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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 31-May-19 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Alcoa Inc AA 2.1 US$21.19 186 $3,931 3.58 0.78 2.45 27.0 8.7 2.38 4.76 7.15 4.5 3.0 6.0 0.0%
Alumina Ltd AWC 2.3 US$1.66 2880 $4,775 0.24 0.18 0.15 9.4 11.0 0.22 0.18 0.17 9.3 9.9 6.2 13.9%
Aluminum Corp China Ltd (ADR) ACH 2.3 CNY$2.48 17023 $9,036 0.04 0.12 0.18 20.4 14.0 0.77 0.99 0.99 2.5 2.5 14.4 0.0%
Century Aluminum CENX 2.7 US$5.59 89 $496 (0.14) (0.81) 0.81 -- 6.9 (0.79) 0.38 1.81 14.7 3.1 25.9 0.0%
United Company Rusal Ltd (HK) 486 1.9 US$0.37 15193 $5,576 0.11 0.11 0.12 3.4 3.0 0.05 0.12 0.11 3.0 3.3 8.7 0.0%
Average                 15.0 8.7       6.8 4.4 12.2  
Iron Ore                                   
Cliffs Natural Resources CLF 2.1 US$8.70 283 $2,461 3.71 1.79 1.42 4.9 6.1 1.57 2.21 2.08 3.9 4.2 11.6 1.0%
Fortescue Metals Group Ltd (AU) FMG 2.8 US$5.59 3079 $17,196 0.57 0.83 0.72 6.7 7.8 0.83 1.16 1.06 4.8 5.3 5.1 8.2%
Kumba Iron Ore Ltd (SA) KIO 4.0 ZAR$442.04 322 $9,765 30.06 47.02 34.55 9.4 12.8 47.32 67.95 61.07 6.5 7.2 7.7 10.7%
Labrador Iron Ore Royalty (CA) LIF 2.3 C$31.52 64 $1,493 2.01 3.07 2.55 10.3 12.3 2.32 2.94 2.81 10.7 11.2 21.7 2.6%
Mount Gibson Iron Limited (AU) MGX 4.0 AUD$1.22 1128 $955 0.06 0.10 0.08 12.7 15.8 0.09 0.10 0.11 12.4 10.7 45.0 5.6%
Average                 8.8 11.0       7.7 7.7 18.2  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Base Metals & Diversified
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 31-May-19 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Anglo American PLC (UK) AAL 2.3 US$23.94 1405 $33,632 2.50 2.90 2.65 8.3 9.0 5.50 5.86 5.65 4.1 4.2 7.0 4.5%
Antofagasta PLC (UK) ANTO 2.5 US$9.89 986 $9,748 0.52 0.72 0.74 13.6 13.4 1.33 2.21 2.05 4.5 4.8 8.3 0.7%
BHP Billiton Ltd BHP 2.8 US$26.20 5058 $124,784 1.87 2.08 2.08 12.6 12.6 3.37 3.44 3.47 7.6 7.5 8.5 5.1%
China Molybdenum Co Ltd (HK) 3993 3.3 CNY$2.17 21599 $11,547 0.22 0.12 0.14 18.2 15.6 0.44 0.32 0.25 6.8 8.7 39.2 3.9%
Freeport McMoran C&G FCX 2.6 US$9.71 1451 $14,086 1.52 0.40 0.93 24.2 10.4 2.65 1.63 2.35 5.9 4.1 6.2 1.6%
Glencore International PLC (UK) GLEN 2.0 US$3.22 13724 $44,142 0.41 0.35 0.40 9.3 8.0 0.81 0.73 0.86 4.4 3.8 7.5 5.4%
