Table of Contents
Executive summary ........................................................................... 4
Commodity revision summary ....................................................... 10
Alcoa – tipping point ....................................................................... 29
Cliffs Natural Resources – beneficiary of steel re-starts .............. 34
Coeur d’Alene Mines – financial obstacles overcome.................. 39
Freeport-McMoRan – base and precious package........................ 44
Grupo Mexico – legal risk receding................................................ 49
MMX – leveraged to LT iron ore..................................................... 53
Silver Standard – from project to production............................... 57
Southern Copper – production and LT reserves........................... 62
Thompson Creek – positioned for WW recovery .......................... 66
Vale – LT growth, but benchmark system pressured................... 70
Recent publications......................................................................... 75