TECK (TCK $34.50, Underweight; price target cut to $27 from $47) LOWER COAL PRICE FORECASTS ALONG WITH HIGHER ESTIMATED OPERATING COSTS BEGINNING IN 2015 LOWER EARNINGS 2/7/2013
VALE (VALE $20.19, Rating raised to Neutral from Underweight; price target raised to $25 from $22) ANALYSIS OF GOLD STREAM SALE TO SILVER WHEATON (SLW, $36.79); HIGHER 2013 ESTIMATED IRON ORE PRICES AND FUTURE EXPANSIONS HELP TO INCREASE EARNINGS AND …
SILVER WHEATON (SLW $36.79; rated Underweight, price target $21) ACQUISTION OF GOLD STREAMS FROM VALE HAS AN IRR OF 5.35% USING OUR BASE CASE ASSUMPTIONS; SHORT OF OUR DISCOUNT RATE ESTIMATE OF 7.5%. 2/6/2013
BARRICK (ABX $32.35, Neutral rating; price target decreased to $34 from $36) PREVIEW OF POSSIBLE FEBRUARY 14TH DISCLOSURES; MODELS ADJUSTED FOR HIGHER AU & AG PRICES AND LOWER AFRICAN OUTPUTS 2/5/2013
INTERNATIONAL PAPER (IP $42.35 rated Overweight with $47 price target maintained) HIGHER LONG TERM CONTAINERBOARD PRICING AND MARGINS MOSTLY OFFSET BY LOWER PRICES FOR PRINTING PAPERS, CONSUMER PACKAGING AND EMPLOYEE BENEFITS 2/1/2013
John Tumazos Very Independent Research, LLC Metals and Mining Conference Core Shack, March 28, 2013 4/3/2013
METALS CONFERENCE HIGHLIGHTS – – GOLD TRACT 4/3/2013
CONFERENCE HIGHLIGHTS – NATURAL RESOURCES TRACT 3/31/2013
METALS – – COMPARISON OF BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES IN OUR COVERAGE UNIVERSE (BHP, Rio Tinto, Anglo American, Glencore, Teck, and Vale) 3/27/2013
GOLD INDUSTRY: BARRICK GOLD, NEWMONT MINING AND GOLDCORP PRICE TARGETS CUT BY $13, $8 AND $1 PER SHARE, RESPECTIVELY, DUE TO LOWER COPPER PRICES AND UPDATED DEBT, CAP EX, RECLMATION, OUTPUT, COSTS AND CORPORATE DEVELOPMENTS 3/22/2013