Make Kitco Your Homepage
  1. Kitco Metals Inc.
  2. Commentary Archive
  3. Bio

Metals & Mining Analysts' Ratings & Estimates - Seniors

Senior Producers, Larger-Cap Near-Term Production

Royalty & Streaming   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 14-Feb-20 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Altius Minerals Corp ALS 1.8 C$10.65 42 $338 0.42 0.50 0.48 21.1 22.3 0.35 0.96 1.03 11.1 10.3 -- 1.6%
Anglo Pacific Group PLC (UK) APF 1.8 GBP$1.54 181 $363 0.18 0.21 0.21 7.4 7.4 0.20 0.23 0.22 6.7 6.9 16.9 4.6%
Franco-Nevada FNV 2.3 US$115.59 189 $21,773 1.17 1.72 2.15 67.2 53.6 2.55 3.25 3.89 35.6 29.7 44.8 1.1%
Maverix Metals (CA) MMX 2.1 C$6.45 108 $526 0.04 0.06 0.13 NM 49.0 0.24 0.22 0.34 29.9 18.9 -- 0.0%
Osisko Gold Royalties Ltd OR 2.1 C$13.64 157 $1,624 0.20 0.26 0.32 53.3 42.6 0.53 0.62 0.73 22.1 18.7 56.2 1.6%
Royal Gold Inc RGLD 3.2 US$102.92 66 $6,749 1.60 2.05 2.69 50.3 38.3 4.45 4.51 5.35 22.8 19.2 24.8 0.9%
Sandstorm Gold Ltd (CA) SAND 2.1 US$7.16 175 $1,252 0.03 0.09 0.13 79.6 56.5 0.24 0.30 0.40 23.9 18.1 34.0 0.0%
Wheaton Precious Metals WPM 1.9 US$29.99 447 $13,399 0.48 0.57 0.89 52.3 33.8 1.22 1.17 1.50 25.7 20.0 23.6 1.4%
Average                 47.3 37.9       22.2 17.7 33.4  
Gold
Large Cap Gold
                                 
Agnico-Eagle Mines Ltd AEM 2.1 US$49.87 239 $11,913 0.31 0.96 1.64 51.9 30.5 2.60 3.70 4.79 13.5 10.4 15.3 0.9%
Barrick Gold Corp ABX 2.1 US$19.72 1778 $35,040 0.35 0.51 0.73 38.7 27.2 1.51 1.61 2.30 12.2 8.6 11.9 1.1%
Kirkland Lake Gold (CA) KL 2.7 US$36.99 210 $7,745 1.36 2.74 2.81 13.5 13.2 2.58 4.27 4.50 8.7 8.2 40.6 0.3%
Newcrest Mining Ltd (AU) NCM 3.2 US$18.79 769 $14,457 0.66 0.85 0.99 22.1 19.0 1.90 1.84 1.87 10.2 10.0 11.8 1.1%
Newmont Goldcorp NEM 2.1 US$44.07 820 $36,130 1.34 1.30 1.94 33.9 22.7 3.41 3.88 4.88 11.4 9.0 17.7 1.5%
Polyus Gold International (UK) PGIL 2.0 RU$8,003.00 134 $16,884 617.74 769.61 826.34 10.4 9.7 589.63 1054.82 1014.76 7.6 7.9 -- 2.3%
Zijin Mining Group (HK) 2899 1.6 CNY$3.44 25377 $15,611 0.18 0.17 0.21 19.7 16.2 0.44 0.37 0.49 9.3 7.1 24.4 0.0%
Average                 27.2 19.8       10.4 8.8 20.3  
Mid Cap Gold   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 14-Feb-20 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Alamos Gold AGI 2.2 US$6.01 391 $2,349 0.05 0.21 0.26 29.2 23.0 0.55 0.73 0.71 8.3 8.4 14.3 0.7%
AngloGold Ashanti Ltd AU 2.8 US$19.89 415 $8,235 0.51 1.13 2.24 17.6 8.9 2.05 2.60 4.82 7.6 4.1 6.6 0.4%
B2Gold Corp BTG 1.6 US$4.14 1026 $4,246 0.16 0.24 0.39 17.3 10.7 0.43 0.50 0.67 8.3 6.2 13.8 0.0%
Buenaventura (ADR) BVN 2.9 US$12.31 276 $3,462 (0.02) 0.40 0.62 31.0 19.8 1.36 0.58 0.99 21.1 12.5 12.3 0.8%
Centerra Gold (CA) CG 2.3 US$7.37 294 $2,163 0.26 0.70 1.00 10.5 7.3 0.74 1.44 2.01 5.1 3.7 6.4 0.0%
Endeavour Mining Corp (CA) EDV 1.8 US$18.77 110 $2,061 0.49 0.58 1.51 32.4 12.4 2.33 2.90 3.96 6.5 4.7 11.8 0.0%
