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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 24-Oct-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Alcoa Inc AA 2.3 US$16.55 1178 $19,490 0.33 0.81 0.99 20.3 16.6 1.48 1.63 1.85 10.1 9.0 8.4 0.7%
Alumina Ltd AWC 3.1 US$1.48 2806 $4,142 (0.00) 0.01 0.06 NM 22.8 0.02 0.03 0.08 43.3 18.5 -- --
Aluminum Corp China Ltd (ADR) ACH 3.6 CNY$2.57 3944 $1,658 (0.58) (0.44) (0.19) -- -- 0.61 0.19 0.46 13.6 5.6 33.4 --
Century Aluminum CENX 2.1 US$28.10 89 $2,496 (0.71) 1.05 2.43 26.8 11.6 0.21 1.97 3.80 14.3 7.4 12.6 --
United Company Rusal Ltd (HK) 486 2.0 US$0.54 15193 $8,207 (0.03) 0.04 0.07 14.6 7.3 0.03 0.04 0.07 14.8 7.9 14.5 --
Average                 20.6 14.6       19.2 9.7 17.2  
Iron Ore                                   
African Minerals Ltd (UK) AMI 3.0 US$0.26 332 $88 (0.25) (0.33) (0.25) -- -- (0.60) -- -- -- -- 6.8 --
Atlas Iron Ltd (AU) AGO 3.3 AUD$0.36 919 $290 -- -- (0.06) -- -- -- -- 0.18 -- 2.0 1.7 8.3%
China Vanadium Titano Mag (HK) 893 3.0 HK$0.63 2075 $214 0.09 0.04 0.03 15.8 21.0 0.01 0.17 0.15 3.7 4.2 3.2 2.8%  
Cliffs Natural Resources CLF 3.4 US$9.63 153 $1,475 2.37 (0.64) (1.17) -- -- 6.57 2.91 3.41 3.3 2.8 9.6 6.2%
Fortescue Metals Group Ltd (AU) FMG 2.7 US$3.04 3114 $9,465 -- -- 0.42 -- 7.2 -- -- 0.71 -- 4.3 3.6 5.8%
Kumba Iron Ore Ltd (SA) KIO 3.1 ZAR$279.50 322 $8,187 48.02 34.81 26.53 8.0 10.5 71.59 50.36 41.17 5.5 6.8 4.2 14.3%
Labrador Iron Ore Royalty (CN) LIF 2.4 C$19.67 64 $1,120 2.33 1.94 2.03 10.1 9.7 1.91 2.03 2.21 9.7 8.9 -- 5.1%
Mount Gibson Iron Limited (AU) MGX 2.9 AUD$0.49 1091 $469 -- -- (0.03) -- -- -- -- 0.01 -- 38.2 0.1 8.2%
Average                 11.3 12.1       5.6 9.6 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 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) 
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 24-Oct-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Anglo American PLC (UK) AAL 2.7 US$20.96 1397 $29,280 2.09 1.74 1.95 12.1 10.8 5.31 4.35 4.69 4.8 4.5 -- 4.4%
Antofagasta PLC (UK) ANTO 2.7 US$11.11 986 $10,950 0.67 0.76 0.81 14.6 13.6 -- 1.71 1.83 6.5 6.1 5.3 9.4%
BHP Billiton Ltd BHP 2.3 US$29.56 3212 $94,926 -- -- 2.50 -- 11.8 -- -- 4.84 -- 6.1 4.1 3.9%
First Quantum Minerals (CN) FM 2.3 US$16.91 601 $10,156 0.96 0.97 1.78 17.5 9.5 1.54 2.07 3.05 8.2 5.6 9.8 0.8%
Freeport McMoran C&G FCX 2.1 US$30.80 1039 $32,003 2.66 2.37 2.73 13.0 11.3 6.04 6.90 7.28 4.5 4.2 6.1 4.1%
Glencore International PLC (UK) GLEN 2.3 US$5.08 13203 $67,072 0.33 0.35 0.45 14.4 11.2 0.83 0.81 0.90 6.3 5.6 8.8 3.4%
Grupo Mexico (MX) GMEXICOB 2.5 US$3.30 7805 $25,720 0.23 0.22 0.26 15.0 12.6 0.38 0.29 0.33 11.4 10.0 7.5 2.2%
