ALCOA (AA $8.10, rated Neutral, Price Target cut from $10 to $8) WE CUT OUR MIDWEST PREMIUM ESTIMATES, PRICE TARGET AND EARNINGS ESTIMATES; “STRESS TEST” $0.75/LB LME DEDUCTS $1 BIL. PER YEAR 7/12/2013
ALUMINA LTD. (AWC $3.89, RATING UNDERWEIGHT; PRICE TARGET $3.00); LOWER ESTIMATED ALUMINA PRODUCTION AND 2013 LME ALUMINUM INGOT PRICE ESTIMATES LOWER EARNINGS ESTIMATES 7/14/2013
ANGLOGOLD ASHANTI (AU $12.75 rated Overweight with $23 up from $18 price target) HIGHER GOLD PRICES DRIVE HIGHER NPV/SHARE. ANGLOGOLD ASHANTI’S CASH BALANCE TURNS NEGATIVE AT YEAR END 2014 AT $1,200/OZ GOLD 7/14/2013
NEWMONT MINING (NEM $28.03 rated Overweight with $42 price target maintained) POTENTIAL SALE OF BARRICK’S 50% SHARE OF KALGOORLIE “SUPERPIT” MINE IN WESTERN AUSTRALIA ESTIMATED AT $889 MM 7/17/2013
BARRICK GOLD (ABX $15.89 rated Overweight with $25 price target) “QUALITY BARRICK” TO EMERGE A STREAMLINED COMPANY AFTER EXIT FROM BARRICK ENERGY, TANZANIA, AUSTRALIA AND LUMWANA 7/18/2013
GOLD – – LENGTH OF BEAR MARKET, DECLINING VELOCITY OF MONEY, SPECIFIC MODEL CHANGES, PRICE OUTLOOK AND COMPANY ISSUES 7/19/2013
METALS INDUSTRY – – PRESSURES TO UNWIND WAREHOUSING PRACTICES TO MOBILIZE OR “FREE UP” 7/19/2013
FOREST PRODUCTS – – DOWNGRADE OF INVESTMENT RATINGS DUE TO STRONGER DOLLAR, HIGHER INTEREST RATES AND DEMAND WORRIES 7/19/2013
FOREST PRODUCTS – – DOWNGRADE OF INVESTMENT RATINGS DUE TO STRONGER DOLLAR, HIGHER INTEREST RATES AND DEMAND WORRIES 7/23/2013
GOLD INDUSTRY – – JULIAN ROBERTSON’S COMMENTS ON QE3 7/23/2013