Evolution Mining Ltd (AU) EVN 2.8 AUD$4.23 1704 $4,843 0.14 0.16 0.21 26.0 19.7 0.39 0.43 0.50 9.9 8.5 10.7 3.4%
Gold Fields Ltd (ADR) GFI 3.3 US$6.10 829 $5,262 0.07 0.20 0.48 30.5 12.8 0.75 1.08 1.46 5.7 4.2 5.7 0.6%
Kinross Gold Corp KGC 2.5 US$5.05 1254 $6,330 0.10 0.34 0.41 14.9 12.4 0.63 0.97 1.06 5.2 4.8 9.0 0.0%
Northern Star Resources (AU) NST 2.9 AUD$13.58 739 $6,746 0.30 0.44 0.73 31.2 18.6 0.58 0.81 1.15 16.8 11.8 21.5 1.3%
NovaGold Resources Inc NG 2.0 US$9.02 328 $2,950 (0.10) (0.09) -- -- -- -- -- (0.03) -- -- -- 0.0%
Polymetal International PLC (UK) POLY 2.4 US$16.60 470 $7,806 1.00 1.17 1.55 14.2 10.7 1.14 1.44 1.97 11.6 8.4 12.6 4.0%
Pretium Resources PVG 2.9 US$7.42 185 $1,375 0.54 0.55 0.48 13.5 15.5 1.07 1.21 1.09 6.1 6.8 -- 0.0%
Saracen Mineral Holdings (AU) SAR 2.0 AUD$4.13 1103 $3,060 0.10 0.17 0.27 24.4 15.4 0.25 0.32 0.43 12.8 9.6 47.5 0.0%
Sibanye Gold Ltd (SA) SGL 1.7 ZAR$42.10 2670 $7,522 (0.01) 1.86 9.41 22.6 4.5 5.31 3.18 12.99 13.2 3.2 12.8 0.0%
SSR Mining  SSRM 2.0 US$18.13 123 $2,232 0.23 0.76 1.02 23.9 17.8 0.50 1.55 2.11 11.7 8.6 10.0 0.0%
Yamana Gold Inc AUY 2.5 US$4.10 950 $3,894 0.12 0.35 0.19 11.7 21.8 0.43 0.52 0.67 7.9 6.1 7.7 0.8%
Zhaojin Mining Industry Co Ltd (HK) 1818 2.3 CNY$7.74 3270 $3,625 0.15 0.21 0.32 37.3 23.9 0.53 0.78 1.10 10.0 7.0 20.3 0.5%
Average                 22.8 15.0       9.9 7.0 13.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Small Cap Gold   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 14-Feb-20 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Acacia Mining PLC (UK) ACAA -- US$2.93 410 $1,200 0.11 0.22 0.25 13.5 11.7 0.31 0.44 0.52 6.7 5.6 -- 0.0%
Alacer Gold Corp (CA) ASR 2.6 US$4.66 295 $1,370 0.05 0.37 0.40 12.6 11.5 0.33 0.86 0.85 5.4 5.5 49.0 0.0%
Centamin Egypt (CA) CEE 2.3 US$1.77 1156 $2,043 0.06 0.07 0.11 26.6 16.8 0.19 0.11 0.15 16.6 12.0 4.4 4.8%
Continental Gold Inc (CA) CNL 2.3 US$4.11 214 $880 (0.16) (0.15) 0.13 -- 31.2 (0.07) (0.07) 0.35 -- 11.9 -- 0.0%
DRDGold Ltd (ADR) DROOY 5.0 ZAR$9.50 865 $550 0.06 0.38 0.80 25.0 11.9 1.17 1.26 -- 7.5 -- 20.4 5.8%
Dundee Precious Metals (CA) DPM 1.9 US$4.44 181 $802 0.16 0.19 0.60 23.4 7.5 0.55 0.55 1.01 8.1 4.4 10.9 0.0%
Eldorado Gold Corp EGO 2.8 US$6.74 159 $1,057 (0.17) 0.06 0.88 NM 7.7 0.42 1.02 2.15 6.6 3.1 9.3 0.0%
Equinox Gold Corp (CA) EQX 2.2 US$8.96 113 $1,015 (0.10) 0.17 0.65 54.0 13.9 (0.25) 0.79 1.33 11.4 6.7 -- 0.0%
Gold Resource Corp  GORO 2.0 US$5.05 66 $331 0.15 0.44 -- 11.6 -- --     -- -- -- 0.7%
Gold Road Resources Ltd (AU) GOR 2.3 AUD$1.65 879 $974 (0.02) 0.01 0.09 NM 17.6 (0.02) 0.06 0.15 28.4 11.4 -- 0.0%
Golden Star Resources GSS 2.5 US$2.90 160 $318 (0.02) 0.17 0.25 17.1 11.4 (0.09) 0.32 0.69 9.1 4.2 8.1 0.0%
Great Bear Resources (CA) GBR 1.5 C$8.73 46 $301 (0.13) -- -- -- -- -- --   -- -- -- 0.0%
Harmony Gold Mining Ltd HAR 2.3 ZAR$46.68 542 $1,694 1.80 4.10 7.05 11.4 6.6 8.56 11.42 15.36 4.1 3.0 6.7 0.0%
