Newmont Corporation

Newmont Corporation Jonathan Poland

Newmont Corporation (NYSE: NEM), being the world’s largest gold mining corporation, with extensive operations in mining and production of not only gold but also copper, silver, zinc, and lead​​. Established in 1921, the corporation is based in Greenwood Village, Colorado, and operates across a broad geographical spectrum with assets in North America, South America, Australia, and Africa​​.

The company’s mines are located in various regions including Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname​. Its operations extend to exploration, production, processing, and refining of the aforementioned metals, with a notable emphasis on gold mining and production​​. As of the end of 2022, Newmont had substantial proven and probable gold reserves.

as of October 4, 2023

At last count, Newmont has 96 million ounces of gold, 6.8 million tonnes of copper, and a staggering 600 million ounces of silver… provable reserves. That’s $172 billion plus $54 billion plus $12.6 billion in total profit potential, at current prices. Metal prices have been down year to data and considering the shit storm we’re heading towards (IMO) they should all be going higher in USD terms. The company’s market cap is $28 billion just over half of what it has in copper alone.

Barrick Gold

Barrick Gold Jonathan Poland

Barrick Gold Corporation (NYSE: GOLD) is a significant player in the global economy, particularly within the gold mining industry. Its operations extend across multiple continents, contributing both to local economies and to the global economic landscape and is continuously seeking to expand and enhance its operations through the development of capital projects. Its operating platform holds some of the industry’s prime assets, showcasing its substantial footing in the gold mining industry​. Those operations span 14 countries, and it has a notable presence in North America, particularly in Nevada, where it has significant gold operations​.

Barrick Gold’s future projects to continue its contributions to the global economy. For instance, it is advancing environmental and social studies at the Reko Diq project in Balochistan, Pakistan, delivering on community development commitments ahead of the targeted first production in 2028​.

as of October 4, 2023

The company has 76 million ounces of gold in provable reserves. It also has 150 million ounces of silver and 12,000 million pounds of copper, among others. That equates to $140 billion in gold, $3.17 billion in silver, and $43 billion worth of copper. Roughly 40% of that is attributed to costs of extraction, which leaves well over $100 billion. The company’s market cap is $25 billion. And, those are at today’s prices. Imagine if gold, silver, copper goes higher? A lot higher?

Univar Solutions

Univar Solutions Jonathan Poland

Univar Solutions Inc. (UNVR) is a leading global distributor of chemicals and ingredients, as well as a provider of value-added services. Headquartered in Downers Grove, Illinois, USA, the company was originally founded in 1924 as Van Waters & Rogers. It has since undergone several mergers, acquisitions, and name changes, ultimately becoming Univar Solutions Inc. in 2019 after the acquisition of Nexeo Solutions.

Univar Solutions serves a diverse range of industries, including personal care, food and beverage, pharmaceuticals, coatings, agriculture, energy, and more. The company’s primary activities involve sourcing, transporting, storing, and distributing chemicals and ingredients from various suppliers to customers worldwide.

Univar Solutions’ offerings can be broadly categorized into three main areas:

  1. Chemical Distribution: The company maintains an extensive portfolio of chemicals, including industrial and specialty chemicals, solvents, acids, bases, and other raw materials from leading global suppliers. Univar Solutions offers these products to customers across various industries, providing them with the necessary materials for their manufacturing processes.
  2. Ingredient Distribution: Univar Solutions distributes a wide range of specialty ingredients for the food and beverage, personal care, and pharmaceutical industries. These ingredients include flavors, fragrances, sweeteners, preservatives, and other functional components that are critical to the development and production of various consumer goods.
  3. Value-Added Services: In addition to distribution, Univar Solutions offers various value-added services to its customers, such as product formulation assistance, technical support, regulatory compliance guidance, and supply chain management solutions. These services help customers optimize their operations, reduce costs, and achieve their business objectives.


Huntsman Jonathan Poland

Huntsman Corporation (HUN) is a global manufacturer and marketer of differentiated chemicals, focusing on various applications and industries. Founded in 1970 by Jon M. Huntsman, the company is headquartered in The Woodlands, Texas, USA. Over the years, Huntsman has expanded its business through acquisitions, divestitures, and organic growth, becoming a leading player in the specialty chemicals industry.

