Nyrstar is hosting an analyst visit at its Tennessee operations in the US on Monday and Tuesday. Besides Tennessee management, entire management is present. The main element of yesterday’s presentations is a new very ambitious target: Nyrstar wants to increase its EBITDA by factor 5 to € 1.5bn by 2016. Half of this amount should come from new mining acquisitions and half from growth in existing business (smelting and mining). Note that the new target is a financial one and not linked to the degree of integration. Reason is that focus will be on profitability above volumes. Management also indicated that new acquisitions won’t necessarily have to be in zinc (copper is not excluded). The size of new deals is likely to increase vs. previous transactions. Management made a clear case for TC's to rise in 2012. In its 2016 targets, Nyrstar included pressure on smelting from lower TC's and higher electricity costs to be offset by € 140m annual savings from operational excellence initiatives (2020 project). Conclusion: Management provided a fairly upbeat presentation with a very ambitious target. This will certainly get the headlights and might be supportive for the stock.