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Metals & Mining Analysts' Ratings & Estimates - Seniors

Senior Producers, Larger-Cap Near-Term Production

Aluminum   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 27-Jan-17 (MM) (US$MM) 2015 2016E 2017E 2016E 2017E 2015 2016E 2017E 2016E 2017E 2016E %
Alcoa Inc AA 2.5 US$36.67 183 $6,706 (1.24) 0.89 0.94 41.0 39.1 (1.70) 5.19 4.74 7.1 7.7 8.4 0.0%
Alumina Ltd AWC 3.2 US$1.48 2880 $4,270 0.09 0.03 0.09 43.0 16.0 0.02 0.06 0.11 25.9 13.9 49.1 4.8%
Aluminum Corp China Ltd (ADR) ACH 2.6 CNY$3.56 14904 $10,219 (0.45) 0.04 0.15 88.2 23.1 0.51 0.65 0.78 5.5 4.5 14.9 0.0%
Century Aluminum CENX 3.0 US$15.11 87 $1,316 (0.04) (0.79) (0.00) -- -- 0.36 0.28 0.94 54.0 16.1 51.2 0.0%
United Company Rusal Ltd (HK) 486 2.9 US$0.63 15193 $9,518 0.07 0.05 0.06 12.2 11.2 0.10 0.06 0.07 9.9 8.8 12.2 5.2%
Average                 46.1 22.3       20.5 10.2 27.2  
Iron Ore                                   
Cliffs Natural Resources CLF 3.0 US$9.02 231 $2,080 (0.81) 0.71 0.88 12.8 10.3 0.17 1.30 1.23 6.9 7.3 12.5 0.0%
Fortescue Metals Group Ltd (AU) FMG 3.4 US$4.89 3114 $15,226 0.21 0.49 0.53 10.0 9.3 0.81 1.00 0.87 4.9 5.6 5.3 4.3%
Kumba Iron Ore Ltd (SA) KIO 3.8 ZAR$196.91 322 $4,751 11.82 23.17 17.40 8.5 11.3 39.49 39.35 31.22 5.0 6.3 4.3 0.0%
Labrador Iron Ore Royalty (CN) LIF 2.8 C$19.26 64 $937 0.85 1.19 1.50 16.2 12.8 0.93 1.06 1.22 18.2 15.8 10.3 7.2%
Mount Gibson Iron Limited (AU) MGX 2.7 AUD$0.38 1097 $310 (0.03) 0.01 0.01 25.9 25.6 (0.04) 0.02 0.02 18.3 16.0 0.4 0.0%
Average                 14.7 13.9       10.7 10.2 6.6  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Base Metals & Diversified
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 27-Jan-17 (MM) (US$MM) 2015 2016E 2017E 2016E 2017E 2015 2016E 2017E 2016E 2017E 2016E %
Anglo American PLC (UK) AAL 2.8 US$17.18 1402 $24,084 0.64 1.44 2.17 11.9 7.9 3.08 3.42 4.22 5.0 4.1 6.9 0.0%
BHP Billiton Ltd BHP 2.8 US$20.65 5323 $104,716 0.78 0.78 1.23 26.5 16.8 2.81 2.47 2.82 8.4 7.3 8.4 2.1%
China Molybdenum Co Ltd (HK) 3993 1.5 CNY$2.00 16887 $8,925 0.05 0.06 0.07 33.4 30.8 0.09 0.04 0.05 50.1 40.1 37.1 1.8%
Freeport McMoran C&G FCX 3.1 US$16.37 1362 $22,291 (0.08) 0.23 1.20 71.2 13.7 2.98 2.83 3.00 5.8 5.5 7.8 0.0%
Glencore International PLC (UK) GLEN 2.4 US$4.11 14395 $59,118 0.10 0.13 0.29 32.3 14.0 0.98 0.51 0.61 8.1 6.8 10.0 0.0%
Grupo Mexico (MX) GMEXICOB 2.4 US$2.95 7785 $22,635 0.15 0.17 0.21 17.1 14.3 0.24 0.28 0.37 10.4 8.0 8.6 1.7%
