Metals & Mining Analysts' Ratings & Estimates - Seniors

Tuesday August 27, 2013 10:07

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 16-Aug-13 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Alcoa Inc AA 3.0 US$8.12 1070 $8,685 0.24 0.30 0.50 27.0 16.4 1.39 1.42 1.47 5.7 5.5 7.6 1.5%
Alumina Ltd AWC 3.4 US$0.92 2806 $2,585 (0.02) (0.01) 0.02 -- 51.0 0.02 0.03 0.05 33.0 20.3 -- --
Aluminum Corp China Ltd (ADR) ACH 3.6 CNY$2.13 3944 $1,373 (0.61) (0.36) (0.25) -- -- 0.08 0.29 0.22 7.3 9.8 30.4 --
Century Aluminum CENX 2.9 US$8.76 89 $776 (0.58) (0.64) 0.53 -- 16.6 0.42 0.45 0.65 19.5 13.5 58.0 --
United Company Rusal Ltd (HK) 486 2.9 US$0.31 15193 $4,780 0.02 0.02 0.05 14.8 6.2 0.07 (0.00) 0.04 -- 7.2 18.5 --
Average                 20.9 22.6       16.4 11.3 28.6  
Iron Ore                                   
Atlas Iron Ltd (AU) AGO 2.2 AUD$0.96 910 $801 -- 0.09 0.10 11.0 9.4 -- 0.19 0.22 5.1 4.4 3.5 3.1%
China Vanadium Titano Mag (HK) 893 2.0 HK$0.95 2075 $321 0.19 0.22 0.19 4.4 5.0 0.33 0.31 0.33 3.0 2.8 0.6 --  
Cliffs Natural Resources CLF 2.9 US$22.83 153 $3,496 3.50 2.47 1.25 9.3 18.2 3.61 5.99 6.11 3.8 3.7 7.0 2.6%
Fortescue Metals Group Ltd (AU) FMG 2.0 US$3.67 3114 $11,443 -- 0.66 0.81 5.6 4.5 -- 0.72 1.02 5.1 3.6 5.3 1.0%
Kumba Iron Ore Ltd (SA) KIO 2.9 ZAR$447.00 322 $14,454 37.91 46.81 42.52 9.5 10.5 58.21 60.78 53.54 7.4 8.3 5.1 7.3%
Labrador Iron Ore Royalty (CN) LIF 2.3 C$32.85 64 $2,033 1.55 2.47 2.78 13.3 11.8 0.80 1.92 2.50 17.1 13.2 -- 3.0%
MMX Mineracao E Metalicos (BZ) MMXM3 3.3 BRL$2.10 976 $882 (0.94) (0.16) (0.03) -- -- 0.52 0.03 0.09 62.9 23.6 22.1 --
Mount Gibson Iron Limited (AU) MGX 2.6 AUD$0.68 1091 $676 -- 0.11 0.08 6.5 8.1 -- 0.17 0.12 4.0 5.6 1.5 5.9%
Sesa Goa Ltd (IN) SESA 2.6 INR$130.25 869 $1,847 -- -- 30.98 -- 4.2 -- -- 9.32 -- 14.0 -- 0.1%
Average                 8.5 9.0       13.6 8.8 6.5  
 
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 One Analytics 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 One Analytics.
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 16-Aug-13 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Anglo American PLC (UK) AAL 2.6 US$23.98 1394 $33,430 2.24 1.79 2.11 13.4 11.4 4.34 5.11 5.42 4.7 4.4 5.7 3.9%
Antofagasta PLC (UK) ANTO 3.0 US$14.51 986 $14,309 1.40 0.92 0.89 15.8 16.4 2.86 2.04 2.01 7.1 7.2 5.1 1.6%
BHP Billiton Ltd (AU) BHP 2.1 US$33.62 3212 $107,983 -- 2.50 2.76 13.4 12.2 -- 3.92 4.45 8.6 7.6 4.8 3.0%
First Quantum Minerals (CN) FM 2.0 US$18.34 591 $10,835 1.17 0.92 1.22 19.9 15.0 0.72 1.95 2.26 9.4 8.1 9.7 0.9%
Freeport McMoran C&G FCX 2.1 US$31.54 1038 $32,735 3.22 2.41 3.14 13.1 10.0 3.96 6.08 7.25 5.2 4.4 6.9 4.0%
Glencore International PLC (UK) GLEN 2.0 US$4.78 13263 $63,384 0.44 0.30 0.39 16.1 12.2 0.63 0.73 0.84 6.5 5.7 7.8 3.3%
