COPPER INDUSTRY – – REVIEW OF “YERINGTON, NV” COPPER DISTRICT AFTER VISITS TO QUATERRA RESOURCES (QMM $0.70, not rated) AND ENTRÉE GOLD (EGI $1.36, not rated) IN NEVADA SEPTEMBER 27TH AND 28TH 10/5/2011
UPDATED STRUCTURED FINANCIAL COMPARISONS OF $495 BIL. MARKET CAP OF “BIG SIX” MAJOR DIVERSIFIED MINES; REVENUE AND COST DECLINES MOSTLY OFFSETTING 10/10/2011
ROYAL GOLD (RGLD: $64.83, rated Underweight with $50 price target) COVERAGED INITIATED AT UNDERWEIGHT BASED ON LARGE “SAFETY PREMIUM PAID” 10/10/2011
Franco-Nevada (FNV $37.30, rated Underweight with a price target of $27) COVERAGE INITIATED WITH UNDERWEIGHT RATING AS SHARES TRADE NEAR 70% PREMIUM TO ESTIMATED NPV 10/10/2011
EVALUATION OF BIG SIX LARGE DIVERSIFIED MINING COMPANIES’ TOTAL DEBT COMPOSITION, NET DEBT, AND CASH & CASH EQUIVALENTS 10/10/2011
SILVER WHEATON (SLW $31.01, rated Neutral with price target of $27) COVERAGE INITIATED AT NEUTRAL RATING AS ITS SHARES TRADE AT A SLIGHTLY SMALLER PREMIUM TO NPV THAN PURE GOLD ROYALTY STOCKS 10/10/2011
MINING INDUSTRY – – DETAILED FINANCIAL MODELS OF THE ROYALTY COMPANIES ROYAL GOLD, FRANCO NEVADA AND SILVER WHEATON 10/10/2011
ANGLO AMERICAN (AAUKY $19.02, rated Overweight and target $33) CODELCO TO PAY $3.81 PER ADS FOR ¼ OF COPPER DIVISION, SUGGESTING BREAKUP VALUE 50%-75% > $32.68 ESTIMATED 12-2011 BOOK VALUE; NOTES FROM OCTOBER 11TH VISIT TO LONDON HQ FOCUS ON …
ANALYSIS and COMPARISON OF ENTERPRISE VALUES OF THE BIG SIX COMPANIES and FREEPORT-McMoRan Copper, ALCOA, US STEEL, and NEWMONT MINING 10/13/2011
DOMTAR (UFS $74.44, rated Overweight) ATTENDS ACQUISITION DEMONSTRATES DOMTAR IS LOOKING FOR CREATIVE WAYS TO SOLIDIFY LONG TERM EARNINGS. THIRD QUARTER EARNINGS EXPECTED TO BE POOR 10/14/2011