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5/22/2017ARCONICARCONIC DIVIDES SIX MAN BOARD WITH THREE DIRECTORS NOMINATED
BY ELLIOT MGT. AND THREE BY THE COMPANY
5/18/2017METALS APERAM RATINGMETALS - - EUROPEAN STAINLESS PRODUCER “APERAM” UPGRADED TO
INVESTMENT GRADE BOND RATING
5/17/2017WEYERHAEUSERWEYERHAEUSER HIGHER BOND RATING SHOULD EQUATE TO FIRMER
DIVIDEND YIELD
5/17/2017METALS POLITICSMETALS - - TRUMP CONGRESSIONAL POLITICAL OPPOSITION UNDERMINES
POLICY AGENDAS
5/15/2017GOLD INDUSTRYGOLD INDUSTRY - - GOLD PRICES AND DYNAMICS QUIET IN 2017; GDXJ
REBALANCE CRUSHES SOME MID-CAP GOLD MINES
5/15/2017KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD INCREASES RESERVES AND RESERVE GRADES AT
MACASSA AND FOSTERVILLE
5/12/2017GRUPO MEXICOGRUPO MEXICO: FEC RAILROAD ACQUISITION INCORPORATED INTO
MODELS; PESO DEVALUATION PRESSURES DIVISIONAL MARGINS
5/8/2017FREEPORT-McMORAN INC.FREEPORT-McMORAN INC.: POTENTIAL LONE STAR MILL AROUND 2024
5/7/2017FREEPORT-McMORAN INC.FREEPORT-McMORAN INC.: CHINO, SAFFORD, EL ABRA, GRASBERG DEEP
ORE ZONE, OTHERS FELL AS “CONTINUING” CU OUTPUT FELL 11%
5/5/2017TAHOE RESOURCESTAHOE RESOURCES ENJOYS “IDEAL QUARTER” FOR MARCH; ESTIMATED
EFFECTIVE TAX RATE LOWERED
5/5/2017CONTAINERBOARDCONTAINERBOARD AND CORRUGATED BOX PRICING OVER THE PAST NINE
QUARTERS
5/3/2017SPOT MARKETSSPOT MARKETS - - OUTPUT UP 6%-10% IN EARLY 2017 EXCEPT NI & AG WITH FIRM PRICES AND
RESTARTS; MAYBE WORLD DEMAND FIRM TOO
4/27/2017BHP BILLITONBHP 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
5/1/2017BHP BILLITONBHP BILLITON: ELABORATION ON 10 KM DISTANCE TO “SOUTH FLANK”
REPLACEMENT AND MARCH 29TH 80 MMT YANDI DEPLETION WARNING
4/27/2017METALSMETALS - - VOLUME 23 DESCRIBES LARGE GAINS IN OUTPUT WITH HIGH
CONFIDENCE IN CHINA & ROW; MANY MORE OPENINGS AND NEW PLANTS
4/26/2017U.S. STEELU.S. STEEL SUFFERS POOR PRODUCTIVITY AND COSTS EQUIVALENT TO A
$40/TON “COST MISS” OR $400/TON DEVIATION WITHIN 1 M.T. SUBSET
4/26/2017FOREST PRODUCTSFOREST PRODUCTS - - WOOD STOCKS DOWNGRADED WITH SHARE PRICE
GAINS AND HISTORIC MAY 15TH WOOD PRICE SEASONAL PEAKS
4/26/2017GOLDCORPGOLDCORP NUEVA UNION CAPEX ESTIMATED INCREASED; SEVERAL LOW
GRADE GOLD-COPPER PROJECTS COMPARED WITH CERRO CASALE
4/27/2017FORTESCUE METALSFORTESCUE METALS: OUR LOWER IRON ORE PRODUCTION AND PRICE
ESTIMATES LOWER EARNINGS AND PRICE TARGET
4/21/2017IRON ORE INDUSTRYIRON ORE INDUSTRY - - SPOT PRICES FALL AS WORLD STEEL OUTPUT UP,
MINES DEPLETING, NECESSARY EXPANSIONS QUASHED, GRADES FALL
4/17/2017ARCONICARCONIC INSTALLES EX-PRATT & WHITNEY JET ENGINE HEAD AS CEO;
POSSIBLE TACTICS TO GROW REVENUES, CUT COSTS OR CUT DEBT
4/12/2017ROYAL GOLDROYAL GOLD, RUBICON’S PHOENIX PROJECT ADDED BACK TO MODEL.
PASCUA LAMA NSR PERCENTAGE INCREASED BY 0.74%
4/11/2017RIO TINTORIO TINTO DETAILED MODEL EXTENDED TO 2030 TO INCORPORATE 2025-30
MONGOLIA U/G, LA GRANJA 2024, RESOLUTION 2026-30 AND BUYBACKS
4/10/2017STEEL INDUSTRYSTEEL INDUSTRY - - TRUMP DE-REGULATIONS TO ENCOURAGE OFFSHORE
DRILLING TO BENEFIT “MIX” FOR HIGH VALUE STEELMAKERS
4/5/2017SPOT MARKETSSPOT MARKETS - - OUTPUTS RISE 6% TO 30% IN EARLY 2017 WITH
RESTARTS OR NEW CAPACITY; MAYBE WORLD DEMAND FIRMER TOO
4/4/2017BIG SIX NET DEBTMETALS - - 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)
3/31/2017METALS EXPANSIONS VOL 22METALS - - VOLUME 22 DESCRIBES MORE REOPENINGS AND NEW
INVESTMENTS THAN SHUTDOWNS
3/31/2017NEWMONT MINING SURINAMENEWMONT MINING COMMENTS FROM MARCH 2ND SURINAME MINE VISIT;
COMPANYWIDE MODELS UPDATED FOR YEAR-END RESULTS
3/31/2017GUYANA GOLDFIELDSGUYANA GOLDFIELDS SITE VISIT TO AURORA GOLD MINE MARCH 3RD
3/30/2017FRANCO NEVADAFRANCO NEVADA ASSET PORTFOLIO UPDATES BENEFIT PRICE TARGET
3/29/2017GRUPO 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
3/28/2017ALUMINUM INDUSTRYALUMINUM AND ALUMINA OUTPUTS MAKE NEW RECORDS AS EXCESS
SUPPLY DEBACLE UNFOLDS
3/28/2017VALEVALE APPOINTS OUTSIDER FOR SIX YEAR CEO TERM
3/27/2017WORTHINGTON INDUSTRIESWORTHINGTON INDUSTRIES - - RESTORED TO OVERWEIGHT AS SHARES
RETREAT FROM NOVEMBER 2016 RECORD AS FUNDAMENTALS BETTER
3/24/2017METALS OUTPUTMETALS - - DOUBLE-DIGIT GAINS IN JANUARY 2017 WORLD OUTPUT;
HUDBAY AND NORILSK NICKEL TO NEUTRAL FROM OVERWEIGHT
3/24/2017CONTAINERBOARD INDUSTRYCONTAINERBOARD INDUSTRY - - CHINESE SLOW PURCHASES NEAR $270-
$280/METRIC T AS IP PENSACOLA, FL RESTART PLAUSIBLE IN LATE-APRIL
3/23/2017STEEL INDUSTRYSTEEL INDUSTRY - - WORLD OUTPUT UP 5.8% JAN-FEB 2017
3/23/2017PAPER MARKET FOREST PRODUCTS: U.S. PAPER AND BOARD MARKET LONG-TERM
GROWTH RATES COMPARING 2016 VERSUS PEAK YEAR 1999
3/21/2017TAHOE RESOURCESTAHOE RESOURCES SHORTER MINE LIVES AND HIGHER OPERATING COST
ESTIMATES ACROSS PORTFOLIO
3/15/2017FORTESCUE METALSFORTESCUE METALS SHAREHOLDER SENTIMENT IMPLIED IN DISCOUNT
RATE, IRON ORE PRICE OR COSTS REFLECTED IN CURRENT SHARE PRICE
3/16/2017VALEVALE SHAREHOLDER SENTIMENT IMPLIED IN DISCOUNT RATE, IRON ORE
PRICE OR COSTS REFLECTED IN CURRENT SHARE PRICE
3/14/2017ARCELORMITTAL CALVERT, ALARCELORMITTAL STEEL’S AM/NS CALVERT INVESTOR SITE VISIT ON
MARCH 7th 2017
3/13/2017SILVER WHEATONSILVER WHEATON. PASCUA-LAMA MODELED AS AN UNDERGROUND MINE
BEGINNING PRODUCTION IN 2021; TOUR OF ANTAMINA MARCH 3RD
3/13/2017OUTOKUMPU STAINLESS ALSTEEL INDUSTRY - - OUTOKUMPU ANALYST SITE VISIT TO CALVERT,
ALABAMA STAINLESS FACILITY ON MARCH 7th 2017
3/12/2017METALS INVENTORIESMETALS--EXCHANGE INVENTORIES RISE 11 OF PAST 13 WEEKS BY 585,590 T
3/10/2017NORBORD SC TRIPNORBORD TOUR OF THEIR JOANNA, SOUTH CAROLINA ORIENTED STRAND
BOARD MILL
3/9/2017METALS TORONTO PROSPECTORS CONV.METALS - - ANNUAL “PROSPECTORS AND DEVELOPERS ASSOCIATION
CONVENTION” HAS PRESENTATIONS ON WATER TREATMENT LIABILITIES
AS WELL AS MINERAL DISCOVERIES
3/8/2017KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD LOWER COSTS, HAS HIGHER CAP EX AND FINDS
“LANTERN ZONE” AT COSMO IN NORTHERN TERRITORIES
3/2/2017VALEVALE EARNINGS ESTIMATES INCREASED DUE TO HIGHER IRON ORE AND
COPPER PRICE ESTIMATES; INCREASED DIVIDEND PAYOUT ESTIMATES
3/2/2017BARRICK GOLDBARRICK GOLD’S PASCUA-LAMA PROJECT AS AN UNDERGROUND MINE;
2017 GOLD PRODUCTION GUIDANCE EXCEEDS PRIOR ESTIMATES
2/28/2017NICKEL INDUSTRYNICKEL INDUSTRY - - PRICE GAINS SLOW AS INDONESIA, NEW CALEDONIA
AND PHILIPPINES COULD SURPRISE WITH MORE OUTPUT THAN EXPECTED
2/28/2017WOOD FIRM FOREST PRODUCTS : WOOD PRICES ACCELERATE IN FEBRUARY IN LINE
WITH HISTORIC SPRING FAVORABLE SEASONALITY; OSB > $300 AND
PLYWOOD & LUMBER > $400
2/28/2017SPOT MARKETSSPOT MARKETS - - NEARLY ½ MMT OF MOSTLY AL, CU AND PB EXCHANGE
INVENTORY APPEAR SINCE DECEMBER MOSTLY FROM CHINA
2/27/2017METALS EXPANSIONS VOL 21METALS - - VOLUME 21 DESCRIBES MORE REOPENINGS AND NEW
INVESTMENTS THAN SHUTDOWNS
2/26/2017AGNICO EAGLE MINESAGNICO EAGLE MINES LONGER MINE LIVES AND HIGHER TAX DEFERRALS
MORE THAN OFFSET HIGHER OPERATING, EXPLORATION, OTHER EXPENSE
2/24/2017FORTESCUE METALSFORTESCUE METALS BENEFITS FROM LOWER OPERATING COSTS AND
HIGHER REALIZED PRICES; PRODUCTION LEVELS STABLE
2/24/2017FREEPORT-McMORAN INC.FREEPORT-McMORAN INC.: BALANCE SHEET IMPROVES, NO RESERVE
REPLACEMENT AND COMPLEX INDONESIAN DEVELOPMENTS
2/23/2017VALEVALE DECLARES $1.52 BILLION APRIL DIVIDEND OR 152% OF THE $4
BILLION WE HAD ESTIMATED FROM 2018 ONWARDS
2/16/2017DOMTAR DOMTAR CAPEX RAISED, PAPER SHIPMENTS FALL, PAPER PRICE
ESTIMATES DECREASED AND SHARE BUYBACKS NOT AS RAPID
2/15/2017SOUTHERN COPPER CORP.SOUTHERN COPPER CORP. HIGHER OUTPUT RAISES EARNINGS AND
VALUATION AS ANNOUNCED JANUARY 31ST TO 1.5 MMT MID-2023