Huntsman Corporation operates through four main business divisions:

  1. Polyurethanes: This division produces a range of polyurethane chemicals, including MDI (methylene diphenyl diisocyanate), polyols, and other system solutions. These products are used in various applications, such as insulation, automotive components, adhesives, coatings, and elastomers.
  2. Performance Products: This division focuses on the manufacture and marketing of amines, surfactants, maleic anhydride, and other specialty chemicals. These products are used in a variety of industries, including personal care, cleaning, lubricants, and fuel additives.
  3. Advanced Materials: This division specializes in the production of epoxy, acrylic, and polyurethane-based polymer products, which are used in aerospace, automotive, construction, electronics, and other industries. Key products include structural adhesives, composite materials, and encapsulants.
  4. Textile Effects: This division provides solutions for the textile industry, including chemicals, dyes, and inks used in the processing and finishing of textiles. Huntsman’s offerings in this segment help improve the performance, appearance, and sustainability of various textile products.

Huntsman Corporation is committed to innovation, sustainability, and environmental responsibility. The company invests in research and development to create new products, improve existing ones, and find more sustainable solutions for various industries. Huntsman operates manufacturing facilities, research centers, and sales offices worldwide, allowing it to serve customers in over 100 countries.


Braskem Jonathan Poland

Braskem S.A. (BAK) is a leading Brazilian petrochemical company and one of the largest producers of thermoplastic resins in the Americas. Founded in 2002, it is headquartered in São Paulo, Brazil. The company was formed through the merger of six petrochemical companies owned by Brazilian conglomerates Odebrecht and Grupo Mariani. Braskem operates in the production and distribution of petrochemicals, polymers, and renewable chemicals, serving a wide range of industries, such as automotive, construction, packaging, and consumer goods.

Braskem’s business is organized into three primary segments:

  1. Basic Petrochemicals: This segment includes the production of key petrochemical intermediates such as ethylene, propylene, butadiene, and benzene, which are used as building blocks for various plastic resins and other chemicals.
  2. Polyolefins: Braskem produces a wide range of polyolefins, including polyethylene (PE) and polypropylene (PP) resins, which are used in various applications, such as packaging, automotive components, and consumer products.
  3. Vinyls: This segment focuses on the production of polyvinyl chloride (PVC) resins and caustic soda, which are widely used in construction, water infrastructure, and other industries.

In addition to its petrochemical business, Braskem has made significant investments in the development of renewable chemicals, particularly in the production of bio-based polyethylene from sugarcane ethanol. This innovative process has positioned Braskem as a leader in the development of sustainable and environmentally friendly plastic materials.


Methanex Jonathan Poland

Methanex Corporation (MEOH) is a Canadian multinational corporation that specializes in the production and distribution of methanol, a versatile chemical used as a key ingredient in numerous industrial and consumer products. Founded in 1968, Methanex is headquartered in Vancouver, British Columbia, Canada. The company is the world’s largest producer and supplier of methanol, with a strong global presence and an extensive network of production facilities, distribution terminals, and sales offices.

Methanol, also known as methyl alcohol or wood alcohol, is a colorless, flammable liquid primarily produced from natural gas. It is used as a feedstock for producing a wide range of chemicals, including formaldehyde, acetic acid, and other derivatives. Methanol is also used as a solvent, antifreeze, fuel, and fuel additive.

Methanex Corporation operates several methanol production facilities across the world, with locations in Canada, Chile, Egypt, New Zealand, Trinidad and Tobago, and the United States. The company’s global production capacity exceeds 10 million metric tons per year.

In addition to its core methanol production business, Methanex is involved in various initiatives aimed at developing new markets and applications for methanol, such as the use of methanol as a marine fuel and in fuel cell technologies.

SunCoke Energy

SunCoke Energy Jonathan Poland

SunCoke Energy, Inc. (SXC) is a leading producer of high-quality coke, a crucial ingredient in the steel manufacturing process. Headquartered in Lisle, Illinois, the company specializes in manufacturing coke through an innovative heat recovery cokemaking process. This environmentally friendly technology captures waste heat from the coke ovens, using it to generate electricity and reduce the overall carbon footprint of coke production.

SunCoke Energy operates both domestic and international cokemaking facilities. In the United States, the company has facilities in Illinois, Indiana, Ohio, and Virginia. Internationally, SunCoke Energy has a presence in Brazil through its subsidiary, Sol Coqueria Tubarão. The company’s customers include integrated steel producers and independent coke producers, who rely on SunCoke’s high-quality coke for their steel manufacturing operations.

In addition to coke production, SunCoke Energy also operates a coal logistics business, which provides material handling and transportation services to the coal and coke industries. This segment of the business handles, blends, and transports coal and coke, adding value to SunCoke’s operations and ensuring a more comprehensive service to its customers.

SunCoke Energy is committed to responsible and sustainable operations. The company continuously invests in environmental initiatives, such as emissions reduction and energy efficiency, to minimize its ecological impact. SunCoke Energy also emphasizes workplace safety and community engagement, striving to create a positive impact on the communities in which it operates.

