ROCK-TENN (RKT $60.93, rated Underweight; $54 price target) EARNINGS ESTIMATES CUT, MERGER EXECUTION TEDIOUS, EXPORT VOLUMES FALL, IP & TEMPLE-INLAND DOJ MERGER RULING DUE JANUARY 27TH AND RATING KEPT AT UNDERWEIGHT 1/26/2012
CENTURY ALUMINUM (CENX $10.63, rated OVERWEIGHT; price target lowered to $15/share from $17/share) ESTIMATED LME ALUMINUM SPOT PRICES REDUCED LOWERING EARNINGS ESTIMATES; PARTIALLY OFFSET BY LOWER ESTIMATED ALUMINUM CASH COSTS 1/30/2012
TAHOE RESOURCES (THOEF $21.13, coverage initiated at Overweight with $28.57 price target) OUTPUT TO BEGIN IN 2014 AS SIGNIFICANT SILVER PRODUCER WHERE WE FORECAST CONSERVATIVELY A $1.50 PER SHARE DIVIDEND 1/30/2012
BARRICK GOLD (ABX $49.40 rated Neutral down from Overweight) EVALUATION OF RATES OF RETURN ON THREE LARGE INVESTMENTS, WHERE EQUINOX AND CERRO CASALE COPPER ACQUISITIONS OFFER LOWER RETURNS 2/2/2012
ATNA RESOURCES (ATNAF $1.04, not rated) COMMENTS FROM JANUARY 19TH VISIT TO HISTORIC PINSON MINE BOUGHT FROM BARRICK GOLD IN OCTOBER 2011 1/31/2012
GLENCORE (GLCNF $7.34, rated Underweight target $5) AND XSTRATA (XSRAF $19.30, rated Overweight target $31) COMBINATION MAY BE THE FIRST OF MULTIPLE “VALUE CREATION” TRANSACTIONS 2/2/2012
SANDSTORM GOLD BENEFITS FROM COMMERCIAL PROGRESS AS NUMEROUS DEVELOPMENT STAGE ASSETS ADDED TO OUR MODEL 6/22/2016
VALE HAS FOUR ALTERNATIVES CONCERNING POSSIBLE “ASSET SALES” > $15 BILLION EXCLUDING CORE FE, NI, CU UNITS 6/22/2016
GLENCORE (GLCNF $7.34, rated Underweight target $5) AND XSTRATA (XSRAF $19.30, rated Overweight target $31) COMBINATION MAY BE THE FIRST OF MULTIPLE “VALUE CREATION” TRANSACTIONS 2/2/2012
PRETIUM RESOURCES (PVG $16.87, rated Overweight with $50 target) DATA IN UPDATED NI 43-101 ON BRUCEJACK LESS DETAILED THAN EXPECTED, AND IT MAY TAKE A LITTLE LONGER TO ENGINEER MINES, MILL, TAILINGS AND RELATED INFRASTRUCTURE 2/3/2012