2/15/2017NORTHERN DYNASTYNORTHERN DYNASTY WAITS FOR POTENTIAL JV PARTNERS OWN
TECHNICAL STUDIES; VICTIM OF HISTORIC BEAR RAID
2/14/2017NORILSK NICKELNORILSK NICKEL HAS MET ABOUT ½ OF OUR UPSIDE TARGET, WHILE
NICKEL MARKET UPSIDE TRAJECTORY “GRADUAL” WITHOUT SHORTAGES
2/13/2017CONTAINERBOARD INDUSTRYCONTAINERBOARD INDUSTRY - - FEW ALTERNATIVE SUPPLIES AFTER IP
LOSES 520,000 TONS OF CAPACITY IN PENSACOLA, FL JAN. 22ND EXPLOSION
2/9/2017COPPER INDUSTRYCOPPER INDUSTRY - - MOST STRIKES OR DISRUPTIONS ARE TEMPORARY,
WHERE REFUSALS TO INVEST OR DECISIONS TO INVEST HAVE LEAD TIMES
2/7/2017GOLDCORPGOLDCORP FORECASTS LOWER 2017-19 AND HIGHER 2020-21 OUTPUT THAN
OUR PRIOR ESTIMATES; LOWER SUSTAINING CAPEX ESTIMATES
2/6/2017KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD HIGHER CAP EX AND EXPLORATION
2/3/2017ARCONICARCONIC: LOWER ENGINEERED PRODUCTS REVENUE GROWTH HURTS
EARNINGS ESTIMATES WHILE LOWER CASH TAX RATES, HIGHER CASH
BALANCES AND HIGHER ALCOA VALUATION RAISE VALUATION
1/31/2017METALS EXPANSIONSMETALS - - VOLUME 20 LARGELY DESCRIBES REOPENINGS AND NEW
INVESTMENTS NO LONGER DISTRESS SHUTDOWNS
1/31/2017TECKTECK HIGHER EARNINGS OUTLOOK WITH LOWER COSTS AND HIGHER
NEAR TERM COPPER PRICE ESTIMATES
1/31/2017RIO TINTORIO 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;
1/31/2017COPPER INDUSTRYCOPPER INDUSTRY - - DEMAND STEADY, WHILE SCRAP SUPPLY PLUNGES
AND SEVEN COMPANIES CUT 2017 MINE OUTPUT PROFILES
1/31/2017STEEL INDUSTRYSTEEL INDUSTRY - - SCRAP COLLECTIONS 68.7% OF 2011 LEVELS WITH 4 OF
6 REPORTING FOURTH-QUARTER; FEBRUARY STEEL SCRAP MAY FALL $42
1/29/2017METALS “LAZARUS STOCKS”METALS “LAZARUS STOCKS” SEE REBOUNDS OVER FIVEFOLD FROM LOWS
1/29/2017METALS INVENTORYMETALS SEE LARGEST EXCHANGE INVENTORY RISE IN FOUR YEARS
1/27/2017ALCOAALCOA HIGHER 2017 PRODUCTION ESTIMATES AND LOWER DEPRECIATION
INCREASE EARNINGS ESTIMATE; HIGHER NET DEBT EQUIVALENTS TRIP
PRICE TARGET DESPITE LOWER FUTURE CAP. EX. ESTIMATES
1/27/2017WESTROCKWESTROCK 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
1/26/2017FIRST QUANTUMFIRST QUANTUM COPPER OUTPUT GUIDANCE LOWER THAN EXPECTED;
BULLISH IMPLICATIONS FOR COPPER PRICES
1/24/2017WEYERHAEUSERWEYERHAEUSER. HIGHER LUMBER AND OSB PRICES AND LOWER NET
DEBT BALANCE BENEFIT VALUATION
1/21/2017LOUISIANA PACIFICLOUISIANA PACIFIC, HIGHER 2017 AND 2018 OSB ESTIMATED
REALIZATIONS PARTLY OFFSET BY HIGHER OPERATING COST ESTIMATES
1/21/2017NORBORD NORBORD 2017 AND 2018 OSB PRICE REALIZATION ESTIMATES RAISED;
SENSITIVITY ANALYSIS TO VARIOUS 2017 AND 2018 OSB PRICES
1/13/2017TAHOE RESOURCES INCORPORATETAHOE RESOURCES INCORPORATE TWO LARGE NEW PROJECTS, HIGHER
CAP EX AND SLOWER GOLD PRICE UPTURNS
1/12/2017FREEPORT-McMORAN INCFREEPORT-McMORAN INC.: TAX BENEFITS FROM SALE OF US OIL&GAS
OPERATIONS INCREASE EARNINGS ESTIMATES AND NPV; OTHER CHANGES
1/10/2017OSISKO GOLD ROYALTIESOSISKO GOLD ROYALTIES AND ROYAL GOLD UPDATED FOR CURRENT
GOLD PRICE SCENARIO AND SUBSEQUENT DEVELOPMENTS
1/6/2017STEEL INDUSTRYSTEEL INDUSTRY - - IRON ORE DISPLACES DECLINING SCRAP VOLUMES
1/5/2017FOREST PRODUCTSFOREST PRODUCTS DECEMBER AND MARCH QUARTERLY EARNINGS
SURPRISE UPSIDES FOR OSB, LPX, WY, WFTBF, WRK, PKG, IP, KS, OTHERS
1/5/2017ARCONICARCONIC FORECASTS HIGHER POTENTIAL MARGINS; TO SWITCH TO AUTO
SHEETS AND EXIT BEVERAGE CANS
12/15/2016ALUMINUM & STEELALUMINUM & STEEL INDUSTRIES: ARCONIC SPINOFF TO EXIT BEVERAGE
CAN BODY STOCK PRESUMABLY HAS LARGE NEW AUTO ORDERS
12/29/2016SUPERALLOY WARSMETALS “ALLOY COMPETITION” AMONG AEROSPACE, JET ENGINE AND
HIGH PRECISION SUPPLIERS
1/4/2017SPOT MARKETSSPOT MARKETS DEMAND FIRM; MINERS TARDY NOT REOPENING SCRAP
YARDS AND COPPER, ZINC, LEAD, NICKEL, IRON ORE, MET COAL MINES
12/31/2016NICKEL INDUSTRYNICKEL 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
12/30/2016ANGLOGOLD ASHANTIANGLOGOLD ASHANTI MODELS UPDATED FOR LOWER GOLD PRICES
12/29/2016METALS DISTRESS VOL 19METALS - - VOLUME 19 OF MONTHLY PLANT SHUTDOWNS TALLIES 21
EXPANSIONS AND 10 SHUTDOWNS IN DECEMBEER AFTER 23 EXPANSIONS
AND 11 SHUTDOWNS OR CUTBACKS IN DECEMBER
12/29/2016SUPERALLOY WARSMETALS “ALLOY COMPETITION” AMONG AEROSPACE, JET ENGINE AND
HIGH PRECISION SUPPLIERS
12/29/2016ALUMINUM INDUSTRYALUMINUM AND ALUMINA OUTPUTS MAKE NEW RECORDS IN SEPTEMBER,
OCTOBER AND NOVEMBER MOVING INTO OVERSUPPLY
12/28/2016GRUPO 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
12/28/2016CF INDUSTRIESCF INDUSTRIES ENJOYS PRICE APPRECIATION EVEN THOUGH NITROGEN
PRICES AND EARNINGS FALL SHARPLY
12/24/2016AGNICO EAGLE MINESAGNICO EAGLE MINES LOWER GOLD PRICE AND LOWER OPERATING
COSTS AT MEXICAN ASSETS DUE TO A WEAKER MEXICAN PESO
12/22/2016NEWMONT MININGNEWMONT MINING CASH FLOW OUTLOOK UNDERMINED BY LOWER GOLD
PRICES PARTLY OFFSET BY LOWER SUSTAINING CAPEX ESTIMATES
12/20/2016ANTOFAGASTA PLCANTOFAGASTA PLC: LOWER NEAR TERM PRICES OFFSET BY LOWER
ESTIMATED OPERATING COSTS
12/19/2016VALEVALE ENJOYS $3+ BILLION SALES VALUE FOR FERTILIZERS
12/15/2016ALUMINUM & STEEL INDUSTRIESALUMINUM & STEEL INDUSTRIES: ARCONIC SPINOFF TO EXIT BEVERAGE
CAN BODY STOCK PRESUMABLY HAS LARGE NEW AUTO ORDERS
12/12/2016GOLDCORPGOLDCORP LOWER GOLD PRICES OFFSET BY 0.5% LOWER DISCOUNT RATE;
LOS FILOS SALE VALUED AT $400 MILLION.
12/7/2016VALEVALE CHARGES “HIGHER THAN SCREEN PRICES” FOR 65% FE CARAJAS
BLEND; FUTURE EMPHASIS ON DEBT REPAYMENT AND DIVIDENDS
12/7/2016RIO TINTORIO TINTO ENHANCED COST REDUCTION TARGETS, OUTPUT RESTRAINT
AND NO DISCUSSION OF PRICING GAINS UPSIDES
12/6/2016SILVER WHEATONSILVER WHEATON BENEFITS FROM TURNAROUND IN BASE METALS
ESPECIALLY AT VALE VIA TWO SALOBO PENDING POSSIBLE EXPANSIONS
12/6/2016ANGLO AMERICANANGLO AMERICAN: ADDITIONAL ASSET SALES, LOWER CAPEX, HIGHER
MET COAL AND IRON ORE PRICES INCREASE CASH FLOW AND VALUATION
12/2/2016SANDSTORM GOLDSANDSTORM GOLD BENEFITS FROM DEBT PAYDOWNS AND PORTFOLIO
GAINS; PARTLY OFFSET BY LOWER GOLD PRICES AND MORE SHARES
11/30/2016FORTESCUE SITE VISITFORTESCUE METALS VISITS TO HQ INVESTOR DAY, KINGS & FIRETAIL
MINES AND PORT HEDLAND; STEADY TONS, COST CUTS AND DEBT CUTS
11/30/2016FORTESCUE METALSFORTESCUE METALS VISITS TO HQ INVESTOR DAY, KINGS & FIRETAIL
MINES AND PORT HEDLAND; STEADY TONS, COST CUTS AND DEBT CUTS
11/29/2016FRANCO NEVADAFRANCO NEVADA BENEFITS FROM FIRMER COPPER ENHANCING
PROJECTS, WHILE RECENT GOLD PRICE SELLOFF TRIMS REVENUES
11/28/2016METALS FOUR STRATEGIESMETALS - - COMPARING FOUR STRATEGIES
11/27/2016METALS DISTRESS VOL 18METALS - - VOLUME 18 OF MONTHLY PLANT SHUTDOWNS TALLIES 23
EXPANSIONS AND 11 SHUTDOWNS OR CUTBACKS IN NOVEMBER
11/23/2016WESTROCKWESTROCK EARNINGS AND PRICE TARGET CUT DUE TO LOWER FOLDING
CARTON PRICES AND CONSUMER PREFERENCE TO FRESH FOODS
11/22/2016KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD LIKELY NEARER BREAKEVEN IN 2017 DUE TO
HIGHER AMORTIZATION STEP-UP BIG LOSSES ON AUSSIE MINES
11/18/2016BARRICK GOLDBARRICK GOLD PRICE TARGET FALLS WITH 2017 GOLD PRICE OUTLOOK;
SENSITIVITY TO LARGER AND EARLIER DONLIN CREEK PROJECT STUDIED
11/18/2016LUNDIN MININGLUNDIN MINING: SALE OF TENKE FUNGURUME INCORPORATED; LOWER
PRECIOUS METAL PRICE ESTIMATES
11/17/2016HUDBAY MINERALSHUDBAY MINERALS: FAVORABLE REVISIONS TO DEFERRED TAX,
DISCOUNT RATE, CAP EX AND OP EX OFFSET SOFT 2016-17 COPPER PRICES
11/16/2016GOLD INDUSTRYGOLD INDUSTRY - - STRONG DOLLAR AND HIGHER INTEREST RATES HURT
INVESTMENT DEMAND; WE CUT 2017 GOLD PRICE ESTIMATES TO $1,200
11/16/2016SILVER WHEATONSILVER WHEATON. PASCUA-LAMA MODELED BEGINNING CHILE OUTPUT
IN 2026; LOWER GOLD AND SILVER PRICES AND EARNINGS ESTIMATES.
