2017 | NORTHERN DYNASTY | NORTHERN DYNASTY WAITS FOR POTENTIAL JV PARTNERS OWN TECHNICAL STUDIES; VICTIM OF HISTORIC BEAR RAID | |
| 2/14/2017 | NORILSK NICKEL | NORILSK NICKEL HAS MET ABOUT ½ OF OUR UPSIDE TARGET, WHILE NICKEL MARKET UPSIDE TRAJECTORY “GRADUAL” WITHOUT SHORTAGES | |
| 2/13/2017 | CONTAINERBOARD INDUSTRY | CONTAINERBOARD INDUSTRY - - FEW ALTERNATIVE SUPPLIES AFTER IP LOSES 520,000 TONS OF CAPACITY IN PENSACOLA, FL JAN. 22ND EXPLOSION | |
| 2/9/2017 | COPPER INDUSTRY | COPPER INDUSTRY - - MOST STRIKES OR DISRUPTIONS ARE TEMPORARY, WHERE REFUSALS TO INVEST OR DECISIONS TO INVEST HAVE LEAD TIMES | |
| 2/7/2017 | GOLDCORP | GOLDCORP FORECASTS LOWER 2017-19 AND HIGHER 2020-21 OUTPUT THAN OUR PRIOR ESTIMATES; LOWER SUSTAINING CAPEX ESTIMATES | |
| 2/6/2017 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD HIGHER CAP EX AND EXPLORATION | |
| 2/3/2017 | ARCONIC | ARCONIC: LOWER ENGINEERED PRODUCTS REVENUE GROWTH HURTS EARNINGS ESTIMATES WHILE LOWER CASH TAX RATES, HIGHER CASH BALANCES AND HIGHER ALCOA VALUATION RAISE VALUATION | |
| 1/31/2017 | METALS EXPANSIONS | METALS - - VOLUME 20 LARGELY DESCRIBES REOPENINGS AND NEW INVESTMENTS NO LONGER DISTRESS SHUTDOWNS | |
| 1/31/2017 | TECK | TECK HIGHER EARNINGS OUTLOOK WITH LOWER COSTS AND HIGHER NEAR TERM COPPER PRICE ESTIMATES | |
| 1/31/2017 | RIO TINTO | RIO TINTO LOWER NEAR TERM COAL PRODUCTION AND PRICES HURT EARNINGS; HIGHER COPPER AND IRON PRICES PARTIALLY OFFSET; GRASBERG STEPUP TO 40% IN 2023 NOT 2021 WITH SLOWER MINING; | |
| 1/31/2017 | COPPER INDUSTRY | COPPER INDUSTRY - - DEMAND STEADY, WHILE SCRAP SUPPLY PLUNGES AND SEVEN COMPANIES CUT 2017 MINE OUTPUT PROFILES | |
| 1/31/2017 | STEEL INDUSTRY | STEEL INDUSTRY - - SCRAP COLLECTIONS 68.7% OF 2011 LEVELS WITH 4 OF 6 REPORTING FOURTH-QUARTER; FEBRUARY STEEL SCRAP MAY FALL $42 | |
| 1/29/2017 | METALS “LAZARUS STOCKS” | METALS “LAZARUS STOCKS” SEE REBOUNDS OVER FIVEFOLD FROM LOWS | |
| 1/29/2017 | METALS INVENTORY | METALS SEE LARGEST EXCHANGE INVENTORY RISE IN FOUR YEARS | |
| 1/27/2017 | ALCOA | ALCOA HIGHER 2017 PRODUCTION ESTIMATES AND LOWER DEPRECIATION INCREASE EARNINGS ESTIMATE; HIGHER NET DEBT EQUIVALENTS TRIP PRICE TARGET DESPITE LOWER FUTURE CAP. EX. ESTIMATES | |
| 1/27/2017 | WESTROCK | WESTROCK BENEFITS FROM $50/T OCTOBER 1ST CONTAINERBOARD HIKE, POSSIBLE 2ND $50/T AFTER IP PENSACOLA MISHAP AND $50/T FOR CERTAIN FOLDING CARTON PAPERS; BUYS MPSX AND SELLS SPRAY NOZZLES | |
| 1/26/2017 | FIRST QUANTUM | FIRST QUANTUM COPPER OUTPUT GUIDANCE LOWER THAN EXPECTED; BULLISH IMPLICATIONS FOR COPPER PRICES | |
| 1/24/2017 | WEYERHAEUSER | WEYERHAEUSER. HIGHER LUMBER AND OSB PRICES AND LOWER NET DEBT BALANCE BENEFIT VALUATION | |
| 1/21/2017 | LOUISIANA PACIFIC | LOUISIANA PACIFIC, HIGHER 2017 AND 2018 OSB ESTIMATED REALIZATIONS PARTLY OFFSET BY HIGHER OPERATING COST ESTIMATES | |
| 1/21/2017 | NORBORD | NORBORD 2017 AND 2018 OSB PRICE REALIZATION ESTIMATES RAISED; SENSITIVITY ANALYSIS TO VARIOUS 2017 AND 2018 OSB PRICES | |
| 1/13/2017 | TAHOE RESOURCES INCORPORATE | TAHOE RESOURCES INCORPORATE TWO LARGE NEW PROJECTS, HIGHER CAP EX AND SLOWER GOLD PRICE UPTURNS | |
| 1/12/2017 | FREEPORT-McMORAN INC | FREEPORT-McMORAN INC.: TAX BENEFITS FROM SALE OF US OIL&GAS OPERATIONS INCREASE EARNINGS ESTIMATES AND NPV; OTHER CHANGES | |
| 1/10/2017 | OSISKO GOLD ROYALTIES | OSISKO GOLD ROYALTIES AND ROYAL GOLD UPDATED FOR CURRENT GOLD PRICE SCENARIO AND SUBSEQUENT DEVELOPMENTS | |
| 1/6/2017 | STEEL INDUSTRY | STEEL INDUSTRY - - IRON ORE DISPLACES DECLINING SCRAP VOLUMES | |
| 1/5/2017 | FOREST PRODUCTS | FOREST PRODUCTS DECEMBER AND MARCH QUARTERLY EARNINGS SURPRISE UPSIDES FOR OSB, LPX, WY, WFTBF, WRK, PKG, IP, KS, OTHERS | |
| 1/5/2017 | ARCONIC | ARCONIC FORECASTS HIGHER POTENTIAL MARGINS; TO SWITCH TO AUTO SHEETS AND EXIT BEVERAGE CANS | |
| 1/4/2017 | SPOT MARKETS | SPOT MARKETS DEMAND FIRM; MINERS TARDY NOT REOPENING SCRAP YARDS AND COPPER, ZINC, LEAD, NICKEL, IRON ORE, MET COAL MINES | |
| 12/31/2016 | NICKEL INDUSTRY | NICKEL HAS 4.7% DROP IN MINE OUTPUT, 0.2% DROP IN REFINED OUTPUT AND 7.2% GAIN IN APPARENT DEMAND IN OCTOBER 2016 YTD WBMS DATA | |
| 12/30/2016 | ANGLOGOLD ASHANTI | ANGLOGOLD ASHANTI MODELS UPDATED FOR LOWER GOLD PRICES | |
| 12/29/2016 | SUPERALLOY WARS | METALS “ALLOY COMPETITION” AMONG AEROSPACE, JET ENGINE AND HIGH PRECISION SUPPLIERS | |
| 12/29/2016 | METALS DISTRESS VOL 19 | METALS - - VOLUME 19 OF MONTHLY PLANT SHUTDOWNS TALLIES 21 EXPANSIONS AND 10 SHUTDOWNS IN DECEMBEER AFTER 23 EXPANSIONS AND 11 SHUTDOWNS OR CUTBACKS IN DECEMBER | |
| 12/29/2016 | SUPERALLOY WARS | METALS “ALLOY COMPETITION” AMONG AEROSPACE, JET ENGINE AND HIGH PRECISION SUPPLIERS | |
| 12/29/2016 | ALUMINUM INDUSTRY | ALUMINUM AND ALUMINA OUTPUTS MAKE NEW RECORDS IN SEPTEMBER, OCTOBER AND NOVEMBER MOVING INTO OVERSUPPLY | |
| 12/28/2016 | GRUPO MEXICO S.A.B. de C.V. | GRUPO MEXICO S.A.B. de C.V. HIGHER FUTURE COPPER PRICES AND PRODUCTION GENERATE HIGHER FUTURE EARNINGS AND CASH FLOW | |
| 12/28/2016 | CF INDUSTRIES | CF INDUSTRIES ENJOYS PRICE APPRECIATION EVEN THOUGH NITROGEN PRICES AND EARNINGS FALL SHARPLY | |
| 12/24/2016 | AGNICO EAGLE MINES | AGNICO EAGLE MINES LOWER GOLD PRICE AND LOWER OPERATING COSTS AT MEXICAN ASSETS DUE TO A WEAKER MEXICAN PESO | |
| 12/22/2016 | NEWMONT MINING | NEWMONT MINING CASH FLOW OUTLOOK UNDERMINED BY LOWER GOLD PRICES PARTLY OFFSET BY LOWER SUSTAINING CAPEX ESTIMATES | |
| 12/20/2016 | ANTOFAGASTA PLC | ANTOFAGASTA PLC: LOWER NEAR TERM PRICES OFFSET BY LOWER ESTIMATED OPERATING COSTS | |
| 12/19/2016 | VALE | VALE ENJOYS $3+ BILLION SALES VALUE FOR FERTILIZERS | |
| 12/15/2016 | ALUMINUM & STEEL | ALUMINUM & STEEL INDUSTRIES: ARCONIC SPINOFF TO EXIT BEVERAGE CAN BODY STOCK PRESUMABLY HAS LARGE NEW AUTO ORDERS | |
| 12/15/2016 | ALUMINUM & STEEL INDUSTRIES | ALUMINUM & STEEL INDUSTRIES: ARCONIC SPINOFF TO EXIT BEVERAGE CAN BODY STOCK PRESUMABLY HAS LARGE NEW AUTO ORDERS | |
| 12/12/2016 | GOLDCORP | GOLDCORP LOWER GOLD PRICES OFFSET BY 0.5% LOWER DISCOUNT RATE; LOS FILOS SALE VALUED AT $400 MILLION. | |
| 12/7/2016 | VALE | VALE CHARGES “HIGHER THAN SCREEN PRICES” FOR 65% FE CARAJAS BLEND; FUTURE EMPHASIS ON DEBT REPAYMENT AND DIVIDENDS | |
| 12/7/2016 | RIO TINTO | RIO TINTO ENHANCED COST REDUCTION TARGETS, OUTPUT RESTRAINT AND NO DISCUSSION OF PRICING GAINS UPSIDES | |
| 12/6/2016 | SILVER WHEATON | SILVER WHEATON BENEFITS FROM TURNAROUND IN BASE METALS ESPECIALLY AT VALE VIA TWO SALOBO PENDING POSSIBLE EXPANSIONS | |
| 12/6/2016 | ANGLO AMERICAN | ANGLO AMERICAN: ADDITIONAL ASSET SALES, LOWER CAPEX, HIGHER MET COAL AND IRON ORE PRICES INCREASE CASH FLOW AND VALUATION | |
| 12/2/2016 | SANDSTORM GOLD | SANDSTORM GOLD BENEFITS FROM DEBT PAYDOWNS AND PORTFOLIO GAINS; PARTLY OFFSET BY LOWER GOLD PRICES AND MORE SHARES | |
| 11/30/2016 | FORTESCUE SITE VISIT | FORTESCUE METALS VISITS TO HQ INVESTOR DAY, KINGS & FIRETAIL MINES AND PORT HEDLAND; STEADY TONS, COST CUTS AND DEBT CUTS | |
| 11/30/2016 | FORTESCUE METALS | FORTESCUE METALS VISITS TO HQ INVESTOR DAY, KINGS & FIRETAIL MINES AND PORT HEDLAND; STEADY TONS, COST CUTS AND DEBT CUTS | |
| 11/29/2016 | FRANCO NEVADA | FRANCO NEVADA BENEFITS FROM FIRMER COPPER ENHANCING PROJECTS, WHILE RECENT GOLD PRICE SELLOFF TRIMS REVENUES | |
| 11/28/2016 | METALS FOUR STRATEGIES | METALS - - COMPARING FOUR STRATEGIES | |
| 11/27/2016 | METALS DISTRESS VOL 18 | METALS - - VOLUME 18 OF MONTHLY PLANT SHUTDOWNS TALLIES 23 EXPANSIONS AND 11 SHUTDOWNS OR CUTBACKS IN NOVEMBER | |
| 11/23/2016 | WESTROCK | WESTROCK EARNINGS AND PRICE TARGET CUT DUE TO LOWER FOLDING CARTON PRICES AND CONSUMER PREFERENCE TO FRESH FOODS | |
| 11/22/2016 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD LIKELY NEARER BREAKEVEN IN 2017 DUE TO HIGHER AMORTIZATION STEP-UP BIG LOSSES ON AUSSIE MINES | |
| 11/18/2016 | BARRICK GOLD | BARRICK GOLD PRICE TARGET FALLS WITH 2017 GOLD PRICE OUTLOOK; SENSITIVITY TO LARGER AND EARLIER DONLIN CREEK PROJECT STUDIED | |
| 11/18/2016 | LUNDIN MINING | LUNDIN MINING: SALE OF TENKE FUNGURUME INCORPORATED; LOWER PRECIOUS METAL PRICE ESTIMATES | |
| 11/17/2016 | HUDBAY MINERALS | HUDBAY MINERALS: FAVORABLE REVISIONS TO DEFERRED TAX, DISCOUNT RATE, CAP EX AND OP EX OFFSET SOFT 2016-17 COPPER PRICES | |
| 11/16/2016 | GOLD INDUSTRY | GOLD INDUSTRY - - STRONG DOLLAR AND HIGHER INTEREST RATES HURT INVESTMENT DEMAND; WE CUT 2017 GOLD PRICE ESTIMATES TO $1,200 | |
| 11/16/2016 | SILVER WHEATON | SILVER WHEATON. PASCUA-LAMA MODELED BEGINNING CHILE OUTPUT IN 2026; LOWER GOLD AND SILVER PRICES AND EARNINGS ESTIMATES. | |
| 11/16/2016 | METALS TRUMP INFRASTRUCTURE | METALS - - IT IS OKAY TO USE TRUMP SURPRISE ELECTION VICTORY AS AN EXCUSE TO REVERSE OUTDATED OR DEAD WRONG INVESTMENT VIEW | |
| 11/14/2016 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD LETTER TO BOARD OF DIRECTORS | |
| 11/10/2016 | GOLD INDUSTRY | GOLD INDUSTRY - - EARLY 2016 RALLY OVER; LOOK TO FIVE EUROPEAN ELECTIONS BY SEPTEMBER 2017 FOR ONE OR TWO TO MOVE TO EU EXIT | |
| 11/10/2016 | FREEPORT-McMORAN INC | FREEPORT-McMORAN INC.: FOCUS ON 3 KEY LARGE COPPER MINES; LOW 2017 AND 2018 CAP EX, PENT UP CAPITAL PROJECTS & LIKELY U.S. TAX CUT | |
| 11/9/2016 | CORP. TAX RATE | TRUMP PROPOSAL TO CUT CORPORATE TAX RATE IMPACTS 13 OF THE 45 OR SO COMPANIES UNDER OUR FULL RESEARCH COVERAGE | |
| 11/9/2016 | METALS, FOREST PRODUCTS, FERTILIZERS ELECTION | MARKET QUIET REACTIONS TO TRUMP VICTORY; TRUMP PROPOSALS TO CUT CORPORATE INCOME TAX, REPEAL NAFTA AND CREATE JOBS | |
| 11/8/2016 | AGNICO EAGLE MINES | AGNICO EAGLE MINES BENEFITS AS AMARUQ LIKELY GOLD OUTPUT BIGGER, MELIADINE ECONOMICS MAY IMPROVE AND CASH “FLOWS” | |
| 11/6/2016 | LPX 110618 | LOUISIANA-PACIFIC REPURCHASES 4.4 MM SHARES YTD; EXPECTS DEMAND REBOUND | |
| 11/2/2016 | SOUTHERN COPPER CORP. | SOUTHERN COPPER CORP. LOWER COPPER AND BYPRODUCT PRICES ESTIMATES PARTIALLY OFFSET BY LOWER 2016 OPERATING COSTS | |
| 11/1/2016 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD DISCLOSES MULTIPLE BIDS AFTER SEPT. 29TH; TO DEVELOP RESERVES AND RESOURCES TO IMPROVE MARKET CONFIDENCE | |
| 10/31/2016 | TAHOE RESOURCES | TAHOE RESOURCES COULD BENEFIT FROM ACQUIRING KIRKLAND LAKE GOLD BASED ON SYNERGIES AND LOWER KIRKLAND LAKE VALUATION | |
| 10/31/2016 | ARCONIC ARNC | ARCONIC POTENTIAL STRATEGIES TO REDUCE DEBT TO COMMAND SINGLE-A CREDIT RATING | |
| 10/31/2016 | ALCOA UPSTREAM | ALCOA RESTRUCTURED “UPSTREAM” COMPANY EARNS ABOUT 7 CENTS PER LB FROM CASTING AND ELECTRICITY | |
| 10/31/2016 | METALS DISTRESS VOL 17 | METALS - - VOLUME SEVENTEEN OF MONTHLY PLANT SHUTDOWNS TALLIES 24 EXPANSIONS AND 28 SHUTDOWNS OR CUTBACKS IN OCTOBER | |
| 10/22/2016 | INTERNATIONAL PAPER | INTERNATIONAL PAPER MODELED ESTIMATING 40% OF OCTOBER 1, 2016 $50/TON CONTAINERBOARD PRICE HIKE STICKS | |
| 10/20/2016 | COPPER INDUSTRY | COPPER INDUSTRY - - DEMAND GAIN, SCRAP 1+ MMT FALL AND CHILEAN & DRC CONGO OUTPUT FALLS ABSORB NEAR RECORD NEW MINE OUTPUT | |
| 10/20/2016 | PACKAGING CORP. OF AMERICA’S | PACKAGING CORP. OF AMERICA’S OPERATING COSTS SEE HIGHER INPUT PRICES; 40% OF OCT 1ST $50/TON CONTAINERBOARD PRICE HIKE MODELED | |
| 10/20/2016 | ALUMINA LTD | ALUMINA LTD: LOWER 2016 OPERATING COSTS AND CAPEX ESTIMATES INCREASE EARNINGS AND CASH FLOW; LONG TERM ALUMINUM PRICE ESTIMATES OF $0.87/LB DETRACT FROM PRICE TARGET | |
| 10/18/2016 | METALS PRICE TREND | METALS - - TRENDS OF U.S. DOLLAR, INTEREST RATES AND DEFLATION VERSUS PRICE CHARTS VERSUS SUPPLY ATTRITION SECTORS | |
| 10/13/2016 | BARRICK GOLD | BARRICK GOLD SIMULATED WITH DONLIN GOLD, LAMA, ALTURAS, AND PASCUA PROJECTS ADDED TO OUR MODEL WITH BETTER BALANCE SHEET | |
| 10/13/2016 | STEEL INDUSTRY | STEEL INDUSTRY - - WHILE SCRAP STEEL PLUNGED AGAIN IN OCTOBER, WE ESTIMATE A $75-$100/T RISE BASED ON INGREDIENT COSTS | |
| 10/7/2016 | GLENCORE PLC | GLENCORE PLC LOWER COPPER PRICES OFFSET BY HIGHER ZINC, NICKEL, AND MET COAL PRICES; SALEs OF 30% OF ERNST HENRY ECONOMIC INTEREST AND AN ADDED 9.99% INTERST IN AG BUSINESS | |
| 10/7/2016 | ALUMINUM | ALUMINUM OUTPUT RESTRAINT IN CHINA AND ROW GREATER THAN EXPECTED AS JUNE 2015 WORLD OUTPUT RECORDS NOT YET BROKEN | |
| 10/6/2016 | SPOT MARKETS | SPOT MARKETS FALLING INVENTORIES AND LOWER ORE, CONCENTRATE AND SCRAP SUPPLIES FOR CU, NI, PB AND ZN AT LOW PRICES | |
| 10/6/2016 | WEYERHAEUSER | WEYERHAEUSER WOOD PRODUCTS SEGMENT VALUATION RAISED ON HIGHER OSB AND LUMBER PRICES; EFFECTIVE TAX RATE INCREASED. | |
| 10/4/2016 | VALE | VALE: HIGHER NICKEL PRICES AND LOWER 2017 CAPEX OFFSET BY LOWER COPPER PRICES AND IRON ORE OUTPUT; MORE ASSET SALES MADE | |
| 10/4/2016 | RIO TINTO | RIO TINTO: LOWER NEAR TERM IRON ORE OUTPUT AND COPPER PRICES OFFSET BY HIGHER MET COAL PRICES AND LOWER OPERATING COSTS | |
| 10/3/2016 | METALS DISTRESS VOL 16 | METALS - - VOLUME SIXTEEN OF MONTHLY PLANT SHUTDOWNS TALLIES 26 EXPANSIONS AND 25 SHUTDOWNS IN SEPTEMBER | |
| 9/30/2016 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD ACQUIRES UNDER DEFINED UNDERGROUND GOLD MINES AND INFUSES NEW BLOOD WITH RESPECTED MANAGERS | |
| 9/29/2016 | NORBORD | NORBORD 2017 AND 2018 NORTH AMERICAN OSB PRICE REALIZATION ESTIMATES RAISED | |
| 9/29/2016 | WORTHINGTON INDUSTRIES | WORTHINGTON INDUSTRIES - - RECORD QUARTER DRIVEN BY STEEL PROCESSING AND CLARKDIETRICH JV SELLING-PRICE-TO-INPUT COSTS | |
| 9/27/2016 | FERTILIZER INDUSTRY | FERTILIZER INDUSTRY - - CLIMATE CHANGE AND OTHER ARGUMENTS IN FAVOR OF A VEGETARIAN DIET | |
| 9/27/2016 | ROYAL GOLD | ROYAL GOLD ANDACOLLO GOLD OUTPUT INCREASED BASED ON 2016 TECK GUIDANCE; ILOVICA PROJECT REMOVED; SENSITIVITY TO PASCUA . | |
| 9/23/2016 | FRANCO NEVADA | FRANCO NEVADA UPDATED DEPRECIATION ESTIMATES RAISED BASED ON 2016 GUIDANCE WHILE OIL AND GAS REVENUES CUT. | |
| 9/21/2016 | GOLD CONF. COLORADO | GOLD INDUSTRY- -AUDIENCE IN COLORADO SPRINGS MAYBE A RECORD | |
| 9/20/2016 | STEEL INDUSTRY | STEEL INDUSTRY - - SEPT. MET COAL RISES $75+/t ALMOST TO SCRAP EQUAL SCRAP STEEL, WHICH PLUNGES $20-$30/T OR NOW DOWN $61-$71/T FROM PEAKS OR SCRAP STEEL UP JUST $27-$46/T FROM LOWS | |
| 9/19/2016 | BHP BILLITON | BHP BILLITON: LOWER EARNINGS, COPPER PRICE ESTIMATES, AND PETROLEUM PRODUCTION PARTLY OFFSET BY LOWER COSTS; HIGHER NEAR TERM CAPITAL EXPENDITURE ESTIMATES | |
| 9/19/2016 | SILVER WHEATON | SILVER WHEATON ADDITIONAL 25% GOLD STREAM ON VALE’S SALOBO MINE IN BRAZIL BRING TOTAL GOLD STREAM TO 75% | |
| 9/15/2016 | LUNDIN MINING | LUNDIN MINING COPPER, LEAD AND ZINC RESERVES FELL; UPDATED COST AND PRODUCTION GUIDANCE | |
| 9/14/2016 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC. SALE OF GULF OF MEXICO PROPERTIES TO ANADARKO; LOWER NEAR TERM COPPER PRICES INCORPORATED | |
| 9/13/2016 | LOUISIANA-PACIFIC | LOUISIANA-PACIFIC SIDING SEGMENT OPERATING PROFIT ESTIMATES INCREASED BASED ON Q2 2016 RESULTS | |
| 9/10/2016 | STEEL INDUSTRY | STEEL INDUSTRY - - SEPT. SCRAP PLUNGES $20-$30/T OR NOW DOWN $61- $71/T FROM PEAKS; UP JUST $27-$46/T FROM LOWS EVEN THOUGH INGREDIENTS UP ABOUT $53/T | |
| 8/31/2016 | GOLD INDUSTRY | GOLD INDUSTRY - - GOLD BULLION ETFs VS. MID-CAP GOLD SHARES VS. LARGE CAP GOLD SHARES IN EXPECTATION OF RISING GOLD PRICES | |
| 8/31/2016 | WESTROCK | WESTROCK FUTURE CAPEX ESTIMATES SHAVED; CONSUMER SEGMENT PROFIT ESTIMATES RAISED BASED ON STRONG 6/30/16 QUARTER PERFORMANCE | |
| 8/31/2016 | IRON ORE INDUSTRY | IRON ORE INDUSTRY - - SPOT PRICES FIRM AS WORLD STEEL OUTPUT RISING; VARIETY OF STATISTICAL ISSUES AND EMBELLISHMENTS | |
| 8/31/2016 | FORTESCUE METALS | FORTESCUE METALS ENJOYS CONSISTENT VOLUMES, COST REDUCTIONS AND DEBT REDUCTIONS | |
| 8/30/2016 | STEEL INDUSTRY | STEEL INDUSTRY SUFFERS FROM EXCESS LOCAL CAPACITY AND COMPETITION AS DEMAND FALLS AGAIN IN 2016 AFTER 10% 2015 DROP | |
| 8/29/2016 | U.S. STEEL | U.S. STEEL RAISES ALMOST $0.5 BIL. IN EQUITY TO “PREPARE FOR A RAINY DAY” SUCH AS A RECESSION, CHINESE AUTO OR CHINESE STEEL EXPORTS | |
| 8/29/2016 | TECK | TECK: HIGHER ZINC, MOLYBDENUM, and GOLD PRICES AND LOWER NEAR TERM OPERATING COSTS RAISE EARNINGS ESTIMATES | |
| 8/26/2016 | SPOTMARKETS | SPOT MARKETS – EVIDENCES OF DEMAND GROWTH AS MINE SUPPLIES FALL VERY SHARPLY IN LEAD, ZINC, NICKEL AND MOLY; PRICES RAISED | |
| 8/26/2016 | PACKAGING CORP. OF AMERICA | PACKAGING CORP. OF AMERICA DOWNGRADED TO NEUTRAL DUE TO SHARE PRICE APPRECIATION | |
| 8/16/2016 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC. TRIP ALONG THE MORENCI COPPER MINE | |
| 8/16/2016 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC. MOUNTAIN GOAT HERD AND DEER OBSERVED NEAR MORENCI OPEN PITS ACCESS ROAD ON AUGUST 6TH | |
| 8/16/2016 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC. TARGETS $10 BILLION NET DEBT TO APPROACH INVESTMENT GRADE DEBT RATING OR RESUME A DIVIDEND | |
| 8/16/2016 | ANGLOGOLD ASHANTI | ANGLOGOLD ASHANTI ESTIMATED COSTS RISE WITH STRONGER LONG TERM A$ AND RAND; SOUTH AFRICAN GOLD OUTPUT ESTIMATE CUT | |
| 8/3/2016 | FIRST QUANTUM | FIRST QUANTUM PAYS A SMALL DIVIDEND AND PREDICTS PANAMA COMMISSIONING IN LATE-2018; HIGHER GOLD, NICKEL, AND ZINC PRICES | |
| 8/3/2016 | SOUTHERN COPPER CORP. | SOUTHERN COPPER CORP. LOWER COPPER PRICES, HIGHER BYPRODUCT PRICES, AND LOWER COSTS IMPACT OUR FINANCIAL MODELS | |
| 8/2/2016 | METALS DISTRESS VOL 14 | METALS - - VOLUME FOURTEEN OF MONTHLY PLANT SHUTDOWNS TALLIES 15 EXPANSIONS AND 29 SHUTDOWNS | |
| 7/26/2016 | PACKAGING CORP. | PACKAGING CORP. OF AMERICA “PACKAGING” MARGINS RAISED DUE TO LOWER COSTS AND HIGHER PRICES FROM THE TIMBAR ACQUISITION | |
| 7/26/2016 | MOSAIC CORP. | MOSAIC CORP. LOW DAP AND POTASH PRICES PARTLY OFFSET BY LOWER COSTS OF GOODS SOLD | |
| 7/26/2016 | TAHOE RESOURCES | TAHOE RESOURCES BENEFITS FROM HIGHER GOLD AND SILVER PRICES | |
| 7/25/2016 | NICKEL MARKET | NICKEL INDUSTRY ENJOYS 9.3% DROP IN MINE OUTPUT WITH 20.2% GAIN IN APPARENT DEMAND MAY 2016 YTD WBMS DATA | |
| 7/20/2016 | ROYALTY REVENUE ANALYSIS | GOLD INDUSTRY - - REVIEW OF STREAMING AND ROYALTY INSTRUMENTS | |
| 7/19/2016 | POLYMET MINING | POLYMET MINING QUEST FOR MINING PERMITS CONTINUES; LIKELY OUTCOMES IN CONTEXT OF 2016 US PRESIDENTIAL ELECTION | |
| 7/19/2016 | DOMTAR | DOMTAR EARNINGS ESTIMATES AND PRICE TARGET DECREASED DUE TO LOWER PULP PRICES AND FEWER ESTIMATED FUTURE SHARE BUYBACKS | |
| 7/19/2016 | GOLD EU | GOLD - - NEG. RATES, EU BUDGET, ELECTIONS, SECURITY AND STABILITY | |
| 7/14/2016 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD UPGRADED DUE TO HIGHER GOLD PRICES AND MORE GENEROUS INDUSTRYWIDE GOLD MINE VALUATIONS | |
| 7/14/2016 | LUNDIN MINING CORRECTION | LUNDIN MINING CORRECTION TO CUT EAGLE MINE PRODUCTION ESTIMATES CONCERNING EAGLE EAST | |
| 7/13/2016 | NEWMONT MINING | NEWMONT MINING SIMPLIFIES WITH EXIT FROM INDONESIA; GOLD PRICE ESTIMATES AND 200% UP FROM 150% PREMIUM TO NPV INCREASED | |
| 7/13/2016 | GOLD PRICE CHANGES | HIGHER GOLD PRICES AND A HIGHER MULTIPLE TO NPV BENEFIT OUR EARNINGS ESTIMATES AND PRICE TARGETS | |
| 7/12/2016 | MONETARY STIMULUS | METALS, ESPECIALLY GOLD, IMPACTED BY WEAK MONETARY POLICIES; SUPPLY RESTRAINT AND FIRM DEMAND ALSO IMPORTANT | |
| 7/12/2016 | NORILSK | NORILSK NICKEL HIGHER PRICE TARGET AND EARNINGS ESTIMATES DUE TO PHILIPPINE MINE CLOSINGS, HIGHER NICKEL AND PLATINUM PRICES | |
| 7/12/2016 | LUNDIN MINING | LUNDIN MINING INCLUSION OF EAGLE EAST; LOWER THAN PREVIOUSLY ESTIMATED COPPER PRICE ENVIRONMENT | |
| 7/7/2016 | ROYAL GOLD | ROYAL GOLD’S MT MILLIGAN METALS GOLD STREAM RESTRUCTURED BY CENTERRA GOLD; HIGHER GOLD PRICES AND VALUATION METRICS | |
| 7/7/2016 | COPPER INDUSTRY | COPPER INDUSTRY - - DEMAND SURGE PLUS SCRAP DECLINES CREATE “NEAR SHORTAGE” TO BLUNT MINE OUTPUT GAINS AND STRONG DOLLAR | |
| 6/29/2016 | ALCOA | ALCOA BALANCE SHEET DETAILS OF THE NEW ALCOA AND ARCONIC | |
| 6/28/2016 | METALS DISTRESS | METALS - - VOLUME THIRTEEN OF PLANT SHUTDOWNS SINCE AUGUST 2015 SHOWS MORE EXPANSIONS THAN SHUTDOWNS | |