Southern Copper

Southern Copper Jonathan Poland

Southern Copper Corporation (SCCO) is a prominent mining company that specializes in the exploration, mining, smelting, and refining of copper and other minerals across several countries, including Peru, Mexico, Argentina, Ecuador, and Chile. The company’s operations encompass the mining, milling, and flotation of copper ore to generate copper and molybdenum concentrates. Additionally, they are involved in the smelting of copper concentrates to yield blister and anode copper, as well as the refining of anode copper to produce copper cathodes. Southern Copper Corporation also produces molybdenum concentrate, sulfuric acid, refined silver, gold, and other materials, while mining and processing zinc, copper, molybdenum, silver, gold, and lead.

The company operates two major open-pit mines, Toquepala and Cuajone, along with a smelter and refinery in Peru. In Mexico, it manages La Caridad, an open-pit copper mine that includes a copper ore concentrator, a SX-EW (solvent extraction and electrowinning) plant, a smelter, refinery, and a rod plant. Additionally, Southern Copper Corporation runs Buenavista, another open-pit copper mine in Mexico, featuring two copper concentrators and two operating SX-EW plants.

Apart from these operations, the company runs five underground mines that extract zinc, lead, copper, silver, and gold. It also oversees a coal mine that generates coal and coke, as well as a zinc refinery. Southern Copper Corporation has interests in exploration concessions spanning 493,117 hectares in Peru and Mexico, 239,077 hectares in Argentina, 30,568 hectares in Chile, and 7,299 hectares in Ecuador.

Established in 1952 and headquartered in Phoenix, Arizona, Southern Copper Corporation operates as a subsidiary of Americas Mining Corporation.

Levi Strauss

Levi Strauss Jonathan Poland

Levi Strauss & Co. (LEVI) is a global apparel company that designs, markets, and sells jeans, casual wear, and related accessories. The company was founded in 1853 by Levi Strauss, who immigrated to the United States from Bavaria in 1847. Strauss and his partner, Jacob Davis, invented the first blue jeans in 1873 by adding metal rivets to the pockets and waistband of denim pants, creating a durable garment for miners and laborers.

Today, Levi Strauss & Co. is a publicly traded company with headquarters in San Francisco, California. The company operates in over 110 countries and sells its products through various channels, including wholesale, retail, and e-commerce. Levi’s brand portfolio includes Levi’s, Dockers, Denizen, and Signature by Levi Strauss & Co. The company’s products are sold in a variety of styles, sizes, and prices, and are marketed towards men, women, and children. In addition to jeans, Levi’s also sells a variety of apparel and accessories, including shirts, jackets, shorts, skirts, dresses, belts, and bags.

as of April 7, 2023
Latest quarterly numbers were pretty solid. Revenue grew 6.3% year over year, coming in at $1.69 billion and beating estimates by $80 million. Non-GAAP earnings per share were $0.34, beating by $0.01. A key to the growth was in the Direct-to-Consumer (DTC) segment where sales were up 12%. This is key to the pivot in distribution. The company also reaffirmed expectations for the year with net sales between $6.3 billion and $6.4 billion and adjusted diluted EPS of $1.30 to $1.40. If it can grow earnings at almost any rate, this stock price today ($15ish) is a discount. That said, it’s likely not going to produce 30% a year for investors. For that the price would likely need to be in the single digits.


Freeport-McMoRan Jonathan Poland

Freeport-McMoRan Inc. (FCX) is a leading international mining company that specializes in the exploration, mining, and processing of mineral resources, primarily copper, gold, and molybdenum. The company’s headquarters are in Phoenix, Arizona, and its shares are traded on the New York Stock Exchange under the ticker symbol “FCX.”

Freeport-McMoRan’s mining operations are primarily located in North America, South America, and Indonesia. The company’s most notable assets include:

  1. Grasberg Mine (Indonesia): One of the largest copper and gold mines in the world, the Grasberg Mine is located in the Papua province of Indonesia. It is a major source of revenue for Freeport-McMoRan and is known for its significant reserves of both copper and gold.
  2. Morenci Mine (United States): This large open-pit copper mine is located in Arizona, United States. It is one of the largest copper producers in North America and a key asset in Freeport-McMoRan’s portfolio.
  3. Cerro Verde Mine (Peru): Cerro Verde is an open-pit copper and molybdenum mining complex located in Peru. The mine is one of the largest copper producers in the country and plays a significant role in Freeport-McMoRan’s operations.
  4. El Abra Mine (Chile): This copper mine, located in Chile, is an open-pit operation managed through a partnership between Freeport-McMoRan and the Chilean state-owned copper mining company, Codelco.
  5. Climax Molybdenum (United States): Freeport-McMoRan is also a leading producer of molybdenum through its Climax Molybdenum subsidiary, which operates mines in Colorado and Arizona.
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