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Past Research

Report Topic pdf file name  Title
Date (click on file name)
10/31/07 Newmont Mining nem1031.pdf

NEWMONT MINNG (NEM $50.90, Overweight) EARNINGS ESTIMATE RAISED

10/31/07 Barrick Gold abx1031.pdf

BARRICK GOLD (ABX $44.13, rated Overweight) TWO ACQUISITIONS BENEFIT RESOURCE BASE; EARNINGS SUFFER LOW GRADES

10/31/07 Louisiana Pacific lpx1031upgrade.pdf

LOUISIANA-PACIFIC (LPX $16.46, rated Neutral) PROSPECTS FOR SMALLER LOSSES AND LESSER CASH OUTFLOWS COULD PERMIT BULL TRADE FROM FOURTH QUARTER SEASONAL LOW TO MAY/SPRING SEASONAL HIGH

10/28/07 Freeport-McMoran fcx1028.pdf

FREEPORT-McMORAN COPPER AND GOLD (FCX $95.00, 9-19-05, rated Overweight) MANY OFFSETTING INFLUENCES IN QUARTERLY RESULTS

10/28/07 Alleghney Technologies ati1027.pdf

ALLEGHENY TECHNOLOGIES (ATI $101.90, rated NEUTRAL WEIGHT) ESTIMATES CUT MORE

10/28/07 Metals Prices spotmkts1028.pdf

THIS PAST WEEK INDUSTRIAL METALS FELL WHILE PRECIOUS METALS ROSE; QUARTERLY REPORTS SUGGEST INVENTORY DRAWDOWNS

10/26/07 Smurfit Stone sscc1025.pdf

SMURFIT-STONE CONTAINER (SSCC $11.93, rated Underweight) STRONG INDUSTRY CLIMATE PERMITS OPERATING PROFITABILITY

10/26/07 China ChinaReport1026.pdf METALS DEMAND: IMPRESSIONS OF SIXTEEN DAY CHINA TRIP
10/25/07 Nucor NUCOR1024upgrade.pdf

NUCOR (NUE $61.19, 10-24-07, rated Neutral Weight) INVESTMENT RATING RAISED TO NEUTRAL OWING TO LIKELY FIRST-HALF 2008 STEEL MARKET REBOUND, TEMPERED BY 11X P/E AND 20% SHEET MARKET CAPACITY ADD

10/24/07 Plum Creek pcl1024.pdf

PLUM CREEK (PCL $41.84, Overweight) EARNINGS ESTIMATES CUT DUE TO UNFAVORABLE UNIT COST, VOLUME AND SALES PRICE TRENDS; SHARE REPURCHASES A PLUS, THOUGH CASH FLOWS SLOWING

10/22/07 Duluth Metals duluth1019.pdf

DULUTH METALS (DM.TO C$3.55, rated Overweight) NOTES FROM MANAGEMENT BREAKFAST MEETING WE HOSTED OCTOBER 19TH

10/22/07 Metals Price spotprices1021.pdf METALS MARKETS MIXED, BUT STEEL AND COPPER SHOW GOOD SIGNS
10/22/07 Newmont Mining nem1018buysHopeBayPart2.pdf

NEWMONT MINNG (NEM $46.14, Overweight) MANAGEMENT VACANCIES SUGGEST NEWMONT COULD LEND SUPPORT TO HOPE BAY DEVELOPMENT; MEADOWBANK PROJECT ALSO IN NUNAVUT FURTHER ALONG

10/16/07 CVRD cvrd1016.pdf

CVRD (RIO $34.23, rating under development) ANALYSIS OF WORLD’S LARGEST EVER METALS CAPITAL BUDGET

10/14/07 Rusal rusal1011.pdf

ALUMINUM INDUSTRY CAPACITY UPDATE AS UC RUSAL PLANS 3.1 MMT NEW CAPACITY TO TOTAL 7 MMT BY 2011 WITH NEW 1.05 MMT SMELTER IN SARATOV, RUSSIA ANNOUNCED OCTOBER 9TH