| 6/27/2016 | BREXIT CONFUSION | METALS AND RESOURCES SUFFER “BREXIT CONFUSION” | |
| 6/25/2016 | WEYERHAEUSER | WEYERHAEUSER EXPOSED TO FIVE FORCES THAT PREVENT IT FROM BEING A “RISK-FREE ASSET” PERFECT VERSUS A TREASURY BOND | |
| 6/24/2016 | LOUISIANA-PACIFIC | LOUISIANA-PACIFIC MODEL UPDATED FOR RECENT PRICING GAINS AND LOWER OSB SEGMENT OPERATING COSTS BASED ON FIRST-QUARTER 2016 | |
| 6/24/2016 | HUDBAY MINERALS | HUDBAY MINERALS: METALS PRICE ESTIMATES CUT; ROSEMONT PUSHED BACK TO 2021 IN OUR MODELS; EARNINGS ESTIMATES CUT | |
| 6/24/2016 | NORILSK NICKEL | NORILSK NICKEL COVERAGE INITIATION AFTER PHILIPPINES AND INDONESIA CUT NICKEL OUTPUTS | |
| 6/24/2016 | CF INDUSTRIES | CF INDUSTRIES COMPLETES CAPITAL PROGRAM, GROWS VOLUME AND CAN ENJOY LARGE CASH FLOWS AT NORMAL NITROGREN PRICES | |
| 6/23/2016 | SANDSTORM GOLD | SANDSTORM GOLD BENEFITS FROM COMMERCIAL PROGRESS AS NUMEROUS DEVELOPMENT STAGE ASSETS ADDED TO OUR MODEL | |
| 6/23/2016 | SPOTMARKETS | FOUR DATA DUMPS – APRIL WBMS NONFERROUS AND MAY GLOBAL STEEL, GLOBAL ALUMINUM AND U.S. CORRUGATED BOX SQ FT | |
| 6/22/2016 | VALE ASSETS | VALE HAS FOUR ALTERNATIVES CONCERNING POSSIBLE “ASSET SALES” > $15 BILLION EXCLUDING CORE FE, NI, CU UNITS | |
| 6/18/2016 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD LARGE TRADING VOLUME NEAR CLOSE JUNE 17TH | |
| 6/16/2016 | ALUMINA LTD. | ALUMINA LTD: LOWER LME ALUMINUM PRICE AND LONG TERM ALUMINA PRODUCTION ESTIMATES PARTLY OFFSET BY LOWER OPERATING COSTS | |
| 6/13/2016 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD BOARD OF DIRECTORS APPOINTS NEW CEO; PRICE APPRECIATION AND FUTURE DIRECTION UNCERTAINTIES | |
| 6/12/2016 | GOLD INDUSTRY SYNTHETIC ABX Packages 4+ mm oz Output | GOLD INDUSTRY - - CONSTRUCTION OF A “SYNTHETIC ABX” AT A CHEAPER VALUATION < FIVE TIMES NPV | |
| 6/10/2016 | GOLD AND OIL | GOLD INDUSTRY - - CRUDE OIL PRICES LIKELY TO FORCE GOLD PRICES UP WHETHER OIL RISES OR FALLS; SAUDI ECONOMIC PLAN WEAKNESSES | |
| 6/10/2016 | CENTURY ALUMINUM | CENTURY ALUMINUM - - LOWER LME INGOT PRICE ESTIMATES CUT EPS ESTIMATES; LOWER CASH COSTS PARTIALLY OFFSET | |
| 6/9/2016 | VALE | VALE: HIGHER IRON ORE PRODUCTION AND LOWER 2016 CAPEX OFFSET BY LOWER NICKEL, COPPER, AND COAL FORECASTED PRICES | |
| 5/27/2016 | METALS DISTRESS | METALS - - VOLUME TWELVE OF PLANT SHUTDOWNS SINCE AUGUST 2015 SHOWS MORE EXPANSIONS THAN SHUTDOWNS AS PRICES REBOUND | |
| 5/27/2016 | IRON ORE INDUSTRY | IRON ORE INDUSTRY - - ESTIMATED GLOBAL IRON ORE MARKET FALLS INTO SHORTAGE | |
| 5/27/2016 | U.S. STEEL | U.S. STEEL GOOD COMPANY INTERNAL DYNAMICS MAY OVERCOME TOUGH INDUSTRY CLIMATE | |
| 5/25/2016 | TAHOE MODELS | TAHOE RESOURCES FINANCIAL MODELS UPDATED TO REFLECT LOWER TAX AND ROYALTY RATES, LOWER 2017-2019 SILVER PRICES, AND LONGER PERUVIAN AND CANADIAN ASSET MINE LIVES | |
| 5/25/2016 | TAHOE RESOURCES TIMMONS VISIT & PHOTOS | TAHOE RESOURCES VISIT TO LAKE SHORE GOLD IN TIMMONS, ONTARIO MAY 5TH AND TORONTO CORPORATE PRESENTATION MAY 4TH | |
| 5/25/2016 | GG TIMMONS | GOLDCORP IMPLICATIONS IN TIMMONS, ONTARIO AFTER TAHOE RESOURCES COMPLETED ACQUISITION OF LAKE SHORE GOLD | |
| 5/19/2016 | GOLD MINE OUTPUT | GOLD INDUSTRY - - GLOBAL GOLD MINE OUPUT UP 4.8% IN FIRSTQUARTER TRENDING TOWARDS NEW GLOBAL OUTPUT RECORD | |
| 5/18/2016 | NUCOR | NUCOR EARNING LESS THAN EXPECTED IN 8TH YEAR OF U.S. EXPANSION | |
| 5/18/2016 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD ASSOCIATED WITH WESDOME PUT UP FOR SALE; MARCH QUARTER RESULTS EXCELLENT SUGGESTING UPSIDES | |
| 5/18/2016 | GOLD STOCKS | GOLD STOCKS SORTED FROM LEAST TO MOST EXPENSIVE BASED ON PRICE-TO-NPV; TESTED UNDER $1,750 GOLD PRICES | |
| 5/13/2016 | OSISKO GOLD ROYALTIES | OSISKO GOLD ROYALTIES ENJOYS PROGRESS AT ODYSSEY, OBAN AND FALCO RESOURCES | |
| 5/12/2016 | FOREST PRODUCTS | FOREST PRODUCTS - - LUMBER AND ORIENTED STRAND BOARD PRICES SURGE; REGIONAL OSB PRICE DISCOUNTS FALL ALMOST TO NIL | |
| 5/11/2016 | WEYERHAEUSER | WEYERHAEUSER SALE OF CELLULOSE PULP SALE TRIGGERS TAXES DUE; HIGHER WOOD PRODUCTS SEGMENT VALUES PER RISING WOOD PRICES | |
| 5/9/2016 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC. SALE OF DRC CONGO ASSETS CUTS DEBT AND ALSO EARNINGS | |
| 5/7/2016 | FIRST QUANTUM | FIRST QUANTUM LOWER CU PRICE ESTIMATES OFFSET BY LOWER OPERATING COSTS; SALE OF KEVITSA & $2.5 B NONRECOURSE LOAN PERMIT US TO EXCLUDE ADDITIONAL 20% SALE OF COBRE PANAMA | |
| 5/3/2016 | SPOT MARKETS | SPOT MARKETS - - SCRAP FLOWS HIGHER THAN DECEMBER QUARTER | |
| 5/2/2016 | INTERNATIONAL PAPER | INTERNATIONAL PAPER ACQUIRES WY’S PULP BUSINESS FOR $2.2 BIL. | |
| 4/29/2016 | METALS DISTRESS | METALS - - VOLUME ELEVEN OF PLANT SHUTDOWNS SINCE AUGUST 2015; CHINA RESTARTS STEEL & ALUMINUM OUTPUTS IN MARCH | |
| 4/29/2016 | METALS RISK-OFF | METALS - - IMPORTANCE OF MUCH STRONGER BALANCE SHEETS | |
| 4/29/2016 | INTERNATIONAL PAPER | INTERNATIONAL PAPER OPERATING MARGINS TRIMMED IN PAPER AND CONSUMER PACKAGING SEGMENT. ASIA CORRUGATED PACKAGING SEGMENT TO BE SOLD IN Q2 2016 | |
| 4/29/2016 | FREEPORT-McMORAN INC | FREEPORT-McMORAN INC.: COPPER & OIL PRICE ESTIMATES LOWERED; LOWER OIL COST ESTIMATES AND 2016 & 2017 CAP EX ESTIMATES | |
| 4/22/2016 | NEWMONT | NEWMONT OPERATING COSTS AND SG&A LOWERED | |
| 4/22/2016 | METALS SCRAP | METALS INDUSTRY - - MARCH QUARTER SCRAP FLOWS DID NOT RISE, BUT JUNE AND SEPTEMBER SHOULD RISE | |
| 4/22/2016 | METALS CHINA MARCH OUTPUT | METALS - - CHINA UPSURGE IN REPORTED ALUMINUM AND STEEL OUTPUT | |
| 4/22/2016 | GLENCORE PLC | GLENCORE PLC SALE OF 40% OF AG BUSINESSES CUTS DEBT MORE; EARNINGS AND CASH FLOW LOWERED FROM LOWER METALS PRICES | |
| 4/20/2016 | STEEL INDUSTRY | STEEL OUTPUT IN CHINA RISES 12 MMT TO A RECORD; HIGHER PRICES TOUGH TO SUSTAIN WITH SOFT DEMAND AND LOW OPERATING RATES | |
| 4/20/2016 | ALUMINUM INDUSTRY | ALUMINUM OUTPUT IN CHINA RISES SHARPLY IN MARCH AFTER POSSIBLE RESTRAINT IN DECEMBER, JANUARY AND FEBRUARY | |
| 4/18/2016 | BHP BILLITON | BHP BILLITON: LOWER EARNINGS AND PRICE ESTIMATES PARTLY OFFSET BY LOWER COSTS; DIVIDENDS AND CAP EX CUTS HELP CASH FLOW | |
| 4/15/2016 | METALS PRICES | METALS - - COMMODITIES PRICE REVISIONS FOR MARCH 31ST EARNINGS RUSH AND REVISIONS | |
| 4/15/2016 | METALS IMPAIRMENTS | METALS AND RELATED RESOURCE INDUSTRIES - - 2015 IMPAIRMENTS EXCEED $123 BIL. IN WORST YEAR OR $0.5 TRILLION SINCE 2008 | |
| 4/14/2016 | SILVER WHEATON | SILVER WHEATON MODEL UPDATED FOR LOWER 2016-2019 SILVER PRICES, 38.105 MILLION NEW SHARES, AND OTHER PORTFOLIO UPDATES | |
| 4/14/2016 | ALCOA | ALCOA EARNS LESS IN FIRTH RIXON, FORGED WHEELS, CONSTRUCTION AND WE TRIM ALUMINUM PRICE FORECASTS | |
| 4/13/2016 | FORTESCUE METALS | FORTESCUE METALS ENJOYS CONSISTENT VOLUMES, COST REDUCTIONS AND DEBT REDUCTIONS | |
| 4/11/2016 | OSISKO GOLD ROYALTIES | OSISKO GOLD ROYALTIES MODEL UPDATED FOR SHORTER ELEONORE MINE LIFE, 11.431 MM NEW SHARES, AND THE ISLAND GOLD ROYALTY | |
| 4/11/2016 | WORTHINGTON INDUSTRIES | WORTHINGTON INDUSTRIES - - WOR SURVIVES STEEL PRICE PLUNGE; SHARE BUYBACKS TO MODERATE; PRICE TARGET RAISED | |
| 4/8/2016 | GOLD | GOLD - - “SHORT SQUEEZE” BEHIND US AND GLD ETF BUYING SLOWS; JUNE MID-YEAR SEASONAL SLOW PERIOD VERSUS CRISIS “EVENT RISKS” | |
| 4/8/2016 | METALS CAUCASUS | METALS - - “NAGORNO-KARABAKH” BLACK SWAN POSSIBLE EVENT RISKS | |
| 4/4/2016 | CONFERENCE HIGHLIGHTS MID CAPS | CONFERENCE HIGHLIGHTS MARCH 31ST “MID-CAP” TRACK | |
| 4/1/2016 | CONFERENCE HIGHLIGHTS LARGE CAPS | CONFERENCE HIGHLIGHTS MARCH 31ST “LARGE CAP” TRACK | |
| 3/30/2016 | SPOT MARKETS | SPOT MARKETS - - NO CHINESE ALUMINUM OR ALUMINA DATA; GLOBAL NONFERROUS APPARENT DEMAND STRONG WHILE USA WEAK | |
| 3/30/2016 | PACKAGING CORPORATION | PACKAGING CORPORATION OF AMERICA: LOWER PACKAGING SEGMENT PRICE REALIZATIONS HURT PRICE TARGET | |
| 3/30/2016 | WESTROCK | WESTROCK LOWER CORRUGATED PACKAGING SEGMENT OPERATING PROFITS WITH LOWER VOLUMES AND PRICES | |
| 3/29/2016 | CONF. REMARKS BY JOHN | PRESENTATION TO OUR ANNUAL CONFERENCE MARCH 31, 2016 HIGHLIGHTS PARTICULAR STOCKS WITH LOWER RISK PROFILES | |
| 3/29/2016 | BIG SIX NETDEBT | METALS - - COMPARISON OF ESTIMATED 2015, 2016 AND 2020 YEAR-END BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES (BHP Billiton, Vale, Rio Tinto, Anglo American, Glencore, and Teck) | |
| 3/29/2016 | CONTAINERBOARD INDUSTRY | CONTAINERBOARD INDUSTRY PRICING PRESSURES SQUEEZE MARGINS | |
| 3/25/2016 | METALS DISTRESS | METALS - - VOLUME TEN OF PLANT SHUTDOWNS SINCE AUGUST 2015; INCLUDES 21 OPENINGS OF NEW PLANTS AMONG 27 SHUTDOWNS | |
| 3/24/2016 | ANGLO AMERICAN | ANGLO AMERICAN: LOWER PRICES DRIVE NEGATIVE ESTIMATED 2016 CASH FLOW DESPITE OUPTUT CUTS, ASSET SALES, AND NO DIVIDEND | |
| 3/23/2016 | DIVIDENDS | METALS AND FOREST PRODUCTS - - ALTERNATIVES IN SEARCH OF YIELD | |
| 3/23/2016 | METALS RATINGS CUTS | METALS - - SIX STOCKS DOWNGRADED FROM OVERWEIGHT CUTTING OUR “BUY RATINGS” TO 13 FROM 19 | |
| 3/22/2016 | FORTESCUE | FORTESCUE METALS JV WITH VALE IMPACTS LIKELY AFTER 2018; SPOT IRON ORE 20% AHEAD OF OUR FORECAST FOR 2016 | |
| 3/20/2016 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD VISITS TO MACASSA, TAYLOR & HOLT MINES FINDS “LESS IS MORE” STRATEGY AT MACASSA SUPPLEMENTED WITH “BOLT-ON” ACQUISITIONS | |
| 3/20/2016 | KIRKLAND LAKE BIG PICTURE STRATEGY | KIRKLAND LAKE GOLD VISITS TO MACASSA, TAYLOR & HOLT MINES FINDS “LESS IS MORE” STRATEGY AT MACASSA SUPPLEMENTED WITH “BOLT-ON” ACQUISITIONS | |
| 3/16/2016 | METALS & TRUMP POLICIES | METALS - - TRUMP REINDUSTRIALIZATION POLICIES MORE LIKELY | |
| 3/16/2016 | GLENCORE PLC | GLENCORE PLC CONTINUES TO TARGET FURTHER DEBT REDUCTION DESPITE WEAKENED METALS PRICES | |
| 3/15/2016 | ANGLOGOLD ASHANTI NET | ANGLOGOLD ASHANTI NET DEBT CUT BY APPROXIMATELY 30% IN 2015; WEAKER RAND AND A$ LOWER OPERATING COSTS | |
| 3/8/2016 | METALS TORONTO PDAC | METALS - - HIGHLIGHTS OF TORONTO PROSPECTS AND DEVELOPERS ASSN. CONVENTION | |
| 3/8/2016 | FORTESCUE METALS | FORTESCUE METALS CUTS COSTS TO OFFSET LOW PRICES; RAISED EARNINGS ESTIMATES AND PRICE TARGET WITH LESS CAP EX & DEBT | |
| 3/6/2016 | SPOT MARKETS | SPOT MARKETS - - CHINA CUT MORE ALUMINUM & STEEL OUTPUTS; SCRAP SUPPLIES FALL; NEGATIVE INTEREST RATES ENCOURAGE METALS | |
| 3/4/2016 | RIO TINTO | RIO TINTO: MAKES LONG-TERM PLANS AT 2015 ACTUAL METALS PRICES OR REBOUNDS OF UP TO 25% FROM TROUGH LOW SPOT PRICES | |
| 3/4/2016 | BARRICK GOLD | BARRICK GOLD AUTHORIZES FOUR PROJECTS TO LIMIT GOLD OUTPUT DECLINE TO 4.5 MM OZ BY 2020: DEBT CUTS MADE DESPITE LOW PRICES | |
| 3/1/2016 | GOLD RESERVES | GOLD INDUSTRY - - RESERVES FALL 8.8% IN 2015 AND 8.2% IN 2014 AFTER 13% DROP IN 2013 OR CUMULATIVELY 27.2% | |
| 2/26/2016 | FIRST QUANTUM | FIRST QUANTUM CUTS PRODUCTION AND CAPITAL EXPENDITURE TARGETS | |
| 2/25/2016 | GOLD | GOLD - - GLD ETF BUYING CONTINUES STRONG LIKE 2005-10; CENTRAL BANKS, BULLION ETFs, PRIVATE INVESTORS SWAMP GOLD MARKETS | |
| 2/23/2016 | FRANCO-NEVADA | FRANCO-NEVADA PRICE TARGET RAISED $1 DUE TO THE $500 MM ANTAPACCAY GOLD AND SILVER STREAM AND $920 MM EQUITY RAISE | |
| 2/23/2016 | SOUTHERN COPPER | SOUTHERN COPPER CORP. MANAGING LOW PRICES WITH LESS DAMAGE THAN SOME OTHERS | |
| 2/23/2016 | METALS SISTRESS | METALS - - VOLUME NINE OF PLANT SHUTDOWNS SINCE AUGUST 2015; INCLUDES 8 OPENINGS OF NEW PLANTS AMONG 32 SHUTDOWNS | |
| 2/23/2016 | TRUMP FOR METALS | METALS - - TRUMP REINDUSTRIALIZATION POLICY ALTERNATIVES IN USA | |
| 2/18/2016 | TAHOE RESOURCES | TAHOE RESOURCES BUYS LAKE SHORE GOLD TO ESTABLISH A BEACH HEAD IN TIMMONS, ONTARIO GOLD DISTRICT DIVERSIFYING GEOGRAPHY | |
| 2/16/2016 | IRON ORE SAMARCO | IRON ORE INDUSTRY - - SAMARCO RESTART EARLIER THAN JANUARY 2018 AS PREVIOUSLY ESTIMATED; BRAZIL MAY WITHDRAW 20 BIL REAIS FINE | |
| 2/15/2016 | SPOT MARKETS | SPOT MARKETS - - CHINA CUTTING ALUMINUM & STEEL OUTPUTS IN RECOGNITION OF FALLING DEMAND; WEAK $ AND FALLING SUPPLIES | |
| 2/15/2016 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC.: SALE OF 13% OF MORENCI AMONG “WORST CASE OUTCOMES” | |
| 2/14/2016 | METALS RUSSIA | METALS - - RUSSIAN PUBLICLY TRADED COMPANIES MUCH HEALTHIER THAN STEEL, ALUMINUM OR NICKEL PEERS IN THE AMERICAS | |
| 2/12/2016 | ALCOA | ALCOA PREDICTS $0.5 BILLION 2016 EBITDA GAIN FROM ENGINEERED PRODUCTS AS IT IDLES MOST OF REMAINING U.S. SMELTING | |
| 2/12/2016 | GOLD | GOLD - - STRONG CENTRAL BANK DEMAND, BOOM IN BULLION ETF BUYS AND NEW PRIVATE/RETAIL INVESTORS MASSACRE THE SHORT SELLERS | |
| 2/9/2016 | INTERNATIONAL PAPER | INTERNATIONAL PAPER “DOUBLE FALSE EXPECTATIONS” AS SHARES ANTICIPATE A COLLAPSE | |
| 2/7/2016 | GOLD | GOLD - - U.S. $, BASE METALS AND GOLD EACH REVERSE TREND AND EACH DIVORCE FROM CRUDE OIL, INFLATION OR CHINA DEMISE | |
| 2/5/2016 | FORTESCUE METALS | FORTESCUE METALS CUTS COSTS TO OFFSET LOW PRICES; RAISED EARNINGS ESTIMATES AND PRICE TARGET WITH LESS CAP EX & DEBT | |
| 2/3/2016 | NORBORD SCOTLAND PROJECT | NORBORD’S $135 MM INVERNESS, SCOTLAND OSB EXPANSION TO ADD 325 MM SQ FT OF OSB CAPACITY OR $0.5 BIL. SALES AFTER MID-2017 | |
| 2/1/2016 | METALS DISTRESS | METALS - - VOLUME EIGHT OF PLANT SHUTDOWNS SINCE AUGUST 2015 | |
| 1/29/2016 | METALS SUBSTITUTION | METALS - - MATERIALS SUBSTITUTIONS AS PRICES OR VOLUMES CHANGE | |
| 1/29/2016 | SOUTH 32 | SOUTH 32: LOWER METALS PRICE AND NEAR TERM OUPUT ESTIMATES CUT NEAR TERM EARNINGS AS CASH BALANCES FALL TO CUT NPV MODEL | |
| 1/27/2016 | GOLD INDUSTRY | GOLD INDUSTRY- -GG, AEM, KGLIF, NGD, DRGDF SENSITIVITY TO C$ @$0.50 | |
| 1/25/2016 | STEEL INDUSTRY | STEEL INDUSTRY - - CHINA CUTS OUTPUT MORE; U.S. DEMAND DATA FALLS MORE; SCRAP STEEL PRICES AND U.S. OPERATING RATES RISE | |
| 1/23/2016 | ALUMINUM INDUSTRY | ALUMINUM INDUSTRY SURPLUS FALLS AS CHINA’S OUTPUT PLUNGES | |
| 1/22/2016 | ALUMINA LTD | ALUMINA LTD: LOWER LME ALUMINUM PRICE ESTIMATES AND ALUMINA REFINERY CURTAILMENTS PARTLY OFFSET BY LOWER OPERATING COSTS | |
| 1/22/2016 | FREEPORT-McMORAN INC | FREEPORT-McMORAN INC.: PREVIEW OF JANUARY 22ND CONFERENCE CALL AND JANUARY 15TH CUTS TO 2016 COMMODITY PRICE ESTIMATES | |
| 1/21/2016 | TAHOE RESOURCES | TAHOE RESOURCES EVALUATED IN CONTEXT OF SEVERAL POSSIBLE ACQUISITION OPPORTUNITIES OF OUR CHOOSING | |
| 1/18/2016 | METALS PRICE REVISIONS | METALS PRICE REDUCTIONS FOR 2016 FORECASTS | |
| 1/16/2016 | COPPER PRICE REVISIONS | COPPER COVERAGE UNIVERSE EARNINGS REVISIONS TO LOWER 2015 and 2016 COPPER PRICE ESTIMATES | |
| 1/15/2016 | ATI LABOR | ALLEGHENY TECHNOLOGIES FLAT-ROLLED LABOR RECONCILIATION AND SETTLEMENT ALTERNATIVES | |
| 1/14/2016 | ATI FLAT-ROLLED STRATEGY | ALLEGHENY TECHNOLOGIES FLAT-ROLLED DIVISIONAL STRATEGIES TO FIND MORE TONS AND REVENUES TO THRIVE AND SURVIVE | |
| 1/14/2016 | ATI MODELS | ALLEGHENY TECHNOLOGIES REVENUES, VOLUMES AND EARNINGS FALL | |
| 1/11/2016 | ROYAL GOLD | ROYAL GOLD SUFFERS AS RUBICON’S PHOENIX PROJECT GOLD RESOURCES CUT TO 0.41 MM FROM 3.35 MM OZ | |
| 1/11/2016 | STEEL INDUSTRY | STEEL INDUSTRY - - TENTATIVE U.S. STEEL LABOR CONTRACT “A DRAW” | |
| 1/8/2016 | WEYERHAEUSER | WEYERHAEUSER SUM OF PARTS VALUATION FOR WY $3.86 B HIGHER THAN THE MIDPOINT OF “FAIRNESS OPINION” BY MORGAN STANLEY | |
| 1/8/2016 | VALE | VALE: LOWER COSTS AND DEBT AVOIDANCE IN 2016 KEY TO “INVESTOR DAY” MESSAGE; LOWER METALS PRICE ESTIMATES INCORPORATED | |
| 1/7/2016 | TECK | TECK: CANADIAN SPOT CRUDE OIL PRICE BENCHMARKS AT US $1-$14/BBL OR US $20-$30 DISCOUNTS TO WTI IMPACTING OIL SANDS VALUES | |
| 12/30/2015 | METALS DISTRESS | METALS - - SUPPLY TIGHTENING AS MORE SHUTDOWNS EVOLVE | |
| 12/30/2015 | SPOT MARKETS | SPOT MARKETS - - LATE-DECEMBER PRICE RISES AS CU, PB, ZN, STEEL INVENTORIES LEAN BUT DECEMBER SEES AL, NI, PB INVENTORY RISE | |
| 12/30/15 | Norbord | NORBORD-AINSWORTH DEAL NO SIGNIFICANT IMPACT TO NPV/SHARE AT OUR BASE CASE OSB PRICING ESTIMATES | |
| 12/29/2015 | METALS 2016 OUTLOOK | METALS: 2016 STRATEGY TOWARDS “OUT-ON-A-LIMB” OR “OUT-OF-THEMONEY” STOCKS OR BASE METALS | |
| 12/23/2015 | BHP BILLITON OVERVIEW | BHP BILLITON LIKELY LOWER CAP EX AS LOW PRICES STRAIN SINGLE A BOND RATING AND “PROGRESSIVE DIVIDEND” | |
| 12/23/2015 | BHP BILLITON COPPER | BHP BILLITON LONG-TERM OUTLOOK OF COPPER DIVISION | |
| 12/21/2015 | SANDSTORM GOLD | SANDSTORM GOLD EARNINGS ESTIMATES CUT DUE TO LOWER OUTPUT ESTIMATES FOR CERTAIN PROPERTIES AND LOWER GOLD PRICES | |
| 12/21/2015 | STEEL INDUSTRY | STEEL INDUSTRY - - UNION LABOR RELIEF DEALT A SETBACK; MORE LOUSY DEMAND DATA | |
| 12/15/2015 | NEWMONT MINING | NEWMONT MINING EMPHASIZES NEW PRIORITIES IN EXPLORATION AND “BOLT-ON” SMALL PROJECTS APPENDAGES TO EXISTING BIG MINES | |
| 12/14/2015 | METALS INDUSTRY | METALS INDUSTRY - - NO NONFERROUS METALS SEASONAL SECONDHALF SLOWDOWN NOR INVENTORY GLUTS LIKE WORLD COLLAPSE | |
| 12/14/2015 | METALS DISTRESS | METALS - - SUPPLY TIGHTENING AS MORE SHUTDOWNS EVOLVE | |
| 12/14/2015 | ROYAL GOLD | ROYAL GOLD SENSITIVITY TO POSSIBLE ZERO VALUE FROM MT MILLIGAN AND RUBICON’S PHOENIX PROJECT | |
| 12/14/2015 | THOMPSON CREEK METALS | THOMPSON CREEK METALS FACES 2017-18 DEBT MATURITIES AND POTENTIAL CASH FLOW SHORTFALL | |
| 12/8/2015 | FORTESCUE METALS | FORTESCUE METALS LOWERS COSTS OFFSET BY LOWER PRICES; CUT EARNINGS ESTIMATES BUT HOLD SAME PRICE TARGET WITH LESS CAP EX | |
| 12/2/2015 | IRON ORE INDUSTRY | IRON ORE INDUSTRY APPROACHING BALANCE IN SIMULATION OF WORLD STEEL INDUSTRY 5% 2015-16 DROP FOLLOWED BY 2% GROWTH | |
| 12/1/2015 | SILVER WHEATON | SILVER WHEATON: ANTAMINA SILVER STREAM WITH GLENCORE BUILD INTO MODEL AND POST- 2020 HUDBAY’S 777 MINE DELETED; SENSTIVITY TO SPOT SILVER AND GOLD PRICES. | |
| 12/1/2015 | RIO TINTO | RIO TINTO: SIMULATED AT “SPOT” AS WELL AS FORECASTED PRICE REBOUNDS; IRON ORE AND COPPER MARKETS CLOSELY BALANCED | |
| 12/1/2015 | SPOTMARKETS | SPOT MARKETS - - CHINA LOST 1-2% WORLD AL & STEEL MARKET SHARES; MOST INVENTORIES DECLINE; SPRING 2016 SUPPLIES IN U.S. DOUBTFUL | |
| 11/30/2015 | GOLDCORP | GOLDCORP LARGER DEPRECIATION, LOWER RED LAKE OUTPUT AND BORDEN OUTPUT DELIVERED TO PORCUPINE MILL IN UPDATED MODELS | |
| 11/24/2015 | BARRICK GOLD | BARRICK GOLD ACHIEVES DEBT REDUCTION GOALS DESPITE ADVERSE PRICE CLIMATE; TOUGH 2016-2017 PRICE OUTLOOK | |
| 11/24/2015 | CAMECO | CAMECO: SOLAR, SUN, RENEWABLES ENERGY CHALLENGES URANIUM, COAL, OIL & GAS AS CLIMATE CHANGE CONCERNS SO INFLUENTIAL | |
| 11/23/2015 | GOLD INDUSTRY | GOLD INDUSTRY - - “BLACK SWAN” EU EVENTS GROW LIKELIER AFTER NOVEMBER 13TH PARIS TRAGEDIES; “EUROSKEPTICS” GAIN CLOUT AND WE EXPECT NEW CALLS FOR EXITS FROM EUROZONE | |
| 11/23/2015 | METALS DISTRESS | METALS - - SUPPLY SHORTAGES PLAUSIBLE IN 2016 IF DEMAND RISES, A HARSH WINTER DISRUPTS SUPPLY OR WITH UNEXPECTED MISHAPS | |
| 11/23/2015 | TECK | TECK: EARNINGS BENEFIT FROM LOWER LOWER EXCHANGE RATES AND COST CUT INITIATIVES; SALE OR “GIVEAWAY” OF OIL SANDS ANALYZED | |
| 11/19/2015 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD TO ACQUIRE ST ANDREW GOLDFIELDS; OCTOBER QUARTER MINE OUTPUT FALLS SHORT | |
| 11/16/2015 | GOLD INDUSTRY | GOLD INDUSTRY - - OUTLOOK FOR 2016 IMPROVES AS JEWELRY UPTICKS IN 3Q 2015 AND MINE OUTPUT TURNS DOWN IN 2015 SECOND-HALF | |
| 11/13/2015 | SOUTH 32 | SOUTH 32: LOWER METALS PRICE AND NEAR TERM OUPUT ESTIMATES CUT NEAR TERM EARNINGS WHILE HIGHER DISCOUNT RATE CUTS NPV MODEL | |
| 11/13/2015 | STEEL INDUSTRY | STEEL INDUSTRY - - APPARENT DEMAND DOWN 8% OR 9.6 M.T. IN 2015 | |
| 11/12/2015 | LOUISIANA PACIFIC | LOUISIANA PACIFIC SENSTIVITY OF EARNINGS AND NPV AT HIGHER 2016- 2018 OSB PRICE REALIZATIONS | |
| 11/10/2015 | PLUM CREEK TIMBER | PLUM CREEK TIMBER - - ACCEPTS 13.8% PREMIUM BID FROM WY | |
| 11/10/2015 | WEYERHAEUSER | WEYERHAEUSER TO ACQUIRE PLUM CREEK AND STUDIES PULP EXIT | |
