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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 5-Jan-18 (MM) (US$MM) 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E 2017E 2018E 2017E %
Alcoa Inc AA 2.1 US$54.09 185 $10,008 (1.24) 3.28 3.77 16.5 14.3 (1.70) 7.66 8.63 7.1 6.3 11.2 0.0%
Alumina Ltd AWC 2.3 US$2.01 2880 $5,796 0.03 0.13 0.13 15.6 15.4 0.04 0.11 0.14 18.2 14.6 7.8 4.7%
Aluminum Corp China Ltd (ADR) ACH 2.4 CNY$5.04 14904 $16,721 (0.02) 0.17 0.33 29.8 15.2 0.77 0.82 1.04 6.1 4.8 19.4 0.0%
Century Aluminum CENX 3.0 US$19.94 87 $1,741 (0.71) 0.38 1.00 53.1 19.9 0.44 1.56 1.93 12.8 10.3 61.6 0.0%
United Company Rusal Ltd (HK) 486 2.1 US$0.76 15193 $11,507 0.08 0.08 0.12 9.0 6.6 0.08 0.10 0.12 7.7 6.3 12.8 4.8%
Average                 24.8 14.3       10.4 8.5 22.6  
Iron Ore                                   
Cliffs Natural Resources CLF 2.9 US$8.13 297 $2,411 0.87 0.68 0.89 12.0 9.1 1.51 1.32 1.10 6.2 7.4 10.5 0.0%
Fortescue Metals Group Ltd (AU) FMG 2.6 US$4.21 3114 $13,097 0.49 0.55 0.39 7.6 10.7 1.17 0.99 0.68 4.2 6.2 4.0 8.4%
Kumba Iron Ore Ltd (SA) KIO 4.3 ZAR$394.29 322 $10,320 27.16 31.37 22.90 12.6 17.2 42.15 48.91 39.91 8.1 9.9 6.7 9.3%
Labrador Iron Ore Royalty (CN) LIF 2.4 C$27.64 64 $1,426 1.22 2.49 2.07 11.1 13.4 0.99 2.56 1.95 10.8 14.2 19.0 5.1%
Mount Gibson Iron Limited (AU) MGX 2.7 AUD$0.45 1097 $388 0.02 0.01 0.00 38.6 NM 0.01 0.00 (0.00) NM -- 2.2 6.1%
Average                 16.4 12.6       7.3 9.4 8.5  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Base Metals & Diversified
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 5-Jan-18 (MM) (US$MM) 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E 2017E 2018E 2017E %
Anglo American PLC (UK) AAL 2.6 US$21.75 1405 $30,557 1.70 2.47 2.09 8.8 10.4 4.15 4.83 4.57 4.5 4.8 6.8 3.6%
Antofagasta PLC (UK) ANTO 3.1 US$13.32 986 $13,116 0.39 0.73 0.73 18.3 18.1 1.15 1.87 1.80 7.1 7.4 10.5 2.4%
BHP Billiton Ltd BHP 2.3 US$24.04 5324 $121,908 0.75 1.38 1.38 17.4 17.4 2.57 3.18 3.22 7.6 7.5 8.8 4.4%
China Molybdenum Co Ltd (HK) 3993 2.0 CNY$4.31 21599 $22,108 0.06 0.13 0.19 33.4 22.3 0.17 0.32 0.44 13.7 9.8 69.4 0.0%
Freeport McMoran C&G FCX 2.7 US$19.90 1447 $28,801 0.23 1.12 1.68 17.7 11.9 2.83 2.65 3.30 7.5 6.0 9.0 0.0%
Glencore International PLC (UK) GLEN 2.2 US$5.27 14395 $75,802 0.14 0.38 0.41 13.7 12.8 0.55 0.65 0.78 8.1 6.8 10.0 0.0%
Grupo Mexico (MX) GMEXICOB 2.6 US$3.43 7785 $26,666 0.14 0.22 0.26 15.8 13.4 0.23 0.34 0.36 10.1 9.6 10.3 1.8%