Hindustan Zinc (IN) HZ 1.9 INR$164.70 4225 $11,374 -- 17.81 17.96 9.2 9.2 -- -- 19.29 -- 8.5 -- 2.3%
MMC Norilsk Nickel (RU) GMKN 2.5 US$153.21 158 $24,245 4.73 18.48 21.84 8.3 7.0 26.64 24.88 26.50 6.2 5.8 8.0 7.5%
Rio Tinto PLC (UK) RIO 2.2 US$48.28 1414 $68,270 5.53 5.10 4.95 9.5 9.7 8.16 7.32 7.81 6.6 6.2 6.0 4.5%
Sesa Sterlite Ltd (ADR) SSLT 2.6 INR$248.85 2965 $12,058 -- -- 26.94 -- 9.2 -- -- 71.10 -- 3.5 -- 1.3%
Southern Copper Corp SCCO 2.4 US$29.26 832 $24,353 1.92 1.73 2.08 16.9 14.1 2.21 1.68 2.25 17.4 13.0 9.4 1.6%
Teck Resources Ltd TCK 2.6 C$17.85 567 $9,004 1.74 0.81 1.35 22.0 13.2 4.98 3.39 4.00 5.3 4.5 6.5 5.0%
Vale SA (ADR) VALE 2.7 US$11.16 3225 $35,993 2.38 1.42 1.32 7.9 8.4 2.87 2.66 2.28 4.2 4.9 2.7 11.1%
Average                 13.4 10.8       7.4 6.3 6.7  
Mid Cap
                                 
Assore Ltd (SA) ASR 3.7 ZAR$210.32 140 $2,670 -- -- 19.70 -- 10.7 -- -- 17.08 -- 12.3 -- 3.8%
Aurubis AG (GR) NDA 2.0 EUR$41.75 45 $2,374 -- 2.50 3.81 16.7 10.9 -- 7.68 6.04 5.4 6.9 7.4 2.6%
Boliden AB (SW) BOL 2.4 SEK$115.00 274 $4,327 6.43 6.40 11.58 18.0 9.9 12.81 18.07 22.82 6.4 5.0 6.8 1.5%
Eramet (FR) ERA 2.1 EUR$74.24 27 $2,492 (2.82) (2.28) 4.39 -- 16.9 6.14 9.64 14.95 7.7 5.0 7.8 --
Exxaro  Resources Ltd (SA) EXX 2.9 ZAR$119.87 358 $3,904 14.59 14.15 11.65 8.5 10.3 6.06 11.89 10.17 10.1 11.8 11.9 4.8%
Hudbay Minerals HBM 2.2 C$8.47 230 $1,731 (0.02) 0.07 0.85 NM 10.0 0.84 0.30 1.44 28.0 5.9 18.3 0.2%
Iluka Resources Ltd (AU) ILU 2.1 AUD$7.54 419 $2,770 0.14 0.03 0.33 NM 23.2 0.30 0.57 0.86 13.1 8.8 -- 1.2%
Jiangxi Copper Co "H" (HK) 358 2.9 CNY$10.11 1387 $2,293 1.03 0.76 0.78 13.3 12.9 1.39 1.62 1.30 6.2 7.8 5.0 4.9%
Kazakhmys PLC (UK) KAZ 3.1 US$3.69 447 $1,649 0.37 0.15 0.24 24.3 15.4 0.55 1.02 0.59 3.6 6.2 4.4 --
KGHM Polska Miedz (PO) KGH 2.6 PLN$126.00 200 $7,534 15.09 12.04 13.02 10.5 9.7 24.63 19.83 18.60 6.4 6.8 -- 4.0%
Lundin Mining Corp (CN) LUN 1.8 US$4.60 586 $2,693 0.23 0.24 0.63 19.3 7.3 0.26 0.46 1.07 10.0 4.3 9.8 --
MMG Ltd (HK) 1208 2.2 US$0.33 5290 $1,732 0.02 0.01 0.01 26.6 38.9 -- 0.11 0.10 3.0 3.3 4.3 3.1%
Outokumpu (FN) OUT1V 2.2 EUR$4.46 416 $2,349 (3.67) (0.62) 0.14 -- 31.3 0.17 (0.07) 0.69 -- 6.5 16.7 --
Sumitomo Metal Mining (JP) 5713 2.3 JPY$1,420 582 $7,709 -- 163.93 186.04 8.7 7.6 -- -- 273.73 -- 5.2 6.3 2.6%
Turquoise Hill Resources TRQ 2.9 US$3.14 2012 $6,309 (0.09) 0.08 0.10 39.3 32.1 (0.49) 0.23 0.24 13.5 13.3 -- --
Vale Indonesia Tbk PT (ID) INCO 1.7 US$0.31 9936 $3,050 0.01 0.02 0.03 16.2 11.6 0.03 0.02 0.04 15.7 8.8 7.6 1.6%
Vedanta Resources PLC (UK) VED 2.7 US$13.31 268 $3,569 -- -- 1.01 -- 13.2 -- -- 13.74 -- 1.0 1.9 5.1%