Grupo Mexico (MX) GMEXICOB 2.5 US$3.45 7805 $26,954 0.30 0.25 0.26 14.0 13.4 0.27 0.41 0.40 8.4 8.6 7.0 2.1%
Hindustan Zinc (IN) HZ 1.7 INR$101.25 4225 $6,982 -- 16.85 16.51 6.0 6.1 -- -- 16.26 -- 6.2 -- 3.1%
KGHM Polska Miedz (PO) KGH 2.9 PLN$124.00 200 $7,817 24.06 15.05 13.20 8.2 9.4 27.64 24.44 21.52 5.1 5.8 -- 7.9%
MMC Norilsk Nickel (RU) GMKN 2.7 US$146.40 172 $25,204 13.70 12.56 15.87 11.7 9.2 21.68 15.34 18.73 9.5 7.8 8.9 8.3%
Rio Tinto PLC (UK) RIO 1.9 US$48.11 1413 $67,966 5.03 5.04 5.79 9.5 8.3 5.07 7.73 9.17 6.2 5.2 6.3 4.1%
Southern Copper Corp SCCO 2.7 US$28.80 842 $24,253 2.28 1.94 1.90 14.8 15.2 2.36 2.51 2.39 11.5 12.0 8.8 11.5%
Teck Cominco Ltd (CN) TCK/B 2.3 C$28.70 567 $15,735 2.60 1.63 2.00 17.6 14.3 4.77 4.21 4.52 6.8 6.3 7.1 3.1%
Vale SA (ADR) VALE 2.2 US$15.37 3186 $48,963 2.20 2.18 1.97 7.1 7.8 3.25 3.00 3.11 5.1 4.9 2.6 5.3%
Average                 12.9 11.5       7.2 6.7 6.7  
Mid Cap
                                 
Assore Ltd (SA) ASR 4.0 ZAR$378.38 140 $5,303 -- 32.34 33.76 11.7 11.2 -- 45.62 46.01 8.3 8.2 42.7 1.5%
Aurubis AG (GR) NDA 2.4 EUR$44.72 45 $2,665 4.33 3.63 4.38 12.3 10.2 -- 5.78 6.67 7.7 6.7 5.9 3.0%
Boliden AB (SW) BOL 3.5 SEK$100.60 274 $4,226 11.96 5.53 8.17 18.2 12.3 20.17 15.18 18.06 6.6 5.6 7.3 4.0%
Eramet (FR) ERA 2.9 EUR$75.11 27 $2,643 3.18 (0.38) 3.91 -- 19.2 8.41 11.00 14.28 6.8 5.3 7.7 2.6%
Eurasian Natural Resources (UK) ENRC 2.9 US$3.60 1288 $4,640 0.41 0.44 0.64 8.2 5.7 0.99 1.00 1.21 3.6 3.0 5.4 2.0%
Exxaro  Resources Ltd (SA) EXX 2.1 ZAR$165.25 358 $5,940 13.97 13.88 16.62 11.9 9.9 1.53 14.75 20.49 11.2 8.1 25.4 3.0%
Iluka Resources Ltd (AU) ILU 2.5 AUD$11.23 419 $4,288 0.87 0.24 0.85 45.9 13.2 0.60 0.52 1.42 21.5 7.9 14.3 3.1%
Jiangxi Copper Co "H" (HK) 358 2.8 CNY$12.18 1387 $2,762 1.49 1.09 1.08 11.1 11.2 1.51 1.28 1.32 9.5 9.2 48.3 4.1%
Kazakhmys PLC (UK) KAZ 3.5 US$4.91 524 $2,569 0.85 0.54 0.44 9.1 11.1 1.32 0.95 0.68 5.2 7.3 4.8 2.5%
Lundin Mining Corp (CN) LUN 2.1 US$4.50 584 $2,628 0.32 0.28 0.35 16.2 12.9 0.33 0.44 0.51 10.3 8.8 7.5 --
Mechel OAO (ADR) MTL 3.6 US$3.16 416 $1,315 0.06 (0.41) 0.27 -- 11.6 (3.74) 1.06 1.10 3.0 2.9 9.9 --
MMG Ltd (HK) 1208 2.2 US$0.25 5290 $1,323 0.04 0.05 0.05 5.5 5.3 0.12 0.18 0.16 1.4 1.6 2.6 --
Oz Minerals (AU) OZL 2.8 AUD$4.04 303 $1,118 0.45 (0.14) 0.10 -- 40.0 1.04 0.62 0.99 6.5 4.1 4.1 7.4%
PanAust Ltd (AU) PNA 2.3 US$2.13 619 $1,321 0.24 0.15 0.16 14.3 13.3 0.33 0.32 0.37 6.6 5.8 6.0 3.0%
Philex Mining Corp (PH) PX 3.3 PHP$10.72 4933 $1,209 0.35 0.32 0.60 33.1 17.9 0.59 0.88 0.60 12.2 17.9 16.1 1.0%
Sterlite Industries (ADR) SLT 2.2 INR$75.80 3361 $4,158 -- -- 19.09 -- 4.0 -- -- 27.96 -- 2.7 -- 3.0%