Grupo Mexico (MX) GMEXICOB 2.6 US$2.49 7785 $19,415 0.17 0.27 0.29 9.3 8.7 0.22 0.35 0.40 7.1 6.2 8.2 5.6%
Hindustan Zinc (IN) HZ 2.9 INR$245.80 4225 $14,875 19.47 21.19 22.44 11.6 11.0 24.09 27.76 28.28 8.9 8.7 8.2 0.0%
MMC Norilsk Nickel (RU) GMKN -- RU$5,429.84 158 $33,308 -- 899.94 1210.92 6.0 4.5 -- 689.72 1388.13 7.9 3.9 12.1 12.0%
Rio Tinto PLC (UK) RIO 2.7 US$57.30 1633 $98,118 5.12 6.00 5.26 9.5 10.9 6.88 9.09 8.58 6.3 6.7 8.4 6.3%
Sesa Sterlite Ltd (ADR) SSLT 2.7 INR$160.55 3702 $8,513 17.89 22.05 24.97 7.3 6.4 46.00 53.54 59.76 3.0 2.7 5.0 10.2%
South32 Ltd (AU) S32 2.6 US$2.30 5031 $11,543 0.24 0.23 0.22 10.2 10.6 0.36 0.38 0.38 6.0 6.1 6.1 4.8%
Southern Copper Corp SCCO 2.7 US$33.73 773 $26,075 2.00 2.31 2.62 14.6 12.9 3.02 3.07 3.45 11.0 9.8 14.1 3.8%
Sumitomo Metal Mining (JP) 5713 2.4 JPY$2,862 291 $7,688 265.40 253.58 267.40 11.3 10.7 438.78 428.15 432.06 6.7 6.6 10.5 2.2%
Teck Resources Ltd TCK 1.9 C$27.47 565 $11,496 4.07 3.95 3.50 7.0 7.9 7.62 7.60 7.20 3.6 3.8 6.1 0.6%
Vale SA (ADR) VALE 2.5 US$48.90 5284 $66,026 5.27 7.47 6.92 6.5 7.1 9.94 9.05 9.09 5.4 5.4 9.6 3.8%
Average                 11.2 10.0       6.2 5.8 10.3  
Mid Cap
                                 
Assore Ltd (SA) ASR 3.7 ZAR$381.69 140 $3,620 54.69 55.06 46.75 6.9 8.2 26.55 25.09 20.96 15.2 18.2 15.4 7.6%
Aurubis AG (GR) NDA 2.4 EUR$39.21 45 $1,962 5.50 4.50 4.84 8.7 8.1 5.09 6.76 6.27 5.8 6.3 5.9 3.2%
Boliden AB (SW) BOL 3.0 SEK$216.30 274 $6,232 26.32 23.82 22.72 9.1 9.5 43.03 40.42 41.91 5.4 5.2 6.2 3.4%
Eramet (FR) ERA 1.8 EUR$50.62 27 $1,501 1.83 9.50 10.44 5.3 4.8 16.01 20.15 22.32 2.5 2.3 6.3 1.0%
Exxaro  Resources Ltd (SA) EXX 1.8 ZAR$169.88 359 $4,139 20.57 28.09 27.29 6.0 6.2 (0.17) 20.10 17.60 8.5 9.7 11.1 7.9%
First Quantum Minerals (CA) FM 2.2 US$7.28 689 $5,020 0.71 0.78 1.25 9.3 5.8 2.87 2.08 2.95 3.5 2.5 13.7 0.1%
Iluka Resources Ltd (AU) ILU 2.0 AUD$9.74 422 $2,855 0.72 0.90 0.95 10.9 10.2 1.49 1.23 1.28 7.9 7.6 -- 3.8%
Jiangxi Copper Co "H" (HK) 358 2.6 CNY$8.62 3463 $6,202 0.70 0.86 0.86 10.0 10.0 1.54 1.23 1.34 7.0 6.4 11.7 2.5%
Kazakhmys PLC (UK) KAZ 2.4 US$6.44 471 $3,035 1.18 1.11 1.17 5.8 5.5 1.51 1.64 1.65 3.9 3.9 21.4 1.8%
KGHM Polska Miedz (PO) KGH 3.3 PLN$95.00 200 $4,929 8.29 11.97 12.44 7.9 7.6 16.48 21.27 22.74 4.5 4.2 5.8 0.0%
Lundin Mining Corp (CA) LUN 1.9 US$4.47 736 $3,292 0.30 0.39 0.66 11.4 6.7 0.65 0.89 1.34 5.0 3.3 5.3 0.0%