Average                 18.3 16.0       9.9 7.0 8.3  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 24-Oct-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Capstone Mining Corp (CN) CS 1.9 US$1.79 382 $684 0.02 0.17 0.20 10.4 9.1 0.23 0.53 0.51 3.4 3.5 4.5 --
China Molybdenum Co Ltd (HK) 3993 2.9 CNY$3.59 1311 $769 0.23 0.33 0.31 10.9 11.7 0.27 0.37 0.39 9.8 9.2 12.9 3.9%
Independence Group NL (AU) IGO 2.6 AUD$4.46 234 $917 -- -- 0.49 -- 9.2 -- -- 0.80 -- 5.6 5.1 0.9%
Mechel OAO (ADR) MTL 3.8 US$0.84 416 $348 (3.77) (1.15) (0.98) -- -- 0.78 0.57 0.72 1.5 1.2 -- --
Mitsui Mining & Smelting (JP) 5706 2.3 JPY$268 573 $1,433 -- 6.54 35.27 41.0 7.6 -- -- 82.06 -- 3.3 7.1 1.5%
Nevsun Resources Ltd NSU 2.2 US$3.46 199 $691 0.06 0.55 0.53 6.3 6.6 0.08 1.07 0.99 3.2 3.5 1.6 4.0%
Nyrstar NV (BE) NYR 2.5 EUR$2.78 340 $1,197 (0.64) (0.30) (0.02) -- -- 1.51 0.80 0.75 3.5 3.7 6.0 --
Oz Minerals (AU) OZL 2.2 AUD$4.07 303 $1,084 (0.18) 0.02 0.07 NM 60.3 0.59 0.78 1.21 5.2 3.4 3.6 4.9%
PanAust Ltd (AU) PNA 2.4 US$1.50 637 $956 0.12 0.09 0.12 15.9 12.1 0.29 0.29 0.31 5.2 4.8 5.1 3.5%
Philex Mining Corp (PH) PX 3.0 PHP$9.27 4940 $1,023 0.31 0.41 0.42 22.8 22.1 0.60 0.63 0.71 14.7 13.1 12.2 0.5%
Sandfire Resources NL (AU) SFR 2.5 AUD$5.70 156 $778 -- -- 0.75 -- 7.6 -- -- 1.49 -- 3.8 4.1 --
Sherritt International (CN) S 1.8 C$2.69 297 $712 (0.21) (0.38) 0.44 -- 6.1 0.34 0.50 1.06 5.3 2.5 -- 1.5%
Taseko Mines Ltd TGB 2.2 C$1.59 195 $276 (0.07) 0.02 0.18 66.9 8.8 0.35 0.32 0.38 4.9 4.2 7.0 --
Thompson Creek Metals TC 2.8 US$1.90 214 $406 (0.13) 0.26 0.13 7.2 14.4 0.26 0.76 0.62 2.5 3.1 4.3 --
Volcan Cia Ninera VOLABC1 3.3 US$0.33 2443 $799 0.05 0.04 0.07 7.8 5.0 -- -- -- -- -- 5.2 3.0%
Western Areas NL (AU) WSA 2.1 AUD$4.43 233 $904 -- -- 0.54 -- 8.2 -- -- 0.96 -- 4.6 5.3 1.1%
Average                 21.0 13.5       5.4 4.6 6.0  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Consensus Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Gold
Large Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 24-Oct-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Agnico-Eagle Mines Ltd AEM 2.3 US$29.20 210 $6,131 0.88 1.19 1.18 24.5 24.8 2.54 3.24 3.46 9.0 8.4 -- 1.1%
Barrick Gold Corp ABX 2.8 US$13.52 1165 $15,746 2.51 0.70 0.99 19.3 13.7 4.15 2.14 2.57 6.3 5.3 -- 1.5%
Franco-Nevada FNV 2.1 US$53.68 147 $7,916 0.94 0.96 1.04 55.7 51.6 1.69 2.16 2.36 24.9 22.8 19.3 1.5%
Goldcorp Inc GG 2.2 US$22.25 813 $18,099 0.78 0.84 1.03 26.4 21.6 1.18 1.78 2.55 12.5 8.7 -- --
Newcrest Mining Ltd (AU) NCM 2.9 AUD$10.03 767 $6,746 -- -- 0.56 -- 17.9 -- -- 1.62 -- 6.2 8.2 --
Newmont Mining NEM 3.0 US$21.95 499 $10,948 2.49 0.73 1.11 30.1 19.8 3.13 3.10 4.23 7.1 5.2 9.6 0.5%