Hindustan Zinc (IN) HZ 2.5 INR$300.65 4225 $18,660 19.39 19.28 21.51 15.6 14.0 14.81 19.94 25.06 15.1 12.0 12.1 0.0%
MMC Norilsk Nickel (RU) GMKN 3.0 RU$9,547.41 158 $25,667 1021.02 1092.30 1343.11 8.7 7.1 1255.99 1290.31 1290.31 7.4 7.4 8.1 6.5%
Rio Tinto PLC (UK) RIO 2.5 US$44.76 1799 $83,246 2.49 2.67 3.78 16.7 11.9 5.14 5.28 6.24 8.5 7.2 8.0 5.0%
Southern Copper Corp SCCO 3.1 US$38.44 773 $29,715 0.95 1.10 1.54 34.9 24.9 1.11 1.77 2.75 21.7 14.0 15.8 0.6%
Teck Resources Ltd TCK 1.9 C$33.12 577 $14,603 0.33 1.77 5.37 18.7 6.2 3.39 4.75 8.26 7.0 4.0 7.8 0.0%
Vale SA (ADR) VALE 2.7 US$33.50 5244 $54,600 (9.29) 2.96 2.67 11.3 12.5 3.44 4.10 5.71 8.2 5.9 7.4 4.5%
Average                 24.9 14.5       13.0 10.2 11.5  
Mid Cap
                                 
Antofagasta PLC (UK) ANTO 3.3 US$10.32 986 $10,173 0.01 0.32 0.39 32.8 26.4 0.40 1.17 1.28 8.8 8.1 9.0 0.5%
Aurubis AG (GR) NDA 2.5 EUR$55.19 45 $2,650 2.89 3.12 4.51 17.7 12.2 7.41 6.08 8.31 9.1 6.6 7.6 2.5%
Boliden AB (SW) BOL 3.0 SEK$259.60 274 $8,033 11.19 13.50 21.80 19.2 11.9 22.80 25.54 36.01 10.2 7.2 8.8 1.6%
Exxaro  Resources Ltd (SA) EXX 1.6 ZAR$108.75 314 $2,559 4.56 12.69 13.37 8.6 8.1 8.46 13.90 13.58 7.8 8.0 5.1 2.6%
First Quantum Minerals (CN) FM 2.5 US$12.46 690 $8,597 0.41 0.29 0.49 42.8 25.3 1.84 1.37 1.43 9.1 8.7 13.6 0.1%
Iluka Resources Ltd (AU) ILU 2.5 AUD$7.78 419 $2,458 0.13 (0.02) 0.23 -- 34.3 0.55 0.35 0.87 22.4 8.9 17.8 3.4%
Ivanhoe Mines Ltd (CN) IVP 2.0 US$3.17 782 $2,490 (0.06) (0.04) (0.06) -- -- (0.06) (0.03) (0.05) -- -- -- 0.0%
Jiangxi Copper Co "H" (HK) 358 3.3 CNY$11.93 3463 $8,678 0.20 0.36 0.42 33.0 28.1 0.66 0.48 1.24 25.1 9.6 15.7 2.7%
KGHM Polska Miedz (PO) KGH 3.1 PLN$125.00 200 $6,144 7.16 5.24 9.76 23.8 12.8 20.82 17.53 18.77 7.1 6.7 7.5 1.0%
Lundin Mining Corp (CN) LUN 2.1 US$6.05 725 $4,384 (0.01) (0.15) 0.20 -- 30.4 0.99 0.58 0.89 10.5 6.8 8.9 0.0%
Outokumpu (FN) OUT1V 2.6 EUR$8.46 416 $3,762 (0.56) (0.11) 0.55 -- 15.5 (0.08) 0.69 1.09 12.2 7.8 16.4 0.0%
Sesa Sterlite Ltd (ADR) SSLT 1.9 INR$257.55 2964 $11,214 12.83 15.78 23.43 16.3 11.0 66.27 55.50 61.18 4.6 4.2 7.2 1.0%
Sumitomo Metal Mining (JP) 5713 2.6 JPY$1,549 582 $7,828 40.86 37.85 92.31 40.9 16.8 120.86 118.34 174.38 13.1 8.9 12.0 1.1%
Turquoise Hill Resources TRQ 3.0 US$3.52 2012 $7,119 0.07 0.06 (0.04) 59.7 -- 0.29 0.15 0.02 23.4 NM 23.9 0.0%
Average                 29.5 19.4       12.6 7.6 11.8  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 27-Jan-17 (MM) (US$MM) 2015 2016E 2017E 2016E 2017E 2015 2016E 2017E 2016E 2017E 2016E %
