Raymond James has come out with a 100 page report on Iron Ore. They have a positive outlook on iron ore, due to its oligopolistic supply and solid demand. They expect many acquisitions of iron ore companies to be done by iron ore companies as well as steel companies.

They report on three Canadian iron ore companies, including CHM, which they rate as an Outperform with a target of $2.90. They beleive the Fermont camp is one of the highest quality undeveloped iron ore deposits in the great Labrador region. Since FNC owns 17.5% and royalties it is mentioned a number of times in the report. They believe the NAV of CHM is $7.32 per share.