11/16/2016METALS TRUMP INFRASTRUCTUREMETALS - - IT IS OKAY TO USE TRUMP SURPRISE ELECTION VICTORY AS
AN EXCUSE TO REVERSE OUTDATED OR DEAD WRONG INVESTMENT VIEW
11/14/2016KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD LETTER TO BOARD OF DIRECTORS
11/10/2016GOLD INDUSTRYGOLD INDUSTRY - - EARLY 2016 RALLY OVER; LOOK TO FIVE EUROPEAN
ELECTIONS BY SEPTEMBER 2017 FOR ONE OR TWO TO MOVE TO EU EXIT
11/10/2016FREEPORT-McMORAN INCFREEPORT-McMORAN INC.: FOCUS ON 3 KEY LARGE COPPER MINES; LOW
2017 AND 2018 CAP EX, PENT UP CAPITAL PROJECTS & LIKELY U.S. TAX CUT
11/9/2016CORP. TAX RATETRUMP PROPOSAL TO CUT CORPORATE TAX RATE IMPACTS 13 OF THE 45
OR SO COMPANIES UNDER OUR FULL RESEARCH COVERAGE
11/9/2016METALS, FOREST PRODUCTS, FERTILIZERS ELECTIONMARKET QUIET REACTIONS TO TRUMP VICTORY; TRUMP PROPOSALS TO
CUT CORPORATE INCOME TAX, REPEAL NAFTA AND CREATE JOBS
11/8/2016AGNICO EAGLE MINESAGNICO EAGLE MINES BENEFITS AS AMARUQ LIKELY GOLD OUTPUT
BIGGER, MELIADINE ECONOMICS MAY IMPROVE AND CASH “FLOWS”
11/2/2016SOUTHERN COPPER CORP.SOUTHERN COPPER CORP. LOWER COPPER AND BYPRODUCT PRICES
ESTIMATES PARTIALLY OFFSET BY LOWER 2016 OPERATING COSTS
11/1/2016KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD DISCLOSES MULTIPLE BIDS AFTER SEPT. 29TH; TO
DEVELOP RESERVES AND RESOURCES TO IMPROVE MARKET CONFIDENCE
10/31/2016TAHOE RESOURCESTAHOE RESOURCES COULD BENEFIT FROM ACQUIRING KIRKLAND LAKE
GOLD BASED ON SYNERGIES AND LOWER KIRKLAND LAKE VALUATION
10/31/2016ARCONIC ARNCARCONIC POTENTIAL STRATEGIES TO REDUCE DEBT TO COMMAND
SINGLE-A CREDIT RATING
10/31/2016ALCOA UPSTREAMALCOA RESTRUCTURED “UPSTREAM” COMPANY EARNS ABOUT 7 CENTS
PER LB FROM CASTING AND ELECTRICITY
10/31/2016METALS DISTRESS VOL 17METALS - - VOLUME SEVENTEEN OF MONTHLY PLANT SHUTDOWNS
TALLIES 24 EXPANSIONS AND 28 SHUTDOWNS OR CUTBACKS IN OCTOBER
10/22/2016INTERNATIONAL PAPERINTERNATIONAL PAPER MODELED ESTIMATING 40% OF OCTOBER 1, 2016
$50/TON CONTAINERBOARD PRICE HIKE STICKS
10/20/2016COPPER INDUSTRYCOPPER INDUSTRY - - DEMAND GAIN, SCRAP 1+ MMT FALL AND CHILEAN
& DRC CONGO OUTPUT FALLS ABSORB NEAR RECORD NEW MINE OUTPUT
10/20/2016PACKAGING CORP. OF AMERICA’SPACKAGING CORP. OF AMERICA’S OPERATING COSTS SEE HIGHER INPUT
PRICES; 40% OF OCT 1ST $50/TON CONTAINERBOARD PRICE HIKE MODELED
10/20/2016ALUMINA LTDALUMINA 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
10/18/2016METALS PRICE TRENDMETALS - - TRENDS OF U.S. DOLLAR, INTEREST RATES AND DEFLATION
VERSUS PRICE CHARTS VERSUS SUPPLY ATTRITION SECTORS
10/13/2016BARRICK GOLDBARRICK GOLD SIMULATED WITH DONLIN GOLD, LAMA, ALTURAS, AND
PASCUA PROJECTS ADDED TO OUR MODEL WITH BETTER BALANCE SHEET
10/13/2016STEEL INDUSTRYSTEEL INDUSTRY - - WHILE SCRAP STEEL PLUNGED AGAIN IN OCTOBER,
WE ESTIMATE A $75-$100/T RISE BASED ON INGREDIENT COSTS
10/7/2016GLENCORE PLCGLENCORE 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
10/7/2016ALUMINUMALUMINUM OUTPUT RESTRAINT IN CHINA AND ROW GREATER THAN
EXPECTED AS JUNE 2015 WORLD OUTPUT RECORDS NOT YET BROKEN
10/6/2016SPOT MARKETSSPOT MARKETS FALLING INVENTORIES AND LOWER ORE, CONCENTRATE
AND SCRAP SUPPLIES FOR CU, NI, PB AND ZN AT LOW PRICES
10/6/2016WEYERHAEUSERWEYERHAEUSER WOOD PRODUCTS SEGMENT VALUATION RAISED ON
HIGHER OSB AND LUMBER PRICES; EFFECTIVE TAX RATE INCREASED.
10/4/2016VALEVALE: HIGHER NICKEL PRICES AND LOWER 2017 CAPEX OFFSET BY LOWER
COPPER PRICES AND IRON ORE OUTPUT; MORE ASSET SALES MADE
10/4/2016RIO TINTORIO TINTO: LOWER NEAR TERM IRON ORE OUTPUT AND COPPER PRICES
OFFSET BY HIGHER MET COAL PRICES AND LOWER OPERATING COSTS
10/3/2016METALS DISTRESS VOL 16METALS - - VOLUME SIXTEEN OF MONTHLY PLANT SHUTDOWNS TALLIES
26 EXPANSIONS AND 25 SHUTDOWNS IN SEPTEMBER
9/30/2016KIRKLAND LAKE GOLD KIRKLAND LAKE GOLD ACQUIRES UNDER DEFINED UNDERGROUND GOLD
MINES AND INFUSES NEW BLOOD WITH RESPECTED MANAGERS
9/29/2016NORBORD NORBORD 2017 AND 2018 NORTH AMERICAN OSB PRICE REALIZATION
ESTIMATES RAISED
9/29/2016WORTHINGTON INDUSTRIESWORTHINGTON INDUSTRIES - - RECORD QUARTER DRIVEN BY STEEL
PROCESSING AND CLARKDIETRICH JV SELLING-PRICE-TO-INPUT COSTS
9/27/2016FERTILIZER INDUSTRYFERTILIZER INDUSTRY - - CLIMATE CHANGE AND OTHER ARGUMENTS IN
FAVOR OF A VEGETARIAN DIET
9/27/2016ROYAL GOLDROYAL GOLD ANDACOLLO GOLD OUTPUT INCREASED BASED ON 2016
TECK GUIDANCE; ILOVICA PROJECT REMOVED; SENSITIVITY TO PASCUA .
9/23/2016FRANCO NEVADAFRANCO NEVADA UPDATED DEPRECIATION ESTIMATES RAISED BASED ON
2016 GUIDANCE WHILE OIL AND GAS REVENUES CUT.
9/21/2016GOLD CONF. COLORADO GOLD INDUSTRY- -AUDIENCE IN COLORADO SPRINGS MAYBE A RECORD
9/20/2016STEEL INDUSTRYSTEEL 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
9/19/2016BHP BILLITONBHP BILLITON: LOWER EARNINGS, COPPER PRICE ESTIMATES, AND
PETROLEUM PRODUCTION PARTLY OFFSET BY LOWER COSTS; HIGHER
NEAR TERM CAPITAL EXPENDITURE ESTIMATES
9/19/2016SILVER WHEATONSILVER WHEATON ADDITIONAL 25% GOLD STREAM ON VALE’S SALOBO
MINE IN BRAZIL BRING TOTAL GOLD STREAM TO 75%
9/15/2016LUNDIN MININGLUNDIN MINING COPPER, LEAD AND ZINC RESERVES FELL; UPDATED COST
AND PRODUCTION GUIDANCE
9/14/2016FREEPORT-McMORAN INC.FREEPORT-McMORAN INC. SALE OF GULF OF MEXICO PROPERTIES TO
ANADARKO; LOWER NEAR TERM COPPER PRICES INCORPORATED
9/13/2016LOUISIANA-PACIFICLOUISIANA-PACIFIC SIDING SEGMENT OPERATING PROFIT ESTIMATES
INCREASED BASED ON Q2 2016 RESULTS
9/10/2016STEEL INDUSTRYSTEEL 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
8/31/2016GOLD INDUSTRYGOLD INDUSTRY - - GOLD BULLION ETFs VS. MID-CAP GOLD SHARES VS.