MMG Ltd (HK) 1208 3.1 US$0.30 8052 $2,452 0.01 0.02 0.03 12.8 10.5 0.21 0.19 0.20 1.6 1.6 12.2 0.0%
Turquoise Hill Resources TRQ 3.0 US$1.20 2012 $2,383 0.20 0.08 0.08 15.9 15.0 0.09 0.04 0.14 32.9 8.6 10.7 0.0%
Vale Indonesia Tbk PT (ID) INCO 2.0 US$0.19 9936 $1,864 0.01 0.00 0.01 40.5 20.3 0.02 0.02 0.02 9.7 8.4 12.1 0.0%
Vedanta Resources PLC (UK) VED -- US$10.85 285 $3,089 -- 0.87 1.24 12.5 8.7 -- 9.96 12.60 1.1 0.9 -- --
Average                 11.5 9.2       7.6 5.9 10.6  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 31-May-19 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Anglo Pacific Group PLC (UK) APF 1.3 GBP$2.00 181 $458 0.18 0.23 0.21 8.9 9.5 0.20 0.25 0.23 8.0 8.6 23.4 6.5%
Atalaya Mining PLC (UK) ATYM 1.0 EUR$2.40 137 $368 0.25 0.27 0.45 8.9 5.3 0.40 0.00 0.00 -- -- 21.2 0.0%
Hudbay Minerals HBM 2.3 US$4.91 261 $1,284 0.40 0.22 0.34 22.1 14.3 1.84 1.59 1.81 3.1 2.7 4.0 0.2%
Independence Group NL (AU) IGO 2.2 AUD$4.46 590 $1,827 0.11 0.20 0.28 21.9 15.9 0.61 0.69 0.72 6.5 6.2 17.5 1.0%
Ivanhoe Mines Ltd (CA) IVP 1.9 US$2.41 1018 $2,456 0.03 (0.03) (0.00) -- -- (0.02) (0.01) 0.05 -- 48.3 -- 0.0%
Mechel OAO (ADR) MTL 4.0 RU$61.40 555 $630 -- -- -- -- -- -- -- -- -- -- 8.2 0.0%
Mineral Resources Ltd (AU) MIN 1.8 AUD$15.02 188 $1,960 1.08 1.32 1.55 11.3 9.7 1.71 1.60 2.02 9.4 7.4 8.8 0.0%
Mitsui Mining & Smelting (JP) 5706 2.3 JPY$2,300 57 $1,217 58.51 234.66 313.91 9.8 7.3 649.22 826.35 878.66 2.8 2.6 6.0 2.5%
Outokumpu (FN) OUT1V 2.9 EUR$2.63 416 $1,220 0.34 0.15 0.43 17.3 6.2 0.52 0.73 0.97 3.6 2.7 8.2 4.6%
Oz Minerals (AU) OZL 2.5 AUD$9.02 324 $2,027 0.73 0.58 0.75 15.6 12.1 1.45 1.35 1.60 6.7 5.6 6.6 2.6%
Philex Mining Corp (PH) PX -- Php$2.99 4940 $284 0.15 -- -- -- -- -- -- -- -- -- 5.9 1.0%
Sandfire Resources NL (AU) SFR 2.9 AUD$6.15 160 $681 0.75 0.98 1.20 6.3 5.1 1.53 1.80 1.99 3.4 3.1 4.0 3.9%
Volcan Cia Ninera VOLABC1 2.3 US$0.14 4077 $2,040 0.01 0.01 0.01 14.2 14.2 -- -- -- -- -- 10.0 2.2%
Western Areas NL (AU) WSA 2.4 AUD$2.18 274 $414 0.06 0.13 0.22 16.5 10.0 0.30 0.38 0.47 5.7 4.7 7.5 1.0%
Average                 15.0 10.5       5.1 9.3 7.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Gold
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 31-May-19 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Agnico-Eagle Mines Ltd AEM 2.1 US$43.59 236 $10,282 0.31 0.57 0.96 76.9 45.3 2.60 3.26 4.14 13.4 10.5 13.5 1.0%