Sumitomo Metal Mining (JP) 5713 2.9 JPY$1,390 582 $8,239 -- -- 133.59 -- 10.4 -- -- 223.57 -- 6.2 6.8 2.4%
Vale Indonesia Tbk PT (ID) INCO 2.9 US$0.20 9936 $1,980 0.01 0.02 0.02 13.2 9.9 0.01 0.02 0.03 10.0 7.8 5.9 2.5%
Vedanta Resources PLC (UK) VED 2.7 US$19.14 266 $5,100 -- -- 1.63 -- 11.8 -- -- 15.35 -- 1.2 6.3 3.4%
Volcan Cia Ninera VOLABC1 1.8 US$0.48 2241 $1,075 0.06 0.03 0.05 14.5 10.5 -- -- -- -- -- 3.8 3.6%
Average                 16.1 12.6       8.2 6.3 12.2  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-Aug-13 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Capstone Mining Corp (CN) CS 1.9 US$2.20 379 $833 0.16 0.14 0.35 15.3 6.3 0.28 0.32 0.61 6.8 3.6 4.0 --
China Molybdenum Co Ltd (HK) 3993 2.9 CNY$2.49 1311 $533 0.21 0.19 0.21 13.3 11.7 -- 0.32 0.19 7.8 13.1 20.0 --
CITIC Dameng Holdings Ltd (HK) 1091 3.0 HK$0.70 3025 $273 (0.13) (0.07) (0.01) -- -- -- -- -- -- -- 13.2 --
Hudbay Minerals (CN) HBM 2.3 C$7.16 172 $1,191 0.21 0.04 0.28 NM 25.5 0.83 0.18 0.62 40.8 11.5 6.7 0.3%
Independence Group NL (AU) IGO 2.5 AUD$3.40 233 $723 -- 0.16 0.31 21.5 11.1 -- 0.33 0.49 10.3 7.0 8.5 0.6%
Mitsui Mining & Smelting (JP) 5706 2.9 JPY$242 573 $1,413 -- -- 24.98 -- 9.7 -- -- 71.26 -- 3.4 7.2 1.2%
Nyrstar NV (BE) NYR 3.4 EUR$3.58 170 $807 (0.34) (0.57) (0.15) -- -- 2.23 1.01 1.10 3.5 3.3 6.5 6.0%
Outokumpu (FN) OUT1V 3.4 EUR$0.49 2078 $1,350 (0.28) (0.23) (0.04) -- -- 0.23 (0.05) 0.17 -- 2.9 -- --
Sherritt International (CN) S 2.1 C$3.92 297 $1,126 0.28 0.16 0.50 25.0 7.8 0.91 1.00 1.50 3.9 2.6 6.9 4.4%
Taseko Mines Ltd TGB 2.1 C$2.26 193 $421 0.01 0.01 0.28 NM 7.9 0.27 0.24 0.51 9.6 4.4 11.9 --
Thompson Creek Metals TC 3.5 US$3.75 171 $643 (0.20) 0.13 0.43 28.4 8.7 (0.49) 0.49 0.94 7.7 4.0 11.9 --
Western Areas NL (AU) WSA 2.3 AUD$3.40 197 $610 -- 0.09 0.16 38.3 21.3 -- 0.50 0.58 6.8 5.9 6.6 3.2%
Average                 23.6 12.2       10.8 5.6 9.4  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson One Analytics.
Gold
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-Aug-13 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
AngloGold Ashanti Ltd AU 2.8 US$14.75 384 $5,658 2.36 0.80 1.56 18.4 9.5 3.50 4.05 4.02 3.6 3.7 4.6 1.9%
Barrick Gold Corp ABX 2.6 US$19.33 1001 $19,352 3.82 2.55 2.35 7.6 8.2 5.43 4.01 4.07 4.8 4.7 5.8 1.0%
Buenaventura (ADR) BVN 3.1 US$13.73 275 $3,774 2.71 1.67 1.57 8.2 8.8 1.32 0.96 1.21 14.4 11.3 6.7 3.6%
Eldorado Gold Corp EGO 2.2 US$9.09 715 $6,500 0.47 0.34 0.34 26.6 26.4 0.43 0.59 0.61 15.4 15.0 11.7 1.1%
Gold Fields Ltd (ADR) GFI 3.0 US$6.36 742 $4,718 1.15 0.29 0.50 22.2 12.8 1.46 1.01 1.01 6.3 6.3 6.1 4.3%
Goldcorp Inc GG 2.4 US$31.07 812 $25,232 2.03 0.91 1.33 34.1 23.4 2.52 2.07 2.68 15.0 11.6 14.7 --