LARGE CAP GOLD SHARES IN EXPECTATION OF RISING GOLD PRICES
8/31/2016WESTROCKWESTROCK FUTURE CAPEX ESTIMATES SHAVED; CONSUMER SEGMENT PROFIT
ESTIMATES RAISED BASED ON STRONG 6/30/16 QUARTER PERFORMANCE
8/31/2016IRON ORE INDUSTRYIRON ORE INDUSTRY - - SPOT PRICES FIRM AS WORLD STEEL OUTPUT
RISING; VARIETY OF STATISTICAL ISSUES AND EMBELLISHMENTS
8/31/2016FORTESCUE METALSFORTESCUE METALS ENJOYS CONSISTENT VOLUMES, COST REDUCTIONS
AND DEBT REDUCTIONS
8/30/2016STEEL INDUSTRYSTEEL INDUSTRY SUFFERS FROM EXCESS LOCAL CAPACITY AND
COMPETITION AS DEMAND FALLS AGAIN IN 2016 AFTER 10% 2015 DROP
8/29/2016U.S. STEELU.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
8/29/2016TECKTECK: HIGHER ZINC, MOLYBDENUM, and GOLD PRICES AND LOWER NEAR
TERM OPERATING COSTS RAISE EARNINGS ESTIMATES
8/26/2016SPOTMARKETSSPOT MARKETS – EVIDENCES OF DEMAND GROWTH AS MINE SUPPLIES
FALL VERY SHARPLY IN LEAD, ZINC, NICKEL AND MOLY; PRICES RAISED
8/26/2016PACKAGING CORP. OF AMERICAPACKAGING CORP. OF AMERICA DOWNGRADED TO NEUTRAL DUE TO
SHARE PRICE APPRECIATION
8/16/2016FREEPORT-McMORAN INC.FREEPORT-McMORAN INC. TRIP ALONG THE MORENCI COPPER MINE
8/16/2016FREEPORT-McMORAN INC.FREEPORT-McMORAN INC. MOUNTAIN GOAT HERD AND DEER OBSERVED
NEAR MORENCI OPEN PITS ACCESS ROAD ON AUGUST 6TH
8/16/2016FREEPORT-McMORAN INC.FREEPORT-McMORAN INC. TARGETS $10 BILLION NET DEBT TO APPROACH
INVESTMENT GRADE DEBT RATING OR RESUME A DIVIDEND
8/16/2016ANGLOGOLD ASHANTIANGLOGOLD ASHANTI ESTIMATED COSTS RISE WITH STRONGER LONG
TERM A$ AND RAND; SOUTH AFRICAN GOLD OUTPUT ESTIMATE CUT
8/3/2016FIRST QUANTUMFIRST QUANTUM PAYS A SMALL DIVIDEND AND PREDICTS PANAMA
COMMISSIONING IN LATE-2018; HIGHER GOLD, NICKEL, AND ZINC PRICES
8/3/2016SOUTHERN COPPER CORP.SOUTHERN COPPER CORP. LOWER COPPER PRICES, HIGHER BYPRODUCT
PRICES, AND LOWER COSTS IMPACT OUR FINANCIAL MODELS
8/2/2016METALS DISTRESS VOL 14 METALS - - VOLUME FOURTEEN OF MONTHLY PLANT SHUTDOWNS
TALLIES 15 EXPANSIONS AND 29 SHUTDOWNS
7/26/2016PACKAGING CORP.PACKAGING CORP. OF AMERICA “PACKAGING” MARGINS RAISED DUE TO
LOWER COSTS AND HIGHER PRICES FROM THE TIMBAR ACQUISITION
7/26/2016MOSAIC CORP.MOSAIC CORP. LOW DAP AND POTASH PRICES PARTLY OFFSET BY LOWER
COSTS OF GOODS SOLD
7/26/2016TAHOE RESOURCESTAHOE RESOURCES BENEFITS FROM HIGHER GOLD AND SILVER PRICES
7/25/2016NICKEL MARKETNICKEL INDUSTRY ENJOYS 9.3% DROP IN MINE OUTPUT WITH 20.2% GAIN
IN APPARENT DEMAND MAY 2016 YTD WBMS DATA
7/20/2016ROYALTY REVENUE ANALYSISGOLD INDUSTRY - - REVIEW OF STREAMING AND ROYALTY INSTRUMENTS
7/19/2016POLYMET MININGPOLYMET MINING QUEST FOR MINING PERMITS CONTINUES; LIKELY
OUTCOMES IN CONTEXT OF 2016 US PRESIDENTIAL ELECTION
7/19/2016DOMTARDOMTAR EARNINGS ESTIMATES AND PRICE TARGET DECREASED DUE TO
LOWER PULP PRICES AND FEWER ESTIMATED FUTURE SHARE BUYBACKS
7/19/2016GOLD EUGOLD - - NEG. RATES, EU BUDGET, ELECTIONS, SECURITY AND STABILITY
7/14/2016KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD UPGRADED DUE TO HIGHER GOLD PRICES AND
MORE GENEROUS INDUSTRYWIDE GOLD MINE VALUATIONS
7/14/2016LUNDIN MINING CORRECTIONLUNDIN MINING CORRECTION TO CUT EAGLE MINE PRODUCTION
ESTIMATES CONCERNING EAGLE EAST
7/13/2016NEWMONT MININGNEWMONT MINING SIMPLIFIES WITH EXIT FROM INDONESIA; GOLD PRICE
ESTIMATES AND 200% UP FROM 150% PREMIUM TO NPV INCREASED
7/13/2016GOLD PRICE CHANGESHIGHER GOLD PRICES AND A HIGHER MULTIPLE TO NPV BENEFIT OUR
EARNINGS ESTIMATES AND PRICE TARGETS
7/12/2016MONETARY STIMULUSMETALS, ESPECIALLY GOLD, IMPACTED BY WEAK MONETARY POLICIES;
SUPPLY RESTRAINT AND FIRM DEMAND ALSO IMPORTANT
7/12/2016NORILSKNORILSK NICKEL HIGHER PRICE TARGET AND EARNINGS ESTIMATES DUE
TO PHILIPPINE MINE CLOSINGS, HIGHER NICKEL AND PLATINUM PRICES
7/12/2016LUNDIN MININGLUNDIN MINING INCLUSION OF EAGLE EAST; LOWER THAN PREVIOUSLY
ESTIMATED COPPER PRICE ENVIRONMENT
7/7/2016ROYAL GOLDROYAL GOLD’S MT MILLIGAN METALS GOLD STREAM RESTRUCTURED BY
CENTERRA GOLD; HIGHER GOLD PRICES AND VALUATION METRICS
7/7/2016COPPER INDUSTRYCOPPER INDUSTRY - - DEMAND SURGE PLUS SCRAP DECLINES CREATE
“NEAR SHORTAGE” TO BLUNT MINE OUTPUT GAINS AND STRONG DOLLAR
6/29/2016ALCOAALCOA BALANCE SHEET DETAILS OF THE NEW ALCOA AND ARCONIC
6/28/2016METALS DISTRESSMETALS - - VOLUME THIRTEEN OF PLANT SHUTDOWNS SINCE AUGUST
2015 SHOWS MORE EXPANSIONS THAN SHUTDOWNS
6/27/2016BREXIT CONFUSIONMETALS AND RESOURCES SUFFER “BREXIT CONFUSION”
6/25/2016WEYERHAEUSERWEYERHAEUSER EXPOSED TO FIVE FORCES THAT PREVENT IT FROM
BEING A “RISK-FREE ASSET” PERFECT VERSUS A TREASURY BOND
6/24/2016LOUISIANA-PACIFICLOUISIANA-PACIFIC MODEL UPDATED FOR RECENT PRICING GAINS AND
LOWER OSB SEGMENT OPERATING COSTS BASED ON FIRST-QUARTER 2016
6/24/2016HUDBAY MINERALSHUDBAY MINERALS: METALS PRICE ESTIMATES CUT; ROSEMONT PUSHED
BACK TO 2021 IN OUR MODELS; EARNINGS ESTIMATES CUT
6/24/2016NORILSK NICKELNORILSK NICKEL COVERAGE INITIATION AFTER PHILIPPINES AND
INDONESIA CUT NICKEL OUTPUTS
6/24/2016CF INDUSTRIESCF INDUSTRIES COMPLETES CAPITAL PROGRAM, GROWS VOLUME AND
CAN ENJOY LARGE CASH FLOWS AT NORMAL NITROGREN PRICES
6/23/2016SANDSTORM GOLDSANDSTORM GOLD BENEFITS FROM COMMERCIAL PROGRESS AS
NUMEROUS DEVELOPMENT STAGE ASSETS ADDED TO OUR MODEL
6/22/2016VALE ASSETSVALE HAS FOUR ALTERNATIVES CONCERNING POSSIBLE “ASSET SALES” >
$15 BILLION EXCLUDING CORE FE, NI, CU UNITS
6/18/2016KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD LARGE TRADING VOLUME NEAR CLOSE JUNE 17TH
6/16/2016ALUMINA LTD.ALUMINA LTD: LOWER LME ALUMINUM PRICE AND LONG TERM ALUMINA
PRODUCTION ESTIMATES PARTLY OFFSET BY LOWER OPERATING COSTS
6/13/2016KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD BOARD OF DIRECTORS APPOINTS NEW CEO; PRICE
APPRECIATION AND FUTURE DIRECTION UNCERTAINTIES
6/12/2016GOLD INDUSTRY SYNTHETIC ABX Packages 4+ mm oz OutputGOLD INDUSTRY - - CONSTRUCTION OF A “SYNTHETIC ABX” AT A
CHEAPER VALUATION < FIVE TIMES NPV
6/10/2016GOLD AND OIL GOLD INDUSTRY - - CRUDE OIL PRICES LIKELY TO FORCE GOLD PRICES UP
WHETHER OIL RISES OR FALLS; SAUDI ECONOMIC PLAN WEAKNESSES
6/10/2016CENTURY ALUMINUMCENTURY ALUMINUM - - LOWER LME INGOT PRICE ESTIMATES CUT EPS
ESTIMATES; LOWER CASH COSTS PARTIALLY OFFSET
6/9/2016VALEVALE: HIGHER IRON ORE PRODUCTION AND LOWER 2016 CAPEX OFFSET
BY LOWER NICKEL, COPPER, AND COAL FORECASTED PRICES
5/27/2016METALS DISTRESSMETALS - - VOLUME TWELVE OF PLANT SHUTDOWNS SINCE AUGUST 2015
SHOWS MORE EXPANSIONS THAN SHUTDOWNS AS PRICES REBOUND
5/27/2016IRON ORE INDUSTRYIRON ORE INDUSTRY - - ESTIMATED GLOBAL IRON ORE MARKET FALLS
INTO SHORTAGE
5/27/2016U.S. STEELU.S. STEEL GOOD COMPANY INTERNAL DYNAMICS MAY OVERCOME
TOUGH INDUSTRY CLIMATE
5/25/2016TAHOE MODELSTAHOE RESOURCES FINANCIAL MODELS UPDATED TO REFLECT LOWER
TAX AND ROYALTY RATES, LOWER 2017-2019 SILVER PRICES, AND LONGER
PERUVIAN AND CANADIAN ASSET MINE LIVES
5/25/2016TAHOE RESOURCES TIMMONS VISIT & PHOTOS TAHOE RESOURCES VISIT TO LAKE SHORE GOLD IN TIMMONS, ONTARIO
MAY 5TH AND TORONTO CORPORATE PRESENTATION MAY 4TH
5/25/2016GG TIMMONSGOLDCORP IMPLICATIONS IN TIMMONS, ONTARIO AFTER TAHOE
RESOURCES COMPLETED ACQUISITION OF LAKE SHORE GOLD
5/19/2016GOLD MINE OUTPUTGOLD INDUSTRY - - GLOBAL GOLD MINE OUPUT UP 4.8% IN FIRSTQUARTER
TRENDING TOWARDS NEW GLOBAL OUTPUT RECORD
5/18/2016NUCORNUCOR EARNING LESS THAN EXPECTED IN 8TH YEAR OF U.S. EXPANSION
5/18/2016KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD ASSOCIATED WITH WESDOME PUT UP FOR SALE;
MARCH QUARTER RESULTS EXCELLENT SUGGESTING UPSIDES
5/18/2016GOLD STOCKSGOLD STOCKS SORTED FROM LEAST TO MOST EXPENSIVE BASED ON
PRICE-TO-NPV; TESTED UNDER $1,750 GOLD PRICES
5/13/2016OSISKO GOLD ROYALTIESOSISKO GOLD ROYALTIES ENJOYS PROGRESS AT ODYSSEY, OBAN AND
FALCO RESOURCES
5/12/2016FOREST PRODUCTSFOREST PRODUCTS - - LUMBER AND ORIENTED STRAND BOARD PRICES
SURGE; REGIONAL OSB PRICE DISCOUNTS FALL ALMOST TO NIL
5/11/2016WEYERHAEUSERWEYERHAEUSER SALE OF CELLULOSE PULP SALE TRIGGERS TAXES DUE;
HIGHER WOOD PRODUCTS SEGMENT VALUES PER RISING WOOD PRICES
5/9/2016FREEPORT-McMORAN INC.FREEPORT-McMORAN INC. SALE OF DRC CONGO ASSETS CUTS DEBT AND
ALSO EARNINGS
5/7/2016FIRST QUANTUMFIRST 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
5/3/2016SPOT MARKETSSPOT MARKETS - - SCRAP FLOWS HIGHER THAN DECEMBER QUARTER
5/2/2016INTERNATIONAL PAPERINTERNATIONAL PAPER ACQUIRES WY’S PULP BUSINESS FOR $2.2 BIL.