10/14/07 Newmont Mining nem1014buysHopeBay.pdf

NEWMONT MINNG (NEM $47.54, Overweight) FOUR UNKNOWNS KEY TO THE ASSESSMENT OF THE MANY HOPE BAY DEPOSITS OF MIRAMAR

10/14/07 Allegheny Technologies ati1014.pdf

ALLEGHENY TECHNOLOGIES (ATI $100.04, rated NEUTRAL WEIGHT) IMPLICATIONS OF FOURTH-QUARTER OUTLOOK REVISION DEPEND ON SPECIFIC CAUSES

10/14/07 Metals Prices spotprices1014.pdf MANY PRICES AND MOST INVENTORIES RISE
10/10/07 Alcoa aa100907.pdf

ALCOA (AA $38.30, rated Neutral) EARNINGS ESTIMATES CUT SHARPLY DUE TO COSTS, LME PRICE ESTIMATES THE SAME AND 25% REPURCHASE ESTIMATED TO NEED $3.1 BILLION IN DEBT PLUS CAPITAL SPENDING CUTS

10/08/07 Mine Safety SAFETYcapacity1008.pdf

MINE SAFETY INTERACTS WITH “CAPACITY” THROUGHPUT, AND NEW MINE SAFETY RULES PROBABLY WILL REDUCE GLOBAL MINING CAPACITY 1% TO 3%

10/07/07 Barrick Gold abx1006costs.pdf

BARRICK GOLD (ABX $40.92, rated Overweight) ORE GRADES, LOWER STRIPPING AND COST HEDGING BENEFIT 2008 COST OUTLOOK

10/07/07 Duluth Nickel and Copper Comparison duluthnicu1007.pdf

NICKEL AND COPPER --- EVALUATION AND COMPARISON OF DULUTH COMPLEX NICKEL, COPPER, COBALT, PLATINUM GROUP AND GOLD

10/07/07 Duluth Initiation duluthinitiation1007.pdf

DULUTH METALS (DM.TO C$3.04, rated Overweight) COVERAGE INITIATED AT OVERWEIGHT OWING TO ROUGHLY 600 MILLION METRIC TONNE NICKELCOPPER- COBALT-PRECIOUS METALS DEPOSIT IN MINNESOTA

10/07/07 Polymet Mining PLMinitiation1007.pdf

POLYMET MINING (PLM $4.02, rated Overweight) COVERAGE INITIATED AT OVERWEIGHT OWING TO 2009 STARTUP OF ROUGHLY 800 MILLION METRIC TONNE NICKEL-COPPER-COBALT-PRECIOUS METALS DEPOSIT IN MN

10/07/07 Metals Prices spotprices1006mixed.pdf PRICES AND INVENTORIES MIXED AS MANY MOVE ADVERSELY
9/30/07 Aluminum Industry alumindiceland0929.pdf

ALUMINUM INDUSTRY - - - ICELAND ENERGY RESOURCES ENCOURAGE 1 MMT ALUMINUM CAPACITY ADDITIONS THOUGH CURRENCY APPRECIATION, COST-OF-LIVING AND PRICE-LINKED CONTRACTS WILL NOT PERMIT WORLD’S LOWEST COSTS

9/30/07 Nonferrous Metals nonferrous@geothermal0929.pdf

NONFERROUS METALS - - - ALLOY USAGE AT 110 MW GEOTHERMAL PLANT ADJACENT TO PROPROSED CENTURY HELGUVIK SMELTER SITE

9/30/07 Metals Prices spotprices0929mostrise.pdf MOST PRICES RISE, BUT MANY INVENTORIES RISE TOO
9/30/07 Newmont nem0930outlookcaution.pdf

NEWMONT MINNG (NEM $44.93, Overweight) CONSERVATIVE OUTLOOK STATEMENT

9/24/07 Goldcorp gg0923pricetarget.pdf

GOLDCORP (GG $30.24, rated Overweight) PRICE TARGET RAISED TO $32 FROM $27 AND ESTIMATES RAISED WITH HIGHER METALS PRICES

9/24/07 Anglogold AU0923pricetarget.pdf

ANGLOGOLD (AU $46.84, rated Neutral) ESTIMATES RAISED WITH GOLD PRICES

9/24/07 Barrick Gold abx0923pricetarget.pdf

BARRICK GOLD (ABX $40.66, rated Overweight) PRICE TARGET RAISED TO $50 FROM $40 AND OVERWEIGHT REAFFIRMED WITH HIGHER METALS PRICES

