http://www.mineweb.net/mineweb/view/...

A snippet:

"Analyst Simon Toyne said the firm was reviewing forecasts that Xstrata would trade on a 2009 P/E of 1.9x compared to the large cap sector average of 3.9x. However, he said Xstrata would continue to trade on a greater than justified discount to its peers that was exacerbated by rumours regarding Glencore's financial stability in recent weeks.

Toyne said Numis' forecasts across the sector were under review and were likely to be decreased substantially. The question was increasingly whether any commodity price could avoid a descent into its cost structure in the next few months."