Assore Ltd (SA) ASR 3.1 ZAR$270.56 140 $2,829 18.03 30.38 33.41 8.9 8.1 (3.64) 26.58 39.38 10.2 6.9 41.4 3.9%
Capstone Mining Corp (CN) CS 2.1 US$1.11 387 $432 (0.08) (0.01) 0.06 -- 18.4 0.07 0.31 0.29 3.6 3.8 5.9 0.0%
Eramet (FR) ERA 3.0 EUR$55.00 27 $1,561 (27.10) (4.16) 3.54 -- 15.5 (0.49) 5.69 10.61 9.7 5.2 9.9 0.0%
Hudbay Minerals HBM 2.0 US$8.04 236 $1,899 0.03 0.14 0.40 56.9 20.2 0.79 1.51 1.65 5.3 4.9 6.8 0.5%
Independence Group NL (AU) IGO 2.9 AUD$3.92 587 $1,735 0.21 0.09 0.21 43.4 18.8 0.53 0.27 0.49 14.8 8.0 15.0 0.6%
Kazakhmys PLC (UK) KAZ 2.7 US$5.67 447 $2,533 (0.02) 0.17 0.49 34.4 11.5 (0.41) 0.14 0.83 40.0 6.8 16.6 0.0%
Mechel OAO (ADR) MTL 3.0 RU$190.01 555 $1,677 -- -- -- -- -- -- -- -- -- -- 9.2 0.0%
Mitsui Mining & Smelting (JP) 5706 2.7 JPY$325 573 $1,618 (19.94) 2.37 20.86 NM 15.6 24.02 48.44 72.93 6.7 4.5 7.8 2.9%
MMG Ltd (HK) 1208 2.7 US$0.33 7935 $2,649 (0.04) 0.00 0.06 NM 5.6 0.05 0.17 0.18 2.0 1.9 17.5 0.0%
Nevsun Resources Ltd NSU 2.3 US$3.18 301 $957 0.11 0.07 0.03 42.8 NM 0.60 0.32 0.21 9.8 15.2 9.9 5.3%
Nyrstar NV (BE) NYR 2.6 EUR$7.53 94 $752 (7.59) (2.20) 0.32 -- 23.7 (0.11) (0.06) 2.05 -- 3.7 7.7 0.0%
Oz Minerals (AU) OZL 2.8 AUD$9.08 303 $2,079 0.46 0.36 0.43 25.6 21.2 1.42 1.09 1.25 8.4 7.3 5.7 3.5%
Philex Mining Corp (PH) PX 3.3 PHP$9.10 4940 $903 0.18 0.35 0.37 26.3 24.8 0.30 0.58 0.61 15.7 14.9 13.8 0.3%
Sandfire Resources NL (AU) SFR 2.5 AUD$6.78 158 $807 0.39 0.39 0.56 17.3 12.0 1.14 1.00 1.19 6.8 5.7 5.5 2.1%
Sherritt International (CN) S 3.0 C$1.49 294 $333 (1.19) (1.32) (0.80) -- -- 0.17 (0.27) 0.14 -- 10.3 39.5 0.0%
Vedanta Resources PLC (UK) VED 3.1 US$13.16 277 $3,647 (1.03) 0.21 1.28 63.5 10.3 8.81 8.31 10.98 1.6 1.2 6.6 6.6%
Volcan Cia Ninera VOLABC1 2.5 US$0.25 4077 $1,347 (0.12) 0.02 0.04 10.6 6.7 -- -- -- -- -- 7.0 0.0%
Vale Indonesia Tbk PT (ID) INCO 3.1 US$0.18 9936 $1,744 0.01 (0.00) 0.01 -- 28.1 0.01 0.01 0.01 25.0 13.5 11.7 0.0%
Western Areas NL (AU) WSA 3.1 AUD$2.55 272 $524 0.05 (0.00) 0.10 -- 26.2 0.35 0.17 0.33 14.9 7.8 10.7 0.0%
Average                 33.0 16.7       11.6 7.1 13.1  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Gold
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 27-Jan-17 (MM) (US$MM) 2015 2016E 2017E 2016E 2017E 2015 2016E 2017E 2016E 2017E 2016E %
Agnico-Eagle Mines Ltd AEM 2.6 US$45.91 225 $10,333 0.44 0.60 0.70 76.8 65.8 2.84 3.50 3.52 13.1 13.0 12.3 0.6%