Hecla Mining Co HL 3.2 US$2.92 523 $1,528 (0.11) (0.13) 0.02 -- NM 0.22 0.23 0.31 12.5 9.3 8.3 0.3%
Highland Gold Mining Ltd (UK) HGM 2.0 US$2.67 364 $973 0.15 0.31 0.32 8.8 8.4 0.37 0.44 0.49 6.1 5.5 7.8 6.1%
Hochschild Mining PLC (UK) HOC 2.5 US$2.13 514 $1,093 0.05 0.12 0.14 18.2 15.1 0.36 0.46 0.46 4.6 4.7 3.7 1.7%
Iamgold Corp IAG 2.7 US$2.98 468 $1,398 0.06 (0.03) 0.17 -- 17.4 0.41 0.51 0.80 5.8 3.7 3.8 0.0%
K92 Mining (CA) KNT 1.4 US$3.03 213 $644 0.07 0.12 0.26 25.7 11.6 0.09 0.21 0.33 14.2 9.1 -- 0.0%
Leagold Mining Corp (CA) LMC 2.5 US$2.92 285 $831 0.07 0.13 0.34 22.9 8.5 0.20 0.47 0.64 6.2 4.6 -- 0.0%
Lundin Gold Inc (CA) LUG 2.0 US$8.69 224 $1,942 (0.12) (0.21) 0.38 -- 22.9 (0.17) (0.12) 0.62 -- 14.1 -- 0.0%
McEwen Mining Inc. MUX 2.0 US$1.14 363 $413 (0.13) (0.11) (0.01) -- -- 0.00 (0.05) 0.02 -- 57.0 -- 0.3%
New Gold Inc NGD 2.8 US$0.75 673 $508 (0.02) (0.08) (0.03) -- -- 0.33 0.43 0.39 1.8 2.0 3.8 0.0%
Oceanagold Corp (AU) OGC 2.1 US$1.87 622 $1,173 0.20 0.05 0.17 37.2 11.3 0.55 0.34 0.40 5.6 4.6 4.6 0.2%
Orla Mining Ltd (CA) OLA 2.0 C$2.33 187 $329 (0.17) (0.17) (0.09) -- -- (0.14) (0.12) (0.08) -- -- -- 0.0%
Osisko Mining Corp (CA) OSK 1.8 C$3.61 291 $792 (0.18) (0.09) (0.05) -- -- (0.03) (0.07) (0.04) -- -- -- 0.0%
Pan African Resources (UK) PAF 1.0 US$0.16 1928 $317 0.01 0.02 0.03 8.1 5.2 0.01 0.03 0.04 6.3 4.0 12.2 1.3%
Perseus Mining Ltd (AU) PRU 2.2 AUD$1.19 1168 $934 0.00 0.02 0.05 59.8 24.3 0.10 0.14 0.17 8.5 6.9 -- 0.0%
Petropavlovsk PLC (UK) POG 2.0 US$0.22 3310 $726 0.01 0.02 0.04 13.7 5.8 0.07 0.02 0.03 14.6 6.7 6.5 0.0%
Regis Resources Ltd (AU) RRL 2.9 AUD$4.29 508 $1,465 0.33 0.38 0.44 11.4 9.7 0.53 0.57 0.61 7.6 7.1 8.1 3.0%
Ramelius Resources Ltd (AU) RMS 1.8 AUD$1.26 658 $555 0.05 0.06 0.10 20.6 12.2 0.23 0.23 0.26 5.5 4.8 9.0 1.4%
Resolute Mining Ltd (AU) RSG 2.1 AUD$1.12 1036 $776 0.06 0.19 0.22 5.9 5.0 0.14 0.28 0.33 4.0 3.3 -- 0.0%
St Barbara Ltd (AU) SBM 2.4 AUD$2.73 699 $1,282 0.32 0.25 0.29 11.0 9.5 0.52 0.41 0.46 6.6 6.0 3.4 2.7%
Sabina Gold & Silver Corp (CA) SBB 2.1 C$1.70 297 $380 (0.03) (0.02) (0.01) -- -- (0.02) (0.01) (0.01) -- -- -- 0.0%
Seabridge Gold SA 2.0 C$17.43 63 $831 (0.34) (0.12) (0.08) -- -- (0.16) (6.29) -- -- -- -- 0.0%
Semafo (CA) SMF 2.3 US$2.36 334 $789 (0.01) 0.25 0.28 9.4 8.4 0.34 0.77 0.69 3.1 3.4 5.8 0.0%
Silver Lake Resources (AU) SLR 2.8 AUD$1.69 880 $999 0.03 0.07 0.10 25.1 16.3 0.14 0.17 0.21 10.2 8.2 21.5 0.0%
Silvercrest Metals Inc SILV 1.8 C$8.77 105 $697 (0.07) (0.10) (0.06) -- -- (0.08) (0.08) (0.05) -- -- -- 0.0%
Teranga Gold Corp (CA) TGZ 1.3 US$5.78 108 $622 0.17 0.13 0.41 44.5 14.2 0.86 0.75 1.12 7.7 5.2 7.4 0.0%
Torex Gold Resources (CA) TXG 1.9 US$14.07 85 $1,200 0.23 0.69 0.88 20.4 15.9 2.68 3.14 2.95 4.5 4.8 8.0 0.0%
Victoria Gold Corp (CA) VIT 2.0 C$8.43 58 $366 -- 0.98 0.83 8.6 10.2 -- (0.40) 0.18 -- 48.2 -- --
Wesdome Gold Mines Ltd (CA) WDO 2.2 C$9.29 138 $966 0.11 0.33 0.47 27.8 20.0 0.34 0.59 0.60 15.7 15.4 73.4 0.0%
