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
PRETIUM RESOURCES (PVG US $6.55, rating Neutral and price target suspended) NEW TECHNICAL REPORT BY SNOWDEN AND SNOWDEN PRESENTATIONS 2/21/2014
GOLD INDUSTRY – – BULLION ETF HOLDINGS ENJOY NET ACCUMULATIONS AS OUTLOOK IMPROVES 2/12/2014
IVANHOE MINES (IVPAF US$1.37, not rated) SITE VISITS TO HISTORIC KIPUSHI COPPER-ZINC AND NEW KAMOA COPPER PROJECTS IN DRC CONGO 2/10/2014
IVANHOE MINES (IVPAF US$1.40, not rated) NOTES FROM SITE VISIT TO “PLATREEF” PROJECT IN LIMPOPO, SOUTH AFRICA 2/6/2014
FORTESCUE METALS (FSUMF US $4.59 bid; rating OVERWEIGHT; price target $7.50) EARNINGS ESTIMATES RAISED DUE TO HIGHER 2014 ACTUAL PRICES, HIGHER VOLUMES AND LOWER COSTS; $50/T CAP EX TARGET FOR NEXT 20 MMT EXPANSION TO 175 MMT 2/4/2014
VALE (VALE $13.04, Rating OVERWEIGHT, Price Target raised to $18 from $16) HIGHER FUTURE IRON ORE PRODUCTION AND 2014 NICKEL REBOUND INCREASES EARNINGS TO OFFSET WEAKER 2014 COPPER AND LONG TERM METALLURGICAL COAL PRICES 3/24/2014
SPOT MARKETS – – LARGEST WEEKLY INVENTORY RISE IN NEARLY A YEAR 3/28/2014
SPOT MARKETS – – WEATHER DISRUPTS MANY VOLUMES DISTORTING FIRST-QUARTER ECONOMIC AND METALS MARKET SPRING PEAK DATA 3/13/2014