Today’s Market View – Power Metal Resources; Kavango Resources and more…

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SP Angel . Morning View . Tuesday 20 07 21


Copper prices bounce following a Monday risk sell off


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MiFID II exempt information – see disclaimer below


Graphene producer funding – EIS scheme approval applied for


The company wishes to fund a ramp up in graphene production to get ahead of demand and to develop markets for a number of new, graphene products


The business is also able to upgrade graphite to a higher grade/specifications using its process – rolling out this process also requires funding


Please email if you wish to invest in the company


*SP Angel’s role is limited to making introductions and interested parties should be aware that investment in a private company can present certain risks not present in listed companies (e.g. limited or no liquidity and no rules compelling disclosure of information to investors). This offer is open to professional investors only and is not offered to retail investors.




Anglo American (LON:AAL) – Production recovery as Q2 operating levels run at 95% of normal capacity


BHP (LON:BHP) – Record iron ore production from W Australia and copper output from Olympic Dam


Hummingbird Resources (LON:HUM) – Q2/21 production grows with further gains guided for H2/21


Polymet Mining* (TSX:PLM) – Air permit remanded by Minnesota appeals court


Power Metal Resources* (AIM:POW) / Kavango Resources (LON:KAV) – Soil sampling extends Morula Target Geochemical Anomaly to Over 18km




Equities trade higher this morning after posting heavy losses on Monday driven by concerns over rapidly spreading Delta variant.


S&P futures are up 0.6% today after posting a 1.59% drop in the previous trading session.


European Stoxx 600 is up 0.9% following a 2.3% fall on Monday that was the largest fall this year.


10y Treasury yields are slightly higher trading around 1.2% after hitting a low of 1.17% yesterday after nearly a 12bp drop.


Brent is up 0.5% after shedding almost 7% yesterday.


Copper up 0.7% following a 2.2% fall yesterday.




LME launches battery metal lithium contract in rivalry with CME Group


The London Metal Exchange has recently launched a contract for battery metal lithium to position itself for increasing demand as EV popularity increases.


The decision is targeted at both increased investor interest in the field and to enable battery and car manufacturers to hedge their exposure against volatile lithium prices.


It is estimated that demand for lithium will grow 7x by 2030.


Lithium Hydroxide prices in China are up 86%.


The LME and CME contracts are both tied to prices for lithium hydroxide from Fastmarket’s prices for China, Japan and South Korea.


The move comes as the LME aims to advance their sustainability agenda.




Dow Jones Industrials -2.09% at 33,962


Nikkei 225 -0.96% at 27,388


HK Hang Seng -0.87% at 27,251


Shanghai Composite -0.06% at 3,537




Economics


China/US – The country has been accused of being at the heart of a wave of global cyber attacks using criminal cyber gangs and compromising global security, FT reports.


The US-led coalition of countries and organisation including the EU, the UK, Australia, Canada, New Zealand, Japan and Nato alleged that Beijing’s Ministry of State Security managed a campaign to infiltrate foreign companies, universities and government organisations throughout much of 2010s.


A senior US administration official said there is a “high degree of confidence” that attackers on the MSS payroll had carried an attack on Microsoft’s Exchange application that was disclosed in March.


The US Justice department accused four Chinese nationals affiliated with the MSS who are believed to have managed a separate campaign to hack companies, universities and government entities in the US and overseas between 2011 and 2018.


China hit back at US-led accusations as “groundless” and politically motivated.


Chinese diplomats in countries including the UK, Canada and New Zealand issued separate statements on Tuesday criticising allegations.


The news provides further evidence of tense relations between the US and China; two countries cannot agree a top-level meeting since March.




Japan – Consumer prices ticked up for a second month in June helped by higher energy costs, although, inflationary pressures remain muted.


Once energy prices are excluded the gauge slips below 0% marking a third consecutive negative reading.


The situation strongly contrasts with the US and other countries, where fear of inflation has started to fuel expectations for an eventual withdrawal of monetary stimulus, Bloomberg writes.


CPI ex Fresh Food (%yoy): 0.2 v 0.1 in May and 0.2 est.




Peru – Electoral authority confirms Socialist Castillo as next President


Peru’s electoral authority has deemed that Castillo officially won the June 6 election against Keiko Fujimori, who accepted the result but said she had been cheated.


The official result had been delayed by appeals from Fujimori aimed at annulling some ballots over fraud accusations.


Castillo pledged to redraft the constitution and hike taxes on mining firms, although his rhetoric softened somewhat in recent weeks as he hinted at a more moderate, market friendly approach.




Biden seeks to settle inflation nerves


In a press conference on Monday, Joe Biden reaffirmed the message from his top officials that pressures in inflation are set to cool over time.


The President did, however, accept the dangers of long-term inflation, with his administration looking ‘to remain vigilant about any response that is needed’.


Biden has been on the receiving end of staunch criticism of from the Republicans over plans for a $4tn injection into infrastructure, with the opposition pointing to rising inflation as the primary concern.


He has dismissed increasing prices as a result of ‘global supply chain challenges’ caused by the ‘roaring back’ of the economy.


Biