The new catalyst – Joint Development Agreements Buy: Our take on recent Brazil developments[Correction] Hold: Waiting for FX pressure to subside IF closures continue to benefit high grade iron ore Downgrade to Reduce: Positive impact from gold price unlikely to last Buy: Steady earnings growth ahead Asia Chart of the Week Solid demand, cautious sentiment Brazil’s recent political developments Reserves Tracker: Peak gold output reached with LOM down to 14 years