5% UNEMPLOYMENT RATE SIGNALS MORE INTEREST RATE CUTS; METALS PRICES SOAR WITH DOLLAR WEAKNESS WHILE STOCK MARKET FALLS 1/7/2008
TECKCOMINCO (TCK $36.24, rated OVERWEIGHT) INITIATE COVERAGE WITH OVERWEIGHT RATING BASED ON INCOMPLETELY DEFINED GROWTH, METALS PRICE REBOUND OR BUSINESS COMBINATION POTENTIALS 1/2/2008
COPPER INDUSTRY – – COMPARISON OF 21 MAJOR DEPOSIT PURCHASES IN 2005 TO 2007 SHOWS AVERAGE PURCHASE PRICE OF $0.134 PER LB CONTAINED RESOURCE OR NINE TIMES AFTERTAX CASH FLOW 1/2/2008
FIRST QUANTUM LOWER CU PRICE ESTIMATES OFFSET BY LOWER OPERATING COSTS; SALE OF KEVITSA & $2.5 B NONRECOURSE LOAN PERMIT US TO EXCLUDE ADDITIONAL 20% SALE OF COBRE PANAMA 5/7/2016
ALUMINA LTD. (AWC $4.39, RATING OVERWEIGHT; PRICE TARGET $6.00); ALCOA SKEPTICAL OF INDONESIAN JANUARY 12TH EXPORT BAN, BELIEVES CHINA HAS HUGE BAUXITE INVENTORIES AND STUDIES OUTPUT CUTS 1/30/2014
ALLEGHENY TECHNOLOGIES (ATI $33.29, rated Overweight with price target $44) PEAK EARNINGS POWER WANES WITH PRICE-COST PRESSURES 1/24/2014
ANGLOGOLD ASHANTI (AU $12.15 rated Neutral from Overweight with $15 down from $23 price target) LOWER GOLD PRODUCTION, HIGHER COSTS, HIGHER DISCOUNT RATES FOR AFRICAN MINES, AND A LOWER PREMIUM TO NPV 1/4/2014
ALUMINA LTD. (AWC $4.42, RATING OVERWEIGHT; PRICE TARGET RAISED FROM $5.00 to $6.00); HIGHER ALUMINA PRICES, FULLER VOLUMES AND A WEAKER AUSTRALIAN DOLLAR IMPROVE OUTLOOK DESPITE LOW LME ALUMINUM PRICES AND CONTINUED INGOT INVENTORIES 1/28/2014
METALS – – COMPARISON OF ESTIMATED 2014, 2015 AND 2020 YEAR-END BALANCE SHEETS OF THE SIX LARGE DIVERSIFIED MINING COMPANIES (BHP Billiton, Vale, Rio Tinto, Anglo American, GlencoreXstrata PLC, and Teck) 1/21/2014
A CLOSER LOOK AT CHINA’S DEMOGRAPHICS, “ONE CHILD” POLICY 36% ENFORCED IN 1979-2013 AND OUTLOOK; WE APPLY HIGHER TERMINAL DISCOUNT RATES AFTER 2022 TO SHAVE RATINGS ON RIO, VALE & ABX 1/8/2014