Westgold Resources Ltd (AU) WGX 2.0 AUD$2.19 400 $588 0.02 0.09 0.24 23.3 9.0 0.13 0.31 0.47 7.1 4.6 -- 0.0%
Average                 21.3 12.8       8.5 9.1 12.9  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 14-Feb-20 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Alexco Resource Corp* AXU 2.3 C$2.33 119 $208 (0.08) -- -- -- -- -- -- -- -- -- -- 0.0%
Americas Gold & Silver Corp (CA) USA 1.8 US$3.04 83 $251 (0.25) (0.27) 0.14 -- 22.2 0.21 0.00 0.45 -- 6.8 57.7 0.0%
Coeur Mining Corp CDE 2.8 US$5.98 241 $1,438 (0.01) (0.25) 0.20 -- 30.1 0.11 0.49 0.99 12.1 6.1 7.8 0.0%
Endeavour Silver Corp EXK 3.2 US$1.96 140 $274 (0.10) (0.26) 0.04 -- 54.1 0.21 (0.02) 0.24 -- 8.2 7.8 0.0%
First Majestic Silver Corp AG 2.6 US$9.60 205 $1,966 (0.21) 0.08 0.22 NM 44.2 0.18 0.53 0.49 18.1 19.5 17.8 0.0%
Fortuna Silver Mines FSM 2.1 US$3.50 160 $561 0.24 0.17 0.43 20.8 8.1 0.52 0.36 0.81 9.7 4.3 7.5 0.0%
Fresnillo (UK) FRES 2.7 US$8.81 737 $6,489 0.46 0.22 0.31 39.6 28.7 1.09 0.86 0.95 10.2 9.3 6.9 2.9%
MAG Silver Corp MAG 1.9 US$10.16 87 $879 (0.09) (0.05) 0.28 -- 36.9 (0.05) (0.04) 0.08 -- NM -- 0.0%
New Pacific Metals Corp (CA) NUAG 2.7 C$5.69 147 $632 (0.03) (0.02) (0.02) -- -- (0.02) (0.01) -- -- -- -- --
Pan American Silver PAAS 2.4 US$22.42 210 $4,691 0.39 0.64 0.77 35.3 29.3 1.01 1.49 2.26 15.0 9.9 17.9 0.9%
Silvercorp Metals Inc SVM 2.0 US$3.96 172 $682 0.21 0.21 0.21 18.5 18.6 0.40 0.43 0.40 9.3 10.0 -- 0.4%
Average                 28.6 30.2       12.4 9.3 17.6  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 2.1 ZAR$162.00 224 $2,427 25.61 29.06 29.28 5.6 5.5 13.97 17.61 22.93 9.2 7.1 34.6 7.1%
Anglo American Platinum Ltd (SA) AMS 3.1 ZAR$1,261.51 270 $22,765 28.22 70.50 112.67 17.9 11.2 59.17 82.91 121.53 15.2 10.4 36.2 2.2%
Impala Platinum (SA) IMP 2.1 ZAR$164.55 799 $9,514 1.23 11.97 24.02 13.7 6.8 9.05 18.54 26.41 8.9 6.2 44.9 0.0%
Lonmin PLC (UK) LMI -- US$0.96 290 $278 -- 0.41 0.40 2.3 2.4 -- 0.48 0.02 2.0 62.9 -- 0.0%
North American Palladium Ltd (CA) PDL -- C$19.73 59 $883 -- 2.30 2.49 8.6 7.9 -- 3.95 -- 5.0 -- -- 1.3%
Northam Platinum Ltd (SA) NHM 1.7 ZAR$133.88 510 $4,567 (0.92) 4.87 12.68 27.5 10.6 3.39 15.79 25.08 8.5 5.3 89.8 0.0%
Average                 12.6 7.4       8.1 18.4 51.4  
Select (Precious Metals >US$20MM Mkt Cap)                              
Gold Springs Resource Corp (CA)* GRC 2.0 US$0.09 249 $23 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Lion One Metals Ltd (CA)* LIO 2.0 C$1.92 106 $154 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Minera Alamos Inc (CA) MAI 2.0 C$0.28 407 $84 (0.02) 0.01 0.03 27.5 9.2 0.03 -- -- -- -- -- 0.0%
Northern Vertex Mining Corp (CA)* NEE 2.0 US$0.18 247 $44 -- -- -- -- -- -- -- -- -- -- -- 0.0%
Paramount Gold Nevada Corp* PZG 1.7 US$0.90 28 $25 (0.26) (0.21) (0.15) -- -- (0.19) (0.13)   -- -- -- 0.0%
Average                 27.5 9.2              
*includes research coverage by Scarsdale Equities.