4/29/2016METALS DISTRESSMETALS - - VOLUME ELEVEN OF PLANT SHUTDOWNS SINCE AUGUST 2015;
CHINA RESTARTS STEEL & ALUMINUM OUTPUTS IN MARCH
4/29/2016METALS RISK-OFFMETALS - - IMPORTANCE OF MUCH STRONGER BALANCE SHEETS
4/29/2016INTERNATIONAL PAPERINTERNATIONAL PAPER OPERATING MARGINS TRIMMED IN PAPER AND
CONSUMER PACKAGING SEGMENT. ASIA CORRUGATED PACKAGING
SEGMENT TO BE SOLD IN Q2 2016
4/29/2016FREEPORT-McMORAN INCFREEPORT-McMORAN INC.: COPPER & OIL PRICE ESTIMATES LOWERED;
LOWER OIL COST ESTIMATES AND 2016 & 2017 CAP EX ESTIMATES
4/22/2016NEWMONTNEWMONT OPERATING COSTS AND SG&A LOWERED
4/22/2016METALS SCRAP METALS INDUSTRY - - MARCH QUARTER SCRAP FLOWS DID NOT RISE, BUT
JUNE AND SEPTEMBER SHOULD RISE
4/22/2016METALS CHINA MARCH OUTPUTMETALS - - CHINA UPSURGE IN REPORTED ALUMINUM AND STEEL OUTPUT
4/22/2016GLENCORE PLCGLENCORE PLC SALE OF 40% OF AG BUSINESSES CUTS DEBT MORE;
EARNINGS AND CASH FLOW LOWERED FROM LOWER METALS PRICES
4/20/2016STEEL INDUSTRYSTEEL OUTPUT IN CHINA RISES 12 MMT TO A RECORD; HIGHER PRICES
TOUGH TO SUSTAIN WITH SOFT DEMAND AND LOW OPERATING RATES
4/20/2016ALUMINUM INDUSTRYALUMINUM OUTPUT IN CHINA RISES SHARPLY IN MARCH AFTER POSSIBLE
RESTRAINT IN DECEMBER, JANUARY AND FEBRUARY
4/18/2016BHP BILLITONBHP BILLITON: LOWER EARNINGS AND PRICE ESTIMATES PARTLY OFFSET
BY LOWER COSTS; DIVIDENDS AND CAP EX CUTS HELP CASH FLOW
4/15/2016METALS PRICESMETALS - - COMMODITIES PRICE REVISIONS FOR MARCH 31ST EARNINGS
RUSH AND REVISIONS
4/15/2016METALS IMPAIRMENTSMETALS AND RELATED RESOURCE INDUSTRIES - - 2015 IMPAIRMENTS
EXCEED $123 BIL. IN WORST YEAR OR $0.5 TRILLION SINCE 2008
4/14/2016SILVER WHEATONSILVER WHEATON MODEL UPDATED FOR LOWER 2016-2019 SILVER PRICES,
38.105 MILLION NEW SHARES, AND OTHER PORTFOLIO UPDATES
4/14/2016ALCOAALCOA EARNS LESS IN FIRTH RIXON, FORGED WHEELS, CONSTRUCTION
AND WE TRIM ALUMINUM PRICE FORECASTS
4/13/2016FORTESCUE METALSFORTESCUE METALS ENJOYS CONSISTENT VOLUMES, COST REDUCTIONS
AND DEBT REDUCTIONS
4/11/2016OSISKO GOLD ROYALTIESOSISKO GOLD ROYALTIES MODEL UPDATED FOR SHORTER ELEONORE
MINE LIFE, 11.431 MM NEW SHARES, AND THE ISLAND GOLD ROYALTY
4/11/2016WORTHINGTON INDUSTRIESWORTHINGTON INDUSTRIES - - WOR SURVIVES STEEL PRICE PLUNGE;
SHARE BUYBACKS TO MODERATE; PRICE TARGET RAISED
4/8/2016GOLDGOLD - - “SHORT SQUEEZE” BEHIND US AND GLD ETF BUYING SLOWS;
JUNE MID-YEAR SEASONAL SLOW PERIOD VERSUS CRISIS “EVENT RISKS”
4/8/2016METALS CAUCASUSMETALS - - “NAGORNO-KARABAKH” BLACK SWAN POSSIBLE EVENT RISKS
4/4/2016CONFERENCE HIGHLIGHTS MID CAPSCONFERENCE HIGHLIGHTS MARCH 31ST “MID-CAP” TRACK
4/1/2016CONFERENCE HIGHLIGHTS LARGE CAPSCONFERENCE HIGHLIGHTS MARCH 31ST “LARGE CAP” TRACK
3/30/2016SPOT MARKETSSPOT MARKETS - - NO CHINESE ALUMINUM OR ALUMINA DATA; GLOBAL
NONFERROUS APPARENT DEMAND STRONG WHILE USA WEAK
3/30/2016PACKAGING CORPORATIONPACKAGING CORPORATION OF AMERICA: LOWER PACKAGING SEGMENT
PRICE REALIZATIONS HURT PRICE TARGET
3/30/2016WESTROCKWESTROCK LOWER CORRUGATED PACKAGING SEGMENT OPERATING
PROFITS WITH LOWER VOLUMES AND PRICES
3/29/2016CONF. REMARKS BY JOHNPRESENTATION TO OUR ANNUAL CONFERENCE MARCH 31, 2016
HIGHLIGHTS PARTICULAR STOCKS WITH LOWER RISK PROFILES
3/29/2016BIG SIX NETDEBTMETALS - - 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)
3/29/2016CONTAINERBOARD INDUSTRYCONTAINERBOARD INDUSTRY PRICING PRESSURES SQUEEZE MARGINS
3/25/2016METALS DISTRESSMETALS - - VOLUME TEN OF PLANT SHUTDOWNS SINCE AUGUST 2015;
INCLUDES 21 OPENINGS OF NEW PLANTS AMONG 27 SHUTDOWNS
3/24/2016ANGLO AMERICANANGLO AMERICAN: LOWER PRICES DRIVE NEGATIVE ESTIMATED 2016
CASH FLOW DESPITE OUPTUT CUTS, ASSET SALES, AND NO DIVIDEND
3/23/2016DIVIDENDSMETALS AND FOREST PRODUCTS - - ALTERNATIVES IN SEARCH OF YIELD
3/23/2016METALS RATINGS CUTSMETALS - - SIX STOCKS DOWNGRADED FROM OVERWEIGHT CUTTING OUR
“BUY RATINGS” TO 13 FROM 19
3/22/2016FORTESCUEFORTESCUE METALS JV WITH VALE IMPACTS LIKELY AFTER 2018; SPOT
IRON ORE 20% AHEAD OF OUR FORECAST FOR 2016
3/20/2016KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD VISITS TO MACASSA, TAYLOR & HOLT MINES
FINDS “LESS IS MORE” STRATEGY AT MACASSA SUPPLEMENTED WITH
“BOLT-ON” ACQUISITIONS
3/20/2016KIRKLAND LAKE BIG PICTURE STRATEGYKIRKLAND LAKE GOLD VISITS TO MACASSA, TAYLOR & HOLT MINES
FINDS “LESS IS MORE” STRATEGY AT MACASSA SUPPLEMENTED WITH
“BOLT-ON” ACQUISITIONS
3/16/2016METALS & TRUMP POLICIESMETALS - - TRUMP REINDUSTRIALIZATION POLICIES MORE LIKELY
3/16/2016GLENCORE PLCGLENCORE PLC CONTINUES TO TARGET FURTHER DEBT REDUCTION
DESPITE WEAKENED METALS PRICES
3/15/2016ANGLOGOLD ASHANTI NETANGLOGOLD ASHANTI NET DEBT CUT BY APPROXIMATELY 30% IN 2015;
WEAKER RAND AND A$ LOWER OPERATING COSTS
3/8/2016METALS TORONTO PDACMETALS - - HIGHLIGHTS OF TORONTO PROSPECTS AND DEVELOPERS ASSN.
CONVENTION
3/8/2016FORTESCUE METALSFORTESCUE METALS CUTS COSTS TO OFFSET LOW PRICES; RAISED
EARNINGS ESTIMATES AND PRICE TARGET WITH LESS CAP EX & DEBT
3/6/2016SPOT MARKETSSPOT MARKETS - - CHINA CUT MORE ALUMINUM & STEEL OUTPUTS;
SCRAP SUPPLIES FALL; NEGATIVE INTEREST RATES ENCOURAGE METALS
3/4/2016RIO TINTORIO TINTO: MAKES LONG-TERM PLANS AT 2015 ACTUAL METALS PRICES
OR REBOUNDS OF UP TO 25% FROM TROUGH LOW SPOT PRICES
3/4/2016BARRICK GOLDBARRICK GOLD AUTHORIZES FOUR PROJECTS TO LIMIT GOLD OUTPUT
DECLINE TO 4.5 MM OZ BY 2020: DEBT CUTS MADE DESPITE LOW PRICES
3/1/2016GOLD RESERVESGOLD INDUSTRY - - RESERVES FALL 8.8% IN 2015 AND 8.2% IN 2014 AFTER
13% DROP IN 2013 OR CUMULATIVELY 27.2%
2/26/2016FIRST QUANTUMFIRST QUANTUM CUTS PRODUCTION AND CAPITAL EXPENDITURE
TARGETS
2/25/2016GOLDGOLD - - GLD ETF BUYING CONTINUES STRONG LIKE 2005-10; CENTRAL
BANKS, BULLION ETFs, PRIVATE INVESTORS SWAMP GOLD MARKETS
2/23/2016FRANCO-NEVADAFRANCO-NEVADA PRICE TARGET RAISED $1 DUE TO THE $500 MM
ANTAPACCAY GOLD AND SILVER STREAM AND $920 MM EQUITY RAISE
2/23/2016SOUTHERN COPPERSOUTHERN COPPER CORP. MANAGING LOW PRICES WITH LESS DAMAGE
THAN SOME OTHERS
2/23/2016METALS SISTRESSMETALS - - VOLUME NINE OF PLANT SHUTDOWNS SINCE AUGUST 2015;
INCLUDES 8 OPENINGS OF NEW PLANTS AMONG 32 SHUTDOWNS
2/23/2016TRUMP FOR METALSMETALS - - TRUMP REINDUSTRIALIZATION POLICY ALTERNATIVES IN USA
2/18/2016TAHOE RESOURCESTAHOE RESOURCES BUYS LAKE SHORE GOLD TO ESTABLISH A BEACH
HEAD IN TIMMONS, ONTARIO GOLD DISTRICT DIVERSIFYING GEOGRAPHY
2/16/2016IRON ORE SAMARCOIRON ORE INDUSTRY - - SAMARCO RESTART EARLIER THAN JANUARY 2018
AS PREVIOUSLY ESTIMATED; BRAZIL MAY WITHDRAW 20 BIL REAIS FINE
2/15/2016SPOT MARKETSSPOT MARKETS - - CHINA CUTTING ALUMINUM & STEEL OUTPUTS IN
RECOGNITION OF FALLING DEMAND; WEAK $ AND FALLING SUPPLIES
2/15/2016FREEPORT-McMORAN INC.FREEPORT-McMORAN INC.: SALE OF 13% OF MORENCI AMONG “WORST
CASE OUTCOMES”
2/14/2016METALS RUSSIAMETALS - - RUSSIAN PUBLICLY TRADED COMPANIES MUCH HEALTHIER
THAN STEEL, ALUMINUM OR NICKEL PEERS IN THE AMERICAS
2/12/2016ALCOAALCOA PREDICTS $0.5 BILLION 2016 EBITDA GAIN FROM ENGINEERED
PRODUCTS AS IT IDLES MOST OF REMAINING U.S. SMELTING
2/12/2016GOLDGOLD - - STRONG CENTRAL BANK DEMAND, BOOM IN BULLION ETF BUYS
AND NEW PRIVATE/RETAIL INVESTORS MASSACRE THE SHORT SELLERS