Polyus Gold International (UK) PGIL 3.5 US$3.00 3032 $9,088 0.17 0.13 0.15 22.3 20.4 0.14 0.21 0.21 14.1 14.3 6.3 --
Randgold Resources (ADR) GOLD 2.0 US$64.69 93 $5,994 2.98 3.10 3.60 20.9 18.0 5.04 5.48 6.87 11.8 9.4 11.8 0.8%
Average                 28.5 23.5       12.2 10.0 11.0  
Mid Cap                                  
African Barrick Gold Ltd (UK) ABG 2.3 US$3.28 410 $1,344 0.26 0.25 0.30 13.2 11.0 0.46 0.58 0.66 5.7 5.0 4.2 1.1%
AngloGold Ashanti Ltd AU 3.0 US$9.54 404 $3,850 0.31 0.51 0.83 18.7 11.5 3.07 3.38 3.99 2.8 2.4 -- 0.5%
B2Gold Corp BTG 1.8 US$2.05 918 $1,879 0.10 0.07 0.10 28.9 19.9 0.22 0.21 0.28 10.0 7.3 12.1 --
Buenaventura (ADR) BVN 2.5 US$10.75 275 $2,955 (0.40) 0.60 0.83 18.0 12.9 1.65 1.80 1.94 6.0 5.6 8.1 0.2%
Detour Gold Corp (CN) DGC 2.2 US$7.79 158 $1,230 (0.55) (0.44) 0.37 -- 21.1 0.18 0.68 1.28 11.5 6.1 13.8 --
Eldorado Gold Corp EGO 2.3 US$6.97 716 $4,993 0.28 0.21 0.22 32.4 32.4 0.53 0.50 0.53 14.0 13.3 11.2 0.3%
Gold Fields Ltd (ADR) GFI 3.0 US$3.63 775 $2,814 0.08 0.13 0.23 27.9 15.8 0.69 1.01 1.17 3.6 3.1 5.1 1.1%
Kinross Gold Corp KGC 2.7 US$2.71 1145 $3,102 0.28 0.12 0.15 22.4 18.4 0.69 0.80 0.81 3.4 3.3 -- --
New Gold Inc NGD 2.3 US$4.29 504 $2,162 0.13 0.11 0.18 38.2 23.4 0.35 0.59 0.67 7.3 6.4 8.1 --
Polymetal International PLC (UK) POLY 2.7 US$7.50 421 $3,158 0.30 0.58 0.54 13.0 13.9 1.19 1.19 1.26 6.3 5.9 1.6 2.1%
Royal Gold Inc RGLD 2.1 US$66.25 65 $4,294 -- 1.24 1.44 53.4 46.0 -- 2.79 3.39 23.7 19.5 17.0 1.3%
Sibanye Gold Ltd (SA) SGL 2.8 ZAR$23.88 899 $1,952 3.48 2.57 2.40 9.3 9.9 9.57 7.05 6.70 3.4 3.6 0.0 5.2%
Yamana Gold Inc AUY 2.1 US$5.62 881 $4,950 0.36 0.19 0.31 29.1 18.2 0.87 0.77 0.97 7.3 5.8 8.7 2.7%
Zijin Mining Group (HK) 2899 3.1 CNY$1.51 5842 $1,439 0.10 0.10 0.11 14.7 14.2 0.41 0.27 0.28 5.5 5.4 9.6 5.3%
Average                 24.6 19.2       7.9 6.6 8.3  
Small Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 24-Oct-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Alacer Gold Corp (CN) ASR 2.3 US$1.76 290 $512 0.39 0.19 0.12 9.4 15.0 0.64 0.40 0.31 4.4 5.6 2.2 1.1%
Alamos Gold AGI 2.0 US$8.06 127 $1,027 0.56 0.08 0.16 94.9 49.9 0.68 0.47 0.49 17.2 16.4 11.2 2.5%
Argonaut Gold Ltd (CN) AR 2.0 US$2.94 154 $453 0.18 0.09 0.14 31.3 20.6 0.17 0.36 0.43 8.1 6.8 6.8 --
AuRico Gold Inc  AUQ 2.4 US$3.71 249 $923 0.05 (0.17) (0.06) -- -- 0.24 0.26 0.40 14.0 9.2 14.3 0.4%
Centamin Egypt (CN) CEE 3.0 US$0.91 1152 $1,047 0.21 0.11 0.12 8.4 7.8 0.22 0.14 0.17 6.4 5.3 -- --
Centerra Gold (CN) CG 2.7 US$4.93 236 $1,164 0.64 0.24 0.46 20.7 10.7 2.04 1.50 1.39 3.3 3.6 1.9 2.9%
Harmony Gold Mining Ltd HAR 3.5 ZAR$20.09 436 $796 -- 0.85 (0.55) 23.6 -- -- -- 5.32 -- 3.8 2.4 --
Highland Gold Mining Ltd (UK) HGM 2.0 US$0.61 325 $197 0.17 0.17 0.16 3.6 3.8 0.29 0.23 0.30 2.6 2.0 3.2 13.3%