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Base Metals & Diversified
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 14-Feb-20 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Anglo American PLC (UK) AAL 2.6 US$27.31 1367 $37,331 2.50 2.78 2.81 9.8 9.7 5.50 5.41 6.05 5.1 4.5 7.8 4.0%
Antofagasta PLC (UK) ANTO 2.7 US$11.32 986 $11,164 0.52 0.52 0.50 21.7 22.9 1.33 1.90 1.69 6.0 6.7 9.1 0.9%
BHP Billiton Ltd BHP 2.7 US$25.95 5058 $122,648 1.81 1.93 1.98 13.4 13.1 3.45 3.47 3.37 7.5 7.7 8.4 4.7%
China Molybdenum Co Ltd (HK) 3993 2.2 CNY$3.60 21599 $15,751 0.22 0.08 0.13 46.8 28.8 0.44 (0.18) 0.30 -- 12.0 60.2 0.0%
Freeport McMoran C&G FCX 2.3 US$12.24 1451 $17,759 1.52 0.02 0.36 NM 33.9 2.65 1.02 1.52 12.0 8.1 7.2 --
Glencore International PLC (UK) GLEN 2.1 US$3.05 13324 $40,667 0.41 0.16 0.22 19.3 13.8 0.81 0.58 0.63 5.3 4.8 7.2 2.9%
Grupo Mexico (MX) GMEXICOB 2.4 US$2.81 7785 $21,897 0.17 0.22 0.24 12.9 11.9 0.22 0.32 0.37 8.7 7.5 9.0 7.0%
Hindustan Zinc (IN) HZ 2.6 INR$190.65 4225 $11,295 19.47 17.85 18.81 10.7 10.1 21.39 21.57 23.63 8.8 8.1 5.8 0.0%
MMC Norilsk Nickel (RU) GMKN -- RU$5,429.84 158 $53,535 -- 899.94 1210.92 6.0 4.5 -- 689.72 1388.13 7.9 3.9 17.0 11.7%
Rio Tinto PLC (UK) RIO 2.8 US$54.75 1618 $92,627 5.12 6.21 5.42 8.8 10.1 6.88 8.74 8.00 6.3 6.8 8.2 5.3%
South32 Ltd (AU) S32 2.3 US$1.77 4900 $8,657 0.22 0.13 0.10 13.8 17.2 0.34 0.30 0.27 5.9 6.5 4.7 2.1%
Southern Copper Corp SCCO 2.4 US$39.26 773 $30,350 2.00 2.06 2.19 19.0 17.9 3.02 2.76 3.16 14.2 12.4 16.0 4.7%
Sumitomo Metal Mining (JP) 5713 2.3 JPY$3,172 291 $8,401 265.40 221.45 253.53 14.3 12.5 438.78 448.41 404.09 7.1 7.8 10.9 1.7%
Teck Resources Ltd TCK 2.0 C$17.83 547 $7,379 4.07 2.91 2.49 6.1 7.2 7.62 6.45 5.99 2.8 3.0 4.4 0.9%
Vale SA (ADR) VALE 2.5 BRL$51.01 5284 $62,714 5.27 4.85 7.10 10.5 7.2 9.94 9.35 9.28 5.5 5.5 9.5 4.1%
Average                 15.2 14.7       7.3 7.0 12.4  
Mid Cap
                                 
Assore Ltd (SA) ASR 2.8 ZAR$231.00 140 $2,158 55.70 58.61 50.79 3.9 4.5 14.60 18.27 27.33 12.6 8.5 7.9 6.5%
Aurubis AG (GR) NDA 2.9 EUR$50.96 45 $2,483 5.17 3.24 3.81 15.7 13.4 4.75 5.50 5.70 9.3 8.9 6.6 2.3%
Boliden AB (SW) BOL 2.7 SEK$233.40 274 $6,601 26.32 21.15 22.76 11.0 10.3 43.03 34.52 41.97 6.8 5.6 6.9 0.0%
Exxaro  Resources Ltd (SA) EXX 1.7 ZAR$125.37 359 $3,009 20.57 26.00 27.05 4.8 4.6 (0.17) 15.24 11.81 8.2 10.6 7.7 8.8%
First Quantum Minerals (CA) FM 2.1 US$9.19 689 $6,329 0.71 0.36 0.33 25.5 28.2 2.87 1.29 2.51 7.1 3.7 15.7 0.1%
Iluka Resources Ltd (AU) ILU 2.9 AUD$9.53 423 $2,705 0.72 0.67 0.75 14.2 12.8 1.49 0.98 1.18 9.7 8.1 -- 2.2%
Independence Group NL (AU) IGO 2.9 AUD$5.75 591 $2,282 0.11 0.22 0.34 25.6 17.1 0.59 0.72 0.83 7.9 6.9 20.6 2.2%
Ivanhoe Mines Ltd (CA) IVP 2.1 US$2.72 1196 $3,246 0.03 (0.00) (0.04) -- -- (0.02) (0.03) (0.04) -- -- -- 0.0%
Jiangxi Copper Co "H" (HK) 358 2.3 CNY$8.75 3463 $6,081 0.70 0.74 0.83 11.9 10.6 2.36 1.57 1.14 5.6 7.7 14.5 2.2%
