ALUMINA LTD. (AWC $3.66, RATING UNDERWEIGHT; PRICE TARGET $3.00); LOWER ESTIMATED 2013 ALUMINA AND ALUMINUM OUTPUT OFFSET BY LOWER ESTIMATED 2013 OPERATING COSTS; 2014-2017 LME ALUMINUM INGOT PRICE ESTIMATES LOWERED 8/28/2013
KIRKLAND LAKE GOLD (KGILF $4.403, not rated) FAVORABLE IMPLICATIONS OF EXPANSION PROGRAM; INCORPORATED INTO OUR RESEARCH COVERAGE WITHOUT AN INVESTMENT RATING 8/28/2013
ALCOA (AA $8.16, rated Neutral, Price Target cut from $8 to $7) LOWER ESTIMATED 2014 THROUGH 2017 LME ALUMINUM INGOT PRICES LOWER EARNINGS ESTIMATES; NEW AUTO SHEET CAPACITY IN TENNESSEE 9/17/2013
ALLEGHENY TECHNOLOGIES (ATI $30.95, rated Overweight with price target $44) TUNGSTEN BUSINESS SOLD FOR 3.56 TIMES OUR ESTIMATED VALUATION 9/17/2013
GOLD INDSUTRY – – AVERAGE SECOND-QUARTER 2013 PRETAX BREAKEVEN COST FOR 13 OF WORLD’S LARGEST GOLD COMPANIES ESTIMATED AT $1,165/OZ, UP $25/OZ FROM THE FIRST-QUARTER OF 2013. 9/21/2013
SPOT MARKETS – – INVENTORIES OTHER THAN NICKEL INVENTORIES FALL LITTLE BY LITTLE 9/23/2013
GOLD INDUSTRY – – HIGHLIGHTS OF DENVER GOLD SHOW 9/25/2013
VALE (VALE $16.05, Neutral, PRICE TARGET CUT TO $16 from $21/share) VALE MODELS DEDUCT $10 BIL. CASH OUTLAY FOR TAX SETTLEMENT AND LATE-DECADE DEBT PAYDOWNS; VALE SEPT. 11-12 TRIP EMPHASIZES COPPER OPPORTUNITIES NEAR CARAJAS 9/26/2013
WEYERHAUSER (WY $28.80 rated Neutral with $35 price target) NOTES FROM SEPTEMBER 24, 2013 TOUR OF WY’S LONGVIEW TIMBERLANDS, LONGVIEW EXPORT PORT, AND LONGVIEW SAW MILL IN WASHINGTON. 9/27/2013
SILVERCREST MINES (SLVC $1.80, not rated) COMMENTS FROM VISIT TO THE SANTA ELENA MINE IN SONORA, MEXICO 9/30/2013