Hindustan Zinc (IN) HZ 2.5 INR$313.80 4225 $20,936 19.61 22.90 25.89 13.7 12.1 17.28 21.62 29.57 14.5 10.6 10.5 1.3%
MMC Norilsk Nickel (RU) GMKN -- RU$9,547.41 158 $32,141 940.03 899.94 1210.92 10.6 7.9 1305.59 689.72 1388.13 13.8 6.9 9.8 13.8%
Rio Tinto PLC (UK) RIO 2.5 US$53.72 1754 $97,430 2.84 4.75 4.08 11.3 13.2 4.71 7.54 7.11 7.1 7.6 9.0 5.5%
Sesa Sterlite Ltd (ADR) SSLT 1.6 INR$339.55 3717 $19,930 16.82 24.74 34.41 13.7 9.9 63.00 57.31 60.20 5.9 5.6 7.2 0.6%
South32 Ltd (AU) S32 2.9 US$2.87 5189 $14,892 0.12 0.21 0.20 13.4 14.2 0.30 0.36 0.33 8.0 8.6 7.5 4.7%
Southern Copper Corp SCCO 3.3 US$49.12 773 $37,971 1.00 1.84 2.26 26.7 21.7 1.19 2.56 2.94 19.2 16.7 19.5 1.0%
Sumitomo Metal Mining (JP) 5713 2.3 JPY$5,490 291 $14,121 (50.70) 186.15 319.62 29.5 17.2 111.40 356.12 507.06 15.4 10.8 16.5 1.3%
Teck Resources Ltd TCK 2.0 C$33.93 578 $15,715 1.91 4.37 3.30 7.8 10.3 5.30 8.04 6.52 4.2 5.2 7.4 0.6%
Vale SA (ADR) VALE 2.3 US$42.26 5284 $69,095 2.36 4.09 3.72 10.3 11.4 3.92 6.79 6.75 6.2 6.3 9.1 3.4%
Average                 16.4 14.0       9.6 8.1 13.8  
Mid Cap
                                 
Assore Ltd (SA) ASR 3.6 ZAR$368.58 140 $4,182 33.70 46.99 36.68 7.8 10.0 4.59 20.72 26.14 17.8 14.1 15.7 7.2%
Aurubis AG (GR) NDA 3.0 EUR$80.62 45 $4,374 3.34 5.17 5.12 15.6 15.7 6.61 9.83 7.48 8.2 10.8 9.8 2.1%
Boliden AB (SW) BOL 2.9 SEK$291.50 274 $9,799 15.49 22.98 24.40 12.7 11.9 25.57 40.11 41.55 7.3 7.0 8.6 1.9%
Exxaro  Resources Ltd (SA) EXX 2.3 ZAR$166.75 359 $4,861 12.94 20.12 17.56 8.3 9.5 10.97 22.05 14.55 7.6 11.5 11.0 7.6%
First Quantum Minerals (CN) FM 2.1 US$15.07 689 $10,390 0.24 (0.07) 0.88 -- 17.1 1.33 1.44 2.16 10.5 7.0 17.2 0.1%
Iluka Resources Ltd (AU) ILU 2.8 AUD$10.40 419 $3,423 (0.54) 0.21 0.56 49.5 18.4 0.31 1.01 1.19 10.3 8.8 -- 0.7%
Ivanhoe Mines Ltd (CN) IVP 1.9 US$3.41 787 $2,668 (0.04) (0.05) (0.07) -- -- (0.04) (0.06) (0.05) -- -- -- 0.0%
Jiangxi Copper Co "H" (HK) 358 2.5 CNY$10.74 3463 $8,742 0.24 0.68 0.77 15.7 14.0 1.16 1.00 1.35 10.7 7.9 13.6 1.4%
Kazakhmys PLC (UK) KAZ 2.3 US$12.03 447 $5,371 0.40 1.05 1.40 11.5 8.6 (0.22) 1.64 1.71 7.3 7.0 33.3 0.0%
KGHM Polska Miedz (PO) KGH 2.9 PLN$112.70 200 $6,556 4.10 11.63 15.22 9.7 7.4 21.06 18.88 22.76 6.0 5.0 6.3 0.4%
Lundin Mining Corp (CN) LUN 2.5 US$6.71 728 $4,855 (0.92) 0.51 0.29 13.1 23.3 0.50 1.10 0.85 6.1 7.9 7.0 0.0%
MMG Ltd (HK) 1208 2.0 US$0.54 7960 $4,307 (0.03) 0.03 0.06 19.1 8.9 0.12 0.19 0.20 2.8 2.7 15.6 0.0%
Outokumpu (FN) OUT1V 2.3 EUR$7.95 416 $3,995 0.21 0.70 0.78 11.3 10.2 0.94 0.96 1.23 8.3 6.5 14.7 1.1%