2/9/2016INTERNATIONAL PAPERINTERNATIONAL PAPER “DOUBLE FALSE EXPECTATIONS” AS SHARES
ANTICIPATE A COLLAPSE
2/7/2016GOLDGOLD - - U.S. $, BASE METALS AND GOLD EACH REVERSE TREND AND
EACH DIVORCE FROM CRUDE OIL, INFLATION OR CHINA DEMISE
2/5/2016FORTESCUE METALSFORTESCUE METALS CUTS COSTS TO OFFSET LOW PRICES; RAISED
EARNINGS ESTIMATES AND PRICE TARGET WITH LESS CAP EX & DEBT
2/3/2016NORBORD SCOTLAND PROJECTNORBORD’S $135 MM INVERNESS, SCOTLAND OSB EXPANSION TO ADD 325
MM SQ FT OF OSB CAPACITY OR $0.5 BIL. SALES AFTER MID-2017
2/1/2016METALS DISTRESSMETALS - - VOLUME EIGHT OF PLANT SHUTDOWNS SINCE AUGUST 2015
1/29/2016METALS SUBSTITUTIONMETALS - - MATERIALS SUBSTITUTIONS AS PRICES OR VOLUMES CHANGE
1/29/2016SOUTH 32SOUTH 32: LOWER METALS PRICE AND NEAR TERM OUPUT ESTIMATES CUT
NEAR TERM EARNINGS AS CASH BALANCES FALL TO CUT NPV MODEL
1/27/2016GOLD INDUSTRYGOLD INDUSTRY- -GG, AEM, KGLIF, NGD, DRGDF SENSITIVITY TO C$ @$0.50
1/25/2016STEEL INDUSTRYSTEEL INDUSTRY - - CHINA CUTS OUTPUT MORE; U.S. DEMAND DATA
FALLS MORE; SCRAP STEEL PRICES AND U.S. OPERATING RATES RISE
1/23/2016ALUMINUM INDUSTRYALUMINUM INDUSTRY SURPLUS FALLS AS CHINA’S OUTPUT PLUNGES
1/22/2016ALUMINA LTDALUMINA LTD: LOWER LME ALUMINUM PRICE ESTIMATES AND ALUMINA
REFINERY CURTAILMENTS PARTLY OFFSET BY LOWER OPERATING COSTS
1/22/2016FREEPORT-McMORAN INCFREEPORT-McMORAN INC.: PREVIEW OF JANUARY 22ND CONFERENCE CALL
AND JANUARY 15TH CUTS TO 2016 COMMODITY PRICE ESTIMATES
1/21/2016TAHOE RESOURCESTAHOE RESOURCES EVALUATED IN CONTEXT OF SEVERAL POSSIBLE
ACQUISITION OPPORTUNITIES OF OUR CHOOSING
1/16/2016COPPER PRICE REVISIONSCOPPER COVERAGE UNIVERSE EARNINGS REVISIONS TO LOWER 2015 and
2016 COPPER PRICE ESTIMATES
1/18/2016METALS PRICE REVISIONSMETALS PRICE REDUCTIONS FOR 2016 FORECASTS
1/15/2016ATI LABORALLEGHENY TECHNOLOGIES FLAT-ROLLED LABOR RECONCILIATION AND
SETTLEMENT ALTERNATIVES
1/14/2016ATI FLAT-ROLLED STRATEGYALLEGHENY TECHNOLOGIES FLAT-ROLLED DIVISIONAL STRATEGIES TO
FIND MORE TONS AND REVENUES TO THRIVE AND SURVIVE
1/14/2016ATI MODELSALLEGHENY TECHNOLOGIES REVENUES, VOLUMES AND EARNINGS FALL
1/11/2016ROYAL GOLDROYAL GOLD SUFFERS AS RUBICON’S PHOENIX PROJECT GOLD
RESOURCES CUT TO 0.41 MM FROM 3.35 MM OZ
1/11/2016STEEL INDUSTRYSTEEL INDUSTRY - - TENTATIVE U.S. STEEL LABOR CONTRACT “A DRAW”
1/8/2016WEYERHAEUSERWEYERHAEUSER SUM OF PARTS VALUATION FOR WY $3.86 B HIGHER
THAN THE MIDPOINT OF “FAIRNESS OPINION” BY MORGAN STANLEY
1/8/2016VALEVALE: LOWER COSTS AND DEBT AVOIDANCE IN 2016 KEY TO “INVESTOR
DAY” MESSAGE; LOWER METALS PRICE ESTIMATES INCORPORATED
1/7/2016TECKTECK: 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 DISTRESSMETALS - - SUPPLY TIGHTENING AS MORE SHUTDOWNS EVOLVE
12/30/2015 SPOT MARKETSSPOT MARKETS - - LATE-DECEMBER PRICE RISES AS CU, PB, ZN, STEEL INVENTORIES LEAN BUT DECEMBER SEES AL, NI, PB INVENTORY RISE
12/29/2015 METALS 2016 OUTLOOKMETALS: 2016 STRATEGY TOWARDS “OUT-ON-A-LIMB” OR “OUT-OF-THEMONEY” STOCKS OR BASE METALS
12/23/2015BHP BILLITON OVERVIEWBHP BILLITON LIKELY LOWER CAP EX AS LOW PRICES STRAIN SINGLE A
BOND RATING AND “PROGRESSIVE DIVIDEND”
12/23/2015BHP BILLITON COPPERBHP BILLITON LONG-TERM OUTLOOK OF COPPER DIVISION
12/21/2015SANDSTORM GOLDSANDSTORM GOLD EARNINGS ESTIMATES CUT DUE TO LOWER OUTPUT
ESTIMATES FOR CERTAIN PROPERTIES AND LOWER GOLD PRICES
12/21/2015STEEL INDUSTRYSTEEL INDUSTRY - - UNION LABOR RELIEF DEALT A SETBACK; MORE
LOUSY DEMAND DATA
12/15/2015NEWMONT MININGNEWMONT MINING EMPHASIZES NEW PRIORITIES IN EXPLORATION AND
“BOLT-ON” SMALL PROJECTS APPENDAGES TO EXISTING BIG MINES
12/14/2015METALS INDUSTRYMETALS INDUSTRY - - NO NONFERROUS METALS SEASONAL SECONDHALF
SLOWDOWN NOR INVENTORY GLUTS LIKE WORLD COLLAPSE
12/14/2015METALS DISTRESSMETALS - - SUPPLY TIGHTENING AS MORE SHUTDOWNS EVOLVE
12/14/2015ROYAL GOLDROYAL GOLD SENSITIVITY TO POSSIBLE ZERO VALUE FROM MT MILLIGAN
AND RUBICON’S PHOENIX PROJECT
12/14/2015THOMPSON CREEK METALSTHOMPSON CREEK METALS FACES 2017-18 DEBT MATURITIES AND
POTENTIAL CASH FLOW SHORTFALL
12/8/2015FORTESCUE METALSFORTESCUE METALS LOWERS COSTS OFFSET BY LOWER PRICES; CUT
EARNINGS ESTIMATES BUT HOLD SAME PRICE TARGET WITH LESS CAP EX
12/2/2015IRON ORE INDUSTRYIRON ORE INDUSTRY APPROACHING BALANCE IN SIMULATION OF WORLD
STEEL INDUSTRY 5% 2015-16 DROP FOLLOWED BY 2% GROWTH
12/1/2015SILVER WHEATONSILVER WHEATON: ANTAMINA SILVER STREAM WITH GLENCORE BUILD
INTO MODEL AND POST- 2020 HUDBAY’S 777 MINE DELETED; SENSTIVITY
TO SPOT SILVER AND GOLD PRICES.
12/1/2015RIO TINTORIO TINTO: SIMULATED AT “SPOT” AS WELL AS FORECASTED PRICE
REBOUNDS; IRON ORE AND COPPER MARKETS CLOSELY BALANCED
12/1/2015SPOTMARKETSSPOT MARKETS - - CHINA LOST 1-2% WORLD AL & STEEL MARKET SHARES;
MOST INVENTORIES DECLINE; SPRING 2016 SUPPLIES IN U.S. DOUBTFUL
11/30/2015GOLDCORPGOLDCORP LARGER DEPRECIATION, LOWER RED LAKE OUTPUT AND
BORDEN OUTPUT DELIVERED TO PORCUPINE MILL IN UPDATED MODELS
11/24/2015BARRICK GOLDBARRICK GOLD ACHIEVES DEBT REDUCTION GOALS DESPITE ADVERSE
PRICE CLIMATE; TOUGH 2016-2017 PRICE OUTLOOK
11/24/2015CAMECOCAMECO: SOLAR, SUN, RENEWABLES ENERGY CHALLENGES URANIUM,
COAL, OIL & GAS AS CLIMATE CHANGE CONCERNS SO INFLUENTIAL
11/23/2015GOLD INDUSTRYGOLD INDUSTRY - - “BLACK SWAN” EU EVENTS GROW LIKELIER AFTER
NOVEMBER 13TH PARIS TRAGEDIES; “EUROSKEPTICS” GAIN CLOUT AND WE
EXPECT NEW CALLS FOR EXITS FROM EUROZONE
11/23/2015METALS DISTRESSMETALS - - SUPPLY SHORTAGES PLAUSIBLE IN 2016 IF DEMAND RISES, A
HARSH WINTER DISRUPTS SUPPLY OR WITH UNEXPECTED MISHAPS
11/23/2015TECKTECK: EARNINGS BENEFIT FROM LOWER LOWER EXCHANGE RATES AND
COST CUT INITIATIVES; SALE OR “GIVEAWAY” OF OIL SANDS ANALYZED
11/19/2015KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD TO ACQUIRE ST ANDREW GOLDFIELDS; OCTOBER
QUARTER MINE OUTPUT FALLS SHORT
11/16/2015GOLD INDUSTRYGOLD INDUSTRY - - OUTLOOK FOR 2016 IMPROVES AS JEWELRY UPTICKS
IN 3Q 2015 AND MINE OUTPUT TURNS DOWN IN 2015 SECOND-HALF
11/13/2015SOUTH 32SOUTH 32: LOWER METALS PRICE AND NEAR TERM OUPUT ESTIMATES CUT
NEAR TERM EARNINGS WHILE HIGHER DISCOUNT RATE CUTS NPV MODEL
11/13/2015STEEL INDUSTRYSTEEL INDUSTRY - - APPARENT DEMAND DOWN 8% OR 9.6 M.T. IN 2015
11/12/2015LOUISIANA PACIFICLOUISIANA PACIFIC SENSTIVITY OF EARNINGS AND NPV AT HIGHER 2016-
2018 OSB PRICE REALIZATIONS
11/10/2015PLUM CREEK TIMBERPLUM CREEK TIMBER - - ACCEPTS 13.8% PREMIUM BID FROM WY
11/10/2015WEYERHAEUSERWEYERHAEUSER TO ACQUIRE PLUM CREEK AND STUDIES PULP EXIT
11/6/2015NEWMONT MININGNEWMONT MINING FINANCIAL MODELS STRONGER WITH TANAMI
PROJECT, SURINAME NEARER COMPLETION, LOWER COSTS, OTHER GAINS
11/6/2015ALCOAALCOA PREDICTS $0.5 BILLION 2016 EBITDA GAIN FROM ENGINEERED
PRODUCTS WHILE IT IDLES MOST OF REMAINING U.S. SMELTING
11/6/2015COPPER INDUSTRYCOPPER INDUSTRY - - INVENTORIES DROP NICE AND FAST AS (1) DEMAND
IMPROVES, (2) 1.11 MMT MINE OUPTUT CUTS ANNOUNCED AND (3) SCRAP
SUPPLIES PROBABLY DECREASING
11/5/2015ANTOFAGASTA PLCANTOFAGASTA PLC: LOWER NEAR TERM PRICES TRIM ESTIMATES;
INCLUDED CENTINELA SECOND CONCENTRATOR ACCRETIVE TO EPS