Barrick Gold Corp ABX 2.5 US$17.80 1166 $20,723 0.30 0.68 0.80 26.1 22.2 2.40 2.30 2.31 7.7 7.7 7.2 0.5%
Franco-Nevada FNV 2.3 US$62.66 178 $11,169 0.57 0.92 0.99 67.8 63.3 1.62 2.56 2.62 24.4 23.9 22.7 1.2%
Goldcorp Inc GG 2.4 US$15.74 854 $13,438 (0.11) 0.27 0.40 58.5 39.0 1.74 1.31 1.53 12.0 10.3 11.3 1.0%
Newcrest Mining Ltd (AU) NCM 2.9 AUD$16.19 767 $12,410 0.49 0.58 0.83 27.9 19.6 1.66 1.65 1.78 9.8 9.1 10.0 0.4%
Newmont Mining NEM 2.4 US$34.38 531 $18,247 0.98 1.54 1.32 22.3 26.1 4.22 4.55 4.09 7.6 8.4 8.6 0.3%
Polyus Gold International (UK) PGIL -- RU$4,609.00 219 $16,736 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Randgold Resources (ADR) GOLD 2.1 US$82.26 94 $7,739 2.01 2.82 3.49 29.1 23.6 4.26 5.46 6.60 15.1 12.5 13.3 0.7%
Zijin Mining Group (HK) 2899 2.2 CNY$2.32 21541 $10,165 0.08 0.09 0.14 25.5 16.3 0.48 0.23 0.37 10.2 6.2 13.6 0.0%
Average                 41.8 34.5       12.5 11.4 12.4  
Mid Cap                                  
African Barrick Gold Ltd (UK) ABG 2.5 US$5.21 410 $2,135 0.02 0.32 0.44 16.0 11.9 0.38 0.72 0.86 7.2 6.1 4.8 1.6%
Alamos Gold AGI 2.4 US$7.58 267 $2,025 (0.27) (0.04) 0.04 -- NM 0.31 0.53 0.59 14.3 12.9 14.0 1.1%
AngloGold Ashanti Ltd AU 2.4 US$11.85 408 $4,877 0.10 0.94 1.16 12.6 10.2 2.78 2.90 3.37 4.1 3.5 4.4 0.0%
B2Gold Corp BTG 1.9 US$2.95 956 $2,833 0.01 0.13 0.08 23.2 38.8 0.19 0.34 0.25 8.8 11.8 10.3 0.0%
Buenaventura (ADR) BVN 2.7 US$13.31 276 $3,350 (0.33) 0.60 1.06 22.3 12.6 0.50 1.38 1.84 9.7 7.2 9.9 0.2%
Centamin Egypt (CN) CEE 1.9 US$1.90 1152 $2,184 0.08 0.20 0.12 9.7 15.6 0.16 0.28 0.19 6.7 9.8 4.8 2.1%
Detour Gold Corp (CN) DGC 2.1 US$12.77 175 $2,229 (0.25) 0.16 0.28 81.9 45.3 0.92 1.29 1.47 9.9 8.7 10.8 0.0%
Eldorado Gold Corp EGO 2.3 US$3.38 717 $2,458 0.02 0.08 0.11 43.8 31.6 0.31 0.18 0.28 18.7 12.2 13.3 0.0%
Evolution Mining Ltd (AU) EVN 2.1 AUD$2.15 1680 $2,725 0.15 0.17 0.21 12.3 10.1 0.40 0.42 0.45 5.1 4.8 5.8 1.3%
Gold Fields Ltd (ADR) GFI 3.5 US$3.46 822 $2,815 (0.04) 0.30 0.27 11.6 12.7 0.99 1.12 1.14 3.1 3.0 3.2 0.4%
Kinross Gold Corp KGC 2.9 US$3.61 1245 $4,497 (0.08) 0.10 0.09 35.8 41.7 0.73 0.78 0.84 4.7 4.3 4.9 0.0%
New Gold Inc NGD 2.7 US$3.95 513 $2,039 (0.02) 0.07 0.10 57.6 38.3 0.51 0.56 0.61 7.0 6.5 8.8 0.0%
Northern Star Resources (AU) NST 2.6 AUD$3.85 601 $1,745 0.26 0.31 0.42 12.5 9.2 0.62 0.60 0.68 6.4 5.7 4.9 1.4%
Oceanagold Corp (AU) OGC 2.3 US$3.23 611 $2,012 0.15 0.20 0.30 16.1 10.6 0.45 0.39 0.59 8.3 5.5 8.0 0.0%
Polymetal International PLC (UK) POLY 2.5 US$11.18 428 $4,790 0.70 1.03 1.16 10.8 9.6 1.16 1.37 1.70 8.2 6.6 7.8 1.6%