Kazakhmys PLC (UK) KAZ 2.2 US$6.46 472 $3,051 1.18 0.99 0.97 6.5 6.7 1.51 1.43 1.50 4.5 4.3 23.9 1.3%
KGHM Polska Miedz (PO) KGH 3.4 PLN$93.90 200 $4,798 8.29 10.96 10.12 8.6 9.3 19.30 20.40 19.13 4.6 4.9 5.7 0.0%
Lundin Mining Corp (CA) LUN 2.0 US$5.53 734 $4,058 0.30 0.21 0.44 26.2 12.6 0.65 0.73 1.10 7.6 5.0 8.0 0.0%
Mineral Resources Ltd (AU) MIN 2.0 AUD$18.76 188 $2,374 1.15 1.39 1.60 13.5 11.7 1.59 1.35 1.73 13.9 10.8 8.7 3.3%
MMG Ltd (HK) 1208 2.5 US$0.24 8055 $1,919 0.01 (0.01) 0.01 -- 36.1 0.21 0.09 0.14 2.7 1.7 12.0 0.0%
Oz Minerals (AU) OZL 2.5 AUD$10.16 324 $2,213 0.73 0.53 0.42 19.3 24.1 1.45 1.27 1.33 8.0 7.7 8.7 2.3%
Sesa Sterlite Ltd (ADR) SSLT 2.4 INR$141.10 3702 $7,324 17.89 15.81 16.98 8.9 8.3 60.18 53.92 49.94 2.6 2.8 4.3 1.2%
Vale Indonesia Tbk PT (ID) INCO 2.0 US$0.23 9936 $2,274 0.01 0.01 0.01 41.8 28.4 0.02 0.02 0.02 12.4 11.0 15.0 0.0%
Vedanta Resources PLC (UK) VED -- US$10.85 285 $3,089 -- 0.87 1.24 12.5 8.7 -- 9.96 12.60 1.1 0.9 -- --
Average                 15.6 14.5       7.3 6.4 11.1  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 14-Feb-20 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Adriatic Metals PLC (AU) ADT 1.7 GBP$0.87 311 $350 (0.02) 0.01 0.30 80.7 2.9 (0.02)     -- -- -- 0.0%
Atalaya Mining PLC (UK) ATYM 1.2 EUR$2.21 137 $329 0.25 0.24 0.42 9.1 5.3 0.40 0.17 0.27 13.0 8.3 20.7 0.0%
Eramet (FR) ERA 1.7 EUR$39.56 27 $1,142 1.83 (0.12) 5.63 -- 7.0 16.01 9.44 16.47 4.2 2.4 6.3 1.0%
Ero Copper Corp (CA) ERO 2.4 US$13.42 86 $1,149 0.03 0.60 1.03 22.3 13.0 0.94 1.46 1.71 9.2 7.9 -- 0.0%
Hudbay Minerals HBM 2.3 US$3.12 261 $813 0.40 (0.15) (0.06) -- -- 1.84 1.14 1.21 2.7 2.6 3.1 0.4%
Kenmare Resources (UK) KMR 1.8 US$3.39 110 $372 0.46 0.42 0.43 8.2 7.9 0.79 0.48 0.49 7.0 6.9 71.0 1.2%
Mitsui Mining & Smelting (JP) 5706 2.3 JPY$2,857 57 $1,491 58.51 111.75 223.16 25.6 12.8 649.22 624.86 732.96 4.6 3.9 6.6 2.4%
Nexa Resources NA NEXA 3.0 US$8.91 133 $1,187 0.25 (0.03) 0.13 -- 68.9 2.61 1.38 2.72 6.5 3.3 -- 6.5%
Outokumpu (FN) OUT1V 2.8 EUR$4.28 416 $1,930 0.34 (0.20) 0.18 -- 23.3 0.52 0.90 0.68 4.8 6.3 9.8 3.6%
Sandfire Resources NL (AU) SFR 2.6 AUD$5.22 178 $624 0.72 0.66 0.81 8.0 6.5 1.44 1.48 1.74 3.5 3.0 3.4 3.4%
SolGold PLC (UK) SOLG 1.6 US$0.25 1923 $481 (0.01) (0.01) (0.00) -- -- (0.00) 0.00 -- -- -- -- 0.0%
Trilogy Metals Inc TMQ 2.2 US$2.01 141 $286 (0.18) (0.20) (0.09) -- -- (0.18) (0.17)   -- -- -- 0.0%
Turquoise Hill Resources TRQ 3.0 US$0.62 2012 $1,229 0.20 0.14 0.05 4.3 11.4 0.09 0.03 0.00 22.7 NM 6.9 0.0%
Volcan Cia Ninera VOLABC1 2.3 US$0.15 4077 $2,059 0.01 (0.00) 0.01 -- 11.8 -- -- -- -- -- 9.9 0.0%
Western Areas NL (AU) WSA 2.4 AUD$2.55 274 $469 0.04 0.14 0.26 17.8 10.0 0.32 0.43 0.51 5.9 5.0 8.9 1.0%