Barrick Gold Corp ABX 2.9 US$12.42 1752 $21,796 0.35 0.38 0.46 32.9 27.3 1.51 1.50 1.58 8.3 7.9 7.4 1.2%
Franco-Nevada FNV 2.2 US$77.24 187 $14,459 1.17 1.30 1.51 59.6 51.0 2.55 2.83 3.24 27.3 23.8 29.7 1.3%
Newcrest Mining Ltd (AU) NCM 2.8 AUD$18.88 768 $14,507 0.67 0.84 0.91 22.4 20.8 1.75 1.80 1.93 10.5 9.8 11.5 1.2%
Newmont Mining NEM 2.1 US$33.09 820 $27,122 1.34 1.28 1.43 25.9 23.2 3.41 4.13 4.38 8.0 7.6 12.2 1.6%
Polyus Gold International (UK) PGIL 1.8 RU$5,170.50 134 $10,532 617.74 664.72 687.47 7.8 7.5 589.63 779.37 845.02 6.6 6.1 -- 5.1%
Zijin Mining Group (HK) 2899 1.8 CNY$2.44 23031 $10,168 0.18 0.21 0.23 11.7 10.8 0.44 0.44 0.51 5.6 4.8 17.7 0.0%
Average                 33.9 26.6       11.4 10.1 15.3  
Mid Cap                                  
Alamos Gold AGI 2.4 US$4.88 389 $1,900 0.05 0.16 0.19 30.7 26.0 0.55 0.64 0.72 7.6 6.8 11.4 0.6%
AngloGold Ashanti Ltd AU 3.0 US$13.35 414 $5,532 0.51 1.02 1.19 13.1 11.2 2.05 2.84 3.41 4.7 3.9 4.7 0.5%
B2Gold Corp BTG 1.7 US$2.73 1008 $2,753 0.16 0.16 0.22 17.6 12.5 0.43 0.42 0.51 6.6 5.3 9.6 0.0%
Buenaventura (ADR) BVN 2.8 US$15.17 276 $3,992 (0.02) 0.64 0.77 23.7 19.7 1.36 1.00 1.27 15.2 11.9 13.9 0.6%
Evolution Mining Ltd (AU) EVN 2.8 AUD$3.87 1697 $4,557 0.14 0.16 0.20 23.8 19.5 0.38 0.39 0.43 10.0 9.0 10.0 2.0%
Gold Fields Ltd (ADR) GFI 3.0 US$4.46 829 $3,683 0.07 0.13 0.22 35.7 20.7 0.75 1.07 1.24 4.2 3.6 4.5 1.6%
Kinross Gold Corp KGC 2.7 US$3.27 1252 $4,096 0.10 0.15 0.16 22.5 19.9 0.63 0.77 0.82 4.2 4.0 6.6 0.0%
Kirkland Lake Gold (CA) KL 2.4 C$34.60 210 $7,266 1.36 2.22 2.28 15.6 15.2 2.58 3.31 3.43 10.5 10.1 39.0 0.3%
Northern Star Resources (AU) NST 2.8 AUD$9.71 640 $4,309 0.33 0.49 0.66 19.9 14.8 0.60 0.82 1.04 11.8 9.3 14.0 1.2%
Oceanagold Corp (AU) OGC 2.5 US$2.74 622 $1,718 0.20 0.13 0.17 20.7 16.5 0.55 0.42 0.45 6.5 6.1 6.4 0.7%
Polymetal International PLC (UK) POLY 2.4 US$10.74 470 $5,048 1.00 1.12 1.21 9.6 8.9 1.14 1.48 1.63 7.3 6.6 8.7 4.6%
Royal Gold Inc RGLD 2.4 US$87.99 66 $5,765 1.68 1.88 2.24 46.9 39.3 4.66 4.53 4.89 19.4 18.0 21.6 1.1%
Sibanye Gold Ltd (SA) SGL 2.2 ZAR$13.76 2380 $2,246 (0.01) 1.63 2.82 8.4 4.9 5.31 4.64 6.29 3.0 2.2 5.3 0.0%
Yamana Gold Inc AUY 2.5 US$2.00 950 $1,906 0.12 0.04 0.04 54.2 46.0 0.43 0.45 0.52 4.4 3.8 6.1 0.8%