9/24/07 General Moly Inc gmo092307initiation.pdf

GENERAL MOLY, INC. (about-to-be renamed from Idaho General Mines, GMO $6.81, rated Neutral) COVERAGE INITIATION AND FIELD TRIP HIGHLIGHTS

9/24/07 Steelers and Steel Industry steelindustryA_Time_for_the_Toes.pdf

“A TIME FOR THE TOES,” A STUDY OF THE CORRELATION BETWEEN THE PERFORMANCE OF THE PITTSBURGH STEELERS AND THE RELATIVE PERFORMANCE OF STEEL STOCKS

9/24/07 Plum Creek pcl092007targetupgrade.pdf

Plum Creek (PCL $44.95, Overweight) GLOBAL LIQUIDITY, RATE CUT, NEW HOUSING PERMITS, AND HIGH ENERGY PRICE LEAD TO INCREASED PRICE TARGETOF $80 DESPITE ESTIMATE CUTS

9/24/07 Metals Prices spotprices0923sixpricetargetsraised.pdf

NONFERROUS METALS PRICES AGAIN MOSTLY RISE, STEEL INVENTORIES FALL, SIX PRICE TARGETS RAISED AND INITIATE COVERAGE ON GENERAL MOLY, INC.

9/19/2007 FREEPORT-McMORAN COPPER AND GOLD fcx0919priceswayup.pdf

FREEPORT-McMORAN COPPER AND GOLD (FCX $95.00, 9-19-05, rated Overweight) EARNINGS ESTIMATES AND PRICE TARGET RAISED OWING TO BETTER THAN EXPECTED COPPER, GOLD AND MOLY PRICES

9/18/2007 Newmont Mining nem0918ratingupgrade.pdf

NEWMONT MINNG (NEM $45.99, rating raised to Overweight) GLOBAL LIQUIDITY INJECTION, RATE CUT, WEAK $ AND LOUSY CREDIT SYSTEM SET PLATE FOR HIGHER GOLD PRICES; RATING RAISED TO OVERWEIGHT, GOLD PRICE OUTLOOK RAISED AND EARNINGS ESTIMATES TOO

9/18/2007 Forest Products paperindpermits0918.pdf

FOREST PRODUCTS INDUSTRY - - HOUSING PERMITS UP IN 12 STATES AND DOWN 3% OR LESS IN 6 STATES AND DC IN FIRST SEVEN MONTHS OF 2007; FOUR STATES REPRESENT OVER 2/3 OF NATIONAL DECLINE

9/16/2007 Metals spotprices0916allrise.pdf

ALL METALS PRICES RISE, INVENTORIES MIXED AS COPPER AND LEAD FALL WHILE ALUMINUM, NICKEL AND ZINC INVENTORIES RISE

9/16/2007 LOUISIANA-PACIFIC lpx091607.pdf

LOUISIANA-PACIFIC (LPX $16.78, rated Underweight) EARNINGS ESTIMATES AND PRICE TARGET CUT

9/12/2007 WORTHINGTON INDUSTRIES wor0912.pdf

WORTHINGTON INDUSTRIES (WOR $20.45, rated Neutral) SHARE PRICE STABLE EVEN AS AUTO AND HOUSING MARKETS OR CYCLICAL SHARES GENERALLY SELL OFF IN VOLATILE MARKET

9/12/2007 ALCOA aa091207Chalcosale.pdf

ALCOA (AA $33.65, rated Neutral) TO BOOK A $1 PER SHARE GAIN FROM SALE OF 7% OF CHALCO; A JUDGEMENT ON CHINESE ALUMINA/ALUMINUM

