INVENTORY DATA SURPRISING STRONG WHERE ONLY NICKEL HAS SECOND-HALF SEASONAL BUILDUPS; RATES OF GROWTH OF LARGE DIVERSIFIED MINES’ DEBT BURDENS WITH RECORD CAP EX 9/10/2012
RIO TINTO (RIO $53.18, rating lowered to UNDERWEIGHT from NEUTRAL, price target cut to $39 from $45) HIGHER ESTIMATED NET DEBT, EMPLOYEE POSTRETIREMENT and OTHER PROVISIONS LOWER VALUATION 9/16/2012
HIGHLIGHT OF DENVER GOLD SHOW SEPTEMBER 10TH-12TH WERE FEWER OUTPUT GROWTH GUIDANCES 9/16/2012
ALLEGHENY TECHNOLOGIES (ATI $27.97 down from $72.23 at April 28, 2011, rated Overweight with price target $80) CEO TRIES TO LOWER EXPECTATIONS 9/16/2012
NORTHERN DYNASTY (NAK $5.02, not rated) FIRST SITE VISIT FOCUSES ON LIKELIHOOD OF ENVIRONMENTAL PERMITTING 9/19/2012
MEADWESTVACO (MWV $29.55, rated Neutral, price target $29) EARNINGS ESTIMATES SHAVED; STOCK PRICE VERY STABLE AFTER MAY 1ST DISTRIBUTION OF ACCO BRANDS STOCK 9/12/2012
QE3 AND EU STIMULUS QUESTIONS OUTPUT, CAPACITY AND CAP EX CUTS 9/27/2012
WORTHINGTON INDUSTRIES (WOR $22.15; rated OVERWEIGHT with $30 target) AUGUST FISCAL FIRST-QUARTER STRONG, BUT WE DO NOT RAISE ESTIMATES YET DUE TO SLOW “OUTLOOK” 9/27/2012
XSTRATA (XSRAF $15.70, rated Overweight; PRICE TARGET LOWERED FROM $31/share to $28/share) ESTIMATED 2012 COPPER PRODUCTION REDUCED; HIGHER NET DEBT LEVELS LOWER VALUATION 9/28/2012
BHP BILLITON (BHP $68.92, rating OVERWEIGHT; Price Target lowered to $107 from $112) LOWER METALS PRICES AND WEAKER 2013 ESTIMATED PETROLEUM OUTPUT HURT EARNINGS AS LARGER NET DEBT TRIMS NPV 9/28/2012