FORTESCUE METALS (FSUMF US $5.91; NEUTRAL; price target remains at $9/share) ALTERNATE SCENARIO ANALYZING THE CONSEQUENCES OF PRODUCTION NOT EXPANDING BEYOND 155MTPA and LONG TERM IRON ORE PRICES RISING to $90/tonne 4/27/2012
IAMGOLD (IAG US $12.46, not rated) SHIFTS ASSET MIX TOWARDS ONTARIO FROM WEST AFRICA, SURINAME AND QUEBEC WITH ACQUISITION OF TRELAWNEY MINING (TRR C$3.27, not rated), FOR WHICH THE COTE LAKE GOLD DEPOSIT’S FINANCIAL RETURNS MAY VARY WITH GOLD PRICES …
GOLD INDUSTRY – – YEAR-END 2011 GOLD RESERVES FOR 13 COMPANIES STUDIED UP 6.47% FROM 2010 YEAR-END RESERVES; RECOVERABLE RESERVES FOR 5 MAJOR GOLD COMPANIES UNDER FULL COVERAGE EXPECTED TO INCREASE EACH YEAR THROUGH 2014 4/25/2012
Pretium Resources (PVG $15.52 Rated Overweight with $32 one to two year or $50 price target longer term “Tier Two price target) NO REVISIONS DESPITE FAVORABLE “SNOWDEN” RESOURCE STUDY PUBLISHED APRIL 3rd 4/25/2012
TECK RESOURCES LTD. (TCK $37.46, rating Neutral; Price Target Lowered from $66 to $65) RESULTS OF QUEBRADA BLANCA FEASIBILITY STUDY ANALYZED; EXTRAORDINARY CHARGES LOWER FULL YEAR 2012 EARNINGS ESTIMATES 4/25/2012
MARCH 2012 WORLD STEEL OUTPUT AN ALL-TIME RECORD, CHINA COPPER AND NICKEL REMAIN STRONG AND ALUMINUM, LEAD AND ZINC SLOWER 4/25/2012
XSTRATA (XSRAF $18.30, rated Overweight; PRICE TARGET RAISED FROM $31/share to $32/share) ANTAMINA EXPANSION TO 200KTPD of Ore by 2016 INCLUDED IN MODELS AFTER SITE VISIT IN PERU; BRUNSWICK MINE SHUTDOWN BY MARCH 2013 REDUCES NEAR TERM ZINC PRODUCTION 4/24/2012
PACKAGING CORPORATION OF AMERICA (PKG: $29.44, rated Overweight with $39 up from $34 target) MORE SHARES REPURCHASED WITH LOWER ESTIMATED BUYBACK PRICES AND BOARD OUTPUT, SHIPMENTS, AND SELLING PRICES EXCEED OUR Q1 2012 ESTIMATES. AVERAGE INDUSTRY MILL OPERATING RATE OF …
ROYAL GOLD (RGLD: $60.22, rated Neutral with $56 price target) EXPANSION AT TECK’S ANDACOLLO COPPER GOLD MINE TO 75,000 MTPD IN 2018 AND HIGHER ANDACOLLO GOLD RECOVERIES BENEFITS RGLD’S VALUATION AND SHOWS THE POWER OF THE ROYALTY TRANSACTION. INVESTMENT RATING …
TECK RESOURCES LTD. (TCK $37.68, rating Neutral; Price Target cut to $66 from $94) CONVENIENT “PHOTO TOUR” OF VISITS TO ANTAMINA AND ANDACOLLO COPPER MINES WITHOUT GRUELING 6 DAY TRIP OR 8 ½ HOUR BUS RIDE FROM 14,500 FT ANTAMINA …