Zhaojin Mining Industry Co Ltd (HK) 1818 2.4 CNY$6.34 3221 $2,955 0.15 0.21 0.29 29.6 21.6 0.83 0.69 1.14 9.2 5.6 17.5 0.6%
Average                 24.8 19.8       8.3 7.1 11.9  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 31-May-19 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Acacia Mining PLC (UK) ACAA 2.6 US$1.99 410 $814 0.11 0.18 0.22 11.0 9.1 0.31 0.42 0.56 4.7 3.6 1.8 0.0%
Alacer Gold Corp (CA) ASR 2.5 US$3.01 294 $885 0.05 0.31 0.37 9.6 8.2 0.33 0.66 0.75 4.6 4.0 39.4 0.0%
Centamin Egypt (CA) CEE 2.2 US$1.12 1156 $1,295 0.06 0.06 0.07 17.8 15.0 0.19 0.10 0.14 11.0 8.2 2.5 9.0%
Centerra Gold (CA) CG 2.6 US$5.73 292 $1,675 0.26 0.53 0.84 10.8 6.8 0.74 1.36 1.77 4.2 3.2 4.9 0.0%
Detour Gold Corp (CA) DGC 1.9 US$9.44 176 $1,660 0.37 0.30 0.48 31.1 19.5 1.47 1.48 1.59 6.4 5.9 6.6 0.0%
Eldorado Gold Corp EGO 2.8 US$3.94 159 $591 (0.17) 0.06 0.55 64.2 7.1 0.42 1.03 1.81 3.8 2.2 6.5 0.0%
Endeavour Mining Corp (CA) EDV 1.8 US$14.93 110 $1,642 0.49 0.62 1.53 24.2 9.7 2.33 2.75 3.65 5.4 4.1 10.0 0.0%
Harmony Gold Mining Ltd HAR 2.8 ZAR$25.25 540 $926 1.69 2.67 3.14 9.5 8.0 9.01 10.96 11.22 2.3 2.3 4.1 0.0%
Hecla Mining Co HL 3.3 US$1.31 486 $637 (0.11) (0.10) (0.05) -- -- 0.22 0.18 0.27 7.3 4.9 4.9 0.4%
Highland Gold Mining Ltd (UK) HGM 3.0 US$2.10 364 $764 0.15 0.22 0.22 9.8 9.8 0.37 0.38 0.38 5.5 5.6 6.4 7.9%
Hochschild Mining PLC (UK) HOC 2.4 US$1.96 511 $1,001 0.05 0.10 0.12 20.1 15.8 0.36 0.47 0.49 4.1 4.0 3.5 2.0%
Iamgold Corp IAG 2.3 US$2.50 468 $1,167 0.06 0.03 0.07 81.4 34.1 0.41 0.66 0.70 3.8 3.6 3.0 0.0%
Lundin Gold Inc (CA) LUG 2.2 US$4.22 222 $939 (0.12) (0.13) 0.21 -- 20.3 (0.17) (0.17) 0.54 -- 7.8 -- 0.0%
Pretium Resources PVG 2.1 US$8.53 184 $1,571 0.54 0.52 0.79 16.4 10.7 1.07 1.13 1.55 7.6 5.5 -- 0.0%
Osisko Gold Royalties Ltd OR 2.1 C$14.08 155 $1,616 0.20 0.18 0.26 76.5 54.2 0.53 0.63 0.74 22.2 19.1 56.9 1.3%
Regis Resources Ltd (AU) RRL 3.4 AUD$4.45 508 $1,568 0.34 0.36 0.38 12.3 11.6 0.49 0.49 0.54 9.0 8.2 8.5 3.3%
St Barbara Ltd (AU) SBM 2.6 AUD$2.56 696 $1,231 0.33 0.28 0.27 9.1 9.6 0.51 0.44 0.44 5.8 5.8 5.3 2.6%
Sandstorm Gold Ltd (CA) SAND 2.1 US$5.44 179 $971 0.03 0.07 0.09 77.7 61.8 0.24 0.29 0.34 18.6 16.1 26.3 0.0%
Saracen Mineral Holdings (AU) SAR 3.0 AUD$3.20 820 $1,814 0.10 0.16 0.20 20.1 16.2 0.25 0.28 0.30 11.5 10.7 26.9 0.0%
