VALE (VALE $24.84, rated Overweight price target $41) MOZAMBIQUE EXPANSION TO 22 MMT COAL AT MOATIZE NEEDS NEW RAIL & PORT; PHOSPHATE, NICKEL AND IRON ORE EXPLORATION UNDER STUDY 10/17/2011
GOLD INDUSTRY—NPV COMPARISON OF MAJOR GOLD PRODUCERS 10/17/2011
GOLD INDUSTRY – FIELD NOTES FROM NEVADA VISITS TO KLONDEX MINES, COEUR D’ALENE MINES, MEADOW BAY GOLD, SOLITARIO EXPLORATION & ROYALTY AND PILOT GOLD 10/18/2011
PACKAGING CORPORATION OF AMERICA (PKG $25.29, rated Overweight, Price Target $36) LOWER PRICING IN THIRD QUARTER WOULD BE MORE THAN MADE UP FOR IF IP ACQUIRES TIN 10/18/2011
HUDBAY MINERALS (HBM US $10.65; Price Target LOWERED from $17/share to $16/share) NOTES FROM SITE VISIT TO BACK FORTY PROJECT IN MICHIGAN; ESTIMATED GOLD, SILVER, and COPPER PRICES LOWERED 10/19/2011
AGNICO-EAGLE MINES (AEM $43.84, rated Overweight, Price Target Cut from $86 to $80) GOLDEX REMEDIATION ESTIMATED TO COST UP TO $250 PER OZ 10/23/2011
PLUM CREEK (PCL $38.25, rated Neutral) POTENTIAL EXISTS TO CONTINUE DIVIDEND, OR FOR DIVIDEND CUT IF MANAGEMENT DECIDES TO FOCUS ON BUYING LAND OR SHARE REPURCHASES 10/28/2011
U.S. STEEL (X $27.86, Overweight, $44 price target cut from $48) TUBES EARN BEST RESULTS SINCE 2008, WHILE EUROPE WORST SINCE 2001 ENTRY 10/28/2011
ALCOA (AA $11.57, rating Neutral price target at $15) ESTIMATED ALUMINUM PRICES AND EARNINGS ESTIMATES REDUCED; INGOT COSTS INCREASED 10/28/2011
CENTURY ALUMINUM (CENX $12.13, rated OVERWEIGHT; price target lowered to $17/share from $22/share) ESTIMATED LME ALUMINUM SPOT PRICES REDUCED AND 2011 COSTS ELEVATED CAUSING EARNINGS ESTIMATE CUTS 10/28/2011