| 11/6/2015 | NEWMONT MINING | NEWMONT MINING FINANCIAL MODELS STRONGER WITH TANAMI PROJECT, SURINAME NEARER COMPLETION, LOWER COSTS, OTHER GAINS | |
| 11/6/2015 | ALCOA | ALCOA PREDICTS $0.5 BILLION 2016 EBITDA GAIN FROM ENGINEERED PRODUCTS WHILE IT IDLES MOST OF REMAINING U.S. SMELTING | |
| 11/6/2015 | COPPER INDUSTRY | COPPER INDUSTRY - - INVENTORIES DROP NICE AND FAST AS (1) DEMAND IMPROVES, (2) 1.11 MMT MINE OUPTUT CUTS ANNOUNCED AND (3) SCRAP SUPPLIES PROBABLY DECREASING | |
| 11/5/2015 | ANTOFAGASTA PLC | ANTOFAGASTA PLC: LOWER NEAR TERM PRICES TRIM ESTIMATES; INCLUDED CENTINELA SECOND CONCENTRATOR ACCRETIVE TO EPS | |
| 11/3/2015 | SPOT MARKETS | SPOT MARKETS - - MINE SHUTDOWNS DRIVE ACCELERATED INVENTORY DECLINES IN OCTOBER; SHORTAGES POSSIBLE IN 2016 FIRST-HALF | |
| 10/30/2015 | NORBORD | NORBORD SENSITIVITY TO SHARE BUYBACK AND OSB PRICE RISES | |
| 10/29/2015 | METALS DISTRESS | METALS - - SUPPLY SHORTAGES PLAUSIBLE IN 2016 IF DEMAND RISES, A HARSH WINTER DISRUPTS SUPPLY OR WITH UNEXPECTED MISHAPS | |
| 10/29/2015 | WESTROCK | WESTROCK PRODUCTION CURTAILMENTS CUTS HURT FOURTH-QUARTER COSTS EARNINGS ESTIMATES SLIGHTLY | |
| 10/28/2015 | METALS QUADRUPLE | METALS OFFER “QUADRUPLE WIN” AS TAX SELLING TRADES, SPRING SEASONAL, ECONOMIC GROWTH AND OUTPUT CUTS COINCIDE | |
| 10/28/2015 | NUCOR | NUCOR SHOULD EARN MORE IN 2016 IN ALL THREE SEGMENTS | |
| 10/27/2015 | ALCOA | ALCOA UPGRADED TO OVERWEIGHT FROM UNDERWEIGHT ON THE BASIS OF LOWER UNIT COSTS, SEPT. 28TH BREAKUPS AND POSSIBLE FOLLOW-ONS | |
| 10/26/2015 | VALE SUDBURY | VALE: LOWER ESTIMATED IRON ORE COSTS AND CAPITAL EXPENDITURES GENERATE HIGHER LONG TERM EARNINGS ESTIMATES | |
| 10/23/2015 | PACKAGING CORPORATION OF AMERICA: | PACKAGING CORPORATION OF AMERICA: HIGHER OPERATING COSTS IN BOTH PACKAGING AND PAPER SEGMENTS BASED ON Q4 2015 OUTLOOK | |
| 10/15/2015 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD FINANCIAL MODELS INCORPORATE C$400 MM FOR A SHAFT BUILT IN 2019 AND 2020 AND LOWER GOLD PRICE ESTIMATES | |
| 10/15/2015 | LUNDIN MINING | LUNDIN MINING EXTENDS HIGH GRADE RESOURCES AT CANDALARIA & EAGLE; VISIT TO CANDALARIA SEPTEMBER 21-22ND; CASH FLOWS SOLID | |
| 10/12/2015 | HUDBAY MINERALS | HUDBAY MINERALS FINANCIAL MODEL HURDLES INCLUDE UNUSUAL WORKING CAPITAL NEEDS, ACQUISITIONS, ROSEMONT AND CAP EX | |
| 10/10/2015 | SILVER WHEATON | SILVER WHEATON: ASSUMED HEADQUARTERS MOVE IN EARLY 2018 SOLVES FUTUTRE TAX ISSUES; GOLD AND SILVER PRICE ESTIMATES CUT | |
| 10/10/2015 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC. CHANGES TO PRICE TARGET IF A 100% SPLIT DEMERGER STRUCTURE IS MOST SHAREHOLDER FRIENDLY | |
| 10/9/2015 | FRANCO-NEVADA | FRANCO-NEVADA INVESTS $610 MM FOR A SILVER STREAM ON TECK’S 22.5% PORTION OF ANTAMINA. | |
| 10/9/2015 | METALS DISTRESS ZINC & STEEL CLOSURES | METALS - - ZINC UP 11% AND LEAD UP 6% ON OCT. 9TH AFTER GLENCORE CUTS ZINC OUTPUT 0.5 MMT OR 3.7% IN 13.6 MMT MARKETS | |
| 10/6/2015 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC. ORGANIZES TWO SEPARATE BOARDS AND STUDIES 100% DEMERGER, WHICH IMPROVES TAKEOVER APPEALS | |
| 10/6/2015 | FIRST QUANTUM | FIRST QUANTUM: PRICE TARGET RAISED TO $14 DUE TO ESTIMATED LOWER DILUTION, DISCOUNT RATE, CAP EX, OP EX AND EXTERNAL FUNDS | |
| 10/4/2015 | METALS DISTRESS | METALS COMPANIES RATIONALIZE SLOWLY AS ALUMINUM GETS WORSE | |
| 10/4/2015 | TAHOE RESOURCES | TAHOE RESOURCES SHARES ANTICIPATE “BAD SURPRISES” THAT MAY NOT HAPPEN; LOWER SILVER PRICES AND HIGHER SUSTAINING CAPEX | |
| 9/30/15 | First Quantum | FIRST QUANTUM: COVERAGE INITIATED WITH AN OVERWEIGHT RATING; LONG TERM CASH GENERATIONS OUTWEIGH GEOPOLITICAL RISKS | |
| 9/28/2015 | AEM EL BARQUENO | AGNICO EAGLE MINES EL BARQUENO PROJECT TOUR IN MEXICO NOTES AND PICTURES | |
| 9/28/2015 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC. TO SELL 2ND $1 BILLION IN COMMON STOCK; STILL SEEKS OIL AND GAS JV OR IPO; COMMODITY PRICES STILL LOW | |
| 9/25/2015 | ALCOA | ALCOA: LOWER LME ALUMINUM PRICE ESTIMATES CUT EARNINGS ESTIMATES; LOWER ESTIMATED REFINED ALUMINA WITH SURALCO GONE | |
| 9/22/2015 | NGEx RESOURCES | NGEx RESOURCES HAS 21 BIL LBS CU & 15.6 MM OZ OF GOLD FOR SALE | |
| 9/21/2015 | AGNICO EAGLE MINES | AGNICO EAGLE MINES CANADIAN MALARCTIC AND GOLDEX TOURS SEPT. 7TH ; GOLDEX “OWN ORE” EXTENSIONS TO 2025-30 MAY DELAY SATELLITE OPPORTUNITIES AMONG VAL D’OR JUNIORS | |
| 9/17/2015 | GOLDCORP ELEONORE | GOLDCORP MODELS UPDATED FOR LOWER GOLD PRICES, “CORRIDOR” AUCU- MO JV AND SEPTEMBER 8TH VISIT TO ELEONORE IN NORTHERN QUEBEC | |
| 9/16/2015 | METALS DISTRESS | METALS COMPANIES RATIONALIZE SLOWLY AND CUT COSTS | |
| 9/16/2015 | GLENCORE PLC | GLENCORE PLC RAISES EQUITY CAPITAL, TO SELL ASSETS, CUTS COSTS, CUTS CAP EX, OMITS DIVIDENDS AND TARGETS MUCH LOWER DEBT | |
| 9/14/2015 | METALS PRICES | METALS - - THIRD PRICE FORECAST REDUCTIONS IN 2015 | |
| 9/11/2015 | NORBORD | NORBORD UPGRADED AS SHARE PRICE FALLS; NO COMPETITION FROM, SALES TO OR DIRECT EXPOSURE TO CHINA | |
| 9/11/2015 | METALS HISTORICAL VOLATILITY | METALS: PLATINUM, PALLADIUM, NI AND MO HAVE HIGHEST VOLATILITY; AL & NI VOLATILITIES ROSE DURING 1988-2002 DISINFLATION ERA AFTER CRUDE OIL PLUNGED IN 1986 WHILE CU & MO WERE THE SAME | |
| 9/7/2015 | METALS INDUSTRIES | METALS INDUSTRIES - - EVIDENCE OF INVENTORY BUILDING IN ALUMINUM, NICKEL, ZINC AND OCC SCRAP CARDBOARD | |
| 9/7/2015 | CENTURY ALUMINUM | CENTURY ALUMINUM - - LOWER LME INGOT PRICE ESTIMATES CUT EPS ESTIMATES; LOWER NEAR TERM OPERATING COSTS PARTIALLY OFFSET | |
| 9/7/2015 | ALUMINUM INDUSTRY | ALUMINUM INDUSTRY - - CHINESE OUTPUT UP 18.3% OR 5 MMT ANNUAL RATE IN FACE OF DECLINING CHINESE DEMAND SWAMPS MARKETS CAUSING US TO CUT OUR PRICE FORECASTS AND EPS | |
| 9/1/2015 | AGNICO EAGLE MINES | AGNICO EAGLE MINES MEADOWBANK AND AMARUQ TOUR AUGUST 20TH; MINE LIFE GAINS AT AMARUQ OFFSET BY THE REMOVAL OF UPPER BEAVER AND 2017 ONWARD PRODUCTION FROM LAPA | |
| 8/31/2015 | SPOT MARKETS | SPOT MARKETS - - WE UPGRADE 9 STOCKS TO OVERWEIGHT AT LOW PRICES INCLUDING 4 FOREST PRODUCTS COMPANIES LESS VULNERABLE TO CHINA, 4 COPPER-RELATED STOCKS AND U.S. STEEL | |
| 8/28/2015 | METALS DISTRESS | METALS COMPANIES RATIONALIZE SLOWLY AND CUT COSTS | |
| 8/28/2015 | RIO TINTO | RIO TINTO: LOWER METALS PRICES HURT EARNINGS BUT ARE PARTIALLY OFFSET BY LOWER OPERATING COSTS | |
| 8/28/2015 | INTERNATIONAL PAPER | INTERNATIONAL PAPER UPGRADED DUE TO SHARE PRICE FALLING | |
| 8/27/2015 | WEYERHAEUSER WY | WEYERHAEUSER WY $28.00 rated Overweight up from Neutral with $36 price target maintained | |
| 8/27/2015 | FCX | FCX CHANGES MAY OCCUR MORE QUICKLY AS CARL ICAHN CONTROLS 8.46%; A COMPLETE SHARE-FOR-SHARE DEMERGER BETTER FOR FMOG | |
| 8/26/2015 | GALWAY GOLD | GALWAY GOLD: PERMITTING CONTINUES AND NEIGHBORING WEAKER DEPOSIT SUBJECT TO TWO BIDDERS | |
| 8/26/2015 | HUDBAY MINERALS | HUDBAY MINERALS LOWER CU, ZN, AU, AG, MO PRICE ESTIMATES LOWER EARNINGS, BUT THE SHARE PRICE FELL EVEN MORE | |
| 8/25/2015 | ANTOFAGASTA PLC | ANTOFAGASTA PLC: LOWER GOLD AND MOLYBDENUM PRICE ESTIMATES; INCLUSION OF ZALDIVAR INTO MODELS ACCRETIVE | |
| 8/24/2015 | U.S. STEEL | U.S. STEEL GOOD COMPANY INTERNAL DYNAMICS MAY OVERCOME TOUGH INDUSTRY CLIMATE | |
| 8/24/2015 | BARRICK GOLD | BARRICK GOLD MAKES A CONVENTIONAL CEO ROLE; MODELS REBUILT FOR ZALDIVAR, ROYAL GOLD, 6 U.S. DEPOSIT SALES AND LOWER COSTS | |
| 8/17/2015 | METALS DISTRESS | METALS MARKETS CLOSURES NOT PROLIFIC IN AUGUST FIRST HALF, WHERE CHINA DEVALUES 4% TO EXPORT AND INCREASE OUPTUT | |
| 8/17/2015 | COPPER INDUSTRY | COPPER INDUSTRY: ANALYSIS OF VARIATION IN CHILEAN COPPER MINE AVERAGE DAILY OUTPUT FROM JANUARY 2000 THROUGH MAY 2015 | |
| 8/13/2015 | WESTROCK | WESTROCK EARNINGS INCREASED DUE TO HIGHER 2016 ONWARDS ESTIMATED PRICES IN CORRUGATED PACKAGING AND CONSUMER PACKAGING SEGMENTS; CAP EX HIGHER | |
| 8/12/2015 | FCX TAX | FCX TAX CONSOLIDATION, LARGE OIL & GAS NOL AND WHETHER A COMPLETE SHARE-FOR-SHARE DEMERGER BETTER FOR FMOG | |
| 8/12/2015 | FREEPORT-McMORAN INC. | FREEPORT-McMORAN INC. PREVENTS $3.3 BILLION IN DEBT BUILDUP IGNORING ANY MORE ASSET SALES OR POSSIBLE FMOG IPO | |
| 8/11/2015 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES IMPLICATIONS OF BERKSHIRE HATHAWAY $37 BILLION BID FOR PRECISION CASTPARTS | |
| 8/6/2015 | SPOT MARKETS | SPOT MARKETS - - SPOT PRICES AND SHARE PRICES AT OR BELOW 2009 DISTRESS OR RECESSION LEVELS; MORE SHUTDOWNS | |
| 8/5/2015 | FREEPORT-McMoRAN INC. | FREEPORT-McMoRAN INC. RATING RESTORED TO OVERWEIGHT SUPPLEMENTAL DISCUSSION; A MOLY MINE MANAGER FOR FMOG CEO | |
| 8/4/2015 | FREEPORT-McMoRAN INC. | FREEPORT-McMoRAN INC. RATING RESTORED TO OVERWEIGHT MODELED “NO ASSET SALES;” TARGET & ESTIMATES SHAVED ON PRICES; FMOG OF DECLINING SIGNIFICANCE | |
| 8/3/2015 | WORTHINGTON INDUSTRIES | WORTHINGTON INDUSTRIES - - ARMSTRONG WORLD REPORTS ANOTHER QUARTERLY DECLINE IN EQUITY INCOME FROM WAVE CEILINGS | |
| 8/3/2015 | TECK | TECK TO BENEFIT FROM 3.3 MMT IDLING BY PEABODY IN AUSTRALIA, ALPHA REORGANIZATION AND OTHER CHANGES BENEFIT MET COAL | |
| 8/3/2015 | COPPER INDUSTRY | COPPER INDUSTRY - - SURVEY OF 14 PUBLIC MINERS SHOWS FIRST-HALF COSTS ABOUT UNCHANGED AND FIRST-HALF MINE OUTPUT UP 1.8% | |
| 7/31/2015 | METALS | METALS MARKETS SEE SOME OPTIMISTIC GUIDANCES, NEW CAP EX PROGRAMS, “EVALUATIONS” OF CUTS AND NOT SO MANY CUTS | |
| 7/31/2015 | IRON ORE | IRON ORE PRICES EXCEED EXPECTATIONS FOR VALE, KUMBA, BHP, FORTESCUE & CLF AUSTRALIA, WHILE CLF IN USA DISAPPOINTS | |
| 7/28/2015 | BARRICK GOLD | BARRICK GOLD BLACK-SCHOLES ANALYSIS AS AN ALTERNATIVE POSSIBLY OVERLY GENEROUS VALUATION METHOD AT $9.74/SHARE | |
| 7/27/2015 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES INSIDERS BUY ALMOST $1 MM IN COMMON STOCK SINCE JULY 21ST EARINGS REPORT | |
| 7/27/2015 | METALS | METALS MARKETS SEE TWO LARGE SCALE OUTPUT CUTS LAST WEEK | |
| 7/25/2015 | RGLD WITHOUT PASCUA WITH B.C. RISK DISCUSSION | ROYAL GOLD (RGLD: $78.07 rated Neutral from Overweight with $67 down from $75 price target) PASCUA-LAMA REMOVED FROM LONG-TERM SIMULATION AND JUNE 26TH COURT DECISION CONCERNS MT. MILLIGAN | |
| 7/24/2015 | PACKAGING CORPORATION OF AMERICA | PACKAGING CORPORATION OF AMERICA: HIGHER CAPEX ESTIMATES HURT NPV; LOWER COSTS RAISE EPS ESTIMATES | |
| 7/24/2015 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES NEW UPSIDES IN FORGINGS SALES & UNION BENEFITS CHANGES MORE THAN OFFSET NAGGING NEAR TERM ITEMS | |
| 7/20/2015 | METALS PRICES | METALS PRICES TRADE BELOW 2008-09 LOWS FOR IRON ORE, MET COAL, HOT-ROLLED SHEET, AND MOLY; PT AND AG NEAR 2008-09 LOWS AND NONFERROUS BASE METALS CLOSE TO 2009 ANNUAL AVERAGES | |
| 7/17/2015 | TECK RESOURCES | TECK EARNINGS ESTIMATES CUT WITH LOWER ESTIMATED ZN, MO & AU PRICES; UPDATED ANDACOLLO GOLD SALE BUILT INTO MODELS | |
| 7/17/2015 | ROYAL GOLD | ROYAL GOLD BUYS REMAINDER OF ANDACOLLO GOLD OUTPUT; LOCAL ENVIRONMENTAL OJBECTIONS REVIEWED; LOWER GOLD PRICES | |
| 7/17/2015 | GOLD PRICE | GOLD PRICE ESTIMATES LOWERED, PROMTING INVESTMENT DOWNGRADES AT AEM, NEM, GG AND AU | |
| 7/16/2015 | DOMTAR CORPORATION | DOMTAR CORPORATION: ASHDOWN MILL CONVERSION TO FLUFF PULP OUTPUT AND LOWER COSTS BASED ON Q1 2015 RESULTS | |
| 7/10/15 | Southern Copper | SOUTHERN COPPER CORPORATION: COVERAGE INITIATED WITH AN OVERWEIGHT RATING DUE TO LONG TERM EARNINGS POTENTIAL AT $3.50/LB ESTIMATED LONG TERM COPPER PRICES | |
| 7/8/15 | Worthington Industries | WORTHINGTON INDUSTRIES - - WOR SURVIVES STEEL PRICE PLUNGE; SHARE BUYBACKS TO MODERATE; PRICE TARGET & ESTIMATES CUT | |
| 7/6/15 | South 32 | SOUTH 32: LOWER MET COAL, AL and NI PRICES CLIP EARNINGS SLIGHTLY; ALTERNATIVE “FLAT SPOT PRICE” SCENARIO ANALYZED | |
| 7/5/15 | Containerboard Industry | CONTAINERBOARD INDUSTRY: FIRST QUARTER 2015 REALIZATIONS DOWN $35/TON FROM THE FIRST QUARTER OF 2014 | |
| 7/5/15 | Gold Industry | GOLD INDUSTRY - - GREEK “NO” VOTE AFTERMATH | |
| 7/5/15 | Gold Industry | GOLD INDUSTRY - - CHANGES IN OFFICIAL RESERVES DOCUMENT 1.5% QUARTERLY SHIFT TO U.S. DOLLAR; GOLD GAINS 0.0133% PER MONTH | |
| 7/2/15 | ArcelorMittal | STEEL INDUSTRY: VISIT TO THE MONT WRIGHT IRON ORE MINE, PORT CARTIER, PELLET PLANT AND ARCELORMITTAL STEEL PRESENTATIONS | |
| 6/28/15 | Spot Markets | SPOT MARKETS - - DECLINES IN YTD APPARENT DEMANDS FOR STEEL, CU, NI, PB, ZN, AU “FEEL LIKE A RECESSION” | |
| 6/27/15 | Gold Industry | GOLD INDUSTRY - - GREEK NEGOTIATIONS WITH IMF, ECB, GERMANY, ETC. | |
| 6/26/15 | Agnico Eagle Mines | AGNICO EAGLE MINES: MELIADINE PROJECT REMOVED AS AGNICO EAGLE MAY FOCUS ON HEAP LEACH AND ADD ON PROJECTS | |
| 6/26/15 | Teck Resources | TECK EARNINGS ESTIMATES REDUCED AS A RESULT OF LOWER ESTIMATED COPPER, COAL, ZINC, LEAD, and GOLD PRICE ESTIMATES | |
| 6/23/15 | South32 | SOUTH 32: COVERAGE INITIATED | |
| 6/19/15 | Osisko Gold Royalties | OSISKO GOLD ROYALTIES PRICE TARGET CUT WITH ELEONORE ORE GRADES; OSISKO TO ADVANCE AND DEVELOP ITS OWN ASSETS TOO | |
| 6/18/15 | Barrick Gold | BARRICK GOLD FAVORABLE INDICATIONS OF BIDDING WAR FOR ZALDIVAR COPPER MINE SALE; ALTURAS DISCOVERY DISCUSSION | |
| 6/17/15 | Steel Industry | STEEL INDUSTRY - - SCRAP PRICES, IRON ORE PRICES, INVENTORIES AND LOWER IMPORTS SIGNAL UPTURN; CHINESE EXPORTS, STRONG DOLLAR, MET COAL AND SOME PRICES LAG UNFAVORABLY | |
| 6/16/15 | Gold Industry | GOLD INDUSTRY - - QUARTERLY PRICES AVERAGE < $1,200 | |
| 6/15/15 | Antofagasta | ANTOFAGASTA PLC PROFILE FOR CORPORATE GROWTH; SALE OF WATER UTILITY SUGGESTS LARGER 2015 SPECIAL DIVIDEND | |
| 6/15/15 | Allegheny Technologies | ALLEGHENY TECHNOLOGIES JUNE 30TH LABOR CONTRACT EXPIRATION HAS MUCH ACRIMONY AS COMPANY FACES NONUNION COMPETITORS | |
| 6/11/15 | BHP Billiton | BHP BILLITON: DEMERGER OF SOUTH 32 FULLY INCORPORATED INTO OUR MODELS UPDATING DE-MERGER ESTIMATES MADE IN SEPTEMBER 2014 | |
| 6/10/15 | Newmont Mining | NEWMONT MINING ACQUIRES CRIPPLE CREEK, CO MINE, SEEKS UNDERGROUND BONANZA TARGETS & ISSUES 33.35 MM COMMON SHARES | |
| 6/9/15 | Newmont Mining Conceptual | NEWMONT MINING ACQUIRES CRIPPLE CREEK, CO MINE, SEEKS UNDERGROUND BONANZA TARGETS & ISSUES 33.35 MM COMMON SHARES | |
| 6/8/15 | Polymet Mining | POLYMET MINING PERMITS LIKELY AROUND YEAR-END, WHERE TIMING OF PROFITS PUSHED TOWARDS 2018 SECOND-HALF | |
| 6/8/15 | Northern Dynasty | NORTHERN DYNASTY MINERALS SUES EPA FOR MALFEASANCE IN NOVEL PERMIT STRATEGY; RENEWED LOOK AT PROJECT UPSIDES | |
| 6/4/15 | Louisiana Pacific | LOUISIANA PACIFIC FOCUSES ON OSB WOOD SIDING MARKET AT VISIT TO TWIN HARBORS, MN OSB WOOD SIDING MILL 25 MI NORTH OF DULUTH | |
| 6/1/15 | Spot Markets | SPOT MARKETS - - EVIDENCE OF MANUFACTURING RECESSION IN CHINA, U.S. OR GLOBALLY | |
| 5/29/15 | Century Aluminum | CENTURY ALUMINUM - - LOWER LME INGOT AND MIDWEST PREMIUM ALUMINUM PRICE ESTIMATES LOWER FUTURE EARNINGS | |
| 5/29/15 | Alumina Limited | ALUMINA LTD: LOWER LME ALUMINUM PRICE ESTIMATES CUT EARNINGS ESTIMATES; PARTLY OFFSET BY LOWER ESTIMATED OPERATING COSTS | |
| 5/29/15 | Alcoa | ALCOA: LOWER LME ALUMINUM PRICE AND MIDWEST PREMIUM ESTIMATES CUT EARNINGS ESTIMATES; LOWER ESTIMATED OPERATING COSTS PARTIALLY OFFSET | |
| 5/29/15 | Aluminum Industry | ALUMINUM INDUSTRY - - TOO MUCH CHINESE OUTPUT SWAMPS MARKETS CAUSING US TO CUT OUR PRICE FORECASTS, EPS, TARGETS, RATINGS | |
| 5/28/15 | Lundin Mining Spanish News Search | LUNDIN MINING SPANISH LITERATURE SEARCH CONCERNING ENVIRONMENTAL CHARGES IN CHILE | |
| 5/28/15 | Lundin Mining | LUNDIN MINING ENVIRONMENTAL CITATIONS IN CHILE | |
| 5/26/15 | Barrick Gold | BARRICK GOLD : WE RAISE OUR DISCOUNT RATE TO 11% DUE TO EVOLUTION OF “HOLDING COMPANY” FORMAT WITH LESS OPERATORSHIP | |
| 5/26/15 | Fortescue Metals | FORTESCUE METALS: LOWER COSTS AND CAP EX PARTLY OFFSET LOWER PRICES; CUT EARNINGS ESTIMATES AND PRICE TARGET | |
| 5/26/15 | Louisiana Pacific | LOUISIANA PACIFIC LOWER OSB PRICE ESTIMATES PARTIALLY OFFSET BY HIGHER PROFITABILITY IN THE SIDING SEGMENT | |
| 5/18/15 | Lundin Mining | LUNDIN MINING: LOWER Cu, Ni, Zn, Pb, Au and Ag PRICES CUT 2015 and 2016 EARNINGS ESTIMATES; LOWER OPERATING COSTS CUSHION THE BLOW | |
| 5/18/15 | Norbord | NORBORD NEAR TERM EARNINGS ESTIMATES CUT DUE TO LOWER OSB PRICE ESTIMATES; THREE YEARS WITHOUT EARNING DIVIDEND MAY PROMPT A 2016 DIVIDEND CUT | |
| 5/18/15 | Newmont Mining | NEWMONT MINING SHARE PRICE APPRECIATION TO MATCH OUR TARGET | |
| 5/18/15 | Plum Creek Timber | PLUM CREEK TIMBER - - FAVORABLE COMMENTS FROM CHARLESTON, SC FIELD TRIP MAY 11-12TH | |
| 5/15/15 | Vale Sensitivity | VALE SENSITIVITY ANALYSIS TO LOWER 2016-20 SCENARIO WITH 343 MMT ANNUAL IRON ORE OUTPUT, $56 BENCHMARK Fe, $6.50 Ni AND $2.75 Cu | |
| 5/13/15 | Big Six Net Debt | METALS - - COMPARISON OF ESTIMATED 2015, 2016 AND 2020 YEAR-END BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES (BHP Billiton, Vale, Rio Tinto, Anglo American, GlencoreXstrata PLC, and Teck) | |
| 5/11/15 | Vale | VALE: LOWER COAL, IRON ORE, GOLD, NICKEL, AND COPPER PRICES CUT | |
| 5/11/15 | Weyerhaeuser | WEYERHAEUSER COPES WITH VERY LOW SELLING PRICES | |
| 5/11/15 | Spot Markets | SPOT MARKETS - - ANEMIC DEMAND AS CONSUMERS AND PRODUCERS | |
| 5/1/15 | Iron Ore | IRON ORE - - MAJOR PRODUCERS TREND TO 10% OUTPUT GAIN IN 2015 | |
| 5/1/15 | Flat $1,200/oz Gold | GOLD INDUSTRY - - STUDY OF NPVs AT A FLAT $1,200/OZ GOLD PRICE | |
| 5/1/15 | Lower Gold Price Estimates | GOLD INDUSTRY - - LOWERING SEVERAL EARNINGS ESTIMATES TO | |
| 4/30/15 | Barrick Gold Zaldivar | BARRICK GOLD - - ZALDIVAR COPPER MINE AND WATER VALUATIONS | |
| 4/29/15 | Kirkland Lake Gold | GOLD PRICES; EXPLORATION TO DEFINE MINE EXPANSION ALTERNATIVES | |
| 4/28/15 | Freeport McMoran | FREEPORT-McMoRAN INC. OIL & GAS IPO PROTECTS BOND RATING, BALANCE SHEET AND CUTS PRICE, EXPLORATION AND EXECUTION RISKS | |
| 4/27/15 | Aluminum Industry | ALUMINUM INDUSTRY - - 9% GAIN IN CHINESE SMELTER OUTPUT FORCES UP INVENTORY TO CRUSH BOTH LME PRICE AND MIDWEST PREMIUMS | |
| 4/21/15 | Barrick Headquarter Locations | BARRICK GOLD SENSITIVITY OF HQ LOCATIONS FOR SAVING EXECUTIVE TIME AS AN ALTERNATIVE TO SELLING MINES | |
| 4/21/15 | Barrick Financial Models | BARRICK GOLD, LOWER GOLD PRICES AND ASSUMED SALE OF ZALDIVAR FOR $1 BILLION LOWER OUR NPV ESTIMATE | |
| 4/17/15 | Impairments | METALS AND RELATED RESOURCE INDUSTRIES - - 91 IMPAIRMENT INCIDENTS FOR 2014 AVERAGE $756 MM EACH TO TOTAL $68.8 BILLION | |
| 4/16/15 | Copper Deals | COPPER INDUSTRY - - COMPARISON OF “PEAK” AND “RECENT” M&A TRANSACTION VALUES | |
| 4/13/15 | Franco Nevada | FRANCO NEVADA - - LOWER GOLD PRICES AND OIL AND GAS REVENUES HURT EARNINGS ESTIMATES; PRICE TARGET INCREASED METHODOLOGY DEBATED BETWEEN 1.5 AND 2 TIMES NPV/SHARE. | |
| 4/13/15 | Anglo American | ANGLO AMERICAN: LOWER COAL, IRON ORE, GOLD, PLATINUM, RHODIUM, AND COPPER PRICES CUT EARNINGS ESTIMATES AND VALUATION | |
| 4/7/15 | Newmont Mining | NEWMONT MINING HIGHER PRODUCTION, LOWER CASH COST ESTIMATES, AND LOWER SUSTAINING CAPEX ESTIMATES OFFSET LOWER PRICES. | |
| 4/7/15 | Spot Markets | SPOT MARKETS - - NO SPRING RECOVERIES AS CHINA HIKES OUTPUTS OF AL, STEEL, REFINED CU, MOLY, LEAD MINES, ZINC MINES AND REFINED ZN | |
| 4/5/15 | Conference: Mid Cap Gold and Silver Highlights | Conference: Mid Cap Gold and Silver Highlights | |
| 4/2/15 | Conference: Natural Resource Room Highlights | HIGHLIGHTS OF THE “NATURAL RESOURCES ROOM” PRESENTATIONS AT OUR ANNUAL MARCH 30, 2015 CONFERENCE | |
| 4/1/15 | Conference: Large Cap Highlights | HIGHLIGHTS OF “LARGE CAPS” AT OUR MARCH 30TH CONFERENCE | |
| 4/1/15 | Conference: Core Shack Highlights | “CORE SHACK” GEOLOGICAL DISPLAYS AT MARCH 30, 2015 CONFERENCE | |
| 3/29/15 | Aluminum Industry | ALUMINUM INDUSTRY - - 20% GAIN IN CHINESE SMELTER OUTPUT FORCES UP INVENTORY TO CRUSH BOTH LME PRICE AND MIDWEST PREMIUMS | |
