GOLD INDUSTRY – GOLD PRICES AND SHARES SUPPORTED BY RISING COSTS EVEN WITH A U.S. DOLLAR BULL CURRENCY TREND; STABILIZING TRENDS AS GOLD “BUILDS A BASE” 5/14/2013
HUDBAY MINERALS (HBM US $8.22; Rating remains at Underweight; Price Target LOWERED from $12/share to $4/share) LOWER LME COPPER PRICE ESTIMATES LOWER ESTIMATED EARNINGS AND CASH FLOW 5/10/2013
ALUMINUM, LEAD AND ZINC INVENTORIES FALL RAPIDLY IN APRIL AS NICKEL, COPPER, STEEL, WOOD, CONTAINERBOARD OR NITROGEN FERTILIZER MARKETS SOFTEN 5/6/2013
NEWMONT MINING (NEM $33.07 rated Neutral with $30 down from $39 price target) REMOVAL OF SUBIKA UNDERGROUND, TANAMI SHAFT, & PHOENIX MILL EXPANSION AND 1.5% HIGHER DISCOUNT RATE TO 9.5% DUE TO COUNTRY RISK IN SURINAME, GHANA, AND INDONESIA HURT …
ANTOFAGASTA PLC (ANFGF $14.20, RATING UNDERWEIGHT, Price Target Cut to $9/share from $13/US ADS share) LOWER COPPER AND MOLY PRICE ESTIMATES LOWER EARNINGS; RE-INTRODUCTION OF ANTUCOYA 5/5/2013
FREEPORT-McMoRAN COPPER AND GOLD (FCX $27.61, rated Overweight, price target raised from $53 to $56) ASSET SALES AND CAPITAL EXPENDITURE REDUCTIONS SHOULD FUEL REDUCTION IN $17.5 BILLION NET DEBT; IMPRESSIONS FROM NYC INVESTOR DAY ON JUNE 24, 2013
DULUTH METALS (DULMF U.S. $1.30, rated Neutral and price target “suspended”) BOND OFFERING AND FEASIBILITY STUDY OUTLOOK ISSUES 6/28/2013
GOLDCORP (GG $22.35, rated Overweight, price target maintained at $36) UPDATED DETAILED SIMULATIONS FOCUS ON POLICY OPTIONS AS METALS PRICES FALL; WE ESTIMATE HIGHER GOLD PRICES IN 2016 AND BEYOND 6/27/2013
GOLD INDUSTRY – – STUDY OF GOLDCORP (GG $22.35, rated Overweight, Target $36) AS A POTENTIAL ACQUIRER 6/27/2013
GENERAL MOLY INC. (GMO $1.84, Rating Maintained at UNDERWEIGHT, Price Target Lowered to $1 from $2); LOWER COPPER AND MOLYBDENUM PRICE ESTIMATES HURT FUTURE CASH FLOW ESTIMATES; ALTERNATIVE FINANCING INCORPORATED INTO MODELS 6/25/2013