Hochschild Mining PLC (UK) HOC 3.0 US$1.81 367 $665 (0.15) (0.06) 0.07 -- 26.5 0.19 0.27 0.45 6.8 4.0 6.7 --
Iamgold Corp IAG 3.1 US$2.35 377 $886 0.36 0.13 0.19 18.7 12.3 0.65 0.72 0.69 3.3 3.4 4.1 --
Kingsgate Consolidated Ltd (AU) KCN 3.5 AUD$0.76 224 $149 -- -- (0.00) -- -- -- -- 0.23 -- 3.4 4.3 --
Kirkland Lake Gold (CN) KGI 2.5 C$4.78 72 $307 -- 0.19 0.50 25.8 9.6 -- 0.83 1.10 5.8 4.3 8.0 --
Lake Shore Gold LSG 2.6 C$1.03 422 $387 (0.02) 0.07 0.06 14.5 16.3 0.17 0.27 0.25 3.8 4.2 4.5 --
Medusa Mining Ltd (AU) MML 2.0 US$0.62 208 $129 -- -- 0.26 -- 2.4 -- -- 0.31 -- 2.0 2.2 --
Nord Gold NV (UK) NORD 3.4 US$1.34 378 $507 0.31 0.26 0.13 5.1 10.2 0.82 0.81 0.75 1.7 1.8 -- 6.8%
Petropavlovsk PLC (UK) POG 3.8 US$0.36 198 $70 (0.34) (0.28) (0.20) -- -- 1.43 0.65 0.63 0.5 0.6 -- --
Primero Mining Corp PPP 1.7 US$4.39 160 $702 0.36 (0.02) 0.13 -- 32.6 0.64 0.50 0.75 8.8 5.8 9.1 --
Real Gold  Mining Ltd (HK) 246 -- CNY$6.96 909 $1,033 -- -- -- -- -- -- -- -- -- -- 2.1 --
Regis Resources Ltd (AU) RRL 2.7 AUD$1.50 500 $658 -- -- 0.19 -- 7.7 -- -- 0.30 -- 4.9 5.2 --
Semafo (CN) SMF 2.3 US$3.42 277 $949 0.04 0.11 0.26 31.8 13.3 0.28 0.38 0.54 9.0 6.3 7.8 --
Torex Gold Resources (CN) TXG 1.9 C$1.51 783 $1,052 (0.11) (0.06) (0.03) -- -- (0.09) (0.05) (0.01) -- -- -- --
Zhaojin Mining Industry Co Ltd (HK) 1818 3.5 CNY$3.31 874 $473 0.25 0.22 0.21 14.9 15.8 0.30 0.56 0.61 6.0 5.4 8.9 3.0%
Average                 23.3 15.9       6.4 4.9 5.8  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Silver   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 24-Oct-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Coeur Mining Corp CDE 3.0 US$4.40 103 $455 (0.78) (1.12) (1.02) -- -- 1.16 0.75 0.66 5.8 6.7 7.2 --
Endeavour Silver Corp EXK 2.9 US$3.79 101 $385 0.15 0.14 0.16 28.0 24.1 0.77 0.51 0.54 7.5 7.1 6.1 --
First Majestic Silver Corp AG 2.3 US$6.74 117 $792 0.56 0.21 0.43 32.7 15.8 1.17 0.70 1.11 9.6 6.1 9.6 --
Fortuna Silver Mines FSM 2.0 US$4.67 126 $588 0.07 0.18 0.27 26.7 17.5 0.36 0.46 0.50 10.1 9.4 8.2 --
Fresnillo (UK) FRES 2.4 US$12.29 737 $9,053 0.38 0.27 0.40 46.3 30.5 0.61 0.70 0.84 17.6 14.7 14.0 1.0%
Gold Resource Corp GORO 2.0 US$4.76 54 $258 0.00 0.55 0.60 8.7 7.9 -- -- -- -- -- -- --
Great Panther Resources GPL 4.0 C$0.95 139 $117 0.00 (0.08) -- -- -- 0.06 0.03 -- 28.1 -- 26.6 --
Hecla Mining Co HL 2.9 US$2.36 350 $825 (0.04) (0.00) 0.01 -- NM 0.08 0.25 0.33 9.5 7.1 8.1 0.4%
Mandalay Resources (CN) MND 1.6 US$0.94 392 $367 0.09 0.07 0.09 14.1 10.6 0.21 0.18 0.22 5.3 4.3 0.0 3.2%
Pan American Silver PAAS 3.1 US$10.54 152 $1,597 (0.32) 0.10 0.19 NM 55.7 1.43 1.05 1.11 10.0 9.5 -- 4.7%