9/12/2007 BARRICK GOLD BARRICKNEWS Keep those tires rolling.pdf BARRICK GOLD OBTAINS A NEAR DOUBLING IN TIRE LIFE
 9/9/2007 FNX Mining fnx0906minevisit FAVORABLE COMMENTS FROM SEPTEMBER 6TH VISITS DOWN LEVACK AND PODOLSKY MINES
 9/9/2007 Aluminum iaisemiannualsmeltersurvey DETAILED INTERPRETATION OF SEMI-ANNUAL CAPACITY SURVEY SHOW SOME DELAYS, AND UPWARD REVISION TO ASIA
 9/9/2007 Metals spotprices0909phillpscurve GOLDILOCKS SCENARIO WANES AS OUTWARD SHIFT OF “PHILLIPS CURVE”
 9/3/2007 Metals spotprices0902 SUMMER’S FINAL WEEK NO CAUSE FOR ALARM
 8/29/2007 Goldcorp gg0829 EARNINGS DISAPPOINTING; PENASQUITO AND ELEONORE RESOURCE EXPANSIONS NOT AS LARGE AS EXPECTED PROBABLY DUE TO TEDIOUS DATA GATHERING
 8/29/2007 Metals spotprices0826 SPOT PRICE ACTION MAKES US THINK OF 1987; MANY END MARKETS VERY STRONG AND WILL BENEFIT FROM $0.5 TRILLION STIMULUS
 8/19/2007 Metals spotprices0819 PHYSICAL MARKETS STRONG OR CALM AS FINANCIAL MARKETS PANIC
 8/19/2007 Alcoa aa0817 FOURTEEN KEY AGENDA ITEMS FOR KLAUS KLEINFELD
 8/12/2007 Metals spotprices0812 GENERAL DECLINE IN METALS PRICES REFLECTS A COMBINATION OF WORRIES OF SLOWDOWN OWING TO CREDIT CRUNCH, SPECULATORS’ EXIT AFTER PROFIT-TAKING AND EARLY SEASONAL DROP
 8/5/2007 Allegheny Technologies ati0805 PRICE TARGET INITIATED AT $100 UP FROM $60 AS EARNINGS MEET EXPECTATIONS AND MORE TRANSACTIONS DONE ABOVE 10X EARNINGS
 8/5/2007 FNX Mining fnx0802 CONFIRMATION AND EXPLORATION ON TRACK; COSTS IMPROVE; EARNINGS ESTIMATE CUT AS NICKEL PRICE CORRECTS
 8/5/2007 Barrick Gold abx0802upgrade PRICE TARGET RAISED TO $40 FROM $30 AND RATING TO OVERWEIGHT FROM NEUTRAL WEIGHT OWING TO FAVORABLE EXPLORATION, EARNINGS AND VALUATION TRENDS
 7/30/2007 Alcoa aa0730 REDUCED EXPECTATIONS AFTER DISCLOSURES OF OPTIONS EXERCISE AND STOCK ACTIVITY SUGGEST NO IMMINENT TAKEOVER TALKS
 7/30/2007 Metals antivalue0730 ANTI-VALUE, FULLY VALUED, SEMI-VALUE, TRUE DEEP VALUE AND A REVIEW OF LBO ACTIVITY
 7/22/2007 Rio Tinto rtp0722 AMOUNT OF THE $44 BIL. BID FOR ALCAN A SURPRISE 
 7/22/2007 Nucor Nucor0722 STABILITY OF RESULTS EVIDENT AND FORECAST BY COMPANY
 7/22/2007 Metals Metals Industry - - June 2007 MID-SUMMER METALS PRICE SNAPSHOT PROVIDES AN ENCOURAGING PICTURE:Comments from visits to Barrick, Kinross and CVRD Inco on June 21-22
 7/16/2007 Nucor NUCOR0716edited EXPECT BETTER SECOND-HALF; ACQUIRES TO STRENGTHEN METAL BUILDING UNIT
 7/9/2007 Alcoa AAlcoa07-09-07 EARNINGS ESTIMATES CUT AGAIN AS ALUMINA AND PRIMARY INGOT SEGMENTS FALL SHORT AND EXCHANGE RATES BODE POORLY FOR SECOND-HALF COSTS
 7/8/2007 Aluminum Aluminum Industry, Alcoa Preview and Alcan Update July 8 LONG-TERM PRICE ESTIMATES RAISED OWING TO (1) HIGHER COSTS AND (2) 9.4% UP FROM 7.8% 2007 DEMAND GROWTH
Copyright © 2008 John Tumazos Very Independent Research, LLC
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Last modified: 12/30/13

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