Semafo (CA) SMF 1.9 US$3.00 333 $1,000 (0.01) 0.32 0.33 9.3 9.0 0.34 0.83 0.81 3.6 3.7 7.2 0.0%
SSR Mining  SSRM 2.4 US$11.68 121 $1,416 0.23 0.41 0.53 28.5 21.9 0.50 1.28 1.63 9.1 7.2 6.2 0.0%
Torex Gold Resources (CA) TXG 1.9 US$9.18 85 $781 0.23 0.49 0.62 18.6 14.7 2.68 2.41 2.63 3.8 3.5 6.2 0.0%
Average                 27.9 17.8       7.4 6.3 11.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 31-May-19 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Americas Silver Corp (CA) USA 1.7 US$1.72 78 $134 (0.25) (0.02) 0.17 -- 10.1 0.21 0.22 0.49 7.8 3.5 0.0 0.0%
Coeur Mining Corp CDE 2.0 US$2.84 205 $582 (0.01) (0.28) (0.02) -- -- 0.11 0.57 0.95 5.0 3.0 4.5 0.0%
Endeavour Silver Corp EXK 3.0 US$1.78 131 $234 (0.10) (0.17) 0.00 -- NM 0.21 0.09 0.22 20.9 8.0 6.4 0.0%
First Majestic Silver Corp AG 2.6 US$6.08 199 $1,213 (0.21) (0.07) 0.04 -- NM 0.18 0.49 0.73 12.3 8.3 11.3 0.0%
Fortuna Silver Mines FSM 2.3 US$2.58 160 $414 0.24 0.20 0.48 13.2 5.4 0.52 0.36 0.87 7.2 3.0 4.7 0.0%
Fresnillo (UK) FRES 2.3 US$9.70 737 $7,148 0.46 0.44 0.58 21.9 16.7 1.09 1.02 1.08 9.5 9.0 7.3 3.7%
Mag Silver Corp MAG 1.8 US$9.78 86 $843 (0.09) (0.06) 0.41 -- 23.7 (0.05) (0.05) 0.42 -- 23.3 95.5 0.0%
Pan American Silver PAAS 2.5 US$10.87 209 $2,274 0.39 0.27 0.59 39.8 18.3 1.01 1.41 2.09 7.7 5.2 9.3 1.1%
Wheaton Precious Metals WPM 1.9 US$22.10 445 $9,849 0.48 0.52 0.66 42.2 33.6 1.22 1.15 1.27 19.2 17.4 18.1 1.5%
Silvercorp SVM 1.5 US$2.19 170 $372 0.21 0.20 0.21 11.1 10.6 0.40 0.35 0.35 6.3 6.3 -- --
Average                 25.6 16.9       10.7 8.7 17.4  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 2.3 ZAR$164.95 222 $2,487 26.66 28.81 25.37 5.7 6.5 15.36 16.45 38.63 10.0 4.3 35.2 8.1%
Anglo Platinum Ltd (SA) AMS 3.3 ZAR$732.78 270 $13,424 28.22 40.28 43.14 18.2 17.0 59.17 53.94 56.65 13.6 12.9 21.1 2.1%
Impala Platinum (SA) IMP 2.3 ZAR$58.00 735 $3,221 1.84 5.11 5.02 11.3 11.6 5.53 8.17 7.72 7.1 7.5 16.3 0.0%
Lonmin PLC (UK) LMI 3.1 US$0.91 290 $264 0.18 0.30 0.32 3.0 2.8 0.40 0.48 0.02 1.9 59.7 -- 0.0%
Northam Platinum Ltd (SA) NHM 2.5 ZAR$56.31 510 $1,950 (0.35) 2.20 3.10 25.6 18.2 3.91 9.55 9.34 5.9 6.0 45.5 0.0%
Average                 12.8 11.2       7.7 18.1 29.5  
Diamonds & Gems   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 31-May-19 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