Silver Standard SSRI 2.6 US$5.28 81 $426 (0.84) 0.02 0.23 NM 22.7 0.24 0.45 1.15 11.8 4.6 6.2 --
Silver Wheaton SLW 1.8 US$19.74 364 $7,192 1.08 0.85 0.97 23.3 20.4 1.50 1.33 1.53 14.9 12.9 -- 1.2%
Silvercorp SVM 2.3 US$1.54 171 $263 -- 0.09 0.12 17.1 13.1 -- -- 0.29 -- 5.3 7.6 1.2%
SilverCrest Mines SVLC 2.3 US$1.41 119 $167 0.15 0.09 0.16 16.3 8.6 0.11 0.16 0.25 8.9 5.7 5.5 --
Tahoe Resources TAHO 2.1 US$21.18 147 $3,122 (0.45) 1.01 1.18 21.0 17.9 (0.45) 1.37 1.57 15.4 13.5 13.2 --
Average                 23.4 20.4       11.9 8.2 9.4  
Platinum Group Metals                                
African Rainbow Minerals (SA) ARI 2.3 ZAR$138.47 217 $2,733 -- -- 15.29 -- 9.1 -- -- 28.16 -- 4.9 -- 4.3%
Anglo Platinum Ltd (SA) AMS 2.8 ZAR$361.27 270 $8,861 5.56 7.89 24.13 45.8 15.0 23.29 24.41 38.84 14.8 9.3 13.5 --
Aquarius Platinum Ltd (UK) AQP 2.4 US$0.29 1465 $429 -- (0.10) 0.01 -- 51.6 -- 0.03 0.05 11.1 6.4 8.6 --
Impala Platinum (SA) IMP 2.9 ZAR$81.76 632 $4,701 -- -- 5.41 -- 15.1 -- -- 8.69 -- 9.4 14.0 --
Ivanhoe Mines Ltd (CN) IVP 1.7 US$0.87 692 $604 (0.19) (0.20) (0.16) -- -- (0.36) (0.19) (0.13) -- -- 0.0 --
Lonmin PLC (UK) LMI 2.5 US$2.85 571 $1,627 -- (0.28) 0.20 -- 14.5 -- (0.07) 0.41 -- 7.0 -- --
Northam Platinum Ltd (SA) NHM 2.8 ZAR$33.42 398 $1,208 -- -- 2.61 -- 12.8 -- -- 3.68 -- 9.1 12.4 --
Platinum Group Metals Ltd PLG 2.1 C$0.92 551 $451 (0.04) (0.03) 0.01 -- NM -- (0.02) 0.05 -- 18.0 -- --
Stillwater Mining Co SWC 2.2 US$13.82 120 $1,659 0.47 0.63 1.01 21.9 13.6 1.26 0.79 1.16 17.5 12.0 8.1 --
Average                 33.9 18.8       14.5 9.5 9.4  
Fertilizers   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 24-Oct-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Agrium Inc AGU 2.5 US$92.82 144 $13,340 6.94 5.73 7.91 16.2 11.7 11.98 12.45 11.40 7.5 8.1 -- 3.2%
Arab Potash Co (JR) APOT 3.5 JOD$22.22 83 $2,610 1.57 1.25 1.44 17.8 15.4 -- 1.76 1.58 12.7 14.0 11.4 6.8%
CF Industries CF 2.5 US$260.41 50 $12,935 23.60 19.88 20.99 13.1 12.4 24.78 16.13 31.03 16.1 8.4 6.7 2.3%
Compass Minerals  CMP 2.7 US$86.22 34 $2,894 3.80 4.45 5.56 19.4 15.5 7.13 5.46 7.56 15.8 11.4 10.9 2.8%
Incitec Pivot Ltd (AU) IPL 2.7 AUD$2.84 1655 $4,124 -- 0.20 0.24 14.1 12.0 -- 0.32 0.38 8.7 7.4 8.6 3.3%
Intrepid Potash IPI 3.3 US$14.32 76 $1,090 0.31 0.19 0.31 74.9 46.2 0.86 1.49 1.52 9.6 9.4 11.8 --
Israel Chemical (IS) ICL 2.6 US$6.94 1271 $8,825 0.64 0.57 0.69 12.1 10.0 0.88 0.76 1.04 9.1 6.7 9.0 8.2%
K & S Aktiengesellschaft (GR) SDF 2.8 EUR$20.86 191 $5,050 2.27 1.66 1.59 12.5 13.1 3.95 2.83 2.78 7.4 7.5 4.9 1.2%
Mosaic Co MOS 2.7 US$43.36 375 $16,245 2.83 2.53 3.40 17.1 12.8 4.76 5.45 5.71 8.0 7.6 8.0 2.3%
Potash Corp POT 2.8 US$33.96 830 $28,173 2.09 1.81 2.08 18.8 16.3 3.68 2.92 3.00 11.6 11.3 -- 4.1%