Turquoise Hill Resources TRQ 3.0 US$3.51 2012 $6,979 0.10 0.06 0.05 58.5 76.0 0.11 0.06 0.12 60.5 30.1 22.7 0.0%
Vedanta Resources PLC (UK) VED 2.6 US$11.72 271 $3,177 (0.32) 0.54 1.02 21.8 11.5 6.05 8.91 11.62 1.3 1.0 6.4 5.1%
Average                 19.6 17.3       11.8 9.1 14.0  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 5-Jan-18 (MM) (US$MM) 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E 2017E 2018E 2017E %
Capstone Mining Corp (CN) CS 2.1 US$1.23 398 $491 0.08 0.00 0.12 NM 10.4 0.33 0.27 0.38 4.5 3.2 4.9 0.0%
Eramet (FR) ERA 2.6 EUR$101.60 27 $3,255 (6.79) 8.44 6.48 12.0 15.7 4.59 18.55 20.87 5.5 4.9 9.2 0.0%
Hudbay Minerals HBM 1.9 US$9.40 261 $2,455 0.11 0.51 0.77 18.4 12.2 2.01 1.98 1.98 4.7 4.7 6.9 0.2%
Independence Group NL (AU) IGO 2.9 AUD$4.91 587 $2,265 0.09 0.15 0.28 33.2 17.4 0.17 0.35 0.62 13.9 8.0 21.0 0.6%
Mechel OAO (ADR) MTL 4.0 RU$154.50 555 $1,472 -- -- -- -- -- -- -- -- -- -- 10.2 0.0%
Mineral Resources Ltd (AU) MIN 2.5 AUD$22.01 188 $3,245 0.83 1.16 1.56 18.9 14.1 1.64 1.93 2.58 11.4 8.5 10.2 0.0%
Mitsui Mining & Smelting (JP) 5706 2.0 JPY$6,880 57 $3,487 153.65 407.34 518.43 16.9 13.3 583.93 878.96 1055.31 7.8 6.5 10.7 1.2%
Nevsun Resources Ltd NSU 2.0 US$2.47 302 $748 0.04 (0.02) 0.11 -- 22.3 0.18 0.22 0.42 11.2 6.0 6.5 6.0%
Nyrstar NV (BE) NYR 2.7 EUR$6.95 109 $911 (2.11) (0.74) 0.27 -- 26.1 (0.87) 0.73 1.32 9.5 5.2 10.8 0.0%
Oz Minerals (AU) OZL 2.7 AUD$9.19 299 $2,158 0.45 0.61 0.43 15.0 21.4 1.07 1.13 1.19 8.2 7.7 5.7 2.7%
Philex Mining Corp (PH) PX -- Php$6.38 4940 $633 0.34 0.32 0.31 19.9 20.6 -- -- -- -- -- 10.0 1.0%
Sandfire Resources NL (AU) SFR 2.5 AUD$7.35 158 $913 0.40 0.57 0.73 13.0 10.1 1.11 1.40 1.50 5.3 4.9 5.1 3.2%
Sherritt International (CN) S 2.5 C$1.68 300 $406 (1.46) (0.99) (0.09) -- -- 0.01 0.10 0.10 17.4 16.8 64.5 0.0%
Volcan Cia Ninera VOLABC1 3.0 US$0.42 4077 $3,071 0.02 0.03 0.05 14.1 9.4 -- -- -- -- -- 13.1 1.1%
Vale Indonesia Tbk PT (ID) INCO 2.4 US$0.24 9936 $2,347 0.00 (0.00) 0.01 -- 44.6 0.00 0.01 0.01 39.4 18.2 15.8 0.0%
Western Areas NL (AU) WSA 3.5 AUD$3.47 273 $744 0.01 0.06 0.10 54.1 35.3 0.15 0.25 0.31 13.7 11.0 13.0 0.9%
Average                 21.6 19.5       11.7 8.1 13.6  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Gold
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 5-Jan-18 (MM) (US$MM) 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E 2017E 2018E 2017E %
Agnico-Eagle Mines Ltd AEM 2.3 US$47.01 232 $10,928 0.57 1.01 0.95 46.6 49.5 3.45 3.47 3.42 13.6 13.7 12.9 0.9%