Kinross Gold Corp KGC 2.6 US$5.92 1142 $6,762 0.77 0.31 0.28 19.4 21.1 1.14 0.96 0.95 6.2 6.2 6.6 --
Newcrest Mining Ltd (AU) NCM 3.4 AUD$12.57 767 $8,786 -- -- 0.60 -- 21.1 -- -- 1.26 -- 10.0 10.1 1.0%
Newmont Mining NEM 3.0 US$32.38 493 $15,958 3.71 1.85 1.94 17.6 16.7 4.79 4.34 4.57 7.5 7.1 9.2 3.1%
Randgold Resources (ADR) GOLD 1.6 US$80.25 92 $7,398 4.65 3.06 4.63 26.3 17.3 5.37 5.27 7.56 15.2 10.6 12.9 0.6%
Yamana Gold Inc AUY 2.3 US$11.26 753 $8,478 0.93 0.50 0.59 22.7 19.1 1.54 1.12 1.27 10.1 8.9 9.6 2.3%
Average                 20.3 16.8       9.8 8.7 8.9  
Mid Cap                                  
African Barrick Gold Ltd (UK) ABG 3.1 US$2.43 410 $996 0.26 0.15 0.18 16.7 13.2 0.63 0.49 0.73 5.0 3.3 3.3 6.1%
Agnico-Eagle Mines Ltd AEM 2.9 US$31.00 173 $5,373 2.17 0.52 0.79 59.7 39.2 4.06 2.33 2.91 13.3 10.6 12.4 2.8%
Alamos Gold (CN) AGI 2.0 US$16.68 127 $2,125 1.02 0.63 0.44 26.5 37.5 1.53 1.02 0.83 16.4 20.1 9.0 1.2%
Allied Nevada Gold ANV 3.5 US$4.45 104 $462 0.52 0.29 0.65 15.2 6.9 (0.23) 0.65 1.11 6.9 4.0 11.9 --
AuRico Gold Inc  AUQ 2.6 US$5.17 247 $1,277 0.29 0.13 0.22 41.0 23.9 0.00 0.34 0.51 15.3 10.2 12.7 3.1%
B2Gold Corp (CN) BTO 1.6 US$3.29 651 $2,140 0.20 0.15 0.16 21.4 20.1 0.27 0.26 0.31 12.5 10.6 11.8 --
Centerra Gold (CN) CG 2.2 US$6.02 236 $1,422 0.42 1.07 1.33 5.6 4.5 0.57 1.76 2.02 3.4 3.0 2.4 2.7%
Franco-Nevada (CN) FNV 2.4 US$46.17 147 $6,781 1.19 0.93 0.98 49.7 47.3 2.24 1.92 2.07 24.1 22.3 18.2 --
Harmony Gold (ADR) HMY 2.3 US$4.07 435 $1,772 -- -- 0.58 -- 7.0 -- -- 1.12 -- 3.6 -- 2.8%
Hochschild Mining PLC (UK) HOC 3.2 US$3.78 338 $1,279 0.19 (0.05) 0.04 -- 91.9 0.75 0.45 0.63 8.3 6.0 7.7 1.8%
Iamgold Corp IAG 2.8 US$6.31 377 $2,376 0.84 0.37 0.41 17.0 15.5 1.17 0.87 1.02 7.3 6.2 5.4 4.0%
New Gold Inc NGD 2.2 US$7.71 502 $3,873 0.40 0.28 0.38 27.1 20.1 0.50 0.62 0.79 12.5 9.8 10.7 --
Nord Gold NV (UK) NORD 2.8 US$1.98 378 $749 0.05 0.24 0.32 8.4 6.1 0.34 0.70 0.98 2.8 2.0 -- --
Osisko Mining Corp (CN) OSK 2.0 C$5.20 437 $2,198 0.21 0.22 0.27 23.9 19.0 0.64 0.58 0.61 8.9 8.5 12.1 --
Polymetal International PLC (UK) POLY 2.2 US$12.14 389 $4,729 1.09 0.93 1.05 13.0 11.6 1.30 1.20 1.45 10.1 8.3 1.5 --
Polyus Gold Co (RU) PLZL 3.0 US$27.00 191 $5,147 0.32 0.22 -- NM -- -- -- -- -- -- 10.0 7.1%
Royal Gold Inc RGLD 2.2 US$61.66 64 $3,970 -- 1.13 1.95 54.7 31.6 -- 2.99 3.73 20.6 16.5 13.6 1.3%
Zijin Mining Group (HK) 2899 3.0 CNY$1.46 6008 $1,433 0.24 0.13 0.12 10.8 11.9 0.25 0.25 0.25 5.7 5.7 8.3 6.9%
Average                 26.1 24.0       10.8 8.9 9.4  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-Aug-13 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Alacer Gold Corp (CN) ASR 2.8 US$2.94 287 $844 0.42 0.30 0.21 9.9 13.7 0.84 0.55 0.50 5.3 5.9 7.0 --