Sociedad Quimica Minera (ADR) SQM 3.5 US$23.62 120 $2,843 1.77 1.16 1.42 20.4 16.6 -- 2.63 2.10 9.0 11.2 6.7 4.3%
Uralkaliy (RU) URKA -- US$4.65 2936 $13,652 -- -- -- -- -- -- -- -- -- -- 4.4 2.0%
Yara International ASA (NO) YAR 3.1 NOK$302.10 276 $12,626 24.79 28.40 26.91 10.6 11.2 43.69 38.36 39.11 7.9 7.7 6.0 3.3%
Average                 20.6 16.1       10.3 9.2 8.0  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson One Analytics database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson One Analytics Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0) 
Uranium   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 24-Oct-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Cameco Corp CCJ 2.4 C$18.84 396 $6,636 1.12 0.77 0.84 24.3 22.5 1.34 1.03 1.32 18.3 14.2 14.1 2.1%
Denison Mines DNN 2.2 US$0.96 496 $477 (0.08) (0.05) (0.03) -- -- (0.05) (0.04) (0.03) -- -- -- --
Energy Resources Australia (AU) ERA 3.7 AUD$1.24 518 $563 (0.23) (0.40) (0.29) -- -- (0.03) (0.05) 0.01 -- 93.0 -- --
Paladin Resources Ltd (AU) PDN 3.1 US$0.29 965 $279 -- (0.07) (0.03) -- -- -- -- (0.02) -- -- 52.7 --
Uranium Participation Corp (CN) U 2.0 C$5.22 117 $543 -- (0.64) 1.12 -- 4.7 -- -- (0.04) -- -- -- --
Average                 24.3 13.6       18.3 53.6 33.4  
Coal
Large - Mid Cap   Price Shrs O/S Mkt Cap Earnings Per Share Price/Earnings Cash Flow Per Share  Price/Cash Flow EV/EBITDA Div Yld
Symbol Rating 24-Oct-14 (MM) (US$MM) 2013 2014E 2015E 2014E 2015E 2013 2014E 2015E 2014E 2015E 2014E %
Adaro Energy TBK (ID) ADRO 2.5 US$0.09 31986 $2,799 0.01 0.01 0.01 8.8 9.1 0.01 0.02 0.02 5.4 4.8 5.5 2.7%
Banpu Public Co Ltd (TH) BANPU 3.1 THB$27.50 2582 $2,198 1.22 1.60 1.92 17.2 14.3 5.11 5.64 5.48 4.9 5.0 -- 4.4%
China Coal Energy Co (HK) 1898 3.4 CNY$3.55 4107 $2,383 0.29 0.15 0.18 23.9 19.9 0.51 0.68 0.81 5.2 4.4 12.8 2.3%
China Shenhua Energy Co (HK) 1088 2.0 HK$16.57 3399 $9,202 2.27 2.03 2.08 8.2 8.0 2.73 3.50 3.57 4.7 4.6 4.6 5.5%
Consol Energy CNX 1.9 US$34.68 230 $7,982 2.54 1.03 1.42 33.5 24.4 2.86 3.74 4.19 9.3 8.3 10.1 0.7%
Fushan Int'l Energy Group (HK) 639 3.0 HK$1.75 5302 $1,196 0.21 0.09 0.14 20.1 12.5 -- 0.25 0.26 7.1 6.9 -- 5.0%
Neyveli Lignite Corp (IN) NLC 1.0 INR$84.45 1678 $2,316 -- -- 10.31 -- 8.2 -- -- -- -- -- -- 3.3%
New Hope Corp Ltd (AU) NHC 2.7 AUD$2.33 831 $1,699 -- -- 0.07 -- 34.1 -- -- 0.11 -- 20.7 -- 3.4%
Peabody Energy BTU 2.4 US$10.40 271 $2,823 0.34 (1.39) (0.45) -- -- -- 1.17 2.15 8.9 4.8 10.7 3.3%
PT Tambang Batubara Bukit (ID) PTBA 2.3 IDR$12,275 2304 $2,355 822.00 848.87 908.93 14.5 13.5 923.84 754.19 898.18 16.3 13.7 10.2 3.8%