Barrick Gold Corp ABX 2.7 US$14.94 1166 $17,437 0.70 0.73 0.81 20.4 18.5 2.27 2.11 2.31 7.1 6.5 6.2 0.7%
Franco-Nevada FNV 2.4 US$78.73 185 $14,601 0.94 1.08 1.12 73.0 70.0 2.69 2.67 2.73 29.5 28.9 28.7 1.2%
Goldcorp Inc GG 2.3 US$13.40 867 $11,658 0.31 0.43 0.51 31.4 26.5 0.92 1.35 1.63 9.9 8.2 10.4 0.6%
Newcrest Mining Ltd (AU) NCM 3.1 AUD$18.31 767 $14,052 0.48 0.55 0.73 33.5 25.2 1.76 1.78 1.80 10.3 10.2 11.6 0.4%
Newmont Mining NEM 2.3 US$38.40 533 $20,480 1.17 1.44 1.36 26.6 28.2 3.61 4.17 4.04 9.2 9.5 9.5 0.6%
Polyus Gold International (UK) PGIL 2.3 RU$4,469.00 134 $10,483 515.18 506.78 599.08 8.8 7.5 468.68 619.07 -- 7.2 -- -- 5.8%
Randgold Resources (ADR) GOLD 2.2 US$98.29 94 $9,265 2.61 2.94 3.91 33.4 25.1 5.57 6.25 7.87 15.7 12.5 16.0 0.7%
Zijin Mining Group (HK) 2899 2.0 CNY$2.70 23031 $14,735 0.09 0.15 0.18 17.9 14.8 0.40 0.42 0.45 6.4 6.0 20.5 0.0%
Average                 32.4 29.5       12.1 11.9 14.5  
Mid Cap                                  
AngloGold Ashanti Ltd AU 2.1 US$10.61 410 $4,346 0.35 0.18 0.90 59.0 11.7 2.86 2.17 2.94 4.9 3.6 4.2 1.0%
B2Gold Corp BTG 1.8 US$3.00 980 $2,920 0.11 0.07 0.23 45.0 12.8 0.44 0.22 0.51 13.5 5.8 10.7 0.0%
Buenaventura (ADR) BVN 2.8 US$14.84 276 $3,971 0.45 0.75 1.06 19.8 14.0 1.54 1.07 1.76 13.9 8.5 14.5 0.7%
Centamin Egypt (CN) CEE 1.9 US$2.12 1152 $2,444 0.21 0.11 0.12 19.6 18.1 0.32 0.25 0.23 8.6 9.3 5.4 8.2%
Endeavour Mining Corp (CN) EDV 1.6 US$20.21 108 $2,172 1.15 0.37 1.42 54.8 14.3 1.91 2.07 3.39 9.8 6.0 10.4 0.0%
Evolution Mining Ltd (AU) EVN 2.5 AUD$2.62 1693 $3,487 0.14 0.15 0.17 18.0 15.0 0.41 0.41 0.43 6.4 6.1 7.3 1.7%
Gold Fields Ltd (ADR) GFI 3.3 US$4.31 822 $3,625 0.26 0.19 0.26 22.7 16.6 1.18 1.02 1.13 4.2 3.8 4.1 2.4%
Iamgold Corp IAG 2.4 US$5.99 466 $2,769 0.01 0.10 0.07 62.4 89.4 0.74 0.65 0.73 9.2 8.2 7.6 0.0%
Kinross Gold Corp KGC 2.5 US$4.46 1247 $5,548 0.08 0.15 0.13 29.7 33.7 0.90 0.75 0.86 5.9 5.2 7.4 0.0%
Kirkland Lake Gold (CN) KL 2.1 C$16.47 207 $3,410 0.62 0.63 1.22 26.1 13.5 1.49 1.48 1.98 11.1 8.3 18.6 0.1%
Northern Star Resources (AU) NST 2.9 AUD$6.05 603 $2,869 0.31 0.35 0.38 17.4 15.8 0.61 0.59 0.64 10.2 9.5 7.6 1.9%
Polymetal International PLC (UK) POLY 2.6 US$12.53 430 $5,383 0.90 0.97 1.14 12.9 11.0 1.24 1.31 1.53 9.6 8.2 9.2 2.9%
Royal Gold Inc RGLD 2.5 US$83.17 65 $5,444 1.24 1.62 1.97 51.5 42.3 3.34 4.27 4.72 19.5 17.6 21.6 1.1%
Sibanye Gold Ltd (SA) SGL 2.7 ZAR$16.48 2169 $2,908 1.75 (0.76) 1.88 -- 8.8 3.10 2.32 4.68 7.1 3.5 5.6 2.6%
Yamana Gold Inc AUY 2.7 US$3.25 948 $3,080 0.05 0.05 0.13 70.8 24.6 0.69 0.48 0.68 6.8 4.8 7.8 0.8%