Average                 22.0 15.1       7.6 5.0 14.7  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Aluminum   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 14-Feb-20 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Alcoa Inc AA 2.6 US$15.67 186 $2,908 3.58 (0.99) (0.08) -- -- 2.38 3.70 2.38 4.2 6.6 5.1 0.0%
Alumina Ltd AWC 3.3 US$1.48 2880 $4,276 0.24 0.12 0.08 12.6 19.4 0.22 0.13 0.09 11.1 16.0 5.7 11.2%
Aluminum Corp China Ltd (ADR) ACH 2.4 CNY$2.02 17023 $6,973 0.04 0.07 0.10 27.7 20.4 0.77 0.84 0.85 2.4 2.4 14.3 0.0%
Century Aluminum CENX 2.5 US$5.67 89 $504 (0.14) (1.45) 0.18 -- 31.5 (0.79) 0.06 1.01 94.5 5.6 26.3 0.0%
United Company Rusal Ltd (HK) 486 2.1 US$0.55 15193 $8,431 0.11 0.08 0.11 6.9 5.2 0.05 0.10 0.08 5.3 6.7 10.6 0.0%
Average                 15.8 19.1       23.5 7.5 12.4  
Iron Ore                                   
Cliffs Natural Resources CLF 2.7 US$7.39 271 $2,006 3.71 1.09 0.71 6.8 10.4 1.57 1.85 1.01 4.0 7.3 10.4 3.1%
Fortescue Metals Group Ltd (AU) FMG 3.2 US$7.38 3079 $22,732 0.69 1.17 1.06 6.3 6.9 0.96 1.57 1.47 4.7 5.0 6.3 4.8%
Kumba Iron Ore Ltd (SA) KIO 3.8 ZAR$351.23 322 $7,570 30.06 56.08 46.19 6.3 7.6 47.32 88.62 66.02 4.0 5.3 5.8 9.3%
Labrador Iron Ore Royalty (CA) LIF 2.1 C$21.03 64 $1,014 2.01 3.29 2.59 6.4 8.1 2.32 3.56 2.67 5.9 7.9 14.3 5.2%
Mount Gibson Iron Limited (AU) MGX 3.3 AUD$0.80 1158 $622 0.07 0.12 0.10 6.8 7.8 0.07 0.10 0.15 7.8 5.3 25.8 3.9%
Average                 6.5 8.2       5.3 6.2 12.5  
Fertilizers                                  
CF Industries CF 2.6 US$38.30 217 $8,328 1.24 2.31 2.13 16.6 18.0 6.40 6.79 6.21 5.6 6.2 17.2 2.5%
Compass Minerals  CMP 2.2 US$63.20 34 $2,141 1.93 1.90 3.36 33.3 18.8 5.63 4.71 7.35 13.4 8.6 12.8 --
Incitec Pivot Ltd (AU) IPL 2.8 AUD$3.09 1613 $3,349 0.18 0.11 0.17 27.9 17.9 0.36 0.29 0.39 10.7 7.9 10.1 1.4%
Intrepid Potash IPI 3.0 US$2.14 132 $282 0.09 0.12 0.13 18.2 16.5 0.49 0.33 0.32 6.6 6.8 -- 0.0%
Israel Chemical (IS) ICL 2.4 US$4.16 1280 $5,328 0.37 0.37 0.40 11.2 10.4 0.48 0.77 0.71 5.4 5.9 7.5 3.9%
K & S Aktiengesellschaft (GR) SDF 2.6 EUR$8.90 191 $1,846 0.22 0.49 0.59 18.3 15.2 1.61 2.69 2.72 3.3 3.3 8.8 2.0%
Mosaic Co MOS 2.3 US$18.75 379 $7,102 2.12 0.46 0.94 41.1 20.0 3.75 3.30 3.23 5.7 5.8 10.2 0.7%
Nutrien Ltd NTR 2.1 US$41.28 573 $23,603 2.69 2.28 2.65 18.1 15.6 3.28 6.58 5.35 6.3 7.7 -- 3.5%
Sirius Minerals PLC (UK) SXX 2.0 GBP$0.05 7020 $483 (0.00) (0.00) (0.01) -- -- -- (0.00) (0.00) -- -- -- 0.0%
Sociedad Quimica Minera (ADR) SQM 3.1 US$30.57 263 $7,555 1.67 1.06 1.22 28.9 25.1 1.99 1.58 1.56 19.4 19.6 10.8 4.6%
Yara International ASA (NO) YAR 2.3 US$40.94 272 $11,152 1.68 3.09 3.33 13.2 12.3 2.77 7.00 6.28 5.8 6.5 9.0 4.1%
Average                 22.7 17.0       8.2 7.8 10.8  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 14-Feb-20 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Adaro Energy TBK (ID) ADRO 2.6 US$0.10 31986 $3,087 0.01 0.01 0.01 6.6 7.5 0.03 0.02 0.02 4.1 4.3 5.1 9.5%
Banpu Public Co Ltd (TH) BANPU 2.8 US$0.32 5162 $1,660 0.08 0.02 0.03 13.6 9.3 0.08 0.07 0.06 4.3 5.2 15.5 5.8%