AK Alrosa PAO (RU) ALRS 2.4 RU$33.75 7365 $9,962 12.29 12.77 14.16 2.6 2.4 17.41 15.01 17.01 2.2 2.0 3.9 10.9%
Lucara Diamond Corp (CA) LUC 1.7 US$1.12 397 $447 0.03 0.08 0.09 14.8 12.7 0.11 0.18 0.16 6.4 7.2 2.3 6.5%
Mountain Province Diamonds (CA) MPVD 2.3 US$1.32 210 $205 (0.10) 0.14 0.22 9.2 6.1 0.69 0.57 0.72 2.3 1.8 -- 3.4%
Petra Diamonds Ltd (UK) PDL 2.1 US$0.28 865 $240 0.01 0.04 0.07 7.1 3.9 0.12 0.14 0.18 2.0 1.5 5.3 0.0%
Average                 8.4 6.3       3.2 3.1 3.8  
Fertilizers                                  
Arab Potash Co (JR) APOT -- JOD$16.60 83 $1,953 -- -- -- -- -- -- -- -- -- -- 12.0 6.8%
CF Industries CF 2.5 US$40.24 221 $8,896 1.24 2.12 2.70 19.0 14.9 6.40 5.96 6.54 6.8 6.2 18.2 2.9%
Compass Minerals  CMP 2.3 US$51.01 34 $1,728 1.93 2.65 3.97 19.3 12.9 5.63 8.02 8.72 6.4 5.8 10.9 5.3%
Incitec Pivot Ltd (AU) IPL 2.4 AUD$3.28 1606 $3,654 0.19 0.15 0.25 21.5 13.3 0.38 0.36 0.44 9.1 7.5 10.7 2.4%
Israel Chemical (IS) ICL 2.3 US$5.05 1280 $6,498 0.37 0.37 0.40 13.7 12.5 0.48 0.65 0.66 7.8 7.7 8.7 3.8%
K & S Aktiengesellschaft (GR) SDF 2.1 EUR$15.20 191 $3,237 0.22 1.18 1.54 12.9 9.9 1.88 3.43 3.60 4.4 4.2 11.0 1.5%
Mosaic Co MOS 2.4 US$21.47 386 $8,283 2.12 1.73 2.35 12.4 9.1 3.75 3.91 4.71 5.5 4.6 11.5 0.4%
Sociedad Quimica Minera (ADR) SQM 2.7 US$30.33 263 $7,768 1.67 1.56 1.85 19.4 16.4 1.99 2.38 2.45 12.7 12.4 10.9 6.2%
Yara International ASA (NO) YAR 2.5 NOK$42.94 273 $11,733 1.68 2.95 3.78 14.6 11.4 2.77 6.16 6.29 7.0 6.8 9.8 1.8%
Average                 16.6 12.5       7.5 6.9 11.5  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 31-May-19 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Cameco Corp CCJ 2.4 C$13.64 396 $3,995 0.53 0.04 0.20 NM 69.2 1.68 0.73 0.79 18.7 17.2 9.7 0.5%
Denison Mines DNN 2.2 US$0.72 589 $314 (0.04) (0.04) (0.03) -- -- (0.04) (0.03) (0.03) -- -- -- 0.0%
Energy Resources Australia (AU) ERA 4.0 AUD$0.21 518 $75 0.04 (0.05) (0.02) -- -- (0.15) 0.12 0.03 1.8 7.0 -- 0.0%
Uranium Participation Corp (CA) U 1.9 C$4.35 138 $445 (0.03) (0.03) 0.02 -- NM (0.04) (0.04) (0.04) -- -- -- 0.0%
Average                   69.2       10.2 12.1 9.7  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 31-May-19 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Adaro Energy TBK (ID) ADRO 2.0 US$0.09 31986 $2,878 0.01 0.01 0.01 7.6 7.0 0.03 0.02 0.02 4.0 3.8 5.0 6.6%