11/3/2015SPOT MARKETSSPOT MARKETS - - MINE SHUTDOWNS DRIVE ACCELERATED INVENTORY
DECLINES IN OCTOBER; SHORTAGES POSSIBLE IN 2016 FIRST-HALF
10/30/2015NORBORDNORBORD SENSITIVITY TO SHARE BUYBACK AND OSB PRICE RISES
10/29/2015METALS DISTRESSMETALS - - SUPPLY SHORTAGES PLAUSIBLE IN 2016 IF DEMAND RISES, A
HARSH WINTER DISRUPTS SUPPLY OR WITH UNEXPECTED MISHAPS
10/29/2015WESTROCKWESTROCK PRODUCTION CURTAILMENTS CUTS HURT FOURTH-QUARTER
COSTS EARNINGS ESTIMATES SLIGHTLY
10/28/2015METALS QUADRUPLEMETALS OFFER “QUADRUPLE WIN” AS TAX SELLING TRADES, SPRING
SEASONAL, ECONOMIC GROWTH AND OUTPUT CUTS COINCIDE
10/28/2015NUCORNUCOR SHOULD EARN MORE IN 2016 IN ALL THREE SEGMENTS
10/27/2015ALCOAALCOA UPGRADED TO OVERWEIGHT FROM UNDERWEIGHT ON THE BASIS
OF LOWER UNIT COSTS, SEPT. 28TH BREAKUPS AND POSSIBLE FOLLOW-ONS
10/26/2015VALE SUDBURYVALE: LOWER ESTIMATED IRON ORE COSTS AND CAPITAL EXPENDITURES
GENERATE HIGHER LONG TERM EARNINGS ESTIMATES
10/23/2015PACKAGING CORPORATION OF AMERICA:PACKAGING CORPORATION OF AMERICA: HIGHER OPERATING COSTS IN
BOTH PACKAGING AND PAPER SEGMENTS BASED ON Q4 2015 OUTLOOK
10/15/2015KIRKLAND LAKE GOLDKIRKLAND LAKE GOLD FINANCIAL MODELS INCORPORATE C$400 MM FOR
A SHAFT BUILT IN 2019 AND 2020 AND LOWER GOLD PRICE ESTIMATES
10/15/2015LUNDIN MININGLUNDIN MINING EXTENDS HIGH GRADE RESOURCES AT CANDALARIA &
EAGLE; VISIT TO CANDALARIA SEPTEMBER 21-22ND; CASH FLOWS SOLID
10/12/2015HUDBAY MINERALSHUDBAY MINERALS FINANCIAL MODEL HURDLES INCLUDE UNUSUAL
WORKING CAPITAL NEEDS, ACQUISITIONS, ROSEMONT AND CAP EX
10/10/2015SILVER WHEATONSILVER WHEATON: ASSUMED HEADQUARTERS MOVE IN EARLY 2018
SOLVES FUTUTRE TAX ISSUES; GOLD AND SILVER PRICE ESTIMATES CUT
10/10/2015FREEPORT-McMORAN INC.FREEPORT-McMORAN INC. CHANGES TO PRICE TARGET IF A 100% SPLIT
DEMERGER STRUCTURE IS MOST SHAREHOLDER FRIENDLY
10/9/2015FRANCO-NEVADAFRANCO-NEVADA INVESTS $610 MM FOR A SILVER STREAM ON TECK’S
22.5% PORTION OF ANTAMINA.
10/9/2015METALS 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
10/6/2015FREEPORT-McMORAN INC.FREEPORT-McMORAN INC. ORGANIZES TWO SEPARATE BOARDS AND
STUDIES 100% DEMERGER, WHICH IMPROVES TAKEOVER APPEALS
10/6/2015FIRST QUANTUMFIRST QUANTUM: PRICE TARGET RAISED TO $14 DUE TO ESTIMATED
LOWER DILUTION, DISCOUNT RATE, CAP EX, OP EX AND EXTERNAL FUNDS
10/4/2015METALS DISTRESSMETALS COMPANIES RATIONALIZE SLOWLY AS ALUMINUM GETS WORSE
10/4/2015TAHOE RESOURCESTAHOE RESOURCES SHARES ANTICIPATE “BAD SURPRISES” THAT MAY
NOT HAPPEN; LOWER SILVER PRICES AND HIGHER SUSTAINING CAPEX
9/30/15First QuantumFIRST QUANTUM: COVERAGE INITIATED WITH AN OVERWEIGHT RATING;
LONG TERM CASH GENERATIONS OUTWEIGH GEOPOLITICAL RISKS
9/28/2015AEM EL BARQUENOAGNICO EAGLE MINES EL BARQUENO PROJECT TOUR IN MEXICO NOTES
AND PICTURES
9/28/2015FREEPORT-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
9/25/2015ALCOAALCOA: LOWER LME ALUMINUM PRICE ESTIMATES CUT EARNINGS
ESTIMATES; LOWER ESTIMATED REFINED ALUMINA WITH SURALCO GONE
9/22/2015NGEx RESOURCESNGEx RESOURCES HAS 21 BIL LBS CU & 15.6 MM OZ OF GOLD FOR SALE
9/21/2015AGNICO EAGLE MINESAGNICO 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
9/17/2015GOLDCORP ELEONOREGOLDCORP MODELS UPDATED FOR LOWER GOLD PRICES, “CORRIDOR” AUCU-
MO JV AND SEPTEMBER 8TH VISIT TO ELEONORE IN NORTHERN QUEBEC
9/16/2015METALS DISTRESSMETALS COMPANIES RATIONALIZE SLOWLY AND CUT COSTS
9/16/2015GLENCORE PLCGLENCORE PLC RAISES EQUITY CAPITAL, TO SELL ASSETS, CUTS COSTS,
CUTS CAP EX, OMITS DIVIDENDS AND TARGETS MUCH LOWER DEBT
9/14/2015METALS PRICESMETALS - - THIRD PRICE FORECAST REDUCTIONS IN 2015
9/11/2015NORBORDNORBORD UPGRADED AS SHARE PRICE FALLS; NO COMPETITION FROM,
SALES TO OR DIRECT EXPOSURE TO CHINA
9/11/2015METALS HISTORICAL VOLATILITYMETALS: 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
9/7/2015METALS INDUSTRIESMETALS INDUSTRIES - - EVIDENCE OF INVENTORY BUILDING IN
ALUMINUM, NICKEL, ZINC AND OCC SCRAP CARDBOARD
9/7/2015CENTURY ALUMINUMCENTURY ALUMINUM - - LOWER LME INGOT PRICE ESTIMATES CUT EPS
ESTIMATES; LOWER NEAR TERM OPERATING COSTS PARTIALLY OFFSET
9/7/2015ALUMINUM INDUSTRYALUMINUM 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
9/1/2015AGNICO EAGLE MINESAGNICO 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
8/31/2015SPOT MARKETSSPOT 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
8/28/2015METALS DISTRESSMETALS COMPANIES RATIONALIZE SLOWLY AND CUT COSTS
8/28/2015RIO TINTORIO TINTO: LOWER METALS PRICES HURT EARNINGS BUT ARE PARTIALLY
OFFSET BY LOWER OPERATING COSTS
8/28/2015INTERNATIONAL PAPERINTERNATIONAL PAPER UPGRADED DUE TO SHARE PRICE FALLING
8/27/2015WEYERHAEUSER WYWEYERHAEUSER WY $28.00 rated Overweight up from Neutral with $36 price target
maintained
8/27/2015FCXFCX CHANGES MAY OCCUR MORE QUICKLY AS CARL ICAHN CONTROLS
8.46%; A COMPLETE SHARE-FOR-SHARE DEMERGER BETTER FOR FMOG
8/26/2015GALWAY GOLDGALWAY GOLD: PERMITTING CONTINUES AND NEIGHBORING WEAKER
DEPOSIT SUBJECT TO TWO BIDDERS
8/26/2015HUDBAY MINERALSHUDBAY MINERALS LOWER CU, ZN, AU, AG, MO PRICE ESTIMATES LOWER
EARNINGS, BUT THE SHARE PRICE FELL EVEN MORE
8/25/2015ANTOFAGASTA PLCANTOFAGASTA PLC: LOWER GOLD AND MOLYBDENUM PRICE ESTIMATES;
INCLUSION OF ZALDIVAR INTO MODELS ACCRETIVE
8/24/2015U.S. STEELU.S. STEEL GOOD COMPANY INTERNAL DYNAMICS MAY OVERCOME
TOUGH INDUSTRY CLIMATE
8/24/2015BARRICK GOLDBARRICK GOLD MAKES A CONVENTIONAL CEO ROLE; MODELS REBUILT
FOR ZALDIVAR, ROYAL GOLD, 6 U.S. DEPOSIT SALES AND LOWER COSTS
8/17/2015METALS DISTRESSMETALS MARKETS CLOSURES NOT PROLIFIC IN AUGUST FIRST HALF,
WHERE CHINA DEVALUES 4% TO EXPORT AND INCREASE OUPTUT
8/17/2015COPPER INDUSTRYCOPPER INDUSTRY: ANALYSIS OF VARIATION IN CHILEAN COPPER MINE
AVERAGE DAILY OUTPUT FROM JANUARY 2000 THROUGH MAY 2015
8/13/2015WESTROCKWESTROCK EARNINGS INCREASED DUE TO HIGHER 2016 ONWARDS
ESTIMATED PRICES IN CORRUGATED PACKAGING AND CONSUMER
PACKAGING SEGMENTS; CAP EX HIGHER
8/12/2015FCX TAXFCX TAX CONSOLIDATION, LARGE OIL & GAS NOL AND WHETHER A
COMPLETE SHARE-FOR-SHARE DEMERGER BETTER FOR FMOG
8/12/2015FREEPORT-McMORAN INC.FREEPORT-McMORAN INC. PREVENTS $3.3 BILLION IN DEBT BUILDUP
IGNORING ANY MORE ASSET SALES OR POSSIBLE FMOG IPO
8/11/2015ALLEGHENY TECHNOLOGIESALLEGHENY TECHNOLOGIES IMPLICATIONS OF BERKSHIRE HATHAWAY
$37 BILLION BID FOR PRECISION CASTPARTS
8/6/2015SPOT MARKETSSPOT MARKETS - - SPOT PRICES AND SHARE PRICES AT OR BELOW 2009
DISTRESS OR RECESSION LEVELS; MORE SHUTDOWNS
8/5/2015FREEPORT-McMoRAN INC.FREEPORT-McMoRAN INC. RATING RESTORED TO OVERWEIGHT
SUPPLEMENTAL DISCUSSION; A MOLY MINE MANAGER FOR FMOG CEO
8/4/2015FREEPORT-McMoRAN INC.FREEPORT-McMoRAN INC. RATING RESTORED TO OVERWEIGHT MODELED
“NO ASSET SALES;” TARGET & ESTIMATES SHAVED ON PRICES; FMOG OF
DECLINING SIGNIFICANCE
8/3/2015WORTHINGTON INDUSTRIESWORTHINGTON INDUSTRIES - - ARMSTRONG WORLD REPORTS ANOTHER
QUARTERLY DECLINE IN EQUITY INCOME FROM WAVE CEILINGS
8/3/2015TECKTECK TO BENEFIT FROM 3.3 MMT IDLING BY PEABODY IN AUSTRALIA,
ALPHA REORGANIZATION AND OTHER CHANGES BENEFIT MET COAL
8/3/2015COPPER INDUSTRYCOPPER INDUSTRY - - SURVEY OF 14 PUBLIC MINERS SHOWS FIRST-HALF