Centamin Egypt (CN) CEE 3.0 US$0.58 1101 $639 0.18 0.17 0.13 3.4 4.5 0.20 0.22 0.19 2.7 3.1 -- --
Gold Resource Corp GORO 2.0 US$8.52 53 $454 0.60 0.25 0.85 34.1 10.0 0.55 -- -- -- -- -- --
Highland Gold Mining Ltd (UK) HGM 1.8 US$1.27 325 $412 0.38 0.21 0.26 5.9 4.9 0.40 0.29 0.42 4.3 3.0 2.5 --
Kingsgate Consolidated Ltd (AU) KCN 4.1 AUD$1.98 152 $274 -- 0.10 0.12 19.4 15.8 -- 0.50 0.45 3.9 4.4 4.7 7.6%
Kirkland Lake Gold (CN) KGI 2.0 C$4.56 70 $309 -- 0.05 0.53 89.4 8.6 -- 0.41 0.93 11.2 4.9 7.1 --
Lake Shore Gold (CN) LSG 2.9 C$0.52 417 $210 (0.02) (0.04) (0.02) -- -- 0.07 0.10 0.14 5.1 3.7 5.0 --
Medusa Mining Ltd (UK) MML 1.8 US$2.22 189 $419 -- 0.51 0.78 4.4 2.8 -- 0.50 0.74 4.4 3.0 4.8 --
Petropavlovsk PLC (UK) POG 2.8 US$1.85 198 $366 0.54 0.19 0.11 10.0 17.0 1.45 1.54 1.16 1.2 1.6 4.1 6.3%
Real Gold  Mining Ltd (HK) 246 -- CNY$6.95 909 $1,033 -- -- -- -- -- -- -- -- -- -- 3.9 --
Semafo (CN) SMF 2.1 US$2.14 273 $584 0.28 0.14 0.10 15.4 21.6 0.57 0.34 0.29 6.3 7.5 5.0 1.9%
Zhaojin Mining Industry Co Ltd (HK) 1818 2.9 CNY$5.31 874 $759 0.66 0.42 0.37 12.6 14.3 0.60 0.86 0.69 6.2 7.7 8.2 4.5%
Average                 20.4 11.3       5.1 4.5 5.2  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson One Analytics.
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-Aug-13 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Alexco Resource Corp AXU 3.7 C$1.55 63 $94 0.01 (0.27) (0.24) -- -- 0.23 (0.00) 0.10 -- 16.1 -- --
Coeur d'Alene Mines Corp CDE 3.1 US$15.92 102 $1,617 0.53 (0.55) (0.64) -- -- 3.03 1.61 1.58 9.9 10.1 6.6 --
Endeavour Silver Corp EXK 2.7 US$5.26 100 $525 0.42 0.18 0.19 29.2 27.5 0.79 0.58 0.63 9.1 8.3 7.3 --
First Majestic Silver Corp (CN) FR 1.8 US$14.83 117 $1,732 0.85 0.40 1.00 37.1 14.9 1.21 1.14 1.47 13.1 10.1 14.7 --
Fortuna Silver Mines (CN) FVI 2.3 US$4.35 125 $545 0.28 0.15 0.13 29.0 33.5 0.43 0.35 0.40 12.6 10.9 10.3 --
Fresnillo (UK) FRES 2.8 US$18.16 737 $13,385 0.91 0.58 0.62 31.6 29.2 1.03 0.95 1.01 19.2 18.0 13.1 6.0%
Great Panther Resources (CN) GPR 2.7 C$1.21 138 $162 0.06 0.01 0.03 NM 40.1 0.10 0.05 0.11 23.8 11.4 18.0 --
Hecla Mining Co HL 3.0 US$3.70 343 $1,268 0.11 (0.05) 0.07 -- 51.6 0.23 0.20 0.45 18.5 8.2 18.3 0.3%
Mandalay Resources (CN) MND 1.8 US$0.86 324 $279 0.13 0.10 0.11 8.8 7.8 0.16 0.18 0.23 4.9 3.8 0.0 3.2%
Pan American Silver PAAS 3.1 US$13.64 151 $2,065 1.25 0.35 0.52 39.3 26.3 1.36 1.08 1.25 12.6 10.9 7.0 3.7%
Silver Standard SSRI 3.0 US$9.13 81 $737 0.68 (0.39) (0.38) -- -- 0.07 0.43 0.24 21.2 37.4 6.3 --
Silver Wheaton SLW 1.9 US$26.77 355 $9,501 1.65 1.20 1.20 22.3 22.4 2.02 1.61 1.71 16.7 15.6 16.0 1.8%
Silvercorp SVM 2.0 US$3.82 171 $652 -- 0.09 0.11 44.9 36.4 -- -- 0.40 -- 9.5 5.9 2.6%
SilverCrest Mines (CN) SVL 1.9 US$1.89 109 $205 0.32 0.12 0.21 15.3 8.9 0.44 0.21 0.31 9.0 6.1 5.4 --