| 3/29/15 | John Tumazos Presentation at the Conference | PRESENTATION TO OUR ANNUAL CONFERENCE MARCH 30, 2015 HIGHLIGHTS FIVE PARTICULAR STOCKS | |
| 3/26/15 | Glencore | GLENCORE PLC LOWER METALS AND ENERGY PRICE ESTIMATES CUT EARNINGS ESTIMATES; ESTIMATED CAPITAL EXPENDITURES LOWERED | |
| 3/24/15 | Steel Industry | STEEL INDUSTRY - - SPOT DYNAMICS CLOSER TO CYCLICAL LOWS, BUT UPSIDE RECOVERY EXPECTATIONS COULD BE TOO OPTIMISTIC | |
| 3/24/15 | Freeport McMoran | FREEPORT-McMoRAN INC. MAKES 84% DIVIDEND CUT AS PRECURSOR TO MANY MEASURES TO MAINTAIN INVESTMENT GRADE DEBT RATING | |
| 3/24/15 | Aluminum Industry | ALUMINUM INDUSTRY - - 20% GAIN IN CHINESE SMELTER OUTPUT FORCES UP INVENTORY TO CRUSH BOTH LME PRICE AND MIDWEST PREMIUM | |
| 3/24/15 | Alcoa | ALCOA ACQUIRES TITANIUM SUPPLIER, STUDIES ASSET EXITS AND CHINA RAISES SMELTER OUTPUT 19.9% YTD CAUSING MARKET OVERSUPPLY | |
| 3/23/15 | Metals | METALS - - CHINA RAISES OUTPUT IN 2015 WITHOUT ENOUGH DEMAND | |
| 3/16/15 | Copper Industry | COPPER INDUSTRY - - MINE INVESTMENT TO PLUNGE AS SEVERAL COMPANIES BREACH COVENANTS OR SUFFER RATING DOWNGRADES | |
| 3/12/15 | Goldcorp | GOLDCORP FORECASTS CUT DUE TO LOW PRICE ESTIMATES; IMPAIRMENT ANALYSES ON COCHENOUR AND ELEONORE; ELEONORE ROCK BURST | |
| 3/11/15 | Toronto PDAC 2015 | METALS - -METALS PRICES UNDERMINE TORONTO GEOLOGY CONFERENCE | |
| 3/9/15 | Century Aluminum | CENTURY ALUMINUM - - ALUMINUM PRICES FALL WITH HIGH CHINESE EXPORTS; ALCOA STUDIES SALE OR SHUTDOWN OF 0.5 MMT SMELTING; | |
| 3/6/15 | Silver Wheaton | SILVER WHEATON ADDITIONAL 25% OF SALOBO’S GOLD PRODUCTION HAS SMALL IMPACT ON SLW’S NPV/SHARE; LOWER GOLD AND SILVER PRICE ESTIMATES | |
| 3/5/15 | Rio Tinto | RIO TINTO: WEAKER A$ LOWERS IRON ORE COSTS TO BOAST EARNINGS AND CASH FLOW ESTIMATES; LOWER NET DEBT EQUIVALENTS HELP | |
| 3/1/15 | Spot Markets | SPOT MARKETS - - “SPRING RALLIES” ABSENT IN STEEL, PAPER, WOOD WHILE BASE METALS ARE “LATE;” INVENTORY DECLINES SLOW; CHINA SELLS STOCKPILES, EXPORTS MORE AND CANCELS EXPORT TAXES | |
| 2/27/15 | Fraser Institute | METALS INDUSTRY - - FRASER INSTITUTE TAGS TWELVE LESS RISKY NATIONS; BRAZIL SEEKS $1.5 BILLION FROM SIX PETROBRAS SUPPLIERS | |
| 2/27/15 | Alumina Limited | ALUMINA LTD: ALUMINA BOTTLENECK LASTS JUST SIX MONTHS IN JUNENOV. 2014 DESPITE INDONESIAN BAUXITE BAN; LOWER ESTIMATED 2015 OUTPUT CUTS NEAR TERM EARNINGS; RATING AND PRICE TARGET CUT | |
| 2/27/15 | Gold Reserves | GOLD INDUSTRY - - RESERVES FALL 7.4% IN 2014 AFTER 13% DROP IN 2013 | |
| 2/26/15 | Fortescue Metals | FORTESCUE METALS: 2015 CAPITAL EX AND C1 COST ESTIMATES CUT; LONG TERM IRON ORE PRICE DISCOUNT TO BENCHMARK REDUCED | |
| 2/26/15 | Worthington Industries | WORTHINGTON INDUSTRIES - - FEBRUARY 24TH WARNING SUGGESTS $0.50 PER SHARE OF FY 2015 EPS RISKS; SHARE BUYBACKS MAY BE OFFSET | |
| 2/25/15 | Goldcorp | GOLDCORP -- LOWER GRADE AND OUTPUT AND HIGHER OPERATING COSTS AT ELEONORE; DISCOUNT RATE RAISED BY 1%. | |
| 2/25/15 | Osisko Gold Royalties | OSISKO GOLD ROYALTIES PRICE TARGET CUT WITH ELEONORE ORE GRADES; OSISKO TO ADVANCE AND DEVELOP ITS OWN ASSETS TOO | |
| 2/19/15 | RockTenn | ROCKTENN EARNINGS ESTIMATES DOWN 10%-25% DUE TO A HIGH SHARE COUNT WITH MERGER; CHEMICALS SPINOFF VALUED AT $1,875 MM. | |
| 2/19/15 | Teck Transportation Discussion | TECK RESOURCES - - CONSTRUCTION OF “UPGRADER” TO PRODUCE SYNCRUDE AN ALTERNATIVE TO PIPELINE OR RAIL AT ADDED $2 BILLION CAP EX TOWARDS 20% OF FORT HILLS | |
| 2/19/15 | Teck Resources | TECK OIL SANDS PROJECTS MODELED IN DEPTH; COPPER, COAL, ZINC, and GOLD PRICE ESTIMATES UPDATED | |
| 2/13/15 | Kirkland Lake Gold | KIRKLAND LAKE GOLD DEFINES CONSERVATIVE FINANCIAL STRATEGY | |
| 2/12/15 | Cameco | CAMECO: LOWER FUTURE ESTIMATED SPOT URANIUM PRICES LOWER ESTIMATED EARNINGS; URANIUM NEAR NIL SHARE OF NEW GENERATING | |
| 2/11/15 | Spot Markets | SPOT MARKETS - - CUT 2015 NONFERROUS BASE METALS PRICE ESTIMATES DUE TO STRONG DOLLAR AND “SYMPATHY” TO CRUDE OIL, DESPITE APPARENT DEMAND UP AND MINE OR REFINED SUPPLIES MOSTLY TIGHT | |
| 2/9/15 | Steel Industry | STEEL INDUSTRY - - FEBRUARY SCRAP DECLINES ARE A NEGATIVE NOT A POSITIVE FOR ANY OF THE STEEL-RELATED COMPANIES | |
| 2/5/15 | Steel Industry | STEEL INDUSTRY - - ALMOST A $100/TON DROP IN FEBRUARY SCRAP ! ! ! | |
| 2/4/15 | Packaging Corporation of America | PACKAGING CORP. OF AMERICA LOWER Q1 2015 CONTAINERBOARD OUTPUT DUE TO MAINTENANCE OUTAGES; BOISE SYNERGIES AT $200 MM FROM $175 MM. | |
| 2/4/15 | Corporate Income Tax Rate | METALS, FOREST PRODUCTS AND FERTILIZERS - - PRESIDENT OBAMA PROPOSES TO CUT CORPORATE TAX RATE TO 28% FROM 35% | |
| 1/30/15 | Royal Gold | ROYAL GOLD; SHARE PRICE GAINS, GOLD PRICE, PENASQUITO AND MT. MILLIGAN GOOD NEWS. | |
| 1/30/15 | Freeport McMoran | FREEPORT-McMoRAN INC. WRITEDOWNS, LOWER 2015 COPPER PRICE ESTIMATES, LOWER OIL/GAS PRICES AND OUTPUT, AND DILUTION FROM AN ESTIMATED $3 BILLION EQUITY OFFERING COMBINE TO SLASH EARNINGS AND CASH FLOW | |
| 1/29/15 | Steel Industry | STEEL INDUSTRY - - STRONGER DOLLAR HURTS SOME CUSTOMER END MARKETS; STRONG DECEMBER QUARTER EARNINGS WHERE SOME SELLING PRICES ROSE, PERHAPS AGREED EARLIER WITH TIME LAGS | |
| 1/27/15 | Weyerhaeuser | WEYERHAEUSER POTENTIAL EARNINGS SHORTFALLS OR “HEADWINDS” IN 2015 | |
| 1/26/15 | Gold Market | GOLD - - GERMAN AND FRENCH LOSSES FROM BAILOUTS AND ECB BOND BUYING COULD BE LARGER THAN THEIR HARD CURRENCY RESERVES | |
| 1/26/15 | RockTenn | ROCKTENN “START FROM GROUND ZERO” WITH NEW MODEL AFTER MERGER | |
| 1/22/15 | Antofagasta | ANTOFAGASTA PLC HIGHER COPPER PRICE ESTIMATES GENERATE HIGHER EPS AND CASH FLOW ESTIMATES | |
| 1/22/15 | Nonferrous Prices | NONFERROUS METALS - - WE MAINTAIN ABOVE-CONSENSUS 2015 NONFERROUS PRICE FORECASTS | |
| 1/21/15 | Goldcorp | GOLDCORP UPDATED MODELS AFTER JANUARY 12th-19th PRESS RELEASES AND JANUARY 16TH BREAKFAST | |
| 1/21/15 | Freeport McMoran | FREEPORT-McMoRAN INC. MORE STUDY OF OIL AND GAS CAP EX CONTRACT COMMITMENTS, “FULL COST” TESTS BY SEPT 30TH AND “SLACK” AT OTHER OIL COMPANIES TO JV | |
| 1/19/15 | Freeport McMoran | FREEPORT-McMoRAN INC. PREVIEW OF CONFERENCE CALL JAN. 27TH CHOICES BETWEEN HIGHER DEBT VERSUS SLASHING CAP EX OR CUTTING DIVIDEND | |
| 1/15/15 | Aluminum Industry | ALUMINUM INDUSTRY - - ALCOA’S WORLD ALUMINA AND WORLD INGOT OUTPUT FORECASTS FOR 2015 A VERY HIGH SUPPLY OR OUTPUT LEVEL | |
| 1/12/15 | Glencore | GLENCORE PLC LOWER MET COAL, THERMAL COAL, AND OIL PRICES PRODUCE LOWER EARNINGS ESTIMATES | |
| 1/12/15 | Gold Greek Euro Exit | GOLD INDUSTRY - - GREEK EXIT FROM EURO | |
| 1/11/15 | Alcoa | ALCOA PHINERY ALUMINUMAIR BATTERY GOAL “TWO SMELTERS” OF HIGH PURITY ALUMINUM | |
| 1/7/15 | Plum Creek Timber | PLUM CREEK EARNINGS ESTIMATES DECREASED DUE TO LOWER HARVEST VOLUMES AND LOWER LAND SALES, PARTIALLY OFFSET BY SHARE REPURCHASES | |
| 1/5/15 | Nonferrous Metals | METALS INDUSTRY - - CHINA MASS LIQUIDATION OF NONFERROUS ORES, CONCENTRATES AND STOCKPILES | |
| 12/30/2014 | NORBORD | NORBORD (NBRXF US $22.41 and NBD.to C$25.83 rated Overweight with US $33 up from $31.50 price target) AINSWORTH DEAL NO SIGNIFICANT IMPACT TO NPV/SHARE AT OUR BASE CASE OSB PRICING ESTIMATES | |
| 12/30/2014 | ALUMINUM INDUSTRY | ALUMINUM INDUSTRY - - MYSTERY OF CHINESE AL SMELTER OUTPUT UP 10.1% WITH WORLD BAUXITE MINES DOWN 20.6% | |
| 12/29/2014 | NICKEL INDUSTRY | NICKEL INDUSTRY - - CHINESE STAINLESS OUTPUT UP 13.0% IN FIRST NINE MONTHS AS CHINA DRAWS DOWN UP TO A FULL YEAR OF Ni INVENTORY | |
| 12/26/2014 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $35.09, rated Overweight, price target cut to $44 from $54) EARNINGS ESTIMATES CUT; ESTEEM AT LOW EBB WITH MOODY’S BOND RATING CUT TO SUB-INVESTMENT GRADE; WORLD STAINLESS CONSTRAINED BY Ni | |
| 12/24/2014 | SPOT MARKETS | SPOT MARKETS - - MINE OUTPUTS OF Cu, Al, Pb, Zn, Ni and Pt MAY NOT REBOUND MUCH OR ENOUGH IN 2015 AFTER 2014 DECLINES | |
| 12/22/2014 | CONTAINERBOARD INDUSTRY | CONTAINERBOARD INDUSTRY - - FALLING COSTS AND GOOD CORPORATE DEVELOPMENTS VERSUS CAPACITY ADDITIONS | |
| 12/19/2014 | HUDBAY MINERALS | HUDBAY MINERALS (HBM US $8.20; Rating Neutral; Price Target $9/share ) HIGHER ESTIMATED COPPER PRICES AND LOWER OPERATING COSTS DRIVE HIGHER EARNINGS ESTIMATES; PRICE TARGET FLAT WITH HIGH SUSTAINING CAP EX AND CONSERVATIVE NPV MODELLING | |
| 12/19/2014 | WORTHINGTON INDUSTRIES | WORTHINGTON INDUSTRIES (WOR $31.36, rated Overweight, price target cut to $59 from $62) BUYING OPPORTUNITY AFTER FALLS IN CRUDE OIL AND STEEL MARGINS; A 7.5% CONSOLIDATED EBIT MARGIN ACHIEVABLE | |
| 12/17/2014 | STEEL INDUSTRY | STEEL INDUSTRY - - SELLING PRICES FALL, NO SCRAP RISE IN ONSET OF WINTER AND EXCEPTIONAL STRONG FINAL DEMAND IN U.S.A. | |
| 12/16/2014 | DIVIDENDS | METALS, FOREST PRODUCTS AND FERTILIZERS - - REVIEW OF DIVIDENDS | |
| 12/15/2014 | VALE | VALE ( $7.03; rated Overwieght, price target up to $16/share from $13/share) CAP EX CUTS ADD $4/SHARE VALUES, COST CUTS ADD MORE AND HELP OF MITSUI JV IN MOZAMBIQUE COAL ADDS FREIGHT WHILE OFFLOADING DEBT | |
| 12/15/2014 | ANGLO AMERICAN | ANGLO AMERICAN (AAUKY $8.91, rated NEUTRAL and price target reduced to $10/share from $12/share) LOWER COAL, IRON ORE, GOLD, and PLATINUM PRICES DRIVE EARNINGS ESTIMATES AND VALUATION DOWN PARTLY OFFSET BY LOWER CAPITAL EX | |
| 12/10/2014 | DOMTAR | DOMTAR (UFS: $41.13 rated Neutral with $51.50 down from $52.50 price target) 0.55% HIGHER DISCOUNT RATE REFLECTING UNCOATED FREE SHEET AND PERSONAL CARE MARKET RISKS; $40/TON COMMUNICATIONS PAPER PRICE CUT ESTIMATED FOR 2015. | |
| 12/10/2014 | PRETIUM RESOURCES | PRETIUM RESOURCES (PVG U.S. $6.14; rated Neutral; no price target) CASHED UP TO BEGIN ENGINEERING AND ADVANCE PROCUREMENT | |
| 12/8/2014 | ALCOA | ALCOA (AA $16.95, rating Overweight, Price Target $23) ALUMINUM THIN STRIP MICROMILL FOR AUTO BODY PROPOSED | |
| 12/4/2014 | NUCOR | NUCOR (NUE $55.13, rated Underweight, Price Target cut to $37 from $43) LOWER STEEL PRICES DUE TO STRONG DOLLAR AND RECORD STEEL IMPORTS | |
| 12/3/2014 | TAHOE RESOURCES INC | TAHOE RESOURCES INC. (TAHO $14.07, rated Neutral with $12 down from $15 price target) VARIOUS ROYALTIES INCREASED TO 10.5% FROM 5.5% | |
| 12/1/2014 | AGNICO EAGLE MINES | AGNICO EAGLE MINES (AEM $23.49 rated Overweight with $42 up from $39 price target) EL BARQUENO PRODUCTION DOUBLED, MELIADINE OUTPUT NOW EXPECTED IN 2019 UP FROM 2021 | |
| 11/26/2014 | ALUMINUM INDUSTRY | ALUMINUM INDUSTRY - -BOOM LOOMING IN 2016-20 AS BAUXITE, ALUMINA AND REFINED METAL STOCKS GETTING USED UP | |
| 11/26/2014 | VALE | VALE ( $9.47; rated Overwieght, price target lowered to $13/share from $15/share) FINISHING CARAJAS S11d “Serra Sul” WHILE WEATHERING IRON ORE PRICE AND VOLUME SHORTFALLS; IPO OF CU-NI VALUED AT $20 BILLION REQUIRING INVESTOR EXPECTATIONS OF $10 Ni and $3.50 Cu | |
| 11/26/2014 | SPOT MARKETS | SPOT MARKETS - - SUPPLIES FALLING AS COMPANIES REACT TO LOW PRICES AND/OR POOR RETURNS; Cu, Al, Pb, Zn, Ni and Pt VERY PROMISING | |
| 11/24/2014 | STEEL INDUSTRY | STEEL INDUSTRY - - DEFECTS IN COMPETITION OR INSUFFICIENT COMPETITION CREATE “NONSENSICAL” PRICE RELATIONSHIPS | |
| 11/24/2014 | COPPER INDUSTRY | COPPER INDUSTRY - - COPPER PRICE ESTIMATES RAISED TO $3.25 FROM $3.00 FOR 2016-18 AND REITERATE BUY RECOMMENDATIONS; DEMAND GROWTH NEAR 7% OUTSTRIPS “NO GAIN” IN 2014 MINE OUTPUT | |
| 11/24/2014 | CENTURY ALUMINUM | CENTURY ALUMINUM (CENX $27.84, rating Overweight; price target raised to $45 from $37/share) HIGHER ESTIMATED DIRECT/LOWER TOLL SALES AND LOWER FUTURE POWER COSTS AT MOUNT HOLLY INCREASES EARNINGS AND CASH FLOW ESTIMATES | |
| 11/20/2014 | SANDSTORM GOLD | SANDSTORM GOLD (SAND $3.05, rated Overweight, Price Target reduced to $5 from $6) 17% GOLD STREAM ON LUNA GOLD’S AURIZONA MINE RESTRUCTURED TO A 10% REVENUE ROYALTY AT GOLD PRICES ABOVE $1,350/OZ | |
| 11/19/2014 | SILVER WHEATON | SILVER WHEATON (SLW $21.35 rated Neutral, $24 down from $26 price target) LOWER LONG TERM SILVER PRICE ESTIMATES PARTIALLY OFFSET BY MODEL ACCRETION AND MINOR PRODUCTION REVISIONS | |
| 11/18/2014 | RIO TINTO | RIO TINTO (RIO $47.25, rated Underweight, Price Target Cut to $40 from 48) MINERS DEBATE WHETHER TO CUT MINE OUTPUT AS STEEL OUTPUT SLOWS; PRICE TARGET AND ESTIMATES CUT TO REFLECT 2% LESS 2015 OUTPUT @ $60/T | |
| 11/18/2014 | SPOT MARKETS | SPOT MARKETS - - SUDDEN REVERSALS AFTER SHORTS SQUEEZED; BROAD EVIDENCE OF INDUSTRIAL DECLINE IN CHINA IN SEPT. AND OCTOBER | |
| 11/17/2014 | GOLD ETF HIDDEN VALUE | GOLD INDUSTRY - - THE SHAREHOLDERS OWN THE “GLD” ETF, WHICH COULD BE SOLD TO REPAY A SMALL BIT OF THE WGC MEMBERS’ DEBTS | |
| 11/17/2014 | OSISKO GOLD ROYALTIES | OSISKO GOLD ROYALTIES (OKSKF US $13.25, OR.to C$15.25) UPGRADED TO OVERWEIGHT WITH US $17 UP FROM US $14 PRICE TARGET ON VIRGINIA MINES ACQUISITION | |
| 11/13/2014 | TAHOE RESOURCES INC. | TAHOE RESOURCES INC. (TAHO $15.86, rated Neutral with $15 down from $29 price target ) PRICE TARGET CUT DUE TO LOWER SILVER PRICES, HIGHER COSTS PER TONNE AND LOWER MINE PLAN ORE GRADE | |
| 11/12/2014 | ROYAL GOLD | ROYAL GOLD (RGLD: $65.64 rated Overweight with $66 price target cut from $68) LOWER GOLD OUTPUT FROM ANDACOLLO AND LOWER GOLD PRICES MOSTLY OFFSET BY FAVORABLE ORE GRADES AT MT. MILLIGAN AND FORECAST 2020 PRODUCTION FROM EUROMAX’S ILOVITZA PROJECT | |
| 11/10/2014 | U.S. STEEL | U.S. STEEL (X $37.57, rated Underweight down from Neutral, price target raised to $26 from $18) GOOD COMPANY INTERNAL DYNAMICS BATTLING TOUGHER INDUSTRY CLIMATE | |
| 11/7/2014 | ANGLOGOLD ASHANTI | ANGLOGOLD ASHANTI (AU $9.82; rated Neutral with $14 down from $18 price target) HIGHER COSTS AND LOWER GOLD PRICES; OBUASI REMOVED FROM OUR SIMULATIONS UNTIL NEW MODERN MINE PLAN IS ESTABLISHED | |
| 11/3/2014 | IRON ORE | METALS INDUSTRY - - TIMING OF IRON ORE AND MET COAL OUTPUT CUTS TOO SLOW AS CHINA’S STEEL CONSUMPTION FALLS | |
| 11/3/2014 | FORTESCUE METALS | FORTESCUE METALS (FSUMF US $2.93bid; rating OVERWEIGHT; price target lowered from $7.50 to $5) NOTES FROM OCTOBER 21-23 TOURS OF PORT, RAIL, KINGS, FIRETAIL AND CLOUDBREAK MINES; MODELS UPDATED FOR 10% DECLINE IN CHINA’S OUTPUT IN CALENDAR 2015 AT $70 BENCHMARK | |
| 11/2/2014 | GOLD AND SILVER RATINGS | GOLD INDUSTRY - - RATING CHANGES DUE TO SHARE PRICE CHANGES | |
| 10/31/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - CENTRAL CONTROL STRATEGIES REVERSED AFTER NORTHERN STAR RESOURCES BOUGHT 4 MINES FROM ABX AND NEM | |
| 10/30/2014 | CONTAINERBOARD INDUSTRY | CONTAINERBOARD INDUSTRY - - FALLING COSTS AND GOOD CORPORATE DEVELOPMENTS VERSUS CAPACITY ADDITIONS | |
| 10/29/2014 | FREEPORT-McMoRAN INC. | FREEPORT-McMoRAN INC. (FCX $29.01, rated Overweight, price target cut from $72 to $40) OVERWEIGHT RATING MAINTAINED DESPITE FALL IN PRODUCT PRICES WHILE MORE CONSERVATIVE VALUATION METHODOLOGY LOWERS PRICE TARGET | |
| 10/28/2014 | GOLDCORP | GOLDCORP (GG $21.98; rated Overweight, price target $31 down from $36) ELEONORE DRILLING ACTIVITY VERY LARGE; CAMINO ROJO CAP EX COULD BE GG’S LARGEST. | |
| 10/22/2014 | AGNICO-EAGLE MINES | AGNICO-EAGLE MINES (AEM $30.31 rated Overweight from Neutral with $39 up from $37 price target) PRICE TARGET RAISED DESPIE LOWER 2014-16 ESTIMATED GOLD PRICES DUE TO EL BARQUENO AND AMARUQ OUTPUT, LONGER MINE LIFE AT PINOS ALTOS AND 2ND EXPANSION AT KITTILA. | |
| 10/17/2014 | ROCK TENN | ROCK TENN (RKT $47.07, rated Overweight from Neutral, $63 price target) SEEKS TO RUN LEAN & REINVEST, ACQUIRE OR BUY BACK STOCK TO KEEP DEBT NEAR 2X EBITDA | |
| 10/15/2014 | CHINA DEMAND VS FE AND MET COAL | METALS INDUSTRY - - TIMING OF IRON ORE AND MET COAL OUTPUT CUTS TOO SLOW AS CHINA’S STEEL CONSUMPTION FALLS | |
| 10/13/2014 | CF INDUSTRIES | CF INDUSTRIES (CF $256.99; rated Neutral; price target $201) VOLUMES, PRICES AND BUYBACKS FAVORABLE IN 2014; YARA INT’L REQUIRES COST CUTS | |
| 10/10/2014 | FRANCO NEVADA | FRANCO NEVADA ($51.26 rated Neutral with $44 down from $47 price target) $648 MILLION GOLD AND SILVER STREAM ON LUNDIN’S CANDELARIA COPPER MINE IN CHILE; LOWER NEAR TERM GOLD PRICE ESTIMATES | |
| 10/10/2014 | PACKAGING CORPORATION OF AMERICA | PACKAGING CORPORATION OF AMERICA (PKG $60.76, upgraded to Overweight from Neutral, Price Target $81) UPGRADED TO OVERWEIGHT | |
| 10/9/2014 | SPOTMARKETS | SPOT MARKETS - - DOLLAR STRENGTH VERSUS SOME SUPPLY CUTS | |
| 10/5/2014 | GOLD EMERGING ROYALTIES | GOLD INDUSTRY – THREE SMALLER STREAMING/ROYALTY COMPANIES ADDED TO COVERAGE AS BUY RECOMMENDATIONS | |
| 10/5/2014 | OSISKO GOLD ROYALTIES | OSISKO GOLD ROYALTIES (OKSKF US $12.47, OR.to C$14.10) COVERAGE INITIATED WITH NEUTRAL INVESTMENT RATING AND US $14 PRICE TARGET | |
| 10/5/2014 | SANDSTORM GOLD | SANDSTORM GOLD (SAND US $4.04 rated Overweight with $6 price target) COVERAGE INITIATED WITH OVERWEIGHT INVESTMENT RATING AND US$ $6 PRICE TARGET | |
| 10/4/2014 | VIRGINIA MINES | VIRGINIA MINES (VGQ.TO C$12.28 and VGMNF US $10.87) COVERAGE INITIATED WITH A BUY RECOMMENDATION AND A US $15 PRICE TARGET | |
| 10/3/2014 | ALCOA | ALCOA (AA $15.60, rating Overweight, Price Target $23) POSSIBLE BAUXITE ALUMINA JV OR ACQUISITION OF VOTORANTIM’S BRAZILIAN ALUMINUM | |
| 10/2/2014 | ALUMINA LTD. | ALUMINA LTD. (AWCMY $5.82, rated Overweight, price target raised to $11 from $10) FIRM DEMAND AND FALLING INVENTORIES PROMPT HIGHER PRICE TARGET; CHINESE OUTPUT FIRMER THAN EXPECTED | |
| 10/1/2014 | WORTHINGTON INDUSTRIES | WORTHINGTON INDUSTRIES (WOR $37.11, rated Overweight, price target $62) HISTORICAL MARGINS IN STEEL PROCESSING AND CYLINDERS VERSUS APPROPRIATE DISCOUNT RATE OR PRICE-EARNINGS MULTIPLE | |
| 10/1/2014 | BHP BILLITON | BHP BILLITON (BHP $58.59, rated Neutral, price target lowered to $65/share from $68/share) ANALYSIS OF COMPANY POST-SPINOFF; COMPARISONS OF BHP BILLITON AND BHP NEWCO FINANCIAL CHARACTERISTICS | |
| 9/23/2014 | GALWAY GOLD | GALWAY GOLD (GAYGF US $0.054 or GLW.to C$0.06, rated Overweight with $1 down from $2 price target maintained) WAITING FOR COMPLETION OF ARBITRATION AND LIQUIDATION OF BATISTA ESTATE | |
| 9/23/2014 | ECO ORO | ECO ORO (GYSLF US$0.22 or EOM.TO C$0.25), DELETED FROM COVERAGE AS CASH BALANCES USED UP SUGGESTING NEED TO CHANGE DIRECTION | |
| 9/16/2014 | DENVER GOLD | GOLD INDUSTRY - - DENVER GOLD FORUM TALKS UPBEAT SURPRISINGLY | |
| 9/16/2014 | ALCOA | ALCOA (AA $16.16, rating Overweight, Price Target Raised to $23 from $22) HIGHER LME AL INGOT PRICE ESTIMATES RAISE EARNINGS TO 2017, WHILE HIGHER ESTIMATED ALUMINA OPERATING COSTS IN 2018-19 TRIM “TWIN BOOMS” | |
| 9/15/2014 | TECK | TECK (TCK $21.35, rated NEUTRAL; price target $22) HIGHLIGHTS OF SEPT. 9TH OIL SANDS AND COAL PRESENTATIONS; MODELS UPDATED FOR PRICES | |
| 9/15/2014 | SILVER WHEATON | SILVER WHEATON ($23.02, rated Neutral, with $26 from $29 price target) HEALTHY DESPITE LOWER PRICES AND PROJECT DELAYS | |
| 9/12/2014 | BHP BILLITON NEW CO. | BHP BILLITON (BHP $65.18; rated Neutral, price target $68) ANALYSIS OF PROPOSED “NEWCO” SPINOFF INCLUDING ESTIMATED OPERATING EARNINGS AND POTENTIAL VALUATION | |
| 9/8/2014 | CENTURY ALUMINUM | CENTURY ALUMINUM (CENX $28.66, rating raised to Overweight and price target to $37 from $16/share) RAISED TO OVERWEIGHT DUE TO DROP IN POWER COSTS AND BULLISH OUTLOOK FOR ALUMINUM | |
| 9/8/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - DEMAND POOR IN 2014 AND STRONG U.S. DOLLAR WITH LOW REPORTED INFLATION DISCOURAGES INVESTMENT DEMAND | |
| 9/8/2014 | IMPAIRMENTS | BASIC INDUSTRIES - - IMPAIRMENT CHARGES FALL IN 2014 AS EXPECTED | |
| 9/8/2014 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD (KGLIF U.S. $4.85, rated Overweight, price target raised to US $17 from US $12.50 price target) HIGHER GRADES AND INCORPORATION OF 500 TON/DAY SHALLOW RAMP AT 0.30 OZ/TON IN FY 2017 CREATES VALUE | |
| 9/5/2014 | SPOTMARKERS | SPOT MARKETS - - GLOBAL GROWTH RATES SLOW AS EU STEEL OUTPUT FELL IN JULY AND CU, NI AND ZN DEMAND HAVE SUMMER DOLDRUMS | |