Royal Gold Inc RGLD 2.0 US$70.48 65 $4,603 0.93 1.33 1.87 53.0 37.6 2.78 3.48 4.61 20.3 15.3 18.1 1.2%
Sibanye Gold Ltd (SA) SGL 2.9 ZAR$28.70 929 $1,997 0.74 3.56 2.74 8.1 10.5 3.84 7.44 9.47 3.9 3.0 3.4 3.5%
Yamana Gold Inc AUY 2.6 US$3.19 948 $3,034 (0.08) 0.07 0.09 44.4 36.5 0.57 0.60 0.62 5.3 5.1 7.0 0.7%
Zhaojin Mining Industry Co Ltd (HK) 1818 2.7 CNY$6.07 2966 $2,618 0.10 0.18 0.24 33.7 25.3 0.51 0.78 0.70 7.8 8.7 12.9 0.6%
Average                 28.1 22.7       8.4 7.4 8.3  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 27-Jan-17 (MM) (US$MM) 2015 2016E 2017E 2016E 2017E 2015 2016E 2017E 2016E 2017E 2016E %
Alacer Gold Corp (CN) ASR 2.8 US$1.83 292 $533 0.16 0.01 0.13 NM 14.4 0.37 0.12 0.27 14.7 6.7 19.1 0.0%
Argonaut Gold Ltd (CN) AR 2.5 US$1.83 158 $289 0.03 0.04 0.03 47.3 66.2 0.37 0.23 0.26 7.9 7.1 5.1 0.0%
Centerra Gold (CN) CG 3.0 US$4.98 291 $1,451 0.25 0.51 0.49 9.9 10.2 1.41 1.39 1.37 3.6 3.6 2.5 2.2%
Endeavour Mining Corp (CN) EDV 1.7 US$18.35 93 $1,714 0.99 0.89 1.07 20.7 17.2 3.43 1.89 2.99 9.7 6.1 7.7 0.0%
Guyana Goldfields Inc (CN) GUY 2.3 US$4.68 171 $802 0.10 0.19 0.23 25.0 20.8 (0.02) 0.42 0.40 11.2 11.6 9.2 0.0%
Harmony Gold Mining Ltd HAR 3.1 ZAR$31.94 440 $1,052 0.14 3.07 3.63 10.4 8.8 7.37 10.11 9.23 3.2 3.5 3.4 1.0%
Hochschild Mining PLC (UK) HOC 2.6 US$2.96 507 $1,501 (0.14) 0.12 0.09 25.7 32.8 0.30 0.61 0.62 4.8 4.7 5.4 0.6%
Iamgold Corp IAG 2.8 US$4.48 454 $2,038 (0.44) 0.04 0.03 NM NM 0.07 0.63 0.66 7.1 6.8 6.0 0.0%
Kirkland Lake Gold (CN) KL 2.2 C$6.84 203 $1,394 0.23 0.51 0.64 13.5 10.6 1.28 1.11 1.18 6.2 5.8 8.3 0.0%
Klondex Mines Ltd KLDX 2.4 US$4.97 175 $870 0.15 0.17 0.23 28.9 21.6 0.26 0.37 0.48 13.6 10.3 10.9 0.0%
McEwen Ming Inc. MUX 2.0 US$3.89 300 $1,165 (0.07) 0.10 0.14 38.9 27.8 -- -- -- -- -- -- 0.1%
Osisko Gold Royalties Ltd (CN) OR 1.9 C$14.15 107 $1,148 0.46 0.33 0.30 42.6 47.1 0.33 0.51 0.52 27.6 27.5 25.8 1.0%
Pretium Resources PVG 2.0 C$13.84 180 $1,892 (0.18) (0.23) 0.01 -- NM (0.08) (0.15) 0.42 -- 32.8 -- 0.0%
Regis Resources Ltd (AU) RRL 2.6 AUD$3.22 501 $1,217 0.20 0.23 0.28 13.7 11.4 0.35 0.40 0.43 8.1 7.4 6.3 3.8%
St Barbara Ltd (AU) SBM 2.3 AUD$2.35 497 $882 0.17 0.26 0.32 8.9 7.4 0.35 0.48 0.51 4.9 4.6 4.4 0.0%
Semafo (CN) SMF 2.0 US$3.71 325 $1,211 0.14 0.16 0.15 22.5 24.7 0.51 0.45 0.40 8.2 9.2 6.7 0.0%
Torex Gold Resources (CN) TXG 1.7 US$19.97 80 $1,591 (0.50) 0.66 0.96 30.3 20.8 (0.31) 1.65 2.23 12.1 9.0 14.0 0.0%