Banpu Public Co Ltd (TH) BANPU 2.2 THB$0.47 5162 $2,422 0.08 0.06 0.06 7.6 7.7 0.08 0.10 0.09 4.9 5.0 17.2 4.2%
China Coal Energy Co (HK) 1898 2.5 CNY$2.82 13259 $7,999 0.34 0.37 0.37 7.5 7.6 1.54 1.21 1.25 2.3 2.3 11.7 2.9%
China Shenhua Energy Co (HK) 1088 2.3 CNY$14.18 19890 $50,908 2.22 2.17 2.15 6.5 6.6 4.11 3.83 3.59 3.7 3.9 5.3 5.8%
Consol Energy CNX 2.4 US$7.72 195 $1,509 1.36 0.72 0.75 10.7 10.3 4.13 4.04 3.97 1.9 1.9 6.9 0.0%
Whitehaven Coal Lyd (AU) WHC 2.0 AUD$3.93 1026 $2,798 0.56 0.52 0.43 7.5 9.2 0.87 0.77 0.62 5.1 6.4 0.0 0.0%
Yancoal Australia Lyd YAL -- AUD$3.23 1320 $2,948 -- -- -- -- -- -- -- -- -- -- 0.0 0.0%
Yanzhou Coal Mining Co Ltd (HK) 1171 2.3 CNY$6.49 4912 $6,404 1.75 1.55 1.43 4.2 4.5 3.71 2.89 3.08 2.2 2.1 18.3 0.0%
Average                 7.4 7.6       3.5 3.6 8.0  
 
Small Cap                                  
Fushan Int'l Energy Group (HK) 639 2.3 HK$1.63 5302 $1,101 0.21 0.21 0.22 7.7 7.5 0.23 0.29 0.30 5.5 5.4 7.2 10.6%
NLC India Ltd (IN) NLCINDIA -- INR$65.10 1387 $1,298 -- -- -- -- -- -- -- -- -- -- 7.9 --
New Hope Corp Ltd (AU) NHC 2.8 AUD$2.63 831 $1,517 0.38 0.44 0.32 6.0 8.3 0.53 0.52 0.39 5.0 6.8 15.1 4.0%
PT Tambang Batubara Bukit (ID) PTBA 2.3 IDR$3,060 11521 $2,449 477.00 422.25 431.26 7.2 7.1 746.44 395.30 445.35 7.7 6.9 10.4 8.1%
PT Bumi Resources (ID) BUMI -- US$0.01 65476 $537 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Average                 7.2 7.7       4.2 4.4 9.0  
Limited Partnership                                  
Alliance Resource Partners LP ARLP 2.0 US$17.21 128 $2,210 2.99 3.84 2.54 4.5 6.8 5.31 3.26 3.10 5.3 5.6 4.0 10.3%
Natural Resource Partners LP NRP 3.0 US$39.76 12 $488 6.43 5.75 6.15 6.9 6.5 9.19 6.55 7.97 6.1 5.0 4.4 4.4%
Average                 5.7 6.6       5.7 5.3 4.2  
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 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 (31-May-19)
Aluminum ($0.80 / lb)
Cobalt ($15.42 / lb)
Copper ($2.62 / lb)
Lead ($0.81 / lb)
Molybdenum ($12.18 / lb)
Nickel ($5.46 / lb)
Tin ($8.55 / lb)
Zinc ($1.22 / lb)
Gold ($1305 / oz)
Palladium ($1310 / oz)
Platinum ($791 / oz)
Silver ($14.56 / oz)
Uranium ($24.10 / lb)

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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