Tahoe Resources TAHO 1.9 US$17.41 146 $2,539 (0.62) (0.46) 1.19 -- 14.6 (0.61) (0.45) 1.23 -- 14.2 -- --
Average                 28.6 26.1       14.2 12.7 9.9  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 1.7 ZAR$183.49 216 $3,972 -- 17.65 19.10 10.4 9.6 -- 24.02 28.83 7.6 6.4 -- 2.6%
Anglo Platinum Ltd (SA) AMS 2.9 ZAR$396.00 270 $10,721 (5.62) 6.36 13.76 62.3 28.8 7.24 19.26 34.96 20.6 11.3 14.5 --
Aquarius Platinum Ltd (UK) AQP 2.6 US$0.72 465 $333 -- (0.24) 0.06 -- 13.0 -- -- 0.14 -- 5.1 7.7 --
Impala Platinum (SA) IMP 2.9 ZAR$114.25 632 $7,251 -- 4.30 6.44 26.5 17.7 -- 9.13 9.69 12.5 11.8 11.9 0.8%
Lonmin PLC (UK) LMI 3.0 US$5.47 569 $3,115 -- 0.16 0.24 34.6 23.1 -- 0.34 0.52 16.2 10.5 11.2 --
North American Palladium PAL 3.1 US$1.18 196 $223 (0.04) (0.09) 0.04 -- 31.2 0.09 0.02 0.15 68.9 7.9 64.6 --
Northam Platinum Ltd (SA) NHM 3.4 ZAR$40.38 383 $1,551 -- -- 2.10 -- 19.2 -- -- 3.17 -- 12.7 16.8 --
Stillwater Mining Co SWC 2.0 US$12.16 119 $1,449 0.46 0.36 0.60 33.8 20.2 0.79 1.02 1.52 12.0 8.0 11.3 --
Average                 33.5 20.4       23.0 9.2 19.7  
Fertilizers   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-Aug-13 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Agrium Inc AGU 2.4 US$86.05 148 $12,706 10.29 9.06 8.78 9.5 9.8 13.51 11.32 11.99 7.6 7.2 6.5 2.3%
Arab Potash Co (JR) APOT 4.0 JOD$36.10 83 $4,260 2.39 2.54 2.93 14.2 12.3 2.08 3.95 3.39 9.1 10.6 9.3 6.9%
CF Industries CF 2.5 US$187.84 57 $10,760 27.89 24.33 21.52 7.7 8.7 36.72 31.01 31.50 6.1 6.0 4.4 0.9%
Compass Minerals  CMP 3.3 US$73.26 33 $2,451 3.11 3.76 4.03 19.5 18.2 4.58 4.51 5.94 16.2 12.3 11.1 3.0%
Incitec Pivot Ltd (AU) IPL 2.5 AUD$2.72 1629 $4,040 -- 0.21 0.26 13.2 10.4 -- 0.31 0.39 8.8 7.0 8.6 4.6%
Intrepid Potash IPI 3.2 US$12.11 75 $913 1.17 0.48 0.36 25.1 33.4 2.49 1.32 1.41 9.2 8.6 8.8 --
Israel Chemical (IS) ICL 2.8 US$8.09 1273 $10,295 1.02 0.88 0.77 9.2 10.5 1.26 1.08 0.89 7.5 9.1 6.8 8.3%
K & S Aktiengesellschaft (GR) SDF 3.5 EUR$18.43 191 $4,677 2.83 2.43 1.54 7.6 11.9 4.15 3.86 2.99 4.8 6.2 4.0 7.6%
Mosaic Co MOS 2.6 US$42.87 426 $18,255 -- 3.84 3.58 11.2 12.0 -- 4.85 5.24 8.8 8.2 6.1 2.3%
Potash Corp POT 2.7 US$30.39 867 $26,346 2.71 2.49 2.40 12.2 12.7 3.68 3.64 3.34 8.4 9.1 7.7 4.6%
Sociedad Quimica Minera (ADR) SQM 3.0 US$27.45 120 $3,304 2.47 2.01 1.88 13.7 14.6 2.47 3.56 2.36 7.7 11.6 6.3 4.5%
Uralkaliy (RU) URKA 2.7 US$4.65 2936 $13,652 -- 0.60 0.59 7.8 7.9 -- -- -- -- -- 4.0 5.6%
Yara International ASA (NO) YAR 2.4 NOK$253.90 279 $12,004 35.52 29.85 29.50 8.5 8.6 46.79 37.27 36.65 6.8 6.9 5.2 5.1%
Average                 12.3 13.2       8.4 8.6 6.8  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson One Analytics.