Zhaojin Mining Industry Co Ltd (HK) 1818 3.0 CNY$5.14 3221 $2,550 0.12 0.22 0.24 23.5 21.0 0.41 0.81 0.75 6.3 6.9 14.4 0.7%
Average                 35.5 22.7       9.2 7.2 9.8  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 5-Jan-18 (MM) (US$MM) 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E 2017E 2018E 2017E %
Acacia Mining PLC (UK) ACAA 3.1 US$2.67 410 $1,095 0.39 0.27 0.37 9.8 7.2 0.77 0.08 0.81 33.3 3.3 2.5 2.1%
Alacer Gold Corp (CN) ASR 2.7 US$1.78 293 $522 0.02 0.33 0.18 5.4 9.7 0.13 0.32 0.26 5.5 6.8 18.9 0.0%
Alamos Gold AGI 2.1 US$6.75 389 $2,625 0.02 0.16 0.24 43.5 27.7 0.51 0.58 0.66 11.7 10.2 16.5 0.3%
Argonaut Gold Ltd (CN) AR 2.1 US$2.06 177 $363 0.09 0.09 0.17 22.0 12.0 0.21 0.27 0.43 7.6 4.8 8.2 0.0%
Centerra Gold (CN) CG 2.8 US$4.90 292 $1,430 0.49 0.89 0.60 5.5 8.2 1.47 1.70 1.33 2.9 3.7 4.1 0.0%
Detour Gold Corp (CN) DGC 1.9 US$11.72 175 $2,036 0.06 0.55 0.79 21.2 14.8 1.14 1.53 1.93 7.6 6.1 9.7 0.0%
Eldorado Gold Corp EGO 3.1 US$1.39 794 $1,126 0.07 0.03 0.06 50.6 24.9 0.19 0.10 0.20 14.5 7.1 7.8 0.9%
Guyana Goldfields Inc (CN) GUY 1.8 US$3.87 173 $665 0.21 0.14 0.30 26.9 12.9 0.36 0.41 0.61 9.4 6.3 6.6 0.0%
Harmony Gold Mining Ltd HAR 2.9 ZAR$22.74 445 $822 2.50 2.76 2.17 8.2 10.5 9.20 8.24 8.28 2.8 2.7 2.5 3.9%
Hochschild Mining PLC (UK) HOC 3.1 US$3.38 507 $1,711 0.10 0.06 0.12 53.1 29.3 0.61 0.44 0.55 7.6 6.1 6.0 0.8%
Klondex Mines Ltd KLDX 2.0 US$2.46 180 $439 0.08 0.10 0.27 24.9 9.2 0.31 0.33 0.59 7.5 4.1 7.7 0.0%
McEwen Ming Inc. MUX 2.0 US$2.29 333 $763 0.07 0.02 0.06 NM 38.2 0.00 0.03 -- 76.3 -- -- 0.3%
New Gold Inc NGD 2.5 US$3.43 576 $1,964 0.05 0.05 0.13 75.0 26.7 0.55 0.49 0.69 7.0 5.0 9.0 0.0%
Pretium Resources PVG 1.8 C$11.52 182 $2,085 (0.35) 0.21 0.97 54.1 11.9 (0.06) 0.49 1.65 23.4 7.0 -- 0.0%
Oceanagold Corp (AU) OGC 2.1 US$2.69 615 $1,616 0.22 0.24 0.25 11.2 10.7 0.37 0.54 0.55 4.9 4.9 6.6 0.3%
Osisko Gold Royalties Ltd OR 2.1 C$14.21 157 $1,787 0.33 0.26 0.34 54.6 42.1 0.51 0.44 0.66 32.0 21.6 55.1 1.1%
Regis Resources Ltd (AU) RRL 3.1 AUD$4.33 504 $1,716 0.25 0.29 0.33 15.0 13.1 0.41 0.42 0.48 10.2 9.1 8.4 4.0%
St Barbara Ltd (AU) SBM 2.3 AUD$3.77 515 $1,528 0.28 0.33 0.34 11.5 11.2 0.53 0.55 0.52 6.9 7.3 5.9 2.1%
Semafo (CN) SMF 1.9 US$2.92 325 $942 0.15 0.03 0.17 89.5 17.5 0.47 0.30 0.43 9.8 6.8 5.7 0.0%
Torex Gold Resources (CN) TXG 2.2 US$8.34 80 $662 0.64 0.22 0.82 38.6 10.2 2.10 1.41 2.00 5.9 4.2 6.1 --
Average                 33.9 17.9       13.3 6.9 10.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 5-Jan-18 (MM) (US$MM) 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E 2017E 2018E 2017E %
