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INTERNATIONAL PAPER (IP $47.32 rated Overweight with $55 down from $61 price target) HIGHER NATURAL GAS PRICES AND REMOVAL OF SECOND PRICE HIKE LOWERS LONG TERM OPERATING MARGINS. PARTIALLY OFFSET BY MORE FULL REALIZATION OF CURRENT CORRUGATED PRICE HIKE 4/10/2013

AGNICO-EAGLE MINES (AEM $37.76; rated Neutral with $36 from $40 target) TARACHI REMOVED, MELIADINE ONE YEAR PUSHBACK, HIGHER CAPEX, LOWER COPPER, AND HIGHER OP EX PARTLY OFFSET BY KITTILA EXPANSION, HIGHER MEADOWBANK OUTPUT, LOWER CASH TAX IN NPV 4/4/2013

METALS – – EVALUATION AND “DUE DILIGENCE” RIGOR AT 16%-19% DISCOUNT RATES AS WORLD ECONOMY SLOWS OR OVERSUPPLY GROWS 4/30/2013

PRETIUM RESOURCES (PVG $7.10 rated Overweight with $33 down from $37 price) PRICE TARGET CUT TO $33 FROM $37 DUE TO EQUITY ISSUANCE 4/30/2013

DOMTAR (UFS $68.40 rated Neutral from Overweight with $74 down from $94 price target) DOWNGRADED TO NEUTRAL FROM OVERWEIGHT DUE FASTER THAN EXPECTED END MARKET DECAY AND BETTER ALTERNATIVES. REMOVAL OF 2014-2016 SHARE REPURCHASES HURTS NPV AND EPS ESTIMATES. 4/25/2013

WORTHINGTON INDUSTRIES (WOR $31.XX) INVESTMENT RATING CUT TO NEUTRAL OWING TO PRICE APPRECIATION AND BUSINESS RISKS 4/25/2013

ANGLOGOLD ASHANTI (AU $19.35 rated Neutral with $18 from $24 price target) HIGHER SOUTH AFRICAN OPERATING COSTS, MUCH LOWER 2013 OUTPUT AND HIGHER COST ESTIMATES PARTLY OFFSET BY 2012 ACQUISITIONS OF MINE WASTE SOLUTIONS AND 50% OF CRIXAS “SERRO GRANDE” …

ANGLOGOLD ASHANTI (AU $19.35 rated Neutral with $18 from $24 price target) HIGHER SOUTH AFRICAN OPERATING COSTS, MUCH LOWER 2013 OUTPUT AND HIGHER COST ESTIMATES PARTLY OFFSET BY 2012 ACQUISITIONS OF MINE WASTE SOLUTIONS AND 50% OF CRIXAS “SERRO GRANDE” Read more »

This paper will be given to the Society of Mining Engineers “Current Trends in Mining Finance” program at 11 a.m. on April 29, 2013 at the City University of New York (CUNY) Graduate Center at 34th Street and Fifth Avenue. …

This paper will be given to the Society of Mining Engineers “Current Trends in Mining Finance” program at 11 a.m. on April 29, 2013 at the City University of New York (CUNY) Graduate Center at 34th Street and Fifth Avenue. We provide it for your convenience here. 4/24/2013 Read more »

ALUMINA LTD. (AWC $3.90, RATING LOWERED FROM NEUTRAL TO UNDERWEIGHT; PRICE TARGET LOWERED FROM $4.00 TO $3.00); LOWER ESTIMATED NEAR TERM LME ALUMINUM PRICES HURT EARNINGS; ESTIMATED DEBT ISSUANCE TO FUND POTENTIAL CASH SHORTFALL DESPITE RECENT CHINESE PRIVATE PLACEMENT 4/18/2013

DOMTAR (UFS $74.26 rated Overweight with $94 down from $111 price target) HIGHER NATURAL GAS PRICES TRIM MARGINS AND LONG-TERM LIABILITIES A DRAG ON VALUATION, PARTLY OFFSET BY NBSK AND NBHK PULP PRICES UP AS FLUFF PULP PRICES FLAT AND …

DOMTAR (UFS $74.26 rated Overweight with $94 down from $111 price target) HIGHER NATURAL GAS PRICES TRIM MARGINS AND LONG-TERM LIABILITIES A DRAG ON VALUATION, PARTLY OFFSET BY NBSK AND NBHK PULP PRICES UP AS FLUFF PULP PRICES FLAT AND WHITE PAPER DOWN 4/18/2013 Read more »