FREEPORT-McMORAN COPPER AND GOLD (FCX $36.14, rated Overweight, price target cut to $79 from $86) COMMENTS FROM MORENCI MINE VISIT NOV. 2ND AS ESTIMATES CUT WITH LOWER METALS PRICES AND OUTPUT 11/22/2011
QUADRA FNX MINING (QADMF $9.84; PRICE TARGET REDUCED FROM $25/share to $18/share) DISAPPOINTMENT AT VISIT TO “LEVACK FOOTWALL” RENAMED “MORRISON” DEPOSIT 11/22/2011
SPOTMARKETS CHINESE STEEL AND ALUMINUM OUTPUTS IN NOVEMBER APPEAR DOWN UP TO 17% FROM RESPECTIVE RECORDS IN JUNE AND SEPT. OF 2011, WHILE “REST OF WORLD” ROSE IN OCTOBER FROM SEPTEMBER 11/25/2011
HIGHLIGHTS OF NOVEMBER 29TH METALS CONFERENCE IN BOSTON, DAY ONE 11/30/2011
HIGHLIGHTS OF NOVEMBER 30TH METALS CONFERENCE IN BOSTON, DAY TWO GOLD TRACT 12/1/2011
HIGHLIGHTS OF “CORE SHACK” AT NOVEMBER 29TH METALS CONFERENCE IN BOSTON 12/1/2011
POLYMET MINING (PLM $1.25, rated Overweight) PRICE TARGET CUT FROM $6 TO $3 AS PROJECT DELAYS, DILUTION AND UNCERTAINTY UNDERMINE VALUES 12/5/2011
HIGHLIGHTS OF NOVEMBER 30TH METALS CONFERENCE IN BOSTON, DAY TWO “BASE METALS” TRACT 12/5/2011
QUADRA FNX MINING (QADMF $15.14; RATING CUT TO NEUTRAL FROM OVERWEIGHT) COVERAGE SUSPENDED DUE TO PENDING KGHM TAKEOVER; NEW COPPER MINE ACQUIRERS EMERGING GLOBALLY 12/6/2011
COPPER INDUSTRY – – UPDATED DATABASE OF 66 TRANSACTIONS SINCE 2005 SHOWS AVERAGE PRICE ESCALATED FROM $0.12/LB PRIOR TO MID- 2010 TO $0.27/LB IN PAST 23 TRANSACTIONS WITH AN INTERIM “FROTH” FROM OCT 2010 TO MAY 2011; SUPPLY-DEMAND MODELS UPDATED …