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-Aug-13 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Cameco Corp CCJ 1.9 C$20.40 395 $7,802 1.13 0.87 1.22 23.5 16.8 1.63 1.49 1.93 13.7 10.6 14.2 2.0%
Denison Mines DNN 2.3 US$1.20 450 $540 0.07 (0.04) (0.03) -- -- (0.02) (0.04) (0.03) -- -- -- --
Energy Resources Australia (AU) ERA 2.9 AUD$1.48 518 $699 (0.29) (0.25) (0.20) -- -- (0.01) 0.04 0.19 41.1 7.7 -- --
Paladin Resources Ltd (AU) PDN 2.9 US$0.58 963 $557 (0.16) (0.04) 0.06 -- 9.7 0.04 0.12 0.13 4.8 4.4 16.6 --
Uranium One (CN) UUU 2.6 US$2.62 957 $2,509 0.07 0.11 0.17 23.4 15.6 0.19 0.24 0.32 10.8 8.2 7.6 --
Uranium Participation Corp (CN) U 1.4 C$4.87 106 $501 -- -- 1.90 -- 2.6 -- -- (0.03) -- -- -- --
USEC Inc USU -- US$17.07 5 $84 (246.00) -- -- -- -- -- -- -- -- -- -- --
Average                 23.5 11.1       17.6 7.7 12.8  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 16-Aug-13 (MM) (US$MM) 2012 2013E 2014E 2013E 2014E 2012 2013E 2014E 2013E 2014E 2013E %
Adaro Energy TBK (ID) ADRO 2.9 US$0.08 31986 $2,487 0.01 0.01 0.01 7.0 6.9 0.01 0.02 0.02 4.2 4.7 5.1 4.7%
Alpha Natural Resources ANR 2.8 US$6.05 221 $1,337 (0.94) (2.50) (2.15) -- -- 2.35 1.06 1.82 5.7 3.3 14.3 --
Arch Coal ACI 2.8 US$4.49 212 $953 (0.09) (1.26) (1.11) -- -- 1.57 1.05 1.09 4.3 4.1 12.4 2.7%
Banpu Public Co Ltd (TH) BANPU 2.9 THB$279.00 272 $2,428 25.08 21.68 25.55 12.9 10.9 28.10 55.02 58.41 5.1 4.8 8.6 6.5%
Bayan Resources Group (ID) BYAN -- IDR$7,050 3333 $2,284 -- -- -- -- -- -- -- -- -- -- 19.1 --
China Coal Energy Co (HK) 1898 2.9 CNY$3.85 4107 $2,584 0.67 0.47 0.48 8.1 8.0 0.82 0.99 1.19 3.9 3.2 6.2 5.5%
China Shenhua Energy Co (HK) 1088 2.1 HK$19.61 3399 $10,890 2.46 2.26 2.24 8.7 8.8 3.47 3.35 3.69 5.8 5.3 4.6 4.9%
Consol Energy CNX 1.8 US$30.75 229 $7,037 1.11 0.39 1.49 79.0 20.6 3.18 3.68 4.73 8.3 6.5 10.2 1.6%
Neyveli Lignite Corp (IN) NLC 2.0 INR$55.70 1678 $1,525 -- -- 9.30 -- 6.0 -- -- 11.92 -- 4.7 5.8 5.0%
New Hope Corp Ltd (AU) NHC 2.1 AUD$3.82 831 $2,894 -- 0.13 0.17 28.3 22.9 -- 0.30 0.29 12.9 13.1 12.2 2.9%
Peabody Energy BTU 2.3 US$17.44 270 $4,706 2.05 0.15 0.66 NM 26.6 5.97 2.83 3.75 6.2 4.6 9.6 1.9%
PT Bumi Resources (ID) BUMI 3.8 US$0.05 20773 $969 (0.03) (0.01) (0.00) -- -- 0.01 0.01 0.02 3.7 3.0 7.4 --
PT Tambang Batubara Bukit (ID) PTBA 2.4 IDR$11,800 2304 $2,642 1262.00 962.83 1063.91 12.3 11.1 962.92 1067.94 1155.26 11.0 10.2 6.7 6.1%
Walter Energy WLT 2.7 US$12.71 63 $795 0.49 (2.88) (1.13) -- -- 5.28 2.49 4.31 5.1 2.9 20.5 0.3%
Yanzhou Coal Mining Co Ltd (HK) 1171 3.7 CNY$5.13 1958 $1,641 0.87 0.45 0.47 11.3 10.8 1.32 1.34 1.57 3.8 3.3 9.0 7.0%
Average                 20.9 13.3       6.2 5.3 10.1  
 
Small Cap                                  
Borneo Lumbung Energi & Mtl (ID) BORN 3.0 IDR$280 17693 $481 1.28 64.29 50.14 4.4 5.6 -- 113.32 130.52 2.5 2.1 4.7 --
China Qinfa Group Ltd (HK) 866 3.5 CNY$0.50 2078 $169 0.16 0.09 0.14 5.3 3.6 (0.33) -- -- -- -- 6.8 7.9%
Cloud Peak Energy CLD 2.5 US$16.21 61 $986 2.15 0.74 0.92 22.0 17.6 4.06 2.65 3.22 6.1 5.0 6.3 --
