Table Of Contents
Valuation recovering ...................................................................... 3
Commodity review ......................................................................... 8
Industrial metals ........................................................................... 12
Precious metals ............................................................................ 35
PGM – Deficit in all three PGM markets for 2013 ........................ 38
Improving prices for 2013 ............................................................ 39
Coking Coal .................................................................................. 62
Crude Oil ....................................................................................... 65
Iron ore ......................................................................................... 77
Equities summary ......................................................................... 80
African Barrick .............................................................................. 84
African Minerals ........................................................................... 86
Anglo American ............................................................................ 88
Antofagasta PLC ........................................................................... 90
Aquarius Platinum Limited ........................................................... 92
BHP Billiton Plc ............................................................................. 94
Boliden AB .................................................................................... 96
ENRC PLC ..................................................................................... 98
Ferrexpo Plc ................................................................................ 100
Fresnillo ...................................................................................... 102
Kazakhmys PLC .......................................................................... 104
Lonmin Plc .................................................................................. 106
Norsk Hydro ............................................................................... 108
Nyrstar NV .................................................................................. 110
Randgold Resources ................................................................... 112
Rio Tinto ..................................................................................... 114
Vedanta Resources ..................................................................... 116