NORBORD (NBRXF: $28.02 rated Overweight from Neutral with $36 up from $32 price target) LOWER CAPEX AND LOWER NORTH AMERICAN OPERATING COSTS DRIVES HIGHER NPV; DIVIDEND YIELD OF 7.68% ANTICIPATES $250+ OSB 2/3/2014
SPOT MARKETS – – REGULATIONS TO CUT SUPPLIES OF ALUMINUM, NICKEL, AND COPPER; WEAKER RESOURCE CURRENCIES LOWER COSTS AS NI, AU AND PT RISE AS ONLY IRON ORE PRICES FALL IN JANUARY 1/31/2014
GOLD INDUSTRY – – RESOURCE ESTIMATION METHODS OF PRETIUM (PVG $6.21, rated Neutral, no price target) AND AGNICO-EAGLE MINES (AEM $32.12, rated Overweight, price target $42 from $43) SHOW IMPORTANT DIFFERENCES 3/2/2014
BARRICK GOLD (ABX $20.38; rated Neutral, price target reduced to $16.50 from $18) STRATEGIES TO CUT DEBT AND PRESERVE EQUITY VALUES WITH FEWER MINES 3/2/2014
TECK (TCK $22.35, raised to NEUTRAL from UNDERWEIGHT; price target raised to $22 from $16) ESTIMATED ASSET SALES AND CAPITAL EX CUTS INCREASE FREE CASH FLOW AND PREVENT A WEAKER BALANCE SHEET 2/28/2014
GOLD INDUSTRY – – RESERVES FALL 15% TO SUGGEST GLOBAL MINE RESERVE LIVES FALL BY TWO YEARS CLIPPING POST-2020 OUTPUT 2/27/2014
BHP BILLITON (BHP $69.19, rating OVERWEIGHT, price target raised from $78 to $83) LOWER OPERATING COSTS IN IRON ORE, COAL, PETROLEUM, ALUMINUM, AND NICKEL DIVISIONS INCREASE EARNINGS AND CASH GENERATION WHILE STRENGTHENING THE BALANCE SHEET 2/26/2014
PLATINUM GROUP METALS (PLG; US $1.14, not rated) NOTES FROM MEETING WITH SCHALK ENGLEBRECHT IN JOHANNESBURG ON JANUARY 30th 2/26/2014
CF INDUSTRIES (CF $242.79; rated Neutral; price target $201) HIGHER VOLUMES AND FEWER SHARES BENEFIT 2013-2016, BUT HIGHER NAT GAS AND HIGHER NET DEBT SHAVE 2017-2020 ESTIMATES 2/25/2014
NEWMONT MINING (NEM $23.855 rated Neutral down from Overweight with $22 down from $40 price target) LOWER GOLD OUTPUT, HIGHER CASH COST ESTIMATES, AND HIGHER NON-CONTROLLING INTEREST DIVIDEND PAYMENTS. FIVE POTENTIAL BUSINESS ALTERNATIVES STUDIED. 2/14/2014