Americas Silver Corp (CN) USA 1.5 US$4.20 41 $173 (0.15) (0.09) 0.41 -- 10.4 0.16 0.22 0.88 19.5 4.8 0.0 0.0%
Coeur Mining Corp CDE 2.1 US$7.42 186 $1,377 0.29 (0.02) 0.33 -- 22.3 0.77 0.83 1.30 9.0 5.7 6.6 0.0%
Endeavour Silver Corp EXK 3.0 US$2.47 127 $312 0.03 0.06 0.12 41.1 20.2 0.19 0.17 0.28 14.3 8.9 8.1 0.0%
First Majestic Silver Corp AG 2.6 US$6.96 166 $1,147 0.12 0.01 0.16 NM 43.1 0.67 0.49 0.73 14.4 9.5 9.4 0.0%
Fortuna Silver Mines FSM 2.0 US$5.08 160 $811 0.13 0.31 0.32 16.2 16.1 0.38 0.50 0.60 10.1 8.5 7.9 0.0%
Fresnillo (UK) FRES 2.8 US$18.92 737 $13,942 0.45 0.66 0.70 28.8 27.1 1.19 1.01 1.23 18.7 15.4 13.6 1.6%
Hecla Mining Co HL 2.5 US$4.05 399 $1,616 0.16 0.07 0.14 59.8 28.9 0.58 0.35 0.51 11.7 8.0 8.0 0.2%
Mandalay Resources (CN) MND 2.5 US$0.21 451 $96 (0.01) (0.03) (0.01) -- -- 0.11 0.07 0.07 3.3 3.1 2.3 6.4%
Mag Silver Corp MAG 1.8 US$12.45 85 $1,063 (0.04) (0.05) (0.07) -- -- (0.06) (0.05) (0.05) -- -- -- 0.0%
Pan American Silver PAAS 2.2 US$15.59 153 $2,376 0.62 0.58 0.78 26.9 20.1 1.52 1.39 1.81 11.2 8.6 8.1 0.4%
Silver Standard SSRI 2.3 US$8.55 120 $1,019 0.97 0.36 0.21 24.1 40.2 1.63 1.09 1.03 7.9 8.3 3.7 0.0%
Wheaton Precious Metals WPM 1.8 US$21.95 442 $9,652 0.62 0.61 0.67 36.2 32.9 1.36 1.20 1.31 18.3 16.8 17.3 1.6%
Silvercorp SVM -- US$2.82 168 $474 0.21 0.21 0.17 13.4 16.8 0.40 0.37 0.33 7.6 8.7 -- 0.0%
Tahoe Resources TAHO 2.4 US$4.92 313 $1,531 0.58 0.32 0.43 15.6 11.5 0.86 0.79 0.98 6.3 5.0 3.8 3.8%
Average                 29.1 25.4       11.0 8.9 8.1  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 2.2 ZAR$136.94 220 $2,448 10.63 18.12 17.35 7.6 7.9 8.77 18.88 20.93 7.3 6.5 31.3 7.7%
Anglo Platinum Ltd (SA) AMS 2.7 ZAR$381.77 270 $8,367 7.10 9.56 18.31 39.9 20.8 43.35 31.08 36.79 12.3 10.4 11.9 0.0%
Impala Platinum (SA) IMP 3.0 ZAR$33.25 735 $2,283 (0.63) (0.61) 1.21 -- 27.4 2.70 3.54 7.16 9.4 4.6 10.0 0.0%
Lonmin PLC (UK) LMI 3.3 US$1.16 283 $328 (0.34) (0.24) (0.09) -- -- (1.18) (5.45) (4.34) -- -- -- 0.0%
Northam Platinum Ltd (SA) NHM 2.5 ZAR$53.70 510 $2,225 (1.61) (0.93) (0.10) -- -- 2.60 3.50 4.24 15.3 12.7 37.8 0.0%
Platinum Group Metals Ltd PLG 5.0 C$0.39 148 $58 0.30 0.18 (0.15) 2.2 -- (0.01) (0.04) (0.09) -- -- -- 0.0%
Average                 16.6 18.7       11.1 8.6 22.8  
Diamonds & Gems   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 5-Jan-18 (MM) (US$MM) 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E 2017E 2018E 2017E %