| 9/5/2014 | LOUISIANA PACIFIC | LOUISIANA PACIFIC (LPX: $14.29 rated neutral with $18 price target maintained) GRADUAL RATHER THAN RAPID RECOVERY IN OSB PRICING ESTIMATED; SIDING CONVERSION AND 3RD CHILEAN MILL PROJECTS UNDER STUDY | |
| 9/5/2014 | LOUISIANA PACIFIC | LOUISIANA PACIFIC (LPX: $14.29 rated neutral with $18 price target maintained) GRADUAL RATHER THAN RAPID RECOVERY IN OSB PRICING ESTIMATED; SIDING CONVERSION AND 3RD CHILEAN MILL PROJECTS UNDER STUDY | |
| 9/3/2014 | STEEL INDUSTRY | STEEL INDUSTRY - - GALLATIN STEEL THIN SLAB MINIMILL FOR SALE | |
| 8/29/2014 | OSB INDUSTRY | FOREST PRODUCTS - - NORTH AMERICAN OSB PRICES EXPECTED TO RECOVER GRADUALLY THROUGH 2021 AS HOUSING STARTS INCREASE | |
| 8/29/2014 | ALUMINUM INDUSTRY | ALUMINUM INDUSTRY - - SPECIFICS OF WORLD BAUXITE OUTPUT WITH INDONESIA IDLE INDICATE PENDING SHORTAGES | |
| 8/27/2014 | NORBORD | NORBORD (NBRXF US $21.22 rated Overweight with US $32 down from $42 price target) LOWER OSB PRICE ESTIMATES LOWER EARNINGS AND NPV; OSB PRICE EXPECTATION EMBEDDED IN STOCK PRICE ESTIMATED AT $221/000 SQ FT FOR 2015-2022 | |
| 8/27/2014 | HUDBAY MINERALS | HUDBAY MINERALS (HBM US $10.24; Rating Neutral; Price Target RAISED from $6/share to $9/share) ROSEMONT PROJECT INCORPORATED INTO MODELS, RESULTING IN HIGHER FUTURE EARNINGS AND CASH FLOW ESTIMATES | |
| 8/27/2014 | RATINGS CHANGES FOLLOW ON 082214 FROM 012314 | NORBORD (NBRXF US $21.22 rated Overweight with US $32 down from $42 price target) LOWER OSB PRICE ESTIMATES LOWER EARNINGS AND NPV; OSB PRICE EXPECTATION EMBEDDED IN STOCK PRICE ESTIMATED AT $221/000 SQ FT FOR 2015-2022 | |
| 8/22/2014 | DULUTH METALS | DULUTH METALS (DULMF US $0.296, rated Overweight,$2 to$5 price target with no models) PRELIMINARY FEASIBILITY STUDY NOT ACCEPTABLE OWING TO ORE GRADE MEASUREMENT, RECOVERY RATES OTHER THAN COPPER TOO LOW, SCALE OF OPERATION AND EXCESS CAP EX | |
| 8/13/2014 | BARRICK GOLD | BARRICK GOLD (ABX $19.18 rated Underweight with $14 up from $12 price target) LOWER EXPLORATION, LOWER S,G,+A, AND LOWER CASH OPERATING COSTS DRIVE HIGHER NPV AND POST 2015 EARNINGS ESTIMATES | |
| 8/10/2014 | VALE | VALE (VALE $13.83, Rating OVERWEIGHT, Price Target cut to $15 from $22) CONVERSIONS TO PELLETS TO UPGRADE QUALITY AND PRICING; SEVERE CUTS DUE TO LOSSES IN FERTILIZER & COAL, LESS COPPER GROWTH, LESS NICKEL OUTPUT AND IRON ORE COMPETITION | |
| 8/9/2014 | NEWMONT MINING | NEWMONT MINING (NEM $26.39 rated Neutral with $23 up from $22 price target maintained) CONTINUES TO CUT COSTS; MERIAN CAP EX AND INDONESIAN ARBITRATION OFFER “LITTLE JOY” | |
| 8/9/2014 | FORTESCUE METALS | FORTESCUE METALS (FSUMF US $4.16 bid; rating OVERWEIGHT; price target lowered from $7.50 to $6) LOWER REALIZED IRON ORE PRICE ESTIMATES LOWER CURRENT AND FUTURE EARNINGS ESTIMATES | |
| 8/4/2014 | COPPER INDUSTRY | COPPER INDUSTRY - - MAY YTD APPARENT DEMAND GROWTH AT 9.3% IN EUROPE, 22.5% IN CHINA AND 3.3% FOR REMAINDER OF WORLD OUTSTRIPS SUPPLY; DEGREE OF SEASONAL DROP IN SECOND-HALF IMPORTANT | |
| 8/4/2014 | AGNICO EAGLE MINES | AGNICO EAGLE MINES (AEM $37.39, rated Neutral, $37 price target) GUIDANCE STEP-UPS DID NOT MEET EXPECTATONS | |
| 8/3/2014 | FREEPORT-McMoRAN | FREEPORT-McMoRAN (FCX $36.78, rated Overweight, price target $72) 2014 THROUGH 2017 COPPER PRICE ESTIMATES RAISED; HIGHER ROYALTIES, DUTIES AND INDONESIAN OWNERSHIP LITTLE IMPACT ON MODELS | |
| 7/30/2014 | SPOTMARKETS | SPOT MARKETS - - CHINESE JUNE STEEL, ALUMINUM AND ALUMINA OUTPUTS SURGE DESPITE TIGHTER ENVIRONMENAL RULES | |
| 7/29/2014 | PLUM CREEK TIMBER | PLUM CREEK TIMBER (PCL $42.65 rated Overweight with $47 price target maintained) HIGHER LAND BASIS FOR REAL ESTATE SALES MOSTLY OFFSET BY HIGHER SOUTHERN HARVEST VOLUMES | |
| 7/29/2014 | ALUMINA LTD. | ALUMINA LTD. (AWC $5.97, RATING OVERWEIGHT; PRICE TARGET RAISED TO $10.00 from $6.00); SIMULATION OF TWIN BOOM 2018-19 $2/LB LME YEARS BOOSTS TARGET | |
| 7/28/2014 | ABX CHILE WATER DISPUTE | BARRICK GOLD (ABX $18.51 Underweight rating, $12 price target) WATER QUALITY VIOLATIONS AND OBJECTIONS TO PASCUA-LAMA PERMITS FROM CHILEAN PERSPECTIVE | |
| 7/25/2014 | PACKAGING CORPORATION OF AMERICA | PACKAGING CORPORATION OF AMERICA (PKG $67.77 rated Neutral with $81 up from $64 price target) LOWER OPERATING COST ESTIMATES BASED ON SYNERGIES AND THE START UP OF THE DERIDDER MILL IN Q4 2014; HIGHER PACKAGING SEGMENT REALIZATION ESTIMATES BASED ON Q2 2014 RESULTS AND ASSUMED FLAT PACKAGING PRICING THROUGH 2017. | |
| 7/24/2014 | BHP BILLITON | BHP BILLITON (BHP $73.57, RATING REDUCED FROM OVERWEIGHT TO NEUTRAL, price target cut from $83 to $68) LOWER LONG TERM IRON ORE PRICE ESTIMATES DUE TO GREATER ESTIMATED DISCOUNTS TO BENCHMARK RESULT IN LOWER ESTIMATED EARNINGS AND CASH FLOW | |
| 7/23/2014 | RATINGS CHANGES | METALS AND FOREST PRODUCTS - - “THINNING” OUR OVERWEIGHT RATINGS TO FOCUS ON HIGHER POTENTIAL COMPANIES | |
| 7/23/2014 | ABX STRATEHGY OVERVIEW | BARRICK GOLD (ABX $18.84, rated Underweight from Neutral with $12 down from $16 price target) MAJOR POLICY DECISION ITINERARY TO 2016 WHOMEVER RUNS THE COMPANY | |
| 7/23/2014 | ABX FINANCIALS | BARRICK GOLD (ABX $18.84 rated Underweight from Neutral with $12 down from $16 price target) NPV/SHARE DECLINES DUE TO THE REMOVAL OF PASCUA LAMA, LOWER 2014 AND 2015 ESTIMATD GOLD PRICES, HIGHER CASH OPERATING COSTS AT KEY MINES, AND RECOVERY LOSSES | |
| 7/22/2014 | RIO TINTO | RIO TINTO (RIO $57.40, RATING LOWERED TO UNDERWEIGHT FROM NEUTRAL, price target lowered to $48 from $55/share) ESTIMATED REALIZED IRON ORE PRICES LOWERED FOR 2014 ONWARD; HIGHER AL PREMIUMS AND SIMULATION OF “TWIN BOOM YEARS” IN 2018 AND 2019 INTRODUCED | |
| 7/21/2014 | IRON ORE | IRON ORE - - DISCOUNTS TO “62% BENCHMARK” RISE IN ABSOLUTE TERMS AS THE BENCHMARK PRICE FALLS; OUTPUT CUTS ERASE SURPLUS AND SUPPLY SHORTFALLS CONCEIVABLE | |
| 7/18/2014 | CENTURY ALUMINUM | CENTURY ALUMINUM (CENX $17.87, rating Neutral; price target raised to $16/share from $13/share) HIGHER PREMIUMS AND OUR SIMULATION OF TWIN BOOM YEARS IN 2018 AND 2019 BOOSTS TARGET WHILE HIGHER ESTIMATED COSTS AND INCREASED DISCOUNT RATES IN DCF MODEL PARTLY OFFSET | |
| 7/16/2014 | GOLD | GOLD - - EXTREME DIVERGENT SEGMENTS OF MARKET | |
| 7/15/2014 | VALE | VALE (VALE $13.92, Rating OVERWEIGHT, Price Target raised to $22 from 18) BIGGER QUALITY PREMIUMS AND COST CUTS ADD $4 TO PRICE TARGET | |
| 7/14/2014 | ROCKTENN | ROCKTENN (RKT $101.10 rated Neutral with $91 down from $92 price target) EARNINGS ESTIMATES AND PRICE TARGET CUT DUE TO ASSUMED FLAT CONTAINERBOARD/CORRUGATED BOX PRICING THROUGH 2017 AS CAPACITY COMES ONLINE | |
| 7/14/2014 | THOMPSON CREEK METALS | THOMPSON CREEK METALS (TC $2.86 rating remains Neutral; price target remains $2.50/share) FINANCIAL MODELS UPDATED FOR BETTER THAN EXPECTED MOLY AND COPPER PRICES IN 2014, WHERE GOLD REBOUNDS LESS THAN ESTIMATED, AND REFINANCINGS, OUTPUT AND COST DEVELOPMENTS | |
| 7/10/2014 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD (KGILF $3.61, rated Overweight $12.50 price target) FOCUS ON SETTLING 2017 CONVERTIBLE MATURITIES AND NEW “NEAR SURFACE” RAMP AND “5,600 FOOT LEVEL” OF SOUTH MINE NEAR 0.7 OZ/ton | |
| 7/9/2014 | ALCOA | ALCOA (AA $15.67, rating Overweight, Price Target Raised to $22 from $18) HIGHER PREMIUMS AND OUR SIMULATION OF TWIN BOOM YEARS BOOSTS TARGET | |
| 7/8/2014 | GENERAL MOLY INC. | GENERAL MOLY INC. (GMO $1.09, Rating RAISED to NEUTRAL on June 4th, Price Target RAISED to $1.25 from $1); RECENT GAINS IN MOLY PRICES HELP FINANCING; LIBERTY PREFEASIBILITY ENCOURAGING; MT. HOPE AND LIBERTY TIMING DELAYED TO 2018 & 2019, RESPECTIVELY | |
| 7/8/2014 | CHINA DEMAND-SUPPLY | CHINA SLOWDOWN SCENARIOS - - WINNERS AND LOSERS | CHINA SLOWDOWN SCENARIOS - - WINNERS AND LOSERS |
| 7/7/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - UNCOMMON “ANXIETY RALLY” AS IRAQ AND SYRIAN CRISES CONTINUE AND HISTORIC THIRD “BATTLE OF KARBALA” LOOMS | |
| 7/3/2014 | ALCOA W-FIRTH-RIXSON | ALCOA (AA $14.98, rating Overweight, Price Target $18) WE WILL BUILD ABOUT 100 MM NEW SHARES, FIRTH-RIXSON, YTD $0.19 PREMIUMS, UPDATED ALUMINUM SUPPLY-DEMAND AND 2Q RESULTS AFTER JULY 8TH CALL | |
| 7/3/2014 | SPOTMARKETS | SPOT MARKETS - - INVENTORIES FALL AS CHINESE NONFERROUS OUTPUTS FALL; DROPS IN IRON ORE AND COAL PENALIZE STEEL PRICES | |
| 7/3/2014 | DULUTH METALS RESTORED | DULUTH METALS (DULMF US $0.55, Upgraded to Overweight from Neutral; $2 to $5 price target range instituted from prior suspended price target) TOTAL DIVORCE FROM ANTOFAGASTA PLC A POSITIVE, AND TRIGGERS LIKELY SIX MONTH DEADLINE TO SELL 100% OF PROJECT | |
| 7/2/2014 | PRETIUM RESOURCES | PRETIUM RESOURCES (PVG $8.32, rated Neutral) FOUR SIMULATED GRADE & TONNAGE SCENARIOS GIVE WIDE RANGE OF NPVs FROM $4,661 TO $485 MM | |
| 7/2/2014 | ANTOFAGASTA PLC | ANTOFAGASTA PLC (ANFGF $12.97, RATING OVERWEIGHT since June 4th, Price Target RAISED to $17 from $13/ADS share) HIGHER COPPER PRICE ESTIMATES GENERATE HIGHER EPS AND CASH FLOW ESTIMATES | |
| 6/30/2014 | CONTAINERBOARD INDUSTRY | CONTAINERBOARD INDUSTRY -- SECOND HALF 2014 PRICE DISCOUNTS LIKELY LARGER THAN OCC PRICE DECLINES; FLAT DEMAND AND SIGNIFICANT NEW RECYCLED CAPACITY COMING ONLINE. | |
| 6/27/2014 | NON FERROUS | CHINA 3% DECLINE IN YTD NONFERROUS OUTPUT AS GLOBAL DEMAND GROWTH DRIVES > 50,000 T WEEKLY EXCHANGE INVENTORY FALL | |
| 6/26/2014 | GLENCOREXSTRATA PLC | GLENCOREXSTRATA PLC (GLCNF, $5.53; RATED OVERWEIGHT; PRICE TARGET RAISED TO USD $9/SHARE FROM USD $7/SHARE) HIGHER COPPER, ZINC, AND NICKEL PRICES INCREASE EARNINGS ESTIMATES; MARKETING MARGINS OF METALS SEGMENT INCREASED BY 25 BASIS POINTS | |
| 6/23/2014 | SILVER WHEATON | SILVER WHEATON (SLW: $25.56; rated Overweight up from Neutral with $29.50 up from $23 price target) TWO NEW PRECIOUS METALS STREAMS BUILT INTO THE MODEL; PREMIUM TO NPV INCREASED TO 50% FROM 25% | |
| 6/20/2014 | GLOBAL IRON ORE | IRON ORE SUPPLY AND DEMAND -- CHINESE CUTS HOLD PRICES AT $90/t | |
| 6/20/2014 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $42.45, rated Overweight, price target $54 up from $44) STAINLESS STEEL BASE PRICE HIKES TO STICK AS 25% FALL IN YTD WORLD NICKEL MINE OUTPUT CONSTRA | |
| 6/19/2014 | GOLDCORP | GOLDCORP (GG $26.10; rated Overweight; $36 up from $32 price target) CAMINO ROJO SULPHIDE PROJECT AND HIGHER PENASQUITO RECOVERY RATES RAISE NPV/SHARE; LOWER 2014 AND 2015 GOLD PRICE ESTIMATES. | |
| 6/16/2014 | FREEPORT-McMoRAN COPPER AND GOLD | FREEPORT-McMoRAN COPPER AND GOLD (FCX $33.91, rated Overweight, price target $72) HIGHLIGHTS FROM VISIT TO 55%-OWNED SERBIAN COPPER-GOLD PROJECT | |
| 6/13/2014 | MEADWESTVACO | MEADWESTVACO ($43.26 rated Neutral from Underweight with $36 up from $31 price target) LOWER CAPEX AND HIGHER 2015 ONWARDS EARNINGS ESTIMATES PROMPT UPGRADE | |
| 6/13/2014 | CHINA IMPAIRMENTS | METALS INDUSTRY - - FIRST BLUSH ESTIMATE OF POTENTIAL PRETAX IMPAIRMENT CHARGES IN CHINA | |
| 6/4/2014 | NONFERROUS METALS NEW CHOKE POINTS | ALUMINUM, NICKEL, LEAD, ZINC AND COPPER - - TIGHT NEW “CHOKE POINTS” USHER BULL MARKET WITH INDONESIAN BAN JANUARY 12TH AND POST-NOVEMBER 10TH CHINESE AIR POLLUTION ENFORCEMENT | |
| 6/4/2014 | LUNDIN MINING | LUNDIN MINING (LUNMF U.S. $5.36, rated Overweight, price target $7) COVERAGE INITIATED AT OVERWEIGHT RATING BASED ON EXPOSURES TO Cu, Ni, Pb and Zn POTENTIAL PRICE RECOVERIES AND EAGLE MINE GRADES | |
| 6/3/2014 | WEYERHAEUSER | WEYERHAEUSER (WY $31.09, rated Overweight up from Neutral, $39 up from $35 price target) UPGRADED TO OVERWEIGHT BASED ON PREMIUM LOG PROFITS, POTENTIAL IMPROVED VALUATION AND FALLING INTEREST RATES | |
| 6/2/2014 | RIO TINTO | RIO TINTO (RIO $52.24, RATED NEUTRAL, price target lowered to $55 from $58/share) NONFERROUS METALS PRICES RAISED; SIMANDOU PROJECT ENLARGED, PUSHED BACK AND CAP EX COSTS LARGER | |
| 5/29/2014 | HUDBAY MINERALS | HUDBAY MINERALS (HBM US $9.13; Rating Underweight; Price Target RAISED from $3.50/ to $6/share) PRICE ESTIMATES RAISED FOR COPPER AND ZINC RAISING EPS, CASH FLOW, TARGETS; AUGUSTA RESOURCES’ ROSEMONT PROJECT (AZC; $2.80) EXCLUDED FROM MODELS CUTTING FUTURE CAP EX | |
| 5/29/2014 | AGNICO EAGLE MINES | AGNICO EAGLE MINES (AEM $29.74 rated Overweight with $37 down from $38 price target) INCLUSION OF PRODUCTION FROM CANADIAN MALARTIC, UPPER BEAVER, AND SATELLITE ZONES OF GOLDEX; PHOTO TOUR OF MAY 21, 2014 TRIP TO LARONDE, CANADIAN MALARTIC, AND GOLDEX. | |
| 5/29/2014 | SPOT MARKETS | SPOT MARKETS - - INVENTORIES FALL; LEAD, ZINC & NICKEL OUTPUTS FALL WHILE STAINLESS STEEL, IRON ORE AND MET COAL OUTPUTS RISE; PRICE ESTIMATES CUT FOR GOLD & SILVER AND Cu, Ni, Pb and Zn RAISED | |
| 5/22/2014 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $40.77, rated Overweight with price target $44) BOEING PLANS SLOW 787 VOLUME RISES AS COSTS STINK; VISIT TO EVERETT, WA ASSEMBLY PLANT AND BOEING MAY 21ST INVESTOR DAY | |
| 5/22/2014 | NUCOR | NUCOR (NUE $50.99, rated Neutral up from Underweight; price target raised to $43 from $28) INVESTMENT RATING RAISED TO NEUTRAL AND PRICE TARGET TO $43 FROM $28 AS GREATER FREE CASH FLOWS EVOLVING | |
| 5/21/2014 | PLUM CREEK TIMBER | PLUM CREEK TIMBER (PCL: $42.58, rated Overweight up from Neutral; price target $47 up from $45) EARNINGS ESTIMATES INCREASED 10% TO 15% AND UPGRADED TO OVERWEIGHT WITH HIGHER LOG PRICE ESTIMATES | |
| 5/16/2014 | LOUISIANA-PACIFIC | LOUISIANA-PACIFIC (LPX $14.25, rated Overweight with $18 down from $20 price target) DESPITE AINSWORTH DEAL CANCELLATION ON ANTITRUST BASIS, FAVORABLE 3.35% THIRTY YEAR BOND OFFERS OSB PRICE GAINS | |
| 5/16/2014 | NORBORD | NORBORD (NBRXF: US $26.14 rated Overweight from with US $42 up from $36 price target) LOWER 2014 AND 2015 EARNINGS ESTIMATES DUE TO LOWER OSB PRICES; NPV IMPROVES FROM LOWER OPERATING COST ESTIMATES BOTH IN NORTH AMERICAN AND EUROPEAN SEGMENTS. | |
| 5/15/2014 | BHP BILLITON | BHP BILLITON (BHP $71.61, rated Overweight, price target $83) INJECTS CAPITAL INTO IMPROVING PETROHAWK SUBSIDIARY; INCORPORATED $0.14 AL PREMIUM; WE PENALIZE VALUATION FOR ASSET SALE UNCERTAINTY | |
| 5/14/2014 | CENTURY ALUMINUM | CENTURY ALUMINUM (CENX $13.98, rating Neutral; price target raised to $13/share from $11/share) HELGUVIK AND RAVENSWOOD REMOVED FROM OUR MODELS; NEAR TERM LME ALUMINUM ESTIMATES LOWERED; MIDWEST PREMIUM ESTIMATES AND FUTURE ALUMINA COSTS RAISED | |
| 5/12/2014 | METALS INDUSTRIES | METALS INDUSTRIES - - RESTORING INVESTOR CONFIDENCE; ESTIMATE INDUSTRYWIDE IMPAIRMENTS FALL 80% FROM PEAK IN 2014 | |
| 5/12/2014 | FREEPORT-MCMORAN COPPER AND GOLD | FREEPORT-McMoRAN COPPER AND GOLD (FCX $33.91, rated Overweight, price target raised from $60 to $72) HIGHER ESTIMATED MID-TERM COPPER OUPTUT AND LONG TERM OIL AND GAS OUTPUT INCREASE CASH FLOW; HIGHER DEPRECIATION CUTS EARNINGS WHILE INCREASING NPV VIA LESS TAXES | |
| 5/12/2014 | COPPER INDUSTRY | COPPER INDUSTRY - - EUROPEAN GROWTH, SMELTER BOTTLENECK AND LOW PRICES DRAW EXCHANGE INVENTORIES TO 314,905 T ON MAY 9TH | |
| 5/9/2014 | INTERNATIONAL PAPER | INTERNATIONAL PAPER (IP $46.52 rated Neutral with $44 down from $52 price target) XPEPX SPIN OUT ON JUNE 30, 2014; MODELS UPDATED BASED ON Q1 2014 RESULTS | |
| 5/5/2014 | SPOT MARKETS | SPOT MARKETS - - NICKEL PRICE RISE, COPPER, LEAD AND ZINC FALLING INVENTORY AND “PROCESSORS” ATI, AA, CENX, AWC AMONG LEADERS | |
| 5/2/2014 | WEYERHAEUSER | FOREST PRODUCTS - - COMPARISON OF LARGE CAP TIMBERLANDS COMPANIES PLUM CREEK AND WEYERHAEUSER VALUATIONS “PER ACRE,” MARKET-BASED DISCOUNT RATE AND LOWER 4% DISCOUNT RATE | |
| 4/27/2014 | TAHOE RESOURCES | TAHOE RESOURCES ($22.48 rated Overweight with $29 price target) GRADE, TONS PER DAY AND PAYABLE SALES GOVERN 18-21 MM OZ GUIDANCE; WE CUT OUR 2014-16 DIVIDEND ESTIMATES DUE TO SILVER PRICES | |
| 4/27/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - - ESTIMATED TIMETABLE TO RESTART BARRICK’S PASCUA-LAMA MINE IN CHILE | |
| 4/27/2014 | ROYAL GOLD | ROYAL GOLD (RGLD: $66.05; rated Overweight; $75 up from $67 price target) ASSUMED 5% GOLD STREAM ON RESTAGED ABX PASCUA-LAMA BUILT INTO MODEL; HIGHER PREMIUM TO NPV/SHARE; ESTIMATES CUT. | |
| 4/27/2014 | BIG SIX NET DEBT | METALS - - COMPARISON OF ESTIMATED 2014, 2015 AND 2020 YEAR-END BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES (BHP Billiton, Vale, Rio Tinto, Anglo American, GlencoreXstrata PLC, and Teck) | |
| 4/25/2014 | FREEPORT-McMoRAN COPPER AND GOLD | FREEPORT-McMoRAN COPPER AND GOLD (FCX $33.85, rated Overweight, price target $59) EXCITING OIL AND GAS DEVELOPMENTS ADD VALUE | |
| 4/25/2014 | ANGLO AMERICAN | ANGLO AMERICAN (AAUKY $13.09, rated NEUTRAL and price target reduced to $10/share from $12/share) LOWER METALLURGICAL COAL PRICES DRIVE DOWN EARNINGS; HIGHER 2014 IRON ORE AND NICKEL PRICE ESTIMATES OFFSET IN THE NEAR TERM | |
| 4/23/2014 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $40.62, rated Overweight with price target $44) “ACCRETION OF TIME” AND SIX SIGNS OF AN UPTURN WITHOUT ANY BETTER-THAN-EXEPECTED FIRST-QUARTER RESULTS | |
| 4/21/2014 | GLENCOREXSTRATA PLC | GLENCOREXSTRATA PLC (GLCNF, $5.27; RATED NEUTRAL; PRICE TARGET REMAINS AT USD $7/SHARE) LOWER METALLURGICAL COAL AND 2014 COPPER PRICES HURT EARNINGS; INCORPORATION OF LAS BAMBAS SALE AND CARACAL ACQUISITION INTO OUR MODELS | |
| 4/21/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - LOW PRICES FORCE MERGERS AMONG LARGER FIRMS | |
| 4/21/2014 | AGNICO EAGLE MINES | AGNICO EAGLE MINES (AEM: $28.39, rated Overweight, price target cut to $38 from $44) MORE DETAILS AND IMPLICATIONS OF POSSIBLE OSISKO MERGER | |
| 4/16/2014 | AGNICO EAGLE MINES | AGNICO EAGLE MINES (AEM: $27.88 rated Overweight with $44 price target) ACQUISITION PROPOSAL POORLY UNDERSTOOD AND POORLY ACCEPTED, WHERE AEM MAY HAVE “PUT ITSELF IN PLAY” | |
| 4/15/2014 | RIO TINTO | RIO TINTO (RIO $55.42, RATED NEUTRAL, price target raised to $58 from $56/share) HIGHER MIDWEST PREMIUMS TO REALIZED ALUMINUM PRICES RAISE EARNINGS AND CASH FLOW ESTIMATES; LOWER NEAR TERM MET COAL AND ALUMINUM PRICE ESTIMATES PARTIALLY OFFSET EARNINGS | |
| 4/15/2014 | PLUM CREEK TIMBER | PLUM CREEK TIMBER (PCL: $41.09 rated Neutral with $45 up from $44 price target) ALMOST UPGRADED TO OVERWEIGHT WITH STOCK PRICE DECLINE | |
| 4/8/2014 | FRANCO NEVADA | FRANCO NEVADA (FNV $48.27 rated Neutral with $47 up from $41 price target) HIGHER PREMIUM TO NPV ASSIGNED DUE TO PORTFOLIO EXPLORATION UPSIDE; FOUR NEW ASSETS INCORPORATED INTO AND TASEKO “NEW PROSPERITY” REMOVED FROM PRODUCTION PROFILE. | |
| 4/8/2014 | ALCOA | ALCOA (AA $12.53, rating Overweight, Price Target Raised to $18 form $17) ALUMINA AND INGOT PRICES BETTER THAN EXPECTED AS MIDWEST PREMIUMS & UBC SCRAP QUOTES SIGNAL TIGHTNESS; ESTIMATES RAISED A BIT; CAP EX HELD LOW | |
| 4/7/2014 | ALUMINUM INDUSTRY | ALUMINUM INDUSTRY - - SECONDARY SMELTERS PAY LME PRICES FOR USED BEVERAGE CAN SCRAP LARGELY JUSTIFYING MIDWEST PREMIUM | |
| 4/3/2014 | U.S. STEEL | U.S. STEEL (X $28.09; Rating Neutral; Price target $18) UNUSUAL AND WEATHER RELATED BUSINESS INTERRUPTIONS | |
| 4/3/2014 | CONFERENCE HIGHLIGHTS | HIGHLIGHTS OF “NATURAL RESOURCES TRACK” AT OUR MARCH 31ST CONFERENCE | |
| 4/2/2014 | CONFERENCE HIGHLIGHTS | HIGHLIGHTS OF MARCH 31, 2014 METALS CONFERENCE PAST ADVISORY CLIENTS PLATINUM GROUP METALS AND TEXAS RARE EARTH RESOURCES | |
| 4/1/2014 | CONFERENCE HIGHTLISHTS | HIGHLIGHTS OF “GOLD TRACK” AT OUR MARCH 31ST CONFERENCE | |
| 4/1/2014 | CONFERENCE HIGHLIGHTS | Metals and Mining Conference Core Shack, March 31, 2014 | |
| 3/28/2014 | AGNICO EAGLE MINES | AGNICO EAGLE MINES (AEM: $31.29 rated Overweight with $44 up from $42 price target) LOWER CASH OPERATING COST ESTIMATES AND A HIGHER PREMIUM TO NPV SLIGHTLY OFFSET BY A HIGHER EFFECTIVE TAX RATE | |
