TECK RESOURCES LTD. (TCK $40.94, rating Overweight; Price Target Lowered from $100 to $94) SECOND-QUARTER “RECKONING” AS 2 MMT OF MET COAL INVENTORY BUILDS UP 2/13/2012
INTERNATIONAL PAPER (IP $33.70, rated Overweight, price target $44 up from $37) TEMPLE-INLAND ADDS $5+ IP VALUATION WITH UPSIDE FOR DIVESTITURE CASH FLOWS; GOOD PRE-MERGER IP OPERATING PERFORMANCE ADDS $2 2/16/2012
ANTOFAGASTA PLC (ANFGF $20.60, RATING LOWERED TO NEUTRAL, Price Target Cut to $24 from $30) PRICE TARGET CUT DUE TO HIGHER FORWARD CAP EX ESTIMATES FOR NOKOMIS IN MN; 2011 EARNINGS ESTIMATE REDUCED DUE TO $300 MILLION IN LOSSES AS …
U.S. STEEL (X $28.49; Rating Cut to Neutral from Overweight, price target cut to $37 from $44) LOWER STEEL PRICES EXPECTED FOR THE REMAINDER OF 2012 AS OVERSEAS ECONOMIES WEAKEN DESPITE SPECTACULAR U.S.A. GAINS 2/21/2012
DOWNGRADE RATINGS ON 16 STOCKS AS OUTPUT CUTS OVERDUE IN STEEL, IRON ORE, MET COAL, STEAM COAL, MOLY, ALUMINUM, ZINC, ETC. 2/22/2012
MEADWESTVACO (MWV $30.58, rated Neutral) PRICE TARGET INCREASED TO $34 DUE TO LOWER CAPITAL SPENDING IN FUTURE YEARS 2/23/2012
BARRICK GOLD (ABX $49.58; rated Neutral with price target cut to $55 from $60) WEAK RESERVE UPDATE AND COST ESCALATIONS ERODE UPSIDES 2/23/2012
Pretium Resources (PVG $16.80 Rated Overweight with $32 one to two year or $50 price target longer term “Tier Two price target) NO ENGINEERING ABOVE 1,500 MPTD SCALE YET; EARNINGS ESTIMATE AND NPV/SHARE FOR HIGH GRADE UNDERGROUND SCENARIO LOWERED DUE …
ANGLO AMERICAN (AAUKY $21.62, rated NEUTRAL and price target REDUCED from $30/share to $24/share) LOWER IRON ORE PRICES and HIGHER THERMAL COAL AND DIAMOND OPERATING COSTS LOWER ESTIMATED EARNINGS; ANGLO PLATINUM, DE BEERS, and KUMBA IRON ORE ANALYZED 2/28/2012
GOLD MINING – – GEOSTATISTICAL DATA BASE OF 40 GOLD DEPOSITS SHOW UP TO HUNDREDFOLD VARIATIONS IN DOCUMENTATION 2/28/2012