AK Alrosa PAO (RU) ALRS 2.7 RU$33.75 7365 $9,947 17.85 11.10 11.47 3.0 2.9 19.46 14.63 15.69 2.3 2.2 3.7 10.9%
Dominion Diamond Corp (CN) DDC -- US$14.27 82 $1,169 (0.35) 0.99 1.07 14.4 13.3 1.43 4.77 4.81 3.0 3.0 -- 2.8%
Lucara Diamond Corp (CN) LUC 1.6 US$2.32 383 $883 0.18 0.18 0.16 12.6 14.5 0.27 0.25 0.21 9.2 11.1 4.3 2.2%
Mountain Province Diamonds (CN) MPVD 2.7 US$3.51 160 $451 0.03 0.12 0.17 29.3 20.6 (0.11) 0.40 1.08 8.8 3.3 -- 0.0%
Petra Diamonds Ltd (UK) PDL 2.0 US$1.09 532 $580 0.09 0.08 0.15 13.2 7.3 0.29 0.28 0.34 3.9 3.2 7.5 0.0%
Stornoway Diamond Corp (CN) SWY 2.8 C$0.67 835 $448 0.03 (0.01) 0.03 -- 25.1 0.10 0.06 0.08 11.8 8.0 -- 0.0%
Average                 14.5 14.0       6.5 5.1 5.1  
Fertilizers                                  
Arab Potash Co (JR) APOT -- JOD$16.85 83 $1,983 0.81 -- -- -- -- 0.90 -- -- -- -- 12.5 5.6%
CF Industries CF 2.7 US$43.67 233 $10,186 0.47 (0.37) 0.29 -- NM 2.65 6.31 4.39 6.9 9.9 19.9 3.4%
Compass Minerals  CMP 2.5 US$74.25 34 $2,512 3.27 2.60 3.66 28.6 20.3 5.18 7.20 7.55 10.3 9.8 13.8 4.4%
Incitec Pivot Ltd (AU) IPL 2.7 AUD$3.89 1687 $5,158 0.18 0.20 0.22 19.9 17.4 0.35 0.39 0.40 10.1 9.7 11.7 2.6%
Israel Chemical (IS) ICL 3.2 US$4.06 1278 $5,195 0.35 0.29 0.35 13.9 11.6 0.76 0.63 0.66 6.4 6.1 8.1 3.1%
K & S Aktiengesellschaft (GR) SDF 2.6 EUR$21.97 191 $5,074 0.91 0.83 1.39 26.5 15.8 2.33 2.56 3.33 8.6 6.6 13.3 1.3%
Mosaic Co MOS 2.8 US$26.86 351 $9,429 0.88 0.97 1.09 27.6 24.6 3.60 2.97 3.14 9.0 8.6 11.4 3.9%
Sociedad Quimica Minera (ADR) SQM 2.7 US$63.07 263 $16,113 1.06 1.64 1.86 38.4 33.8 2.43 2.62 2.88 24.1 21.9 21.5 1.6%
Yara International ASA (NO) YAR 2.8 NOK$385.40 273 $13,059 19.18 15.40 22.83 25.0 16.9 51.50 35.14 43.95 11.0 8.8 8.9 2.8%
Average                 25.7 20.1       10.8 10.2 13.5  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 5-Jan-18 (MM) (US$MM) 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E 2017E 2018E 2017E %
Cameco Corp CCJ 2.5 C$12.14 396 $3,873 0.36 (0.06) 0.26 -- 47.3 0.79 1.22 1.32 10.0 9.2 10.2 3.3%
Denison Mines DNN 2.3 US$0.60 559 $336 (0.03) (0.03) (0.02) -- -- (0.02) 0.00 (0.02) NM -- -- 0.0%
Energy Resources Australia (AU) ERA 4.0 AUD$0.92 518 $375 (0.08) (0.04) (0.07) -- -- 0.07 (0.02) (0.04) -- -- 3.7 0.0%
Uranium Participation Corp (CN) U 2.3 C$4.40 132 $467 (0.05) (0.03) (0.04) -- -- -- -- -- -- -- -- 0.0%
Average                   47.3       10.0 9.2 6.9  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 5-Jan-18 (MM) (US$MM) 2016 2017E 2018E 2017E 2018E 2016 2017E 2018E 2017E 2018E 2017E %