| 3/28/2014 | SPOT MARKETS - | SPOT MARKETS - - LARGEST WEEKLY INVENTORY RISE IN NEARLY A YEAR | |
| 3/26/2014 | ALCOA | ALCOA (AA $11.92, rating raised to Overweight from Neutral, Price Target raised to $17 from $12) HIGHER ESTIMATED MIDWEST PREMIUMS OVERCOMPENSATE FOR LOWER ESTIMATED 2014 and 2015 LME ALUMINUM INGOT PRICES RESULTING IN INCREASED EARNINGS ESTIMATES; ESTIMATED CAPITAL EXPENDITURES REDUCED BY $1 BILLION ANNUALLY 2014-2017 | |
| 3/26/2014 | ALUMINUM INDUSTRY | ALUMINUM INDUSTRY - - 5.9 MMT OF EXCHANGE INVENTORIES LINGER WITH RECORD CHINESE OUTPUT AND HIGHER THAN EXPECTED ROW OUTPUT | |
| 3/24/2014 | VALE | VALE (VALE $13.04, Rating OVERWEIGHT, Price Target raised to $18 from $16) HIGHER FUTURE IRON ORE PRODUCTION AND 2014 NICKEL REBOUND INCREASES EARNINGS TO OFFSET WEAKER 2014 COPPER AND LONG TERM METALLURGICAL COAL PRICES | |
| 3/23/2014 | ANGLOGOLD ASHANTI | ANGLOGOLD ASHANTI (AU $17.99, rated neutral, price target $18 from $15) LOWER SUSTAINING CAPEX AND LOWER CASH OPERATING COSTS PARTIALLY OFFSET BY THE REMOVAL OF THE LA COLOSA PROJECT. | |
| 3/21/2014 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $36.20, rated Overweight with price target $44) FOUR SIGNS OF AN UPTURN OR BETTER-THAN-EXEPECTED RESULTS | |
| 3/18/2014 | GOLDCORP | GOLDCORP (GG $27.84 rated Overweight; $32 up from $27 price target) SHORTER MINE LIVES AT CERRO NEGRO, PUEBLO VIEJO, AND LOS FILOS PARTLY OFFSET BY GAINS ON GG’S 58 MM SHARES OF TAHOE RESOURCES AND ESTIMATED PREMIUM TO NPV INCREASED TO 50% FROM 25% | |
| 3/13/2014 | SPOT MARKETS | SPOT MARKETS - - WEATHER DISRUPTS MANY VOLUMES DISTORTING FIRST-QUARTER ECONOMIC AND METALS MARKET SPRING PEAK DATA | |
| 3/13/2014 | GLENCOREXSTRATA PLC | GLENCOREXSTRATA PLC (GLCNF, $5.10; RATED NEUTRAL; PRICE TARGET RAISED TO USD $7/SHARE from USD $5/SHARE) HIGHER COPPER AND ZINC PRODUCTION ESTIMATES GENERATE ADDITIONAL CASH FLOW; LAS BAMBAS REINCORPORATED INTO OUR MODELS ADDS TO PRICE TARGET | |
| 3/12/2014 | COPPER INDUSTRY | COPPER INDUSTRY - - PRICE ESTIMATES DECREASED FOR 2014 BY $0.50/LB | |
| 3/6/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - SECOND OPEN LETTER TO STRESS THE IMPORTANCE OF RETAINED EARNINGS TO YOUR STAFF IN “REBUILDING CREDIBILITY” | |
| 3/6/2014 | METALS TOR. CONF. | COPPER AND IRON ORE DEPOSITS EVIDENT AT TORONTO PROSPECTORS AND DEVELOPERS CONVENTION MARCH 2ND -5TH | |
| 3/2/2014 | BARRICK GOLD | BARRICK GOLD (ABX $20.38; rated Neutral, price target reduced to $16.50 from $18) STRATEGIES TO CUT DEBT AND PRESERVE EQUITY VALUES WITH FEWER MINES | |
| 3/2/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - RESOURCE ESTIMATION METHODS OF PRETIUM (PVG $6.21, rated Neutral, no price target) AND AGNICO-EAGLE MINES (AEM $32.12, rated Overweight, price target $42 from $43) SHOW IMPORTANT DIFFERENCES | |
| 2/28/2014 | TECK | TECK (TCK $22.35, raised to NEUTRAL from UNDERWEIGHT; price target raised to $22 from $16) ESTIMATED ASSET SALES AND CAPITAL EX CUTS INCREASE FREE CASH FLOW AND PREVENT A WEAKER BALANCE SHEET | |
| 2/27/2014 | GOLD MINE RESERVES | GOLD INDUSTRY - - RESERVES FALL 15% TO SUGGEST GLOBAL MINE RESERVE LIVES FALL BY TWO YEARS CLIPPING POST-2020 OUTPUT | |
| 2/26/2014 | PLATINUM GROUP METALS | PLATINUM GROUP METALS (PLG; US $1.14, not rated) NOTES FROM MEETING WITH SCHALK ENGLEBRECHT IN JOHANNESBURG ON JANUARY 30th | |
| 2/26/2014 | BHP BILLITON | BHP BILLITON (BHP $69.19, rating OVERWEIGHT, price target raised from $78 to $83) LOWER OPERATING COSTS IN IRON ORE, COAL, PETROLEUM, ALUMINUM, AND NICKEL DIVISIONS INCREASE EARNINGS AND CASH GENERATION WHILE STRENGTHENING THE BALANCE SHEET | |
| 2/25/2014 | CF INDUSTRIES | CF INDUSTRIES (CF $242.79; rated Neutral; price target $201) HIGHER VOLUMES AND FEWER SHARES BENEFIT 2013-2016, BUT HIGHER NAT GAS AND HIGHER NET DEBT SHAVE 2017-2020 ESTIMATES | |
| 2/14/2014 | NEWMONT MINING | NEWMONT MINING (NEM $23.855 rated Neutral down from Overweight with $22 down from $40 price target) LOWER GOLD OUTPUT, HIGHER CASH COST ESTIMATES, AND HIGHER NON-CONTROLLING INTEREST DIVIDEND PAYMENTS. FIVE POTENTIAL BUSINESS ALTERNATIVES STUDIED. | |
| 2/12/2014 | PRETIUM RESOURCES | PRETIUM RESOURCES (PVG US $6.55, rating Neutral and price target suspended) NEW TECHNICAL REPORT BY SNOWDEN AND SNOWDEN PRESENTATIONS | |
| 2/12/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - BULLION ETF HOLDINGS ENJOY NET ACCUMULATIONS AS OUTLOOK IMPROVES | |
| 2/10/2014 | IVANHOE MINES | IVANHOE MINES (IVPAF US$1.37, not rated) SITE VISITS TO HISTORIC KIPUSHI COPPER-ZINC AND NEW KAMOA COPPER PROJECTS IN DRC CONGO | |
| 2/6/2014 | IVANHOE MINES | IVANHOE MINES (IVPAF US$1.40, not rated) NOTES FROM SITE VISIT TO “PLATREEF” PROJECT IN LIMPOPO, SOUTH AFRICA | |
| 2/4/2014 | FORTESCUE METALS | FORTESCUE METALS (FSUMF US $4.59 bid; rating OVERWEIGHT; price target $7.50) EARNINGS ESTIMATES RAISED DUE TO HIGHER 2014 ACTUAL PRICES, HIGHER VOLUMES AND LOWER COSTS; $50/T CAP EX TARGET FOR NEXT 20 MMT EXPANSION TO 175 MMT | |
| 2/3/2014 | NORBORD | NORBORD (NBRXF: $28.02 rated Overweight from Neutral with $36 up from $32 price target) LOWER CAPEX AND LOWER NORTH AMERICAN OPERATING COSTS DRIVES HIGHER NPV; DIVIDEND YIELD OF 7.68% ANTICIPATES $250+ OSB | |
| 1/31/2014 | SPOT MARKETS | SPOT MARKETS - - REGULATIONS TO CUT SUPPLIES OF ALUMINUM, NICKEL, AND COPPER; WEAKER RESOURCE CURRENCIES LOWER COSTS AS NI, AU AND PT RISE AS ONLY IRON ORE PRICES FALL IN JANUARY | |
| 1/30/2014 | ALUMINA LTD. | ALUMINA LTD. (AWC $4.39, RATING OVERWEIGHT; PRICE TARGET $6.00); ALCOA SKEPTICAL OF INDONESIAN JANUARY 12TH EXPORT BAN, BELIEVES CHINA HAS HUGE BAUXITE INVENTORIES AND STUDIES OUTPUT CUTS | |
| 1/28/2014 | ALUMINA LTD. | ALUMINA LTD. (AWC $4.42, RATING OVERWEIGHT; PRICE TARGET RAISED FROM $5.00 to $6.00); HIGHER ALUMINA PRICES, FULLER VOLUMES AND A WEAKER AUSTRALIAN DOLLAR IMPROVE OUTLOOK DESPITE LOW LME ALUMINUM PRICES AND CONTINUED INGOT INVENTORIES | |
| 1/24/2014 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $33.29, rated Overweight with price target $44) PEAK EARNINGS POWER WANES WITH PRICE-COST PRESSURES | |
| 1/24/2014 | FORTESCUE METALS | FORTESCUE METALS (FSUMF US $4.49 bid; rating raised to OVERWEIGHT from NEUTRAL; price target raised to $7.50 from $5) HIGHER LONG TERM IRON ORE PRICES AND DECREASED COSTS INCREASE EARNINGS ESTIMATES | |
| 1/21/2014 | BIG SIX BALANCE SHEETS | METALS - - COMPARISON OF ESTIMATED 2014, 2015 AND 2020 YEAR-END BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES (BHP Billiton, Vale, Rio Tinto, Anglo American, GlencoreXstrata PLC, and Teck) | |
| 1/21/2014 | METALS CURRENCY SHIFT | NONFERROUS METALS - - METALS PRICES RISE IN PAST 2 WEEKS AS KEY RESOURCE CURRENCIES FALL, OFFERING “DOUBLE WINS” REGIONALLY WITH INCREASING ODDS OF FAVORABLE FIRST-QUARTER EPS SURPRISES | |
| 1/16/2014 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD (KGLIF $2.70, rated Overweight, price target $12.50) Special Independent Committee presentation 1-16-2014 to Pamela Klessig, Brian E. Bayley, Dawn Whittaker LLB | |
| 1/16/2014 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD (KGLIF $2.70, rated Overweight, price target $12.50) TEN YEAR PRODUCTIVITY ANALYSIS AND FUTURE GOLD PRICE BREAKEVEN | |
| 1/16/2014 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD (KGILF $2.70, rated Overweight $12.50 price target) COVERAGE INITIATED AT OVERWEIGHT INVESTMENT RATING BASED ON ESTIMATED GOLD OUTPUT GAINS AND CASH FLOWS | |
| 1/13/2014 | GLENCOREXSTRATA PLC | GLENCOREXSTRATA PLC (GLCNF, 5.24; RATED RAISED TO NEUTRAL FROM UNDERWEIGHT; PRICE TARGET USD $5) HIGHER COPPER PRICES AND INCREASED PRODUCTION ESTIMATES GENERATE ADDITIONAL CASH FLOW TO HELP BALANCE SHEET | |
| 1/13/2014 | GOLDCORP | GOLDCORP (GG $23.10, rated Overweight, price target lowered to $27 from $30) FAVORABLE COMMENTS CONCERNING OSISKO ACQUISITION. HIGHER TAX RATES AND SHORTER PENASQUITO MINE LIFE MORE THAN OFFSET POSITIVE IMPACT OF CANADIAN MALARTIC ACQUISITION. | |
| 1/11/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - RELATIVE FINANCIAL STRENGTH MEASURED AS GOLD PRICE BREAKEVEN FOR EACH MAJOR COMPANY’S NPV/SHARE= ZERO | |
| 1/9/2014 | COPPER INDUSTRY | COPPER INDUSTRY - - PRICE ESTIMATES INCREASED FOR 2014-2016 BASED ON HIGHER CONSUMPTION ABSORBING MUCH OF MINE OUPUT GAINS | |
| 1/8/2014 | GOLD INDUSTRY | GOLD INDUSTRY - - IMPACT OF HIGHER LONG TERM GOLD PRICES ON EARNINGS AND NPV/SHARE ESTIMATES FOR ROYALTY COMPANIES; PASCUA-LAMA DELAY TO 2019 HURTS NPV AND EPS FOR RGLD AND SLW | |
| 1/8/2014 | CHINA DEMOGRAPHICS 2ND LOOK | A CLOSER LOOK AT CHINA’S DEMOGRAPHICS, “ONE CHILD” POLICY 36% ENFORCED IN 1979-2013 AND OUTLOOK; WE APPLY HIGHER TERMINAL DISCOUNT RATES AFTER 2022 TO SHAVE RATINGS ON RIO, VALE & ABX | |
| 1/4/2014 | ANGLOGOLD ASHANTI | ANGLOGOLD ASHANTI (AU $12.15 rated Neutral from Overweight with $15 down from $23 price target) LOWER GOLD PRODUCTION, HIGHER COSTS, HIGHER DISCOUNT RATES FOR AFRICAN MINES, AND A LOWER PREMIUM TO NPV | |
| 1/3/2014 | EXTRA NORMAL CYCLES | “DEMAND DESTRUCTION” OR “MARKET DESTRUCTION” DUE TO HIGH PRICES PREVENTS KEEPS SOME COMMODITIES IN THE PENALTY BOX | |
| 1/3/2014 | POST-2020 OUTLOOK | POST-2020 BASE METALS OUTLOOK GLOOMY WITH 67 MM FEWER PERSONS IN CHINESE WORK FORCE BY 2030, DEBT LOADS AND WAGE TRENDS | |
| 12/24/2013 | WEYERHAUSER | WEYERHAUSER (WY: $31.28 rated Neutral with $35 up from $34 price target) LOWER YEAR END 2013 PENSION AND OTHER EMPLOYEE BENEFIT OBLIGATION MORE THAN OFFSETS LOWER OPERATING MARGIN ESTIMATES IN CELLULOSE FIBERS AND WOOD PRODUCTS | |
| 12/24/2013 | SPOTMARKETS | SPOT MARKETS - - CHINESE STEEL & COPPER SLOW FROM SEPTEMBER; WBMS REVISES CHINA MINE OUTPUT UP FOR Cu, Pb, Zn, Au and Ag | |
| 12/20/2013 | DOMTAR | DOMTAR (UFS $91.84 rated Neutral with $105 up from $74 price target) HIGHER EBITDA ESTIMATES IN PERSONAL CARE SEGMENT, LOWER ESTIMATED YEAR END 2013 PENSION AND MEDICAL LIABILITIES, HIGHER LONG RUN OPERATING MARGINS IN PULP AND PAPER SEGMENT. | |
| 12/20/2013 | TECK | TECK (TCK $24.44, lowered to Underweight; price target lowered to $18 from $25) LOWER OIL AND COAL PRICES HURT FUTURE EARNINGS POTENTIAL; HIGHER THAN PREVIOUSLY EXPECTED NEAR TERM COPPER PRICES AND COAL PRODUCTION ESTIMATES OFFSET SHORT TERM EARNINGS | |
| 12/20/2013 | COPPER INDUSTRY WORLD S-D | COPPER INDUSTRY - - 4 COPPER-RELATED STOCKS RATED OVERWEIGHT AND TWO COPPER PRICE ESTIMATE HIKES DUE TO STRONGER DEMAND | |
| 12/20/2013 | COPPER INDUSTRY | COPPER INDUSTRY - - HEAP LEACH NEW OUTPUT IN DRC CONGO, MEXICO AND SMALL NATIONS OFFSETS FALL IN CHILE, MYANMAR AND PERU | |
| 12/15/2013 | INTERNATIONAL PAPER | INTERNATIONAL PAPER (IP $48.83, rating raised to Neutral from Underweight, price target cut to $52 from $55) LARGE ESTIMATED REDUCTION IN YEAR-END EMPLOYEE BENEFITS LIABILITY PARTLY OFFSETS LESSER PRICE GAINS IN CONTAINERBOARD | |
| 12/15/2013 | CONTAINERBOARD | CONTAINERBOARD 6% CAPACITY GAINS AND SLACK DEMAND GROWTH ERODE PRICES, BUT VARIOUS COMPANY-SPECIFIC GAINS EVOLVE; IP PRICE TARGET LOWERED, BUT INVESTMENT RATING UPGRADED. | |
| 12/9/2013 | GOLD INDUSTRY | GOLD INDUSTRY - - PRICES AVOID NEW LOWS IN “WORST OF ALL WORLDS” WITH MUCH NEW BAD NEWS | |
| 12/9/2013 | GOLDCORP | GOLDCORP ($21.07 rated Overweight with $32 down from $35 price target) EL MORRO MODELED ASSUMING A CHINESE SMELTER BUYS A 33.3% STAKE IN 2016 AT GG’S COST; HIGHER CAPEX & SLOWER OUTPUT AT CERRO NEGRO IN ARGENTINA | |
| 12/9/2013 | COPPER SMELTER NEW MINE ECONOMICS | COPPER INDUSTRY- - EXPLANATION OF TENDENCY OF SMELTING AND REFINERS TO PAY A PREMIUM TO BUY INTO A COPPER MINE | |
| 12/5/2013 | RIO TINTO | RIO TINTO (RIO $53.11, RATING OVERWEIGHT, price target raised to $56 from $55/share) HIGHER NEAR TERM IRON ORE OUTPUT AND LOWER FUTURE CAP EX PARTLY OFFSET BY LOWER LONG TERM IRON ORE OUTPUT | |
| 12/4/2013 | VALE | VALE (VALE $14.98, Neutral, PRICE TARGET RAISED TO $18 from $16/share) BRAZILIAN TAX SETTLEMENT REDUCES RISKS; POOR CLIMATE TO PARNTER OR IPO EITHER COAL OR FERTILIZER UNITS | |
| 12/3/2013 | TIMBER ROE | FOREST PRODUCTS - - COMPARISON OF THE ROEs OF THREE LARGE TIMBER COMPANIES FAVORS PLUM CREEK AND DISPARAGES FIBRIA | |
| 12/1/2013 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD (KGILF $2.69, not rated) PREVIEW OF POSSIBLE FIRST QUARTERLY CONFERENCE CALL AROUND DECEMBER 12TH; FOCUS MAY BE QUICK MEASURES TO RETURN TO 25 FROM 12 TONS PER STOPE PER DAY | |
| 12/1/2013 | PRETIUM RESOURCES | PRETIUM RESOURCES (PVG $5.43, rating Neutral and price target suspended from $14 previously) BULK SAMPLE TO RECOVER NEAR 5,000 OZ OR 25% ABOVE TARGET, BUT DEBATE OVER INTERPRETATION OF HIGH GRADE ASSAYS ONGOING | |
| 12/1/2013 | SPOT MARKETS - | SPOT MARKETS - - ROW OCTOBER STEEL OUTPUT UP 4.3% AND ROW SEPT. DEMAND UP 3.6% Cu, 6% Ni, 10% Pb and 12% Zn WITH COINCIDENT GROWTH | |
| 11/26/2013 | BARRICK GOLD | BARRICK GOLD (ABX $16.39 rated Overweight with $21 down from $23 price target) BARRICK’S GOLDRUSH PROJECT RETURNS CALCULATED UNDER VARIOUS SCENARIOS; IMPACTS OF STOCK OFFERING, GOLDRUSH LIKELY DELAYS, PASCUA LAMA AND OTHER MODELING CHANGES. | |
| 11/22/2013 | THOMPSON CREEK METALS | THOMPSON CREEK METALS (TC $2.77, rating raised to Neutral from Underweight; price target raised to $2.50/share from $1.50/share) THOMPSON CREEK MINE CLOSED AFTER 2014; LOWER SHORT TERM MOLYBDENUM AND GOLD PRICES HURT NEAR TERM EARNINGS WHILE HIGHER LONG TERM GOLD PRICES INCREASE LONG TERM EARNINGS ESTIMATES | |
| 11/19/2013 | PLUM CREEK TIMBER | PLUM CREEK TIMBER (PCL $43.56, Neutral, price target $44) BUYS TIMBERLANDS AT HIGH VALUES BASED ON HIGHER OUTPUT PER ACRE | |
| 11/19/2013 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD (KGILF $3.05, not rated) CHANGE IN MANAGEMENT AND $50 MM ROYALTY FINANCING | |
| 11/15/2013 | WEYERHAUSER | WEYERHAUSER (WY $29.86 rated Neutral with $34 down from $35 price target) MERGER WITH TRI POINTE A SLIGHTLY LESSER VALUATION THAN EXPECTED | |
| 11/12/2013 | RIO TINTO | RIO TINTO (RIO $52.41, RATING RAISED TO OVERWEIGHT from Underweight, price target raised to $55 from $23/share) HIGHER COPPER AND IRON ORE PRICES INCREASE EARNINGS ESTIMATES; ESTIMATED NET DEBT TO FALL RAPIDLY AFTER 2015 AS PRICES RISE AND CAP EX PROJECTS DONE | |
| 11/11/2013 | PACKAGING CORPORATION OF AMERICA | PACKAGING CORPORATION OF AMERICA (PKG $60.67 rated Neutral with $64 price target maintained) ACQUISITION OF BOISE BENEFITS-POST 2015 EARNINGS; HIGHER SUSTAINING AND PROJECT CAPEX HURT VALUATION. | |
| 11/11/2013 | ROCKTENN | ROCKTENN (RKT $95.51 rating raised to Neutral from Underweight; price target cut to $92 from $106) FAST DEBT AND PENSION PAYDOWNS OFFSET BY HIGHER CAP EX AND $25/TON HIGHER 2013 CONTAINERBOARD OPERATING COSTS | |
| 11/8/2013 | CF INDUSTRIES | CF INDUSTRIES (CF $219.36; rated Neutral; price target cut to $201 from $218) VOLUME, PRICE, EARNINGS, PRICE TARGET AND RATING ALL CUT; LOWER CORN PRICES HIT VOLUME AND PRICE AS EXPORTS OFFSET SOFT DEMAND | |
| 11/6/2013 | NEWMONT MINING | NEWMONT MINING (NEM $27.26 rated Overweight with $42 price target maintained) POTENTIAL SALE OF BARRICK’S 50% SHARE OF KALGOORLIE “SUPERPIT” MINE IN WESTERN AUSTRALIA ESTIMATED AT SEVERAL PRICE SCENARIOS | |
| 11/5/2013 | SPOT MARKETS | SPOT MARKETS - - DEMAND BOOMS IN SEPTEMBER-OCTOBER, BUT PRICES AND INVENTORIES STABLE | |
| 11/1/2013 | FREEPORT-McMoRAN COPPER AND GOLD | FREEPORT-McMoRAN COPPER AND GOLD (FCX $36.76, rated Overweight, price target raised from $56 to $59) OIL AND GAS OPERATIONS REVIEWED; CERRO VERDE REINCORPORATED INTO OUR MODELS; 2014-2016 CAPITAL EXPENDITURE ESTIMATES INCREASED; 2014 AND 2015 COPPER PRICE ESTIMATES INCREASED | |
| 11/1/2013 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $33.29, rated Overweight with price target $44) EARNINGS ESTIMATES CUT AS EACH SEGMENT WEAKENS | |
| 11/1/2013 | MEADWESTVACO | MEADWESTVACO ($35.12 rated Underweight with $31 up from $30 price target) MWV SELLS 501,000 ACRES OF TIMBERLANDS AND SETS UP TWO REAL ESTATE JOINT VENTURES WITH PLUM CREEK TIMBER | |
| 10/29/2013 | CF INDUSTRIES | CF INDUSTRIES (CF $216.22; rated Overweight ; price target cut to $218) PHOSPHATES SALE REDUCES NPV, APPLYING A 2% RETURN ON CASH BALANCES, WHERE NOW WE WONDER HOW THE EXTRA CASH IS SPENT | |
| 10/29/2013 | BARRICK GOLD | BARRICK GOLD (ABX $20.25, rated Overweight, price target $23) COPPER DIVISIONAL ASSET SALE OPPORTUNITIES ESTIMATED AT $4 BIL. AND 3 SELECTED GOLD ASSETS $2.5 BIL. BEFORE TAXES | |
| 10/25/2013 | FORTESCUE METALS | FORTESCUE METALS (FSUMF US $5.04; rating lowered to NEUTRAL from OVERWEIGHT; price target same at $5) PRICE APPRECIATION, LOWER REALIZED IRON ORE PRICE ESTIMATES AND A BIT HIGHER THAN EXPECTED OPERATING COSTS LOWER EARNINGS; “IRONN BRIDGE JV” | |
| 10/24/2013 | CONFERENCE HIGHLIGHTS CORE SHACK | John Tumazos Very Independent Research, LLC Metals and Mining Conference Core Shack, October 16, 2013 | |
| 10/24/2013 | CONFERENCE HIGHLIGHTS NATURAL RESOURCES | HIGHLIGHTS OF “NATURAL RESOURCES TRACK” AT OUR OCTOBER 16TH CONFERENCE | |
| 10/22/2013 | PRETIUM RESOURCES | PRETIUM RESOURCES (PVG $4.63 rating cut to Neutral and price target suspended from $14 previously) FIRST STAGE OF BULK SAMPLE RECOVERS ONLY 30% OF EXPECTED GOLD VALUES, SUGGESTING “AREA OF INFLUENCE” OF 0.5 METER HIGH GRADE VALUES NOT 10M X 35M X 35M | |
| 10/21/2013 | BIG SIX BALANCE SHEETS | METALS - - COMPARISON OF ESTIMATED 2014, 2015 AND 2020 YEAR-END BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES (BHP Billiton, Vale, Rio Tinto, Anglo American, GlencoreXstrata PLC, and Teck) | |
| 10/20/2013 | CF INDUSTRIES | CF INDUSTRIES (CF $215.16; rated Overweight ; price target cut to$250 from $310) DIVIDEND HIKE CAUSES SHARES PRICE TO RISE, BUT COMPETING NEW NITROGEN PROJECTS MAKE PROGRESS; PRICE TARGET CUT TO $233 | |
| 10/17/2013 | CONFERENCE HIGHLIGHTS GOLD TRACK | HIGHLIGHTS OF “GOLD TRACK” AT OUR OCTOBER 16TH CONFERENCE | |
| 10/14/2013 | VALE | VALE (VALE $15.51, Neutral, PRICE TARGET $16) VALE AND GLENCORE XSTRATA PLC NICKEL DIVISIONAL COOPERATION DISCUSSIONS | |
| 10/11/2013 | PRETIUM RESOURCES | PRETIUM RESOURCES (PVG $4.93; rated Overweight with $14 down from $16 price target) SIMULATION ERASING 9.4 OF PRIOR 30.4 MMT RESOURCES, ERASING 5.8 OF PRIOR 13.1 MM OZ GOLD AND USING SAME PRIOR $662 MM CAP EX | |
| 10/10/2013 | THOMPSON CREEK METALS | THOMPSON CREEK METALS (TC $3.24, rating remains at UNDERWEIGHT; price target remains $1.50/share) SITE VISIT TO MOUNT MILLIGAN | |
| 10/7/2013 | RELATIVE RETURNS | METALS INDUSTRY- -REVERSALS IN “HURDLE” RATES OF RETURN | |
| 10/6/2013 | PARAMOUNT GOLD AND SILVER | PARAMOUNT GOLD AND SILVER (PZG $1.28 RATED OVERWEIGHT; $1.75 PRICE TARGET) FINANCIAL MODELS BUILT ASSUMING PZG ABLE TO RAISE ONLY $30 MM FOR A $25 MM SAN FRANCISCO 5,000 mtpd HEAP LEACH IN 2016 TO RETAIN EARNINGS TO BUILD 500 mtpd DON ESE UNDERGROUND | |
| 10/2/2013 | GLENCOREXSTRATA PLC | GLENCOREXSTRATA PLC (GLCNF, $5.51; RATED UNDERWEIGHT; PRICE TARGET RAISED TO USD $4 from USD $2) SALE OF LAS BAMBAS MINE CUTS DEBT 1/10TH AND CAPITAL EX AND REDUCES VOLATILITY | |
| 9/30/2013 | TOREX GOLD | TOREX GOLD (TORXF $1.46, not rated) FIELD VISIT SEPTEMBER 26TH | |
| 9/30/2013 | METALS INDUSTRIES | METALS INDUSTRIES - - SIGNS OF IMPROVING DEMAND AND/OR FUNDAMENTAL TURNAROUNDS | |
| 9/30/2013 | SILVERCREST MINES | SILVERCREST MINES (SLVC $1.80, not rated) COMMENTS FROM VISIT TO THE SANTA ELENA MINE IN SONORA, MEXICO | |
| 9/27/2013 | WEYERHAUSER | WEYERHAUSER (WY $28.80 rated Neutral with $35 price target) NOTES FROM SEPTEMBER 24, 2013 TOUR OF WY’S LONGVIEW TIMBERLANDS, LONGVIEW EXPORT PORT, AND LONGVIEW SAW MILL IN WASHINGTON. | |
| 9/26/2013 | VALE | VALE (VALE $16.05, Neutral, PRICE TARGET CUT TO $16 from $21/share) VALE MODELS DEDUCT $10 BIL. CASH OUTLAY FOR TAX SETTLEMENT AND LATE-DECADE DEBT PAYDOWNS; VALE SEPT. 11-12 TRIP EMPHASIZES COPPER OPPORTUNITIES NEAR CARAJAS | |