Yanzhou Coal Mining Co Ltd (HK) 1171 3.5 CNY$4.81 1958 $1,540 0.16 0.25 0.33 18.9 14.7 (0.45) 1.40 1.32 3.4 3.6 11.4 0.4%
Average                 18.1 15.9       7.2 7.7 9.5  
 
Small Cap                                  
Alpha Natural Resources ANR 3.1 US$2.16 221 $478 (2.15) (2.73) (2.51) -- -- 0.49 (0.93) 0.97 -- 2.2 17.8 --
Arch Coal ACI 3.1 US$1.84 212 $391 (1.08) (1.86) (1.40) -- -- 0.26 (0.09) 0.07 -- 27.3 18.3 0.5%
Cloud Peak Energy CLD 2.2 US$11.06 61 $674 0.73 (0.06) (0.14) -- -- 2.96 1.95 1.63 5.7 6.8 5.7 --
New World Resources (UK) NWRN 3.6 EUR$0.02 6659 $129 (0.29) (0.13) (0.06) -- -- (0.05) (0.00) (0.00) -- -- 43.8 --
PT Bumi Resources (ID) BUMI 3.5 US$0.01 36627 $431 (0.03) (0.00) (0.01) -- -- -- 0.01 0.01 1.2 1.2 11.2 --
SouthGobi Resources (CN) SGQ 3.5 US$0.45 187 $83 (0.52) (0.25) (0.22) -- -- 0.04 (0.01) 0.05 -- 9.9 -- --
Walter Energy WLT 2.9 US$2.19 66 $144 (3.37) (6.72) (4.18) -- -- (0.43) (1.50) (0.27) -- -- 71.9 1.8%
Average                           3.4 9.5 22.5  
Limited Partnership                                  
Alliance Resource Partners LP ARLP 2.2 US$44.73 74 $3,313 3.63 4.66 4.90 9.6 9.1 9.54 7.80 8.36 5.7 5.3 4.8 5.6%
Natural Resource Partners LP NRP 2.4 US$12.56 122 $1,534 1.54 1.20 1.37 10.5 9.2 2.25 1.88 2.07 6.7 6.1 8.9 11.1%
Penn Virginia Resource Prtns LP PVR 1.9 US$7.91 71 $565 (0.49) (0.31) 0.19 -- 41.2 4.20 4.21 5.83 1.9 1.4 -- --
Rhino Resources Inc RNO 2.8 US$4.07 29 $118 0.44 (0.80) (0.66) -- -- 1.84 0.30 1.34 13.7 3.0 5.3 4.9%
Average                 10.0 19.9       7.0 4.0 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) 
Recent and Forecast Commodity Prices
Cash Price (24-Oct-14) 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E
Aluminum ($0.99 / lb) $0.99 $1.09 $0.92 $0.84 $0.88 $0.91 $0.94 $0.98 $1.13
Copper ($3.07 / lb) $3.43 $4.00 $3.61 $3.33 $3.12 $3.15 $3.23 $3.28 $3.30
Lead ($0.91 / lb) $0.97 $1.09 $0.94 $0.97 $0.97 $1.01 $1.03 $1.01 $1.02
Nickel ($6.81 / lb) $9.91 $10.38 $7.95 $6.81 $7.87 $8.93 $9.12 $8.96 $9.27
Zinc ($1.03 / lb) $0.98 $1.00 $0.88 $0.87 $0.98 $1.07 $1.15 $1.17 $1.17
Gold ($1231 / oz) $1,226 $1,571 $1,668 $1,411 $1,293 $1,302 $1,319 $1,309 $1,317
Palladium ($776 / oz) $528 $733 $643 $725 $799 $834 $891 $873 $906
Platinum ($1245 / oz) $1,611 $1,719 $1,549 $1,485 $1,465 $1,496 $1,553 $1,525 $1,563
Silver ($17.21 / oz) $20.24 $35.29 $31.13 $23.82 $20.28 $20.77 $21.31 $21.44 $21.55
Uranium ($35.65 / lb) $45.97 $56.32 $48.97 $40.42 $34.84 $44.23 $52.07 $59.07 $65.00
Base metal prices are LME cash prices quoted in US$ per lb.  Precious metal prices are London spot prices quoted in US$ per oz.         

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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