Fushan Int'l Energy Group (HK) 639 2.9 HK$2.58 5302 $1,764 0.34 0.24 0.25 10.8 10.5 0.25 0.46 0.38 5.6 6.8 -- 5.8%
James River Coal Co JRCC 3.1 US$1.98 36 $71 (3.96) (4.71) (4.02) -- -- 0.93 (0.54) (1.10) -- -- -- --
New World Resources (UK) NWRN 3.8 EUR$0.98 265 $344 (0.02) (0.79) (0.46) -- -- 0.29 (0.07) 0.40 -- 2.4 NM 6.8%
Sakari Resources Ltd (SP) SAR -- US$1.45 1137 $1,654 0.09 -- -- -- -- -- -- -- -- -- 7.1 5.4%
SouthGobi Energy Res (CN) SGQ 2.5 US$1.22 182 $222 (0.23) (0.13) (0.04) -- -- (0.12) (0.09) (0.04) -- -- -- --
Average                 10.6 9.3       4.7 4.1 6.3  
Limited Partnership                                  
Alliance Resource Partners LP ARLP 2.1 US$75.03 37 $2,773 6.12 7.34 7.12 10.2 10.5 15.08 12.82 12.41 5.9 6.0 4.8 6.1%
Natural Resource Partners LP NRP 2.1 US$19.34 110 $2,124 2.00 1.56 1.74 12.4 11.1 2.56 2.52 2.36 7.7 8.2 10.5 11.4%
Oxford Resource Partners LP OXF 3.3 US$2.35 21 $49 (0.83) (0.99) (1.18) -- -- -- 0.57 0.58 4.1 4.1 4.1 --
Penn Virginia Resource Prtns LP PVR 2.5 US$22.99 96 $2,201 0.38 0.31 0.66 74.6 34.7 1.68 1.89 2.20 12.2 10.4 -- 9.6%
Rhino Resources Inc RNO 2.7 US$12.66 28 $351 1.42 0.40 0.27 31.6 47.5 5.20 1.58 1.28 8.0 9.9 5.9 14.1%
Average                 32.2 26.0       7.6 7.7 6.3  
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 One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson One Analytics.
Recent and Forecast Commodity Prices
Cash Price (16-Aug-13) 2010 2011 2012 2013E 2014E Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13E Q4/13E Q1/14E Q2/14E Q3/14E Q4/14E
Aluminum ($0.85 / lb) $0.99 $1.09 $0.92 $0.89 $0.94 $0.99 $0.94 $0.92 $0.91 $0.91 $0.83 $0.86 $0.87 $0.90 $0.86 $0.88 $0.93
Copper ($3.33 / lb) $3.43 $4.00 $3.61 $3.42 $3.39 $3.77 $3.68 $3.62 $3.59 $3.59 $3.25 $3.32 $3.36 $3.32 $3.39 $3.37 $3.43
Lead ($1.01 / lb) $0.97 $1.09 $0.94 $0.97 $0.99 $0.95 $0.92 $0.91 $1.00 $1.04 $0.93 $0.96 $0.96 $1.01 $0.99 $1.00 $1.02
Nickel ($6.66 / lb) $9.91 $10.38 $7.95 $7.37 $7.71 $8.90 $8.34 $8.02 $7.70 $7.85 $6.80 $7.15 $7.26 $7.19 $7.24 $7.40 $7.37
Zinc ($0.88 / lb) $0.98 $1.00 $0.88 $0.90 $0.96 $0.92 $0.90 $0.88 $0.88 $0.92 $0.84 $0.89 $0.90 $0.94 $0.94 $0.98 $1.01
Gold ($1377 / oz) $1,226 $1,571 $1,668 $1,470 $1,444 $1,689 $1,652 $1,653 $1,718 $1,632 $1,417 $1,364 $1,376 $1,371 $1,409 $1,409 $1,424
Palladium ($762 / oz) $528 $733 $643 $731 $785 $681 $655 $640 $652 $739 $713 $712 $736 $775 $795 $810 $820
Platinum ($1523 / oz) $1,611 $1,719 $1,549 $1,604 $1,668 $1,600 $1,554 $1,536 $1,598 $1,632 $1,467 $1,517 $1,565 $1,675 $1,767 $1,783 $1,800
Silver ($23.26 / oz) $20.24 $35.29 $31.13 $26.05 $25.09 $32.53 $31.06 $30.68 $32.58 $30.07 $23.18 $22.88 $23.20 $22.86 $23.76 $23.80 $24.19
Uranium ($35.75 / lb) $45.97 $56.32 $48.97 $46.76 $58.20 $51.91 $51.62 $50.81 $43.42 $42.84 $40.72 $42.25 $46.13 $47.50 $50.00 $50.00 $50.00
Base metal prices are LME cash prices quoted in US$ per lb.  Precious metal prices are London spot prices quoted in US$ per oz.          Sources: Thomson One Analytics, 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.