| 9/25/2013 | GOLD INDUSTRY | GOLD INDUSTRY - - HIGHLIGHTS OF DENVER GOLD SHOW | |
| 9/23/2013 | SPOT MARKETS | SPOT MARKETS - - INVENTORIES OTHER THAN NICKEL INVENTORIES FALL LITTLE BY LITTLE | |
| 9/21/2013 | GOLD INDSUTRY | GOLD INDSUTRY - - AVERAGE SECOND-QUARTER 2013 PRETAX BREAKEVEN COST FOR 13 OF WORLD’S LARGEST GOLD COMPANIES ESTIMATED AT $1,165/OZ, UP $25/OZ FROM THE FIRST-QUARTER OF 2013. | |
| 9/17/2013 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $30.95, rated Overweight with price target $44) TUNGSTEN BUSINESS SOLD FOR 3.56 TIMES OUR ESTIMATED VALUATION | |
| 9/17/2013 | ALCOA | ALCOA (AA $8.16, rated Neutral, Price Target cut from $8 to $7) LOWER ESTIMATED 2014 THROUGH 2017 LME ALUMINUM INGOT PRICES LOWER EARNINGS ESTIMATES; NEW AUTO SHEET CAPACITY IN TENNESSEE | |
| 8/30/2013 | CENTURY ALUMINUM | CENTURY ALUMINUM (CENX $7.99, rating remains at Neutral; price target raised to $11/share from $10/share) LOWER POWER COSTS STRENGTHEN LONG TERM EARNINGS AND HELP OFFSET LOWER SHORT TERM ALUMINUM PRICES | |
| 8/28/2013 | SPOT MARKETS | SPOT MARKETS - - AS MANY DIVIDENDS RISE AS FALL; RALLIES OFF LOWS | |
| 8/28/2013 | TAHOE RESOURCES | TAHOE RESOURCES ($18.29 rated Overweight with $29 price target maintained) MINE STARTUP UNDERWAY WITH PUBLIC SUPPORT; EARNINGS ESTIMATES AND NPV LOWERED DUE TO LOWER ORE GRADES, HIGHER DEPRECIATION AND MORE ROYALTIES PARTLY OFFSET BY THROUGHPUT AND LOWER SUSTAINING CAPEX. | |
| 8/28/2013 | ALUMINA LTD. | ALUMINA LTD. (AWC $3.66, RATING UNDERWEIGHT; PRICE TARGET $3.00); LOWER ESTIMATED 2013 ALUMINA AND ALUMINUM OUTPUT OFFSET BY LOWER ESTIMATED 2013 OPERATING COSTS; 2014-2017 LME ALUMINUM INGOT PRICE ESTIMATES LOWERED | |
| 8/28/2013 | KIRKLAND LAKE GOLD | KIRKLAND LAKE GOLD (KGILF $4.403, not rated) FAVORABLE IMPLICATIONS OF EXPANSION PROGRAM; INCORPORATED INTO OUR RESEARCH COVERAGE WITHOUT AN INVESTMENT RATING | |
| 8/26/2013 | OSISKO | OSISKO (OSKFF $5.35; not rated) FAVORABLE COMMENTS FROM VISIT TO CANADIAN MALARCTIC MINE IN QUEBEC ON AUGUST 23RD | |
| 8/26/2013 | GOLD COSTS | GOLD INDUSTRY - - COST ESCALATIONS CONTINUE IN EASTERN CANADA | |
| 8/24/2013 | BRIGUS GOLD | BRIGUS GOLD (BRD $0.58, not rated) EXCELLENT OPPORTUNITIES FOR WHOMEVER CHOOSES TO FUND THEM | |
| 8/24/2013 | HECLA MINING | HECLA MINING (HL $3.84, not rated) VISIT TO QUEBEC FORMER “AURIZON MINES” DIVISION FOCUS ON “HEVA” RESOURCE UPDATE | |
| 8/18/2013 | CF INDUSTRIES | CF INDUSTRIES (CF $187.84; rated Overweight ; price target $310) REVIEW OF COMPETING NEW NITROGEN PROJECTS; NITROGEN EXPORTS TO MOVE VOLUMES IN ALL SEASONS; CORN PRICES AND FERTILIZER PRICES LOWER | |
| 8/16/2013 | FORTESCUE METALS | FORTESCUE METALS (FSUMF US $3.76; RAISED TO OVERWEIGHT FROM UNDERWEIGHT; price target raised from $4 to $5) HIGHER NEAR TERM IRON ORE PRICES GENERATE $5 BIL. XTRA CASH FLOW TO IMPROVE CREDIT | |
| 8/16/2013 | CONTAINERBOARD INDUSTRY | CONTAINERBOARD INDUSTRY - - SKEPTICAL THAT APRIL 1ST $50/T CONTAINERBOARD AND MAY 1ST 10% OR $100/T BOX PRICES LAST | |
| 8/8/2013 | BARRICK GOLD | BARRICK GOLD (ABX $16.99 rated Overweight with $20 down from $25 price target) UPDATED FINANCIAL MODELS AFTER AUGUST 1ST CHARGES, TWO-YEAR PASCUA DELAY AND OTHER UPDATES. HIGHER 2016 ONWARD GOLD PRICE ESTIMATES INCLUDED | |
| 8/8/2013 | ANGLO AMERICAN | ANGLO AMERICAN (AAUKY $11.26, rated NEUTRAL and price target cut to $11/share from $21/share) PRICE TARGET CUT DUE TO LOWER CU, NI AND MET COAL PRICES, LOWER IRON ORE OUTPUT AND LOWER PT EARNINGS AND INCLUSION OF “OTHER LIABILITIES” TO CUT ESTIMATED BREAK-UP VALUE | |
| 8/5/2013 | SPOTMARKETS | EXCEPT NICKEL, CHINESE AND OTHER CONSUMERS BEGIN TO RESTOCK | |
| 8/4/2013 | MOSAIC CORP. | MOSAIC CORP. (MOS $40.98, rated Underweight with $30 price target) PUTTING $3.7 BILLION IN CASH AND UNDERLEVERED BALANCE SHEET TO WORK | |
| 8/2/2013 | NUCOR | NUCOR (NUE $46.85, rated Underweight target cut to $28 from $30) LOWER LONG TERM STEEL PRICE ESTIMATES HURT FUTURE EARNINGS POTENTIAL | |
| 7/31/2013 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $26.09, rated Overweight with price target $44) MERCHANT OPPORTUNITIES TO SELL ROLLING TIME AFTER 2015 TO HOTROLL “ADVANCED HIGH STRENGTH CARBON STEELS” FOR AUTOS | |
| 7/31/2013 | NORBORD | NORBORD (NBRXF $32.18 rated Neutral with $32 down from $35 price target) HIGHER OPERATING COSTS DUE TO WAX AND RESIN COST PRESSURE HURT EBITDA MARGINS; HOUSING STARTS SLOW IN JUNE COMPARED WHERE HIGHER INTEREST RATES COULD DAMPEN HOUSING RECOVERY | |
| 7/27/2013 | IMPAIRMENTS | METALS - - WRITEDOWNS BREACHING $200 BILLION TOTAL SINCE 2008 | |
| 7/25/2013 | SPOTMARKETS | WAITING FOR PRODUCTION AND PERMANENT CAPACITY CUTS IN ALUMINUM, ALUMINA, STEEL, IRON ORE, COPPER AND NICKEL | |
| 7/24/2013 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $26.09, rated Overweight with price target $44) SHORTFALLS IN TITANIUM AND HIGH NICKEL ALLOYS PARTLY OFFSET BY LOWER INTEREST EXPENSE, PROFIT-SHARING AND OTHER EXPENSES AND LOSS AVOIDANCES IN FLAT-ROLLED AND ENGINEERED PRODUCTS | |
| 7/23/2013 | GOLD INDUSTRY - | GOLD INDUSTRY - - JULIAN ROBERTSON’S COMMENTS ON QE3 | |
| 7/23/2013 | FOREST PRODUCTS | FOREST PRODUCTS - - DOWNGRADE OF INVESTMENT RATINGS DUE TO STRONGER DOLLAR, HIGHER INTEREST RATES AND DEMAND WORRIES | |
| 7/19/2013 | ANTOFAGASTA PLC | ANTOFAGASTA PLC (ANFGF $12.05, RATING RAISED TO NEUTRAL, Price Target RAISED to $11/share from $9/US ADS share) ACQUISITION OF 40% OF HYDROELECTRIC POWER PLANT LOWERS FUTURE COSTS; INCREMENTAL EXPANSION, HIGHER PRODUCTION AT EL TESORO, ESPERANZA, and LOS PELAMBRES RAISE EARNINGS ESTIMATES | |
| 7/19/2013 | NONFERROUS WAREHOUSES | METALS INDUSTRY - - PRESSURES TO UNWIND WAREHOUSING PRACTICES TO MOBILIZE OR “FREE UP” | |
| 7/19/2013 | GOLD | GOLD - - LENGTH OF BEAR MARKET, DECLINING VELOCITY OF MONEY, SPECIFIC MODEL CHANGES, PRICE OUTLOOK AND COMPANY ISSUES | |
| 7/18/2013 | BARRICK GOLD | BARRICK GOLD (ABX $15.89 rated Overweight with $25 price target) “QUALITY BARRICK” TO EMERGE A STREAMLINED COMPANY AFTER EXIT FROM BARRICK ENERGY, TANZANIA, AUSTRALIA AND LUMWANA | |
| 7/17/2013 | NEWMONT MINING | NEWMONT MINING (NEM $28.03 rated Overweight with $42 price target maintained) POTENTIAL SALE OF BARRICK’S 50% SHARE OF KALGOORLIE “SUPERPIT” MINE IN WESTERN AUSTRALIA ESTIMATED AT $889 MM | |
| 7/14/2013 | ANGLOGOLD ASHANTI | ANGLOGOLD ASHANTI (AU $12.75 rated Overweight with $23 up from $18 price target) HIGHER GOLD PRICES DRIVE HIGHER NPV/SHARE. ANGLOGOLD ASHANTI’S CASH BALANCE TURNS NEGATIVE AT YEAR END 2014 AT $1,200/OZ GOLD | |
| 7/14/2013 | ALUMINA LTD. | ALUMINA LTD. (AWC $3.89, RATING UNDERWEIGHT; PRICE TARGET $3.00); LOWER ESTIMATED ALUMINA PRODUCTION AND 2013 LME ALUMINUM INGOT PRICE ESTIMATES LOWER EARNINGS ESTIMATES | |
| 7/12/2013 | ALCOA | ALCOA (AA $8.10, rated Neutral, Price Target cut from $10 to $8) WE CUT OUR MIDWEST PREMIUM ESTIMATES, PRICE TARGET AND EARNINGS ESTIMATES; “STRESS TEST” $0.75/LB LME DEDUCTS $1 BIL. PER YEAR | |
| 7/9/2013 | NEWMONT MINING | NEWMONT MINING (NEM $27.07 rated Overweight with $42 up from $30 price target) WRITE-DOWNS OF CONGA, OTHER AUSTRALIA/NEW ZEALAND AND ORE STOCKPILES ANTICIPATED IN 2013. HIGHER 2016 ONWARDS GOLD PRICE ESTIMATES INCREASE NEM NPV/SHARE SIGNIFICANTLY. | |
| 7/2/2013 | STEEL INDUSTRY | STEEL INDUSTRY - - SLOW GROWTH, 80% GLOBAL CAPACITY UTILIZATION AND TOUGH COMPETITON | |
| 7/2/2013 | U.S. STEEL | U.S. STEEL (X $18.04; Rating Neutral; Price target cut to $18 from $44) PRICE/COST DEFLATION, SLOW GROWTH AND EXCESS CAPACITY | |
| 7/1/2013 | FREEPORT-McMoRAN COPPER AND GOLD | FREEPORT-McMoRAN COPPER AND GOLD (FCX $28.27, rated Overweight, price target raised from $53 to $56) EXPECTATIONS IMPLICIT IN SHARE PRICE | |
| 7/1/2013 | AGNICO-EAGLE MINES | AGNICO-EAGLE MINES (AEM $28.61 rated Overweight; $43 up from $38 price target) HIGHER 2016 AND BEYOND GOLD PRICES BENEFIT TO AEM’S VALUATION; ASSUME MELIADINE PROJECT DELAYED; STRESS TEST AEM CAN LIVE WITHIN FREE CASH FLOW AT $1,200/OZ BUT NOT $1,000/OZ GOLD. | |
| 7/1/2013 | FREEPORT-McMoRAN COPPER AND GOLD | FREEPORT-McMoRAN COPPER AND GOLD (FCX $27.61, rated Overweight, price target raised from $53 to $56) ASSET SALES AND CAPITAL EXPENDITURE REDUCTIONS SHOULD FUEL REDUCTION IN $17.5 BILLION NET DEBT; IMPRESSIONS FROM NYC INVESTOR DAY ON JUNE 24, 2013 | |
| 6/28/2013 | DULUTH METALS | DULUTH METALS (DULMF U.S. $1.30, rated Neutral and price target “suspended”) BOND OFFERING AND FEASIBILITY STUDY OUTLOOK ISSUES | |
| 6/27/2013 | GOLDCORP | GOLDCORP (GG $22.35, rated Overweight, price target maintained at $36) UPDATED DETAILED SIMULATIONS FOCUS ON POLICY OPTIONS AS METALS PRICES FALL; WE ESTIMATE HIGHER GOLD PRICES IN 2016 AND BEYOND | |
| 6/27/2013 | GOLD INDUSTRY GG ACQUIRER | GOLD INDUSTRY - - STUDY OF GOLDCORP (GG $22.35, rated Overweight, Target $36) AS A POTENTIAL ACQUIRER | |
| 6/25/2013 | GENERAL MOLY INC. | GENERAL MOLY INC. (GMO $1.84, Rating Maintained at UNDERWEIGHT, Price Target Lowered to $1 from $2); LOWER COPPER AND MOLYBDENUM PRICE ESTIMATES HURT FUTURE CASH FLOW ESTIMATES; ALTERNATIVE FINANCING INCORPORATED INTO MODELS | |
| 6/23/2013 | SPOTMARKETS | LOW PRICE LEVELS, HIGHER INTEREST RATES AND DEMAND UNCERTAINTY TO FORCE OUTPUT CUTS | |
| 6/21/2013 | CONTAINERBOARD MARKET | CONTAINERBOARD - - MARKET OVERVIEW AND KAPSTONE’S ACQUISITION OF LONGVIEW FIBER | |
| 6/20/2013 | WEYERHAUESER | WEYERHAUESER ($27.67 rated Overweight with $35 price target) WY HOMEBUILDING SEGMENT PUT ON SALE AS WY LOOKS TO MAXIMIZE SHAREHOLDER VALUE | |
| 6/18/2013 | CENTURY ALUMINUM | CENTURY ALUMINUM (CENX $10.06, rating raised to Neutral from Underweight; price target raised to $10/share from $4/share) SEBREE, KY SMELTER BUYOUT TERMS, HIGHER ESTIMATED MIDWEST PREMIUMS AND INCLUSION OF PURITY PREMIUMS FOR HAWESVILLE INCREASES EARNINGS ESTIMATES | |
| 6/16/2013 | SPOTMARKETS | ALL INDICATORS POINT TO SLOWDOWN AS EVEN WOOD, FARM AND FERTILIZERS SLOW, WHILE METALS EXCHANGE INVENTORIES FALL | |
| 6/13/2013 | PRETIUM RESOURCES | PRETIUM RESOURCES (PVG $8.17 rated Overweight with $16 down from $33 price) FEASIBILITY STUDY RESULTS SHOW HIGHER CAPEX, HIGHER OPEX, HIGHER TAXES, LOWER RECOVERY RATES, AND LOWER ORE GRADES | |
| 6/13/2013 | GLENCOREXSTRATA PLC | GLENCOREXSTRATA PLC (GLCNF, $4.78; RATED UNDERWEIGHT; PRICE TARGET REMAINS AT USD $2.00) LOWER EFFECTIVE TAX RATES ARE OFFSET BY A HIGHER DISCOUNT RATE ON CASH FLOWS; PRODUCTION MODELS REBUILT | |
| 6/12/2013 | POLYMET MINING | POLYMET MINING (PLM $0.87, rated Neutral) PRICE TARGET CUT FROM $3 TO $1.50 AS LOWER LONG TERM COPPER PRICE ESTIMATES AND DILUTION LOWER SHAREHOLDER VALUE | |
| 6/10/2013 | ROYAL GOLD | ROYAL GOLD (RGLD: $54.03 rated Overweight with $72 price target) FRANCO NEVADA (FNV: $41.30 rated Overweight with $44 price target) SILVER WHEATON (SLW: $23.58 rated Overweight with $29 price target) | |
| 6/10/2013 | RATINGS CHANGES | OVERVIEW - - “SIGNIFICANT SLOWDOWN,” RECESSION AND “HYPER-GOLD” | |
| 6/2/2013 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $27.57, rated Overweight with price target $44) BREAKUP VALUES VERSUS DCF VALUATIONS COMPARED; ESTIMATES CUT | |
| 5/31/2013 | FREEPORT-McMORAN COPPER AND GOLD | FREEPORT-McMORAN COPPER AND GOLD (FCX $31.39, rated Overweight, price target $53) NEW BOARD MEMBERS REINFORCE CONSIDATION OF OIL AND GAS OPPORTUNITIES, WHICH MAY BE SUPERIOR IN MANY RESPECTS | |
| 5/30/2013 | FREEPORT-McMORAN COPPER AND GOLD | FREEPORT-McMORAN COPPER AND GOLD (FCX $31.06, rated Overweight, price target raised from $48 to $53) HIGHER ESTIMATED NATURAL GAS AND CRUDE OIL PRICES SLIGHTLY OFFSET BY LOWER ESTIMATED MOLYBDENUM PRICES | |
| 5/30/2013 | COPPER INDUSTRY | COPPER INDUSTRY - - DEMAND MINIATURIZATION DOWN 3.6%, WORLD MINE OUTPUT UP “ONLY” 7.2% AS CHINESE MINES SLOW, REFINED OUTPUT UP 5.2% AND 252,700 t 1Q REFINED OUTPUT SURPLUS PER WBMS MAY 22ND | |
| 5/23/2013 | BHP BILLITON | BHP BILLITON (BHP $67.46, rated Neutral, price target lowered to $86 from $88) LOWER ESTIMATED COPPER AND NICKEL PRICES HURT EARNINGS ESTIMATES, NPV AND PRICE TARGET MORE THAN THE BENEFITS OF HIGHER LONG TERM NATURAL GAS AND OIL PRICE ESTIMATES AND OIL AND GAS OUTPUT | |
| 5/22/2013 | FRANCO-NEVADA | FRANCO-NEVADA (FNV $41.24, rated Neutral, Price Target of $44 up from $43) PRETIUM BRUCEJACK 1.2% ROYALTY VERY ENCOURAGING; “DEAL FLOW” MAY SHIFT TO KEEPING MINES OPEN AS NEW MINES DRY UP; MOSTLY OFFSETTING CHANGES TO FNV UNDERLYING DYNAMICS. | |
| 5/20/2013 | MEADWESTVACO | MEADWESTVACO (MWV: $35.77, Rating cut to Underweight from Neutral with $30 up from $29 price target) HIGHER LONG TERM OPERATING MARGIN ESTIMATES IN THE INDUSTRIAL SEGMENT AND HIGHER PER ACRE LAND VALUE ESTIMATES ARE MORE THAN OFFSET BY HIGHER CAPEX, LAND SALES CASH FLOW, AND OTHER DEBT-LIKE LIABILITIES | |
| 5/16/2013 | VALE | VALE (VALE $15.58, Neutral, PRICE TARGET CUT TO $21 from $25/share) GOOD COST DYNAMICS AND FIRMER IRON ORE PRICES OFFSET BY TAX CASE, LOWER ESTIMATED CU AND NI PRICES AND LESS FUTURE POTASH OUTPUT | |
| 5/15/2013 | CF INDUSTRIES | CF INDUSTRIES (CF $192.52; rated Overweight ; price target cut to $310 from $360) LONG-TERM 2018-20 EARNINGS ESTIMATES CUT 20% OWING TO CAPACITY ADDITIONS; SPRING NITROGEN PRICES DO NOT FALL AS FEARED; BUYBACKS LARGER THAN EXPECTED | |
| 5/14/2013 | GOLD INDUSTRY | GOLD INDUSTRY - - FIRST QUARTER 2013 PRETAX AND DIRECT CASH COSTS PER OUNCE OF GOLD COMPARED WITH THE FIRST QUARTER 2012 FOR FOURTEEN LARGE CAP GOLD COMPANIES. | |
| 5/14/2013 | GOLD STRONG US $$ BLUNTED BY RISING COST | GOLD INDUSTRY – GOLD PRICES AND SHARES SUPPORTED BY RISING COSTS EVEN WITH A U.S. DOLLAR BULL CURRENCY TREND; STABILIZING TRENDS AS GOLD “BUILDS A BASE” | |
| 5/10/2013 | HUDBAY MINERALS | HUDBAY MINERALS (HBM US $8.22; Rating remains at Underweight; Price Target LOWERED from $12/share to $4/share) LOWER LME COPPER PRICE ESTIMATES LOWER ESTIMATED EARNINGS AND CASH FLOW | |
| 5/6/2013 | SPOTMARKETS | ALUMINUM, LEAD AND ZINC INVENTORIES FALL RAPIDLY IN APRIL AS NICKEL, COPPER, STEEL, WOOD, CONTAINERBOARD OR NITROGEN FERTILIZER MARKETS SOFTEN | |
| 5/6/2013 | NEWMONT MINING | NEWMONT MINING (NEM $33.07 rated Neutral with $30 down from $39 price target) REMOVAL OF SUBIKA UNDERGROUND, TANAMI SHAFT, & PHOENIX MILL EXPANSION AND 1.5% HIGHER DISCOUNT RATE TO 9.5% DUE TO COUNTRY RISK IN SURINAME, GHANA, AND INDONESIA HURT VALUATION | |
| 5/5/2013 | ANTOFAGASTA PLC | ANTOFAGASTA PLC (ANFGF $14.20, RATING UNDERWEIGHT, Price Target Cut to $9/share from $13/US ADS share) LOWER COPPER AND MOLY PRICE ESTIMATES LOWER EARNINGS; RE-INTRODUCTION OF ANTUCOYA | |
| 4/30/2013 | METALS TIGHTER STANDARDS | METALS - - EVALUATION AND “DUE DILIGENCE” RIGOR AT 16%-19% DISCOUNT RATES AS WORLD ECONOMY SLOWS OR OVERSUPPLY GROWS | |
| 4/30/2013 | PRETIUM RESOURCES | PRETIUM RESOURCES (PVG $7.10 rated Overweight with $33 down from $37 price) PRICE TARGET CUT TO $33 FROM $37 DUE TO EQUITY ISSUANCE | |
| 4/25/2013 | DOMTAR | DOMTAR (UFS $68.40 rated Neutral from Overweight with $74 down from $94 price target) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT DUE FASTER THAN EXPECTED END MARKET DECAY AND BETTER ALTERNATIVES. REMOVAL OF 2014-2016 SHARE REPURCHASES HURTS NPV AND EPS ESTIMATES. | |
| 4/25/2013 | WORTHINGTON INDUSTRIES | WORTHINGTON INDUSTRIES (WOR $31.XX) INVESTMENT RATING CUT TO NEUTRAL OWING TO PRICE APPRECIATION AND BUSINESS RISKS | |
| 4/24/2013 | ANGLOGOLD ASHANTI | ANGLOGOLD ASHANTI (AU $19.35 rated Neutral with $18 from $24 price target) HIGHER SOUTH AFRICAN OPERATING COSTS, MUCH LOWER 2013 OUTPUT AND HIGHER COST ESTIMATES PARTLY OFFSET BY 2012 ACQUISITIONS OF MINE WASTE SOLUTIONS AND 50% OF CRIXAS “SERRO GRANDE” | |
| 4/24/2013 | SME PAPER | This paper will be given to the Society of Mining Engineers “Current Trends in Mining Finance” program at 11 a.m. on April 29, 2013 at the City University of New York (CUNY) Graduate Center at 34th Street and Fifth Avenue. We provide it for your convenience here. | |
| 4/18/2013 | ALUMINA LTD. | ALUMINA LTD. (AWC $3.90, RATING LOWERED FROM NEUTRAL TO UNDERWEIGHT; PRICE TARGET LOWERED FROM $4.00 TO $3.00); LOWER ESTIMATED NEAR TERM LME ALUMINUM PRICES HURT EARNINGS; ESTIMATED DEBT ISSUANCE TO FUND POTENTIAL CASH SHORTFALL DESPITE RECENT CHINESE PRIVATE PLACEMENT | |
| 4/18/2013 | DOMTAR | DOMTAR (UFS $74.26 rated Overweight with $94 down from $111 price target) HIGHER NATURAL GAS PRICES TRIM MARGINS AND LONG-TERM LIABILITIES A DRAG ON VALUATION, PARTLY OFFSET BY NBSK AND NBHK PULP PRICES UP AS FLUFF PULP PRICES FLAT AND WHITE PAPER DOWN | |
| 4/16/2013 | GOLD MINE COST SUPPORT | GOLD INDUSTRY: COST-BASED TRADING RANGE OF $1,200 TO $1,500 PER OZ CORRESPONDS TO $300 TO $400 RANGE IN 1982-2002 ERA | |
| 4/15/2013 | GOLD FOLLOWUP | GOLD INDUSTRY: SENSITIVITY ANALYSES AS PRICES CHANGE | |
| 4/12/2013 | GOLD UPGRADES | GOLD INDUSTRY: INVESTMENT RATING INCREASES OWING TO UPSIDES TO GOLD AND SILVER PRICES AND LARGE SHARE PRICE DECLINES IN RISING STOCK MARKET | |
| 4/12/2013 | COPPER MARGINAL COSTS | COPPER INDUSTRY - - DISCUSSION OF “COST CURVES” AND COST-BASED PRICE FLOORS AS CURRENCIES WEAKEN AND MINE PLANS DEFER COSTS | |
| 4/12/2013 | RIO TINTO | RIO TINTO (RIO $47.38, Underweight, price target lowered to $28/share from $30/share) LOWER ALUMINUM PRICES AND UTAH PIT WALL SLIDE NEGATIVES VERSUS FIRMER THAN EXPECTED IRON ORE | |
| 4/12/2013 | ROCKTENN | ROCKTENN (RKT $88.80 rated Overweight with $106 down from $126 price target) HIGHER NATURAL GAS INPUT COSTS, REMOVAL OF SECOND PRICE HIKE, AND HIGHER 2015 ONWARDS CAPEX TO MAINTAIN OPERATING MARGINS HURT VALUATION PARTLY OFFSET BY FULLER CURRENT BOX PRICE HIKE. | |
| 4/11/2013 | CENTURY ALUMINUM | CENTURY ALUMINUM (CENX $7.44, rating lowered to Underweight from Neutral; price target lowered to $4/share from $5/share) LOWER ESTIMATED NEAR TERM LME ALUMINUM INGOT PRICES LOWER ESTIMATED EARNINGS | |
| 4/10/2013 | ALCOA | ALCOA (AA $8.39, rated Neutral, Price Target cut from $14 to $10) DESPITE GOOD RESULTS, WE CUT OUR LME ALUMINUM PRICE, PRICE TARGET AND EARNINGS ESTIMATES DUE TO EXCESS CHINESE OUTPUT | |
| 4/10/2013 | INTERNATIONAL PAPER | INTERNATIONAL PAPER (IP $47.32 rated Overweight with $55 down from $61 price target) HIGHER NATURAL GAS PRICES AND REMOVAL OF SECOND PRICE HIKE LOWERS LONG TERM OPERATING MARGINS. PARTIALLY OFFSET BY MORE FULL REALIZATION OF CURRENT CORRUGATED PRICE HIKE | |
| 4/8/2013 | SPOTMARKETS | AGGRESSIVE CHINESE EXCESS OUTPUT DRIVES OVERSUPPLY AND RISING STOCKPILES; WOOD PRICES RISING TOWARDS 2004 DAILY RECORDS LIKELY TO EXCEED 2004 ANNUAL AVERAGES AND CONTAINERBOARD OPERATES NEAR 97% | |
| 4/5/2013 | THOMPSON CREEK METALS | THOMPSON CREEK METALS (TC $2.85, rating cut to Underweight from NEUTRAL; price target cut from $5/share to $1.5/share) RATING AND EARNINGS CUT WITH LOWER COPPER AND MOLY PRICES; RELOOK AT AUGUST 2009 STUDY | |
| 4/4/2013 | AGNICO-EAGLE MINES | AGNICO-EAGLE MINES (AEM $37.76; rated Neutral with $36 from $40 target) TARACHI REMOVED, MELIADINE ONE YEAR PUSHBACK, HIGHER CAPEX, LOWER COPPER, AND HIGHER OP EX PARTLY OFFSET BY KITTILA EXPANSION, HIGHER MEADOWBANK OUTPUT, LOWER CASH TAX IN NPV | |
| 4/3/2013 | CONF. HIGHLIGHTS | John Tumazos Very Independent Research, LLC Metals and Mining Conference Core Shack, March 28, 2013 | |
| 4/3/2013 | CONF. HIGHLIGHTS | METALS CONFERENCE HIGHLIGHTS - - GOLD TRACT | |
| 3/31/2013 | CONF. HIGHLIGHTS | CONFERENCE HIGHLIGHTS – NATURAL RESOURCES TRACT | |
| 3/27/2013 | BIG SIX NET DEBT | METALS - - COMPARISON OF BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES IN OUR COVERAGE UNIVERSE (BHP, Rio Tinto, Anglo American, Glencore, Teck, and Vale) | |