COSTS ABOUT UNCHANGED AND FIRST-HALF MINE OUTPUT UP 1.8%
7/31/2015METALSMETALS MARKETS SEE SOME OPTIMISTIC GUIDANCES, NEW CAP EX
PROGRAMS, “EVALUATIONS” OF CUTS AND NOT SO MANY CUTS
7/31/2015IRON OREIRON ORE PRICES EXCEED EXPECTATIONS FOR VALE, KUMBA, BHP,
FORTESCUE & CLF AUSTRALIA, WHILE CLF IN USA DISAPPOINTS
7/28/2015BARRICK GOLDBARRICK GOLD BLACK-SCHOLES ANALYSIS AS AN ALTERNATIVE
POSSIBLY OVERLY GENEROUS VALUATION METHOD AT $9.74/SHARE
7/27/2015ALLEGHENY TECHNOLOGIESALLEGHENY TECHNOLOGIES INSIDERS BUY ALMOST $1 MM IN COMMON
STOCK SINCE JULY 21ST EARINGS REPORT
7/27/2015METALSMETALS MARKETS SEE TWO LARGE SCALE OUTPUT CUTS LAST WEEK
7/24/2015PACKAGING CORPORATION OF AMERICAPACKAGING CORPORATION OF AMERICA: HIGHER CAPEX ESTIMATES
HURT NPV; LOWER COSTS RAISE EPS ESTIMATES
7/24/2015ALLEGHENY TECHNOLOGIESALLEGHENY TECHNOLOGIES NEW UPSIDES IN FORGINGS SALES & UNION
BENEFITS CHANGES MORE THAN OFFSET NAGGING NEAR TERM ITEMS
7/20/2015METALS PRICESMETALS 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
7/17/2015TECK RESOURCESTECK EARNINGS ESTIMATES CUT WITH LOWER ESTIMATED ZN, MO & AU
PRICES; UPDATED ANDACOLLO GOLD SALE BUILT INTO MODELS
7/17/2015ROYAL GOLDROYAL GOLD BUYS REMAINDER OF ANDACOLLO GOLD OUTPUT; LOCAL
ENVIRONMENTAL OJBECTIONS REVIEWED; LOWER GOLD PRICES
7/17/2015GOLD PRICEGOLD PRICE ESTIMATES LOWERED, PROMTING INVESTMENT
DOWNGRADES AT AEM, NEM, GG AND AU
7/16/2015DOMTAR CORPORATIONDOMTAR CORPORATION: ASHDOWN MILL CONVERSION TO FLUFF PULP
OUTPUT AND LOWER COSTS BASED ON Q1 2015 RESULTS
7/10/15Southern CopperSOUTHERN COPPER CORPORATION: COVERAGE INITIATED WITH AN
OVERWEIGHT RATING DUE TO LONG TERM EARNINGS POTENTIAL AT
$3.50/LB ESTIMATED LONG TERM COPPER PRICES
7/8/15Worthington IndustriesWORTHINGTON INDUSTRIES - - WOR SURVIVES STEEL PRICE PLUNGE;
SHARE BUYBACKS TO MODERATE; PRICE TARGET & ESTIMATES CUT
7/6/15South 32 SOUTH 32: LOWER MET COAL, AL and NI PRICES CLIP EARNINGS SLIGHTLY;
ALTERNATIVE “FLAT SPOT PRICE” SCENARIO ANALYZED
7/5/15Containerboard IndustryCONTAINERBOARD INDUSTRY: FIRST QUARTER 2015 REALIZATIONS DOWN
$35/TON FROM THE FIRST QUARTER OF 2014
7/5/15Gold IndustryGOLD INDUSTRY - - GREEK “NO” VOTE AFTERMATH
7/5/15Gold IndustryGOLD INDUSTRY - - CHANGES IN OFFICIAL RESERVES DOCUMENT 1.5%
QUARTERLY SHIFT TO U.S. DOLLAR; GOLD GAINS 0.0133% PER MONTH
7/2/15ArcelorMittalSTEEL INDUSTRY: VISIT TO THE MONT WRIGHT IRON ORE MINE, PORT
CARTIER, PELLET PLANT AND ARCELORMITTAL STEEL PRESENTATIONS
6/28/15Spot MarketsSPOT MARKETS - - DECLINES IN YTD APPARENT DEMANDS FOR STEEL, CU,
NI, PB, ZN, AU “FEEL LIKE A RECESSION”
6/27/15Gold IndustryGOLD INDUSTRY - - GREEK NEGOTIATIONS WITH IMF, ECB, GERMANY, ETC.
6/26/15Agnico Eagle MinesAGNICO EAGLE MINES: MELIADINE PROJECT REMOVED AS AGNICO EAGLE
MAY FOCUS ON HEAP LEACH AND ADD ON PROJECTS
6/26/15Teck ResourcesTECK EARNINGS ESTIMATES REDUCED AS A RESULT OF LOWER
ESTIMATED COPPER, COAL, ZINC, LEAD, and GOLD PRICE ESTIMATES
6/23/15South32SOUTH 32: COVERAGE INITIATED
6/19/15Osisko Gold RoyaltiesOSISKO GOLD ROYALTIES PRICE TARGET CUT WITH ELEONORE ORE
GRADES; OSISKO TO ADVANCE AND DEVELOP ITS OWN ASSETS TOO
6/18/15Barrick GoldBARRICK GOLD FAVORABLE INDICATIONS OF BIDDING WAR FOR
ZALDIVAR COPPER MINE SALE; ALTURAS DISCOVERY DISCUSSION
6/17/15Steel IndustrySTEEL INDUSTRY - - SCRAP PRICES, IRON ORE PRICES, INVENTORIES AND
LOWER IMPORTS SIGNAL UPTURN; CHINESE EXPORTS, STRONG DOLLAR,
MET COAL AND SOME PRICES LAG UNFAVORABLY
6/16/15Gold IndustryGOLD INDUSTRY - - QUARTERLY PRICES AVERAGE < $1,200
6/15/15AntofagastaANTOFAGASTA PLC PROFILE FOR CORPORATE GROWTH; SALE OF WATER
UTILITY SUGGESTS LARGER 2015 SPECIAL DIVIDEND
6/15/15Allegheny TechnologiesALLEGHENY TECHNOLOGIES JUNE 30TH LABOR CONTRACT EXPIRATION
HAS MUCH ACRIMONY AS COMPANY FACES NONUNION COMPETITORS
6/11/15BHP BillitonBHP BILLITON: DEMERGER OF SOUTH 32 FULLY INCORPORATED INTO OUR
MODELS UPDATING DE-MERGER ESTIMATES MADE IN SEPTEMBER 2014
6/10/15Newmont MiningNEWMONT MINING ACQUIRES CRIPPLE CREEK, CO MINE, SEEKS
UNDERGROUND BONANZA TARGETS & ISSUES 33.35 MM COMMON SHARES
6/9/15Newmont Mining ConceptualNEWMONT MINING ACQUIRES CRIPPLE CREEK, CO MINE, SEEKS
UNDERGROUND BONANZA TARGETS & ISSUES 33.35 MM COMMON SHARES
6/8/15Polymet MiningPOLYMET MINING PERMITS LIKELY AROUND YEAR-END, WHERE TIMING
OF PROFITS PUSHED TOWARDS 2018 SECOND-HALF
6/8/15Northern DynastyNORTHERN DYNASTY MINERALS SUES EPA FOR MALFEASANCE IN NOVEL
PERMIT STRATEGY; RENEWED LOOK AT PROJECT UPSIDES
6/4/15Louisiana PacificLOUISIANA PACIFIC FOCUSES ON OSB WOOD SIDING MARKET AT VISIT TO
TWIN HARBORS, MN OSB WOOD SIDING MILL 25 MI NORTH OF DULUTH
6/1/15Spot MarketsSPOT MARKETS - - EVIDENCE OF MANUFACTURING RECESSION IN CHINA,
U.S. OR GLOBALLY
5/29/15Century AluminumCENTURY ALUMINUM - - LOWER LME INGOT AND MIDWEST PREMIUM
ALUMINUM PRICE ESTIMATES LOWER FUTURE EARNINGS
5/29/15Alumina LimitedALUMINA LTD: LOWER LME ALUMINUM PRICE ESTIMATES CUT EARNINGS
ESTIMATES; PARTLY OFFSET BY LOWER ESTIMATED OPERATING COSTS
5/29/15AlcoaALCOA: LOWER LME ALUMINUM PRICE AND MIDWEST PREMIUM
ESTIMATES CUT EARNINGS ESTIMATES; LOWER ESTIMATED OPERATING
COSTS PARTIALLY OFFSET
5/29/15Aluminum IndustryALUMINUM INDUSTRY - - TOO MUCH CHINESE OUTPUT SWAMPS MARKETS
CAUSING US TO CUT OUR PRICE FORECASTS, EPS, TARGETS, RATINGS
5/28/15Lundin Mining Spanish News Search LUNDIN MINING SPANISH LITERATURE SEARCH CONCERNING
ENVIRONMENTAL CHARGES IN CHILE
5/28/15Lundin MiningLUNDIN MINING ENVIRONMENTAL CITATIONS IN CHILE
5/26/15Barrick GoldBARRICK GOLD : WE RAISE OUR DISCOUNT RATE TO 11% DUE TO
EVOLUTION OF “HOLDING COMPANY” FORMAT WITH LESS OPERATORSHIP
5/26/15Fortescue MetalsFORTESCUE METALS: LOWER COSTS AND CAP EX PARTLY OFFSET LOWER
PRICES; CUT EARNINGS ESTIMATES AND PRICE TARGET
5/26/15Louisiana PacificLOUISIANA PACIFIC LOWER OSB PRICE ESTIMATES PARTIALLY OFFSET BY
HIGHER PROFITABILITY IN THE SIDING SEGMENT
5/18/15Lundin MiningLUNDIN MINING: LOWER Cu, Ni, Zn, Pb, Au and Ag PRICES CUT 2015 and 2016
EARNINGS ESTIMATES; LOWER OPERATING COSTS CUSHION THE BLOW
5/18/15NorbordNORBORD NEAR TERM EARNINGS ESTIMATES CUT DUE TO LOWER OSB
PRICE ESTIMATES; THREE YEARS WITHOUT EARNING DIVIDEND MAY
PROMPT A 2016 DIVIDEND CUT
5/18/15Newmont MiningNEWMONT MINING SHARE PRICE APPRECIATION TO MATCH OUR TARGET
5/18/15Plum Creek TimberPLUM CREEK TIMBER - - FAVORABLE COMMENTS FROM CHARLESTON, SC
FIELD TRIP MAY 11-12TH
5/15/15Vale SensitivityVALE SENSITIVITY ANALYSIS TO LOWER 2016-20 SCENARIO WITH 343 MMT
ANNUAL IRON ORE OUTPUT, $56 BENCHMARK Fe, $6.50 Ni AND $2.75 Cu
5/13/15Big Six Net DebtMETALS - - 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)
5/11/15ValeVALE: LOWER COAL, IRON ORE, GOLD, NICKEL, AND COPPER PRICES CUT
5/11/15WeyerhaeuserWEYERHAEUSER COPES WITH VERY LOW SELLING PRICES
5/11/15Spot MarketsSPOT MARKETS - - ANEMIC DEMAND AS CONSUMERS AND PRODUCERS
5/1/15Iron OreIRON ORE - - MAJOR PRODUCERS TREND TO 10% OUTPUT GAIN IN 2015
5/1/15Flat $1,200/oz GoldGOLD INDUSTRY - - STUDY OF NPVs AT A FLAT $1,200/OZ GOLD PRICE
5/1/15Lower Gold Price EstimatesGOLD INDUSTRY - - LOWERING SEVERAL EARNINGS ESTIMATES TO