AGNICO EAGLE MINES (AEM: $28.39, rated Overweight, price target cut to $38 from $44) MORE DETAILS AND IMPLICATIONS OF POSSIBLE OSISKO MERGER 4/21/2014
GOLD INDUSTRY – – LOW PRICES FORCE MERGERS AMONG LARGER FIRMS 4/21/2014
GLENCOREXSTRATA PLC (GLCNF, $5.27; RATED NEUTRAL; PRICE TARGET REMAINS AT USD $7/SHARE) LOWER METALLURGICAL COAL AND 2014 COPPER PRICES HURT EARNINGS; INCORPORATION OF LAS BAMBAS SALE AND CARACAL ACQUISITION INTO OUR MODELS 4/21/2014
ALLEGHENY TECHNOLOGIES (ATI $40.62, rated Overweight with price target $44) “ACCRETION OF TIME” AND SIX SIGNS OF AN UPTURN WITHOUT ANY BETTER-THAN-EXEPECTED FIRST-QUARTER RESULTS 4/23/2014
FREEPORT-McMoRAN COPPER AND GOLD (FCX $33.85, rated Overweight, price target $59) EXCITING OIL AND GAS DEVELOPMENTS ADD VALUE 4/25/2014
ANGLO AMERICAN (AAUKY $13.09, rated NEUTRAL and price target reduced to $10/share from $12/share) LOWER METALLURGICAL COAL PRICES DRIVE DOWN EARNINGS; HIGHER 2014 IRON ORE AND NICKEL PRICE ESTIMATES OFFSET IN THE NEAR TERM 4/25/2014
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) 4/27/2014
ROYAL GOLD (RGLD: $66.05; rated Overweight; $75 up from $67 price target) ASSUMED 5% GOLD STREAM ON RESTAGED ABX PASCUA-LAMA BUILT INTO MODEL; HIGHER PREMIUM TO NPV/SHARE; ESTIMATES CUT. 4/27/2014
GOLD INDUSTRY – – – ESTIMATED TIMETABLE TO RESTART BARRICK’S PASCUA-LAMA MINE IN CHILE 4/27/2016
TAHOE RESOURCES ($22.48 rated Overweight with $29 price target) GRADE, TONS PER DAY AND PAYABLE SALES GOVERN 18-21 MM OZ GUIDANCE; WE CUT OUR 2014-16 DIVIDEND ESTIMATES DUE TO SILVER PRICES 4/27/2014