Adaro Energy TBK (ID) ADRO 1.8 US$0.15 31986 $4,742 0.01 0.02 0.01 9.5 10.1 0.02 0.02 0.03 6.3 5.5 6.5 3.2%
China Coal Energy Co (HK) 1898 2.5 CNY$3.01 13259 $10,314 0.13 0.32 0.29 9.3 10.3 0.91 1.13 1.15 2.7 2.6 13.8 1.2%
China Shenhua Energy Co (HK) 1088 2.2 CNY$17.84 19890 $69,489 1.25 2.23 2.07 8.0 8.6 4.12 4.42 3.74 4.0 4.8 7.3 3.1%
Consol Energy CNX 2.3 US$14.79 230 $3,403 (0.43) 0.03 0.41 NM 36.2 2.00 2.28 3.32 6.5 4.5 8.5 0.0%
Yancoal Australia Lyd YAL -- AUD$0.14 43959 $4,666 -- -- -- -- -- -- -- -- -- -- 0.0 0.0%
Yanzhou Coal Mining Co Ltd (HK) 1171 2.6 CNY$8.41 4912 $9,768 0.34 1.27 1.23 6.6 6.9 1.93 2.16 2.12 3.9 4.0 20.4 2.0%
Average                 8.4 14.4       4.7 4.3 9.4  
 
Small Cap                                  
Banpu Public Co Ltd (TH) BANPU 1.6 THB$0.65 5162 $3,329 0.01 0.06 0.06 10.6 10.9 0.04 0.08 0.10 8.5 6.6 18.3 3.0%
Cloud Peak Energy CLD 2.8 US$4.83 75 $363 0.40 (0.39) (0.16) -- -- 0.79 0.97 0.86 5.0 5.6 6.9 0.0%
Fushan Int'l Energy Group (HK) 639 2.4 HK$1.78 5302 $1,207 0.06 0.23 0.17 7.9 10.2 0.04 0.13 0.34 13.4 5.3 8.7 4.1%
NLC India Ltd (IN) NLCINDIA 2.0 INR$111.55 1529 $2,692 -- 19.07 -- 5.9 -- -- -- -- -- -- 7.5 6.8%
New Hope Corp Ltd (AU) NHC 3.0 AUD$2.55 831 $1,666 0.07 0.19 0.24 13.2 10.8 0.15 0.36 0.36 7.0 7.1 12.5 6.3%
PT Tambang Batubara Bukit (ID) PTBA 1.8 IDR$2,610 11521 $2,240 190.40 325.91 298.87 8.0 8.7 182.19 354.09 315.26 7.4 8.3 9.6 2.7%
PT Bumi Resources (ID) BUMI -- US$0.02 65377 $1,433 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Whitehaven Coal Lyd (AU) WHC 2.7 AUD$4.52 1026 $3,646 0.19 0.40 0.37 11.4 12.2 0.39 0.66 0.62 6.8 7.3 0.0 0.0%
Average                 9.5 10.6       8.0 6.7 9.1  
Limited Partnership                                  
Alliance Resource Partners LP ARLP 2.4 US$20.10 131 $2,627 3.39 3.04 2.09 6.6 9.6 9.46 3.97 2.99 5.1 6.7 4.7 9.4%
Natural Resource Partners LP NRP 3.0 US$29.30 12 $358 6.68 7.12 5.45 4.1 5.4 8.83 11.29 16.07 2.6 1.8 5.3 7.3%
Average                 5.4 7.5       3.8 4.3 5.0  
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.
Recent and Forecast Commodity Prices
Cash Price (5-Jan-18)
Aluminum ($1.00 / lb)
Cobalt ($34.25 / lb)
Copper ($3.22 / lb)
Lead ($1.17 / lb)
Molybdenum ($7.26 / lb)
Nickel ($5.67 / lb)
Tin ($9.08 / lb)
Zinc ($1.54 / lb)
Gold ($1319 / oz)
Palladium ($1086 / oz)
Platinum ($968 / oz)
Silver ($17.16 / oz)
Uranium ($23.75 / lb)
Base metal prices are LME cash prices quoted in US$ 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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