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