Average                 24.2 22.8       9.5 9.8 9.0  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 27-Jan-17 (MM) (US$MM) 2015 2016E 2017E 2016E 2017E 2015 2016E 2017E 2016E 2017E 2016E %
Coeur Mining Corp CDE 2.3 US$11.26 170 $1,918 (0.75) 0.41 0.46 27.5 24.3 0.88 1.19 1.34 9.4 8.4 9.1 0.0%
Endeavour Silver Corp EXK 3.0 US$4.11 127 $524 (0.11) 0.09 0.09 46.4 44.2 0.32 0.26 0.26 15.8 15.6 11.8 0.0%
First Majestic Silver Corp AG 2.5 US$9.19 164 $1,511 (0.11) 0.13 0.13 68.2 70.4 0.43 0.65 0.77 14.1 11.9 12.5 0.0%
Fortuna Silver Mines FSM 2.0 US$6.17 146 $904 0.05 0.16 0.33 37.4 18.8 0.24 0.50 0.58 12.3 10.7 10.5 0.0%
Fresnillo (UK) FRES 3.2 US$17.92 737 $13,202 0.07 0.41 0.59 43.3 30.6 0.74 0.93 1.17 19.4 15.3 13.4 0.5%
Gold Resource Corp GORO -- US$5.32 57 $301 0.06 -- -- -- -- -- -- -- -- -- -- 0.5%
Hecla Mining Co HL 3.0 US$6.34 395 $2,506 (0.09) 0.19 0.25 33.7 25.6 0.28 0.53 0.61 11.9 10.4 11.7 0.2%
Mandalay Resources (CN) MND 2.0 US$0.63 451 $285 0.05 0.02 0.00 30.1 NM 0.16 0.13 0.14 4.8 4.6 4.8 3.5%
Pan American Silver PAAS 2.3 US$18.84 152 $2,863 (0.38) 0.53 0.55 35.7 34.4 0.59 1.49 1.55 12.6 12.2 9.5 0.5%
Silver Standard SSRI 2.6 US$10.18 119 $1,221 (0.10) 0.85 0.33 12.0 30.9 0.92 1.42 1.16 7.2 8.8 4.8 0.0%
Silver Wheaton SLW 1.9 US$21.43 441 $9,450 0.53 0.61 0.74 35.4 28.9 1.09 1.34 1.46 16.0 14.7 17.9 0.7%
Silvercorp SVM 3.0 US$2.88 167 $482 0.05 0.12 0.11 25.1 26.2 0.22 0.31 0.30 9.3 9.7 -- 0.0%
Tahoe Resources TAHO 2.0 US$8.83 311 $2,760 0.39 0.57 0.75 15.5 11.8 0.80 1.10 1.05 8.0 8.4 6.8 1.9%
Average                 34.2 31.5       11.7 10.9 10.3  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 2.7 ZAR$119.16 219 $1,951 6.43 11.35 14.34 10.5 8.3 6.13 8.01 11.80 14.9 10.1 22.1 2.4%
Anglo Platinum Ltd (SA) AMS 2.7 ZAR$353.67 270 $7,144 0.41 9.05 16.25 39.1 21.8 31.61 28.53 29.03 12.4 12.2 10.8 0.0%
Impala Platinum (SA) IMP 2.9 ZAR$52.80 735 $2,906 0.24 1.08 2.82 49.0 18.7 4.46 4.93 7.33 10.7 7.2 10.6 0.0%
Lonmin PLC (UK) LMI 3.9 US$1.67 282 $470 (1.54) (0.29) (0.03) -- -- (0.12) 0.23 0.25 7.2 6.5 0.6 0.0%
Northam Platinum Ltd (SA) NHM 3.2 ZAR$49.29 510 $1,882 (0.08) (0.51) 1.16 -- 42.4 1.63 2.49 3.25 19.8 15.2 31.6 0.0%
Platinum Group Metals Ltd PLG 3.5 C$1.67 113 $189 0.08 0.15 (0.03) 11.3 -- (0.01) (0.01) 0.08 -- 20.0 -- 0.0%
Stillwater Mining Co SWC 2.7 US$17.14 121 $2,075 0.20 0.10 0.47 NM 36.2 0.91 0.69 0.98 24.8 17.5 18.7 0.0%
Average                 27.5 25.5       15.0 12.7 15.7  