China Coal Energy Co (HK) 1898 2.4 CNY$2.46 13259 $7,190 0.34 0.49 0.47 5.0 5.3 1.54 1.53 1.53 1.6 1.6 11.4 2.7%
China Shenhua Energy Co (HK) 1088 2.5 CNY$13.09 19890 $45,897 2.22 2.22 2.07 5.9 6.3 4.44 3.98 3.43 3.3 3.8 4.8 6.3%
Consol Energy CNX 2.9 US$6.08 187 $1,135 1.36 0.60 0.42 10.1 14.3 4.13 5.12 3.99 1.2 1.5 6.9 0.0%
Whitehaven Coal Ltd (AU) WHC 2.3 AUD$2.50 1026 $1,723 0.54 0.34 0.17 7.2 14.7 0.87 0.62 0.40 4.1 6.3 6.1 8.0%
Yancoal Australia Ltd YAL 2.5 AUD$2.89 1320 $2,546 0.63 0.41 0.40 7.0 7.2 -- -- -- -- -- -- 9.0%
Yanzhou Coal Mining Co Ltd (HK) 1171 2.8 CNY$5.73 4912 $5,517 1.75 1.83 1.59 3.1 3.6 3.71 3.63 3.36 1.6 1.7 16.2 0.0%
Average                 7.3 8.5       2.9 3.5 9.4  
 
Small Cap                                  
Alliance Resource Partners LP ARLP 2.3 US$8.04 127 $1,020 2.99 0.67 0.61 12.1 13.3 5.31 1.81 1.90 4.4 4.2 2.6 19.8%
Arch Coal Inc ARCH 2.0 US$56.01 15 $848 15.15 12.58 10.61 4.5 5.3 20.26 24.26 22.19 2.3 2.5 -- 2.5%
Fushan Int'l Energy Group (HK) 639 2.3 HK$1.63 5302 $1,113 0.21 0.22 0.22 7.3 7.4 0.31 0.32 0.42 5.1 3.9 6.7 10.0%
NLC India Ltd (IN) NLCINDIA -- INR$52.40 1387 $1,019 -- -- -- -- -- -- -- -- -- -- 8.0 0.0%
Natural Resource Partners LP NRP -- US$16.87 12 $207 6.43 5.20 4.12 3.2 4.1 9.19 7.06 5.28 2.4 3.2 3.2 7.1%
New Hope Corp Ltd (AU) NHC 2.0 AUD$1.90 832 $1,062 0.31 0.28 0.21 6.9 9.0 0.44 0.36 0.34 5.3 5.6 12.4 6.8%
PT Tambang Batubara Bukit (ID) PTBA 2.5 IDR$2,330 11521 $1,963 477.00 371.62 324.44 6.3 7.2 746.44 297.65 315.30 7.8 7.4 8.1 15.0%
Average                 6.7 7.7       4.6 4.5 6.8  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 14-Feb-20 (MM) (US$MM) 2018 2019E 2020E 2019E 2020E 2018 2019E 2020E 2019E 2020E 2019E %
Cameco Corp CCJ 2.4 C$12.25 396 $3,659 0.53 0.10 0.03 NM NM 1.68 0.90 0.77 13.5 16.0 8.2 0.7%
Denison Mines DNN 2.1 C$0.50 590 $222 (0.04) (0.04) (0.03) -- -- (0.04) (0.04) (0.02) -- -- -- 0.0%
Energy Resources Australia (AU) ERA 4.0 AUD$0.15 3691 $372 0.03 (0.03) (0.09) -- -- (0.11) 0.17 (0.03) 0.9 -- 11.9 0.0%
Nexgen Energy Ltd (CA) NXE 1.7 C$1.51 356 $405 (0.06) (0.07) (0.08) -- -- (0.02) (0.04) (0.04) -- -- -- 0.0%
Uranium Participation Corp (CA) U 2.1 C$3.98 138 $415 (0.03) (0.15) 0.43 -- 9.3 (0.04) (0.06) (0.05) -- -- -- 0.0%
Average                   9.3       7.2 16.0 10.1  
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 Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters.
Commodity Prices
Cash Price (14-Feb-20)
Gold ($1584 / oz)
Silver ($17.72 / oz)
Palladium ($2310 / oz)
Platinum ($964 / oz)
Aluminum ($0.77 / lb)
Cobalt ($15.20 / lb)
Copper ($2.60 / lb)
Lead ($0.85 / lb)
Molybdenum ($10.68 / lb)
Nickel ($5.91 / lb)
Tin ($7.50 / lb)
Zinc ($0.97 / lb)
Uranium ($24.65 / 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, Platts

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.
kitco news