| 3/22/2013 | GOLD INDUSTRY | GOLD INDUSTRY: BARRICK GOLD, NEWMONT MINING AND GOLDCORP PRICE TARGETS CUT BY $13, $8 AND $1 PER SHARE, RESPECTIVELY, DUE TO LOWER COPPER PRICES AND UPDATED DEBT, CAP EX, RECLMATION, OUTPUT, COSTS AND CORPORATE DEVELOPMENTS | |
| 3/22/2013 | MERCATOR MINERALS | MERCATOR MINERALS (MLKKF $.377, rating lowered to UNDERWEIGHT from NEUTRAL) PRICE TARGET CUT FROM $0.30 to $0.09 DUE TO LOWER MINERAL PARK 2013 PRODUCTION ESTIMATES and LOWER ESTIMATED COPPER & MOLY PRICES; EL CRESTON PROJECT REMOVED FROM MODELS | |
| 3/22/2013 | COPPER & WEEKLY SHORT | METALS - - JANUARY COPPER MINE OUTPUT UP 12.6% AS DEMAND FALLS 3.4%; COPPER EXCHANGE INVENTORIES RISE EVERY DAY THROUGH MARCH SEASONAL PEAK | |
| 3/19/2013 | GOLD PRIVATE INV. D AND CENTRAL BANKS REGIONALLY | GOLD INDUSTRY - - REGIONAL SUBDIVISION OF PAST “PRIVATE INVESTOR” AND CENTRAL BANK INVESTMENT DEMANDS | |
| 3/19/2013 | GLENCORE INTERNATIONAL PLC | GLENCORE INTERNATIONAL PLC (GLCNF, $5.53; RATED UNDERWEIGHT; PRICE TARGET REDUCED TO USD $2.00 FROM USD $3.00) LOWER COPPER PRICE ESTIMATES REDUCE EARNINGS; ESTIMATED $10 BILLION OR 5 BIL. SHARE RIGHTS ISSUE MODELED AT $2/SHARE TO REPAY DEBT | |
| 3/18/2013 | METALS CAP EX | MINING INDUSTRY - - COMPARISON OF BULK TONNAGE MINE CAP EX | |
| August 2, 2008 | ALUMINA LTD. | ALUMINA LTD. (AWC $16.40, rated UNDERWEIGHT, target raised to $13 from $11); COST PRESSURES SQUEEZING ALUMINA MARGINS IN A PERIOD WHEN CAPEX ESTIMATES ARE RISING AND AT LEAST ANOTHER $550 MILLION IN EXTERNAL CAPITAL IS NEEDED; NEW CEO FACES SOME DIFFICULT CHOICES | |
| April 28, 2008 | SMURFIT-STONE CONTAINER | SMURFIT-STONE CONTAINER (SSCC $6.16, rated Neutral) PRICE TARGET LOWERED TO $9 DUE TO HIGHER COSTS WHICH OFFSET ANY GAINS FROM INCREASED BOX PRICING AND SAVINGS FROM PLANT RATIONALIZATION | |
| April 28, 2008 | PLUM CREEK | PLUM CREEK (PCL $42.70, rated Overweight) EARNINGS ESTIMATES CUT | |
| April 28, 2008 | SPOTMARKETS | COMBINED OUTPUTS OF VALE, BHP BILLITON AND RIO TINTO FELL IN MARCH QUARTER FOR MET COAL, STEAM COAL, COPPER AND NICKEL | |
| April 28, 2008 | COPPER INDUSTRY | COPPER INDUSTRY - - “SMART MONEY” SELLS OUT AT DISCOUNTED TERMS | |
| April 24, 2008 | FOREST PRODUCTS | FOREST PRODUCTS MARKET UPDATE FOR SECOND-QUARTER OUTLOOK AND PENDING FIRST-QUARTER 2008: HIGH ENERGY COSTS COULD LEAD TO POOR EARNINGS | |
| April 24, 2007 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $73.75 4-23-08 close, rated NEUTRAL WEIGHT) MANAGEMENT CALLS THE BOTTOM, AND PACE OF TITANIUM, STAINLESS AND OTHER UPTURNS TO UNFOLD | |
| April 23, 2008 | FREEPORT-McMORAN COPPER AND GOLD | FREEPORT-McMORAN COPPER AND GOLD (FCX $116.08, rated OVERWEIGHT) ELEVEN INCREMENTAL MINE SITE EXPANSIONS, 80 DRILL RIGS AND $180 MM EXPLORATION BUDGET | |
| April 21, 2008 | SPOTMARKETS | NONFERROUS METALS PRICES FAIL | |
| April 17, 2008 | ALCOA | ALCOA (AA $35.47 4-17-08, Neutral Weight) ALCOA REPORTS LOW Q1 EARNINGS REINFORCES OUR $2.10 EARNINGS ESTIMATE | |
| April 13, 2008 | SPOTMARKETS | STEELMAKING INGREDIENTS, COPPER AND ALUMINUM STRONG | |
| April 11, 2008 | COPPER IND. CHILE NOTES | COPPER INDUSTRY - - COMMENTS FROM EL TOQUI ZINC, EL TENIENTE TAILINGS RECOVERY AND VIZCACHITAS COPPER MINE VISITS IN CHILE APRIL 1-10TH | |
| April 11, 2008 | COPPER CHILE | COPPER INDUSTRY - - COMPARISON OF ELECTRICITY RATES AT EIGHT MINES IN PERU AND CHILE | |
| April 11, 2008 | CODELCO | COPPER INDUSTRY AND CODELCO - - - HIGHLIGHTS OF EL TENIENTE APRIL 7TH SURFACE TOUR | |
| April 7, 2008 | SPOTMARKETS | SPOT MARKET UPDATE. COPPER RISES WHILE MOST OTHER METALS FALL | |
| April 4, 2008 | WEYERHAEUSER | WEYERHAEUSER (WY $66.49 4-3-08, rating cut to Neutral Weight from Overweight) RE-EMPHASIS UPON LAND AND HOUSING MARKETS MAKES IT A PURER PLAY ON THE WEAKEST SECTOR OF U.S. ECONOMY | |
| April 4, 2008 | FNX MINING | FNX MINING (FNXMF $26.50 4-3-08, rated Overweight) LARGE CAPITAL SPENDING FOR MINE DEVELOPMENT TO CONTINUE | |
| 3/31/2008 | SKYE RESOURCES | SKYE RESOURCES (SKR.TO C$7.90, rated OVERWEIGHT) “LONG SHOT” OR “HAIL MARY” $4-$5 EPS SCENARIO IN WHICH NO MORE SHARES ARE ISSUED, DIRECT SHIPPING ORE PRECEDES ELECTRIC FURNACES, SKYE SELLS A 10% STAKE TO A STEELMAKER AND RETAINS A STEELMAKER TO BUILD FURNACES TO REALIZE > $60 PER SHARE VALUES | |
| 3/30/2008 | FREEPORT-McMORAN COPPER AND GOLD | FREEPORT-McMORAN COPPER AND GOLD (FCX $96.60, RATED OVERWEIGHT) PRICE TARGET RAISED TO $150 FROM $125 DUE TO HIGHER PRICES; IN NO-WIN SITUTATION IN CONGO; IMPLICATIONS SUGGEST A HIGHER COPPER AND COBALT PRICES AS SUPPLIES DELAYED | |
| 3/30/2008 | SPOTMARKETS | EVIDENCE OF “CYCLICAL SLOWING” IN SEVERAL MARKETS AS “SEASONAL PEAK” PASSES | |
| 3/27/2008 | SEMINAR | HIGHLIGHTS OF OUR MARCH 27, 2008 METALS CONFERENCE | |
| 3/27/2008 | SEMINAR ADDRESS | COMMENTS TO OUR METALS CONFERENCE MARCH 27, 2008 | |
| 3/23/2008 | SPOTMARKETS | AVERAGE NONFERROUS PRICE FELL 11% LAST WEEK AS COPPER AND GOLD FELL LEAST AND SILVER, LEAD AND NICKEL FELL MOST | |
| 3/23/2008 | WORTHINGTON INDUSTRIES | WORTHINGTON INDUSTRIES (WOR $16.96, rated OVERWEIGHT) STRONG VOLUMES PACE FEBRUARY QUARTER | |
| 3/18/2008 | INTERNATIONAL PAPER | INTERNATIONAL PAPER (IP $28.77, rating raised to Overweight from NEUTRAL) IP AGREES TO BUY WEYERHAEUSER CONTAINER BOARD, PACKAGING, AND RECYCLING BUSINESS FOR $6 BILLION. | |
| 3/17/2008 | SPOTMARKETS | GOLD PRICE ESTIMATE FOR 2009 RAISED TO $1,250 FROM $850 ON “UNCHANGED CPI” REPORT PAVING WAY TO ANOTHER SHORT-TERM INTEREST RATE CUT TO 2% FROM 3% FROM 5.25% IN MID-2007 | |
| 3/14/2008 | ALUMINUM INDUSTRY | ALUMINUM INDUSTRY - - - INTERNATIONAL ALUMINUM INSTITUTE (IAI) SEMIANNUAL CAPACITY SURVEY ESTIMATES ALMOST A 1% INCREASE IN THE RISE FOR 2008 AND 2009 | |
| 3/9/2008 | SPOTMARKETS | PRESSURES ON U.S. POLICYMAKERS FOR CURRENCY OR PRICE STABILITY GROW; EVIDENCE OF LESS THAN EXPECTED DEMAND AND OUTPUT | |
| 3/5/2008 | ABITIBIBOWATER | ABITIBIBOWATER (ABH $10.48, rated Underweight) MAKING HEROIC EFFORTS | |
| 3/4/2008 | ALCOA | ALCOA (AA $38.00, rated Neutral Weight) ESTIMATES REVISED; QUEBEC POWER TO 2040; ALUMINA LTD. STUDY OF RISING OPERATING AND CAPITAL COSTS | |
| 3/4/2008 | ALUMINA LTD. | ALUMINA LTD. (AWC $22.48, rated Neutral) COVERAGE INIATIATED; STUDY OF PARTNER ALCOA’S ALUMINA SEGMENT; LARGE COST INCREASES SQUEEZE REVENUES | |
| 3/2/2008 | ALCOA | ALCOA (AA $37.14, rated Neutral Weight) BAHRAINI LAWSUIT TO TRIGGER INTERNAL GOVERNANCE SCRUTINY, WHICH WE ESTIMATE RAISES ODDS OF A TAKEOVER BY 10%-20% | |
| 3/2/2008 | SPOTMARKETS | EVERY NONFERROUS METAL RISES, AS GOLD AND PLATINUM MAKE NEW RECORDS AND SILVER ANOTHER 27 YEAR HIGH | |
| 3/1/2008 | SKYE RESOURCES | SKYE RESOURCES (SKR.TO C$8.00, rated OVERWEIGHT) NEW CEO APPOINTED EXPRESSES WILLINGNESS TO CONSIDER OTHER PROJECTS | |
| 2/28/2008 | SILVER INDUSTRY | SILVER INDUSTRY - - COMPARISON OF SEVERAL LARGE SILVER STOCKS | |
| 2/25/2008 | ELECTION FUN | ELECTION FUN - - FUTURE DEMOCRATIC “RULES COMMITTEE” DECISION UPON SEATING OF CLINTON FLORIDA AND MICHIGAN DELEGATES INFLUENCES THE ARITHMETIC PRESIDENTIAL NOMINATION | |
| 2/24/2008 | SPOTMARKETS | EVIDENCE OF SLOWING CHINESE DEMAND, AND WE ATTRIBUTE SOARING METALS PRICES TO LIMITED SUPPLY IN FACE OF SLOWING DEMAND | |
| 2/19/2008 | RECESSION | METALS INDUSTRY - - NO “RECESSION” IN SPOT PRICES AS GLOBAL BOOM BENEFITS FROM STIMULUS TO WARD OFF U.S. DOWNTURN; RAISING MOST NONFERROUS METALS PRICE ESTIMATES | |
| 2/18/2008 | SPOTMARKETS | ALUMINUM BOOMS ON LME, BUT DELIVERIES TO SHANGHAI EXCHANGE WAREHOUSES TOTAL 24,279 TONNES; 65% TO 80% IRON ORE HIKES!! | |
| 2/18/2008 | WEYERHAEUSER | WEYERHAEUSER (WY $63.86 2-15-08, rated Overweight) EARNINGS ESTIMATES LOWERED DUE TO CONTINUED HOUSING MARKET DECLINE | |
| 2/16/2008 | GOLD INDUSTRY | GOLD INDUSTRY - - JEWELRY DEMAND FALLS MUCH LESS THAN EXPECTED AS GOLD PRICES RISE; HISTORICAL DATA COMPILATION | |
| 2/13/2008 | INTERNATIONAL PAPER | INTERNATIONAL PAPER (IP $33.50, rated NEUTRAL) EARNINGS ESTIMATES REDUCED DUE TO COST FACTORS AND SLOWING LAND SALES | |
| 2/13/2008 | RIO TINTO | RIO TINTO (RTP $438.99, rated Overweight) RIO TINTO MAKES OPTIMISTIC COPPER AND ALUMINUM SMELTER UNIT GROWTH RATE FORECASTS THAT SEEM UNCERTAIN TO US | |
| 2/11/2008 | MEADWESTVACO | MEADWESTVACO (MWV $26.31, rated Neutral) EARNINGS ESTIMATES LOWERED OWING TO CONTINUED HIGH LEVELS OF CORPORATE AND OTHER THAT ARE NOT EXPECTED TO DECLINE VERY MUCH | |
| 2/11/2008 | TEMPLE INLAND | TEMPLE INLAND (TIN $16.49, rated Overweight) CONTAINERBOARD PROFITS WILL BE PARTLY OFFSET WITH BUILDING PRODUCTS LOSSES | |
| 2/11/2008 | SPOTMARKETS | COPPER SOARS ON CODELCO 5.3% OUTPUT DECLINE FOR 2007 | |
| 2/7/2008 | LOUISIANA-PACIFIC | LOUISIANA-PACIFIC (LPX $13.01, rated Neutral) POOR HOUSING CLIMATE CLOUDS OUTLOOK | |
| 2/7/2008 | NEWMONT MINNG | NEWMONT MINNG (NEM $49.87, Overweight) PARNTER’S RESERVE DISCLOSURE SUGGESTS A 2 MM OZ RESERVE INCREASE AT 66.7%-OWNED BODDINGTON | |
| 2/6/2008 | RIO TINTO | RIO TINTO (RTP $421.17, rated Overweight) FEBRUARY 6TH BHP BILLITON (BHP $67.32, rated Neutral) BID FIRST BLUSH REACTION | |
| 2/6/2008 | FNX MINING | FNX MINING (FNXMF $26.89, rated Overweight) FIRST LEVACK FOOTWALL DATA ENCOURAGING THOUGH COMPLEX | |
| 2/3/2008 | SPOTMARKETS | BASE METALS PRICES REBOUND FOLLOWING PRECIOUS METALS | |
| 2/3/2008 | ALUMINUM INDUSTRY | ALUMINUM INDUSTRY - - - CHINESE POWER OUTAGES AND THIRD SAUDI ARABIAN SMELTER PROJECT | |
| 2/1/2008 | ALCOA | ALCOA (AA $34.28 2-1-08, rated Neutral) INVESTMENT IN RIO TINTO | |
| 1/31/2008 | SMURFIT-STONE CONTAINER | SMURFIT-STONE CONTAINER (SSCC $9.49, rated Neutral) PRICE TARGET RAISED TO $10 ON INCREASED GROSS MARGINS RESULTING FROM COST SAVINGS AND CONTINUED HIGH INDUSTRYWIDE PRICES. | |
| 1/30/2008 | PLUM CREEK | PLUM CREEK (PCL $41.25, rated Overweight) WISCONSIN LAND SALE DRIVES A STRONG QUARTER AND GENERATES SOME LIQUIDITY, BUT REDUCES LAND POSITION FOR THE YEAR | |
| 1/30/2008 | SKYE RESOURCES | SKYE RESOURCES (SKY.TO C$5.50, rated OVERWEIGHT) COVERAGE INITIATED WITH $16 PRICE TARGET OWING TO EXPECTED PROFITS FROM GUATEMALAN NICKEL RESTART | |
| 1/30/2008 | GOLDCORP | GOLDCORP (GG $37.72, rated Neutral) PRICE TARGET RAISED TO $33 FROM $32 AND ESTIMATES RAISED WITH HIGHER GOLD PRICES | |
| 1/30/2008 | NEWMONT MINNG | NEWMONT MINNG (NEM $54.59, Overweight) EARNINGS ESTIMATE AND PRICE TARGET RAISED OWING TO HIGHER GOLD PRICE OUTLOOK | |
| 1/30/2008 | BARRICK GOLD | BARRICK GOLD (ABX $53.23, rated Overweight) EARNINGS, REVENUE FORECASTS AND PRICE TARGET RAISED OWING TO RISING GOLD PRICES | |
| 1/28/2008 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $66.67 1-28-08 close, rated NEUTRAL WEIGHT) STOPS SHORT OF PREDICTING ANY BRISK UPTURN AND TI SCRAP SUBSIDES | |
| 1/28/2008 | SPOTMARKETS | MANY OF THE SAME SPOT MARKET TRENDS CONTINUE | |
| 1/24/2008 | WORTHINGTON INDUSTRIES | WORTHINGTON INDUSTRIES (WOR $15.16, rated OVERWEIGHT) RATING RAISED TO OVERWEIGHT OWING TO DISTRESS VALUATION AND SHARE REPURCHASES; METAL FRAMING ESTIMATES CUT FURTHER | |
| 1/20/2008 | SPOTMARKETS | COPPER AND NICKEL INVENTORIES FALL NICELY, WHILE ZINC AND WOOD HAVE SETBACKS | |
| 1/19/2008 | PAPER INDUSTRY | PAPER INDUSTRY - - - NEW PERMIT DATA SHOWS HOUSING MARKET CONTINUES TO DECLINE | |
| 1/18/2008 | SKYE RESOURCES | SKYE RESOURCES (SKY.TO C$6.33, rated OVERWEIGHT) COVERAGE INITIATED WITH $16 PRICE TARGET OWING TO EXPECTED PROFITS FROM GUATEMALAN NICKEL RESTART | |
| 1/16/2008 | ALUMINUM | Platt’s Metals Week invited us to present a paper on merger and acquisition trends in the aluminum industry at its Marco Island, FL conference on January 21, 2008. We have sent you a copy of our prepared remarks for your interest. | |
| 1/13/2008 | SPOTMARKETS | GOLD, PLATINUM, COPPER AND STEEL SCRAP DO VERY WELL, WHILE SOME BASE METALS FALL | |
| 1/11/2008 | ALCOA | ALCOA (AA $31.44, rated Neutral) INTERNAL PERFORMANCE IMPROVEMENTS AND PRICE-COST MARGIN MANAGEMENT KEY TO NEAR-TERM IMPROVEMENT CONVINCING US TO MAINTAIN $2.10 2008 ESTIMATE | |
| 1/7/2008 | SPOTMARKETS | 5% UNEMPLOYMENT RATE SIGNALS MORE INTEREST RATE CUTS; METALS PRICES SOAR WITH DOLLAR WEAKNESS WHILE STOCK MARKET FALLS | |
| 1/2/2008 | TECKCOMINCO | TECKCOMINCO (TCK $36.24, rated OVERWEIGHT) INITIATE COVERAGE WITH OVERWEIGHT RATING BASED ON INCOMPLETELY DEFINED GROWTH, METALS PRICE REBOUND OR BUSINESS COMBINATION POTENTIALS | |
| 1/2/2008 | COPPER INDUSTRY | COPPER INDUSTRY - - COMPARISON OF 21 MAJOR DEPOSIT PURCHASES IN 2005 TO 2007 SHOWS AVERAGE PURCHASE PRICE OF $0.134 PER LB CONTAINED RESOURCE OR NINE TIMES AFTERTAX CASH FLOW | |
| 12/30/2007 | SPOTMARKETS | REITERATE OUR OVERWEIGHT RATINGS ON BARRICK GOLD AND NEWMONT MINING AND BASE METALS STOCKS | |
| 12/26/2007 | RIO TINTO | RIO TINTO (RTP $436.05, rated Overweight) FEBRUARY 6TH DEADLINE FOR BHP BILLITON ($70.00, rated Neutral) BID; 15 MMT SPOT PRICING FOR IRON ORE; RIO TINTO PRICE TARGET RAISED | |
| 12/23/2007 | SPOTMARKETS | SPRING SEASONAL 10%-15% PRICE RALLY MINIMUM TARGET | |
| 12/21/2007 | TEMPLE-INLAND | TEMPLE-INLAND (TIN $31.13, rated Overweight) VALUATION DISCOUNT HAS INCREASED PRIOR TO DECEMBER 28TH UNBUNDLING | |
| 12/15/2007 | SPOTMARKETS | ABSENCE OF LARGE INVENTORY RISES A PLUS, ALTHOUGH HIGHER REPORTED INFLATION SUGGESTS HIGHER INTEREST RATES AND LESS RAPID GLOBAL GROWTH | |
| 12/9/2007 | SPOTMARKETS | ATTRACTIVE POST-HOLIDAY REBOUND TRADING OPPORTUNITIES | |
| 12/5/2007 | TEMPLE-INLAND | TEMPLE-INLAND (TIN $44.15, rated Overweight raised from Neutral) RAISED TO OVERWEIGHT AS SELLOFF ANTICIPATES TOO MUCH REAL ESTATE TURMOIL AND OVERLOOKS CONTAINERBOARD EARNINGS AND BENEFITS OF RESTRUCTURING | |
| 12/1/2007 | SPOTMARKETS | CRUDE RISE, SUBPRIME CREDIT MELT AND RELATED RISKS SUBSIDE | |
| 11/26/2007 | RIO TINTO | RIO TINTO (RTP $436.05, rated Overweight) DESCRIBES FURTHER OPPORTUNITIES TO GROW EVEN MORE IN IRON ORE, COPPER, ALUMINUM, NICKEL AND OTHER MINERALS; CONTINUES TO REJECT BID AND “CARRY ON” TO GROW STANDALONE WITHOUT UNDERTAKING ANY MERGER DEFENSE STRUCTURAL CHANGES | |
| 11/24/2007 | SPORTSMARKETS | BASE METALS PLUNGE WHILE PRECIOUS METALS SURGE AS “RESOURCE CURRENCIES” WEAKEN WITH RECESSION FEARS AND “RESERVE CURRENCIES” APPRECIATE | |
| 11/20/2007 | RIO TINTO | RIO TINTO (RTP $416.05, rated Overweight) OFFENSIVE ALTERNATIVES TO BID ON BHP BILLITON (BHP $70.84, rated Neutral), “PREVIEW” OF NOV. 26TH CALL | |
| 11/19/2007 | DULUTH METALS | DULUTH METALS (DM.TO C$3.55, rated Overweight) METALLURGICAL RECOVERY RESULTS PRESS RELEASE NOTES EXACTLY AS WE ESTIMATED IN PRIOR OCTOBER 8TH AND 19TH REPORTS | |
| 11/16/2007 | WEYERHAEUSER | WEYERHAEUSER (WY $71.78 11/16/07, Overweight) EARNINGS ESTIMATES LOWERED DUE TO CONTINUED POOR HOUSING MARKETS. | |
| 11/16/2007 | BHP BILLITON | BHP BILLITON (BHP $74.10, rated Neutral) PERMUTATIONS AND COMBINATIONS OF COMPETING BIDS OR DEFENSES FROM RIO TINTO (RTP $440.96, rated Overweight); “PAC-MAN” IMPROBABLE IN OUR VIEW | |
| 11/15/2007 | COPPER INDUSTRY | COPPER INDUSTRY - - REVIEW OF CARLOTA AND SAFFORD COPPER MINES ENVIRONMENTAL PERMITTING TIME LINES | |
| 11/12/2007 | BHP BILLITON | BHP BILLITON (BHP $72.23, rated Neutral) COMPANY’S ESTIMATE $3.7 BILLION SYNERGIES FROM RIO TINTO (RTP $441,14, rated Overweight) COMBINATION MUCH LARGER THAN $1 BILLION-PLUS WE ESTIMATED LAST MAY 10TH | |
| 11/11/2007 | STEEL INDUSTRY | STEEL INDUSTRY – RECORD EXPORTS LIKELY TO INCREASE EVEN MORE WITH WEAK DOLLAR AND CONSTRUCTION OF NEW GULF STEEL MILLS | |
| 11/11/2007 | STEEL INDUSTRY | STEEL INDUSTRY – COMMENTS FROM VISIT TO SEVERCORR NEW STEEL MILL IN COLUMBUS, MS ON NOVEMBER 9-10th; HALF OF A 5 M.T. OUTPUT ULTIMATELY COULD BE EXPORTED | |
| 11/4/2007 | SPORTMARKETS | GOLD AND ALUMINUM PRICES STRONGER WHILE COPPER WEAK; ALL INVENTORIES RISE EXCEPT ALUMINUM | |
| 11/1/2007 | FNX MINING | FNX MINING (FNXMF $29.00, rated Overweight) NO DATA ON LEVACK FOOTWALL YET; PODOLSKY INITIAL RESERVE FROM HIGH GRADE TUNNEL; EARNINGS POOR | |
| 11/1/2007 | NEWMONT MINNG | NEWMONT MINNG (NEM $50.90, Overweight) EARNINGS ESTIMATE RAISED | |
| 11/1/2007 | BARRICK GOLD | BARRICK GOLD (ABX $44.13, rated Overweight) TWO ACQUISITIONS BENEFIT RESOURCE BASE; EARNINGS SUFFER LOW GRADES | |
| 10/30/2007 | LOUISIANA-PACIFIC | LOUISIANA-PACIFIC (LPX $16.46, rated Neutral) PROSPECTS FOR SMALLER LOSSES AND LESSER CASH OUTFLOWS COULD PERMIT BULL TRADE FROM FOURTH QUARTER SEASONAL LOW TO MAY/SPRING SEASONAL HIGH | |
| 10/28/2007 | FREEPORT-McMORAN COPPER AND GOLD | FREEPORT-McMORAN COPPER AND GOLD (FCX $95.00, 9-19-05, rated Overweight) MANY OFFSETTING INFLUENCES IN QUARTERLY RESULTS | |
| 10/27/2007 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $101.90, rated NEUTRAL WEIGHT) ESTIMATES CUT MORE | |
| 10/26/2007 | MEADWESTVACO | MEADWESTVACO (MWV $32.92 1-1-07, rated Neutral) GOOD RESULTS AND LAND SALES FUND CONTINUED SHARE REPURCHASES | |
| 10/26/2007 | CHINA REPORT | METALS DEMAND: IMPRESSIONS OF SIXTEEN DAY CHINA TRIP | |
| 10/25/2007 | SMURFIT-STONE | SMURFIT-STONE CONTAINER (SSCC $11.93, rated Underweight) STRONG INDUSTRY CLIMATE PERMITS OPERATING PROFITABILITY | |
| 10/25/2007 | NUCOR | NUCOR (NUE $61.19, 10-24-07, rated Neutral Weight) INVESTMENT RATING RAISED TO NEUTRAL OWING TO LIKELY FIRST-HALF 2008 STEEL MARKET REBOUND, TEMPERED BY 11X P/E AND 20% SHEET MARKET CAPACITY ADD | |
| 10/24/2007 | PLUM CREEK | PLUM CREEK (PCL $41.84, Overweight) EARNINGS ESTIMATES CUT DUE TO UNFAVORABLE UNIT COST, VOLUME AND SALES PRICE TRENDS; SHARE REPURCHASES A PLUS, THOUGH CASH FLOWS SLOWING | |
| 10/21/2007 | SPOTPRICES | METALS MARKETS MIXED, BUT STEEL AND COPPER SHOW GOOD SIGNS | |
| 10/21/2007 | DULUTH METALS | DULUTH METALS (DM.TO C$3.55, rated Overweight) NOTES FROM MANAGEMENT BREAKFAST MEETING WE HOSTED OCTOBER 19TH | |
| 10/18/2007 | NEWMONT MINNG | NEWMONT MINNG (NEM $46.14, Overweight) MANAGEMENT VACANCIES SUGGEST NEWMONT COULD LEND SUPPORT TO HOPE BAY DEVELOPMENT; MEADOWBANK PROJECT ALSO IN NUNAVUT FURTHER ALONG | |
| 10/16/2007 | CVRD | CVRD (RIO $34.23, rating under development) ANALYSIS OF WORLD’S LARGEST EVER METALS CAPITAL BUDGET | |
| 10/14/2007 | SPOTPRICES | MANY PRICES AND MOST INVENTORIES RISE | |
| 10/14/2007 | NEWMONT MINNG BUYS HOPEBAY | NEWMONT MINNG (NEM $47.54, Overweight) FOUR UNKNOWNS KEY TO THE ASSESSMENT OF THE MANY HOPE BAY DEPOSITS OF MIRAMAR | |
| 10/14/2007 | ALLEGHENY TECHNOLOGIES | ALLEGHENY TECHNOLOGIES (ATI $100.04, rated NEUTRAL WEIGHT) IMPLICATIONS OF FOURTH-QUARTER OUTLOOK REVISION DEPEND ON SPECIFIC CAUSES | |
| 10/11/2007 | ALUMINUM INDUSTRY RUSAL | ALUMINUM INDUSTRY CAPACITY UPDATE AS UC RUSAL PLANS 3.1 MMT NEW CAPACITY TO TOTAL 7 MMT BY 2011 WITH NEW 1.05 MMT SMELTER IN SARATOV, RUSSIA ANNOUNCED OCTOBER 9TH | |
| 10/10/2007 | ALCOA | ALCOA (AA $38.30, rated Neutral) EARNINGS ESTIMATES CUT SHARPLY DUE TO COSTS, LME PRICE ESTIMATES THE SAME AND 25% REPURCHASE ESTIMATED TO NEED $3.1 BILLION IN DEBT PLUS CAPITAL SPENDING CUTS | |
| 10/8/2007 | MINE SAFETY CAPACITY | MINE SAFETY INTERACTS WITH “CAPACITY” THROUGHPUT, AND NEW MINE SAFETY RULES PROBABLY WILL REDUCE GLOBAL MINING CAPACITY 1% TO 3% | |
| 10/7/2007 | POLYMET MINING INITIATION | POLYMET MINING (PLM $4.02, rated Overweight) COVERAGE INITIATED AT OVERWEIGHT OWING TO 2009 STARTUP OF ROUGHLY 800 MILLION METRIC TONNE NICKEL-COPPER-COBALT-PRECIOUS METALS DEPOSIT IN MN | |
| 10/7/2007 | DULUTH METALS INITIATION | DULUTH METALS (DM.TO C$3.04, rated Overweight) COVERAGE INITIATED AT OVERWEIGHT OWING TO ROUGHLY 600 MILLION METRIC TONNE NICKELCOPPER- COBALT-PRECIOUS METALS DEPOSIT IN MINNESOTA | |
| 10/7/2007 | DULUTH NI CU | NICKEL AND COPPER --- EVALUATION AND COMPARISON OF DULUTH COMPLEX NICKEL, COPPER, COBALT, PLATINUM GROUP AND GOLD | |
| 10/6/2007 | BARRICK GOLD COSTS | BARRICK GOLD (ABX $40.92, rated Overweight) ORE GRADES, LOWER STRIPPING AND COST HEDGING BENEFIT 2008 COST OUTLOOK | |
| 10/6/2007 | SPOTPRICES MIXED | PRICES AND INVENTORIES MIXED AS MANY MOVE ADVERSELY | |