Fertilizers   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 27-Jan-17 (MM) (US$MM) 2015 2016E 2017E 2016E 2017E 2015 2016E 2017E 2016E 2017E 2016E %
Agrium Inc AGU 2.6 US$104.29 138 $14,383 7.25 4.79 5.48 21.8 19.0 11.71 9.82 9.33 10.6 11.2 12.2 3.9%
Arab Potash Co (JR) APOT 3.0 JOD$17.50 83 $2,059 1.55 0.66 0.99 26.6 17.6 2.13 1.32 1.14 13.2 15.4 16.5 7.7%
CF Industries CF 2.6 US$36.51 233 $8,511 3.88 0.76 0.47 47.9 77.4 5.10 3.80 5.62 9.6 6.5 16.5 4.9%
Compass Minerals  CMP 2.9 US$82.55 34 $2,789 4.69 3.01 3.77 27.4 21.9 4.09 4.75 6.44 17.4 12.8 13.6 3.7%
Incitec Pivot Ltd (AU) IPL 2.3 AUD$3.79 1687 $4,825 0.22 0.18 0.20 21.4 19.2 0.42 0.34 0.38 11.0 10.1 11.8 3.1%
Israel Chemical (IS) ICL 2.8 US$4.60 1276 $5,866 0.55 0.32 0.36 14.2 12.8 0.74 0.65 0.70 7.0 6.6 10.2 4.4%
K & S Aktiengesellschaft (GR) SDF 2.9 EUR$23.97 191 $4,905 2.83 0.67 1.18 35.7 20.3 3.50 2.57 2.69 9.3 8.9 12.4 6.8%
Mosaic Co MOS 3.1 US$31.42 350 $11,004 2.90 0.74 0.90 42.6 35.0 5.02 3.27 3.08 9.6 10.2 13.8 3.4%
Potash Corp POT 2.7 US$18.74 840 $15,697 1.52 0.51 0.55 36.7 34.2 2.79 1.50 1.39 12.5 13.5 14.3 3.9%
Sociedad Quimica Minera (ADR) SQM 2.8 US$32.64 263 $8,594 1.03 1.15 1.44 28.3 22.6 1.32 2.20 2.51 14.8 13.0 12.2 2.5%
Yara International ASA (NO) YAR 3.4 NOK$350.90 273 $11,496 31.48 21.21 22.26 16.5 15.8 53.18 50.92 41.73 6.9 8.4 7.2 5.6%
Average                 29.0 26.9       11.1 10.6 12.8  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 27-Jan-17 (MM) (US$MM) 2015 2016E 2017E 2016E 2017E 2015 2016E 2017E 2016E 2017E 2016E %
Cameco Corp CCJ 2.2 C$17.03 396 $5,126 0.87 0.46 0.55 37.1 31.1 1.14 0.89 1.28 19.2 13.4 12.9 3.6%
Denison Mines DNN 2.1 US$0.75 533 $399 (0.05) (0.02) (0.02) -- -- (0.03) (0.02) (0.03) -- -- -- 0.0%
Energy Resources Australia (AU) ERA 4.0 AUD$0.71 518 $277 (0.47) (0.10) (0.14) -- -- 0.16 0.03 0.01 23.7 71.0 5.7 0.0%
Paladin Resources Ltd (AU) PDN 3.4 US$0.10 1713 $168 0.01 0.01 (0.01) 7.2 -- (0.01) (0.00) (0.00) -- -- 27.3 0.0%
Uranium Participation Corp (CN) U 2.3 C$4.36 121 $403 0.10 (0.05) (0.04) -- -- (0.04) (0.03) -- -- -- -- 0.0%
Average                 22.1 31.1       21.4 42.2 15.3  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 27-Jan-17 (MM) (US$MM) 2015 2016E 2017E 2016E 2017E 2015 2016E 2017E 2016E 2017E 2016E %
Adaro Energy TBK (ID) ADRO 1.8 US$0.13 31986 $4,138 0.00 0.01 0.01 16.8 12.0 0.01 0.02 0.02 8.0 7.0 6.2 3.4%
China Coal Energy Co (HK) 1898 2.8 CNY$3.61 13259 $10,139 (0.25) 0.12 0.27 28.9 13.4 0.55 0.66 0.92 5.4 3.9 14.1 0.0%
