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MERCATOR MINERALS (MLKKF $.377, rating lowered to UNDERWEIGHT from NEUTRAL) PRICE TARGET CUT FROM $0.30 to $0.09 DUE TO LOWER MINERAL PARK 2013 PRODUCTION ESTIMATES and LOWER ESTIMATED COPPER & MOLY PRICES; EL CRESTON PROJECT REMOVED FROM MODELS 3/22/2013

METALS – – JANUARY COPPER MINE OUTPUT UP 12.6% AS DEMAND FALLS 3.4%; COPPER EXCHANGE INVENTORIES RISE EVERY DAY THROUGH MARCH SEASONAL PEAK 3/22/2013

GOLD INDUSTRY – – REGIONAL SUBDIVISION OF PAST “PRIVATE INVESTOR” AND CENTRAL BANK INVESTMENT DEMANDS 3/19/2013

GLENCORE INTERNATIONAL PLC (GLCNF, $5.53; RATED UNDERWEIGHT; PRICE TARGET REDUCED TO USD $2.00 FROM USD $3.00) LOWER COPPER PRICE ESTIMATES REDUCE EARNINGS; ESTIMATED $10 BILLION OR 5 BIL. SHARE RIGHTS ISSUE MODELED AT $2/SHARE TO REPAY DEBT 3/19/2013

MINING INDUSTRY – – COMPARISON OF BULK TONNAGE MINE CAP EX 3/18/2013

FREEPORT-McMORAN COPPER AND GOLD (FCX $33.16, rated Overweight, price target cut from $56 to $48) LOWER ESTIMATED COPPER PRICES CUT ESTIMATED EARNINGS, CASH FLOW & PACE OF DEBT REPAYMENTS; “PERCENTAGE USA” EARNINGS ANALYZED AT COPPER PRICE SCENARIOS 3/14/2013

METALS – – COPPER EXCHANGE INVENTORIES AT TEN YEAR HIGH RISING AT PACE TO SET NEW ALL-TIME RECORD IN EARLY JULY 3/8/2013

METALS – – “PART TWO” IMPAIRMENTS NEAR $69.3 BILLION OR LARGELY THE SIZE OF DIVIDEND & BUYBACK RETURNS TO SHAREHOLDERS 3/7/2013

METALS – – COMMENTS FROM PROSPECTORS AND DEVELOPERS ASSOCIATION OF CANADA CONFERENCE 3/7/2013

METALS – – OVERSUPPLY EVIDENCE AT SEASONAL PEAK IN “NIGHTMARE” SORT OF SCENARIO 3/2/2013