China Shenhua Energy Co (HK) 1088 2.4 CNY$14.66 19890 $48,540 0.89 1.29 1.44 11.4 10.2 2.49 2.79 3.18 5.3 4.6 5.9 3.1%
Consol Energy CNX 2.2 US$19.00 229 $4,359 (0.39) (0.45) 0.30 -- 63.2 2.21 1.79 3.41 10.6 5.6 11.3 0.1%
Yanzhou Coal Mining Co Ltd (HK) 1171 2.8 CNY$5.42 4912 $6,229 0.03 0.31 0.51 17.7 10.6 0.88 1.03 1.69 5.3 3.2 14.7 0.2%
Average                 18.7 21.9       6.9 4.9 10.4  
 
Small Cap                                  
Banpu Public Co Ltd (TH) BANPU 2.3 THB$0.56 4937 $2,741 (0.01) 0.01 0.04 53.2 13.1 0.07 0.05 0.08 10.8 7.2 16.0 3.9%
Cloud Peak Energy CLD 3.0 US$5.84 61 $359 0.28 (0.07) (0.05) -- -- 0.68 0.95 0.77 6.2 7.6 7.8 0.0%
Fushan Int'l Energy Group (HK) 639 2.8 HK$1.52 5302 $1,039 0.07 (0.02) 0.03 -- 44.2 0.19 0.10 0.13 15.1 11.5 15.5 16.1%
NLC India Ltd (IN) NLCINDIA 1.0 INR$97.05 1678 $2,392 6.72 7.93 9.53 12.2 10.2 -- -- -- -- -- 8.7 4.3%
New Hope Corp Ltd (AU) NHC 2.8 AUD$1.63 831 $1,022 0.04 0.07 0.16 24.1 10.5 0.07 0.13 0.28 12.7 5.7 8.6 2.5%
PT Tambang Batubara Bukit (ID) PTBA 1.5 IDR$10,825 2304 $1,870 941.00 731.95 1311.47 14.8 8.3 887.17 700.17 1423.95 15.5 7.6 10.3 3.0%
PT Bumi Resources (ID) BUMI -- US$0.04 36627 $1,385 -- -- -- -- -- -- -- -- -- -- -- --
Average                 26.1 17.2       12.1 7.9 11.2  
Limited Partnership                                  
Alliance Resource Partners LP ARLP 2.2 US$24.35 74 $1,811 3.20 2.90 1.89 8.4 12.9 9.66 6.33 5.00 3.8 4.9 3.5 10.0%
Natural Resource Partners LP NRP 3.2 US$37.95 12 $464 8.87 7.72 5.03 4.9 7.6 16.63 12.42 10.13 3.1 3.7 6.1 6.5%
Average                 6.7 10.2       3.5 4.3 4.8  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Recent and Forecast Commodity Prices
Cash Price (27-Jan-17)
Aluminum ($0.83 / lb)
Cobalt ($16.90 / lb)
Copper ($2.65 / lb)
Lead ($1.07 / lb)
Molybdenum ($6.92 / lb)
Nickel ($4.25 / lb)
Tin ($9.06 / lb)
Zinc ($1.25 / lb)
Gold ($1191 / oz)
Palladium ($740 / oz)
Platinum ($984 / oz)
Silver ($17.12 / oz)
Uranium ($23.00 / lb)
Base metal prices are LME cash prices quoted in US$ per lb.  Precious metal prices are London spot prices quoted in US$ per oz.          Sources: LME, Kitco.

Bill Matlack is associated with Scarsdale Equities LLC, a registered broker/dealer and member FINRA, SIPC.

William Matlack
Scarsdale Equities LLC
10 Rockefeller Plaza - Suite 720
New York, NY 10020
(646) 775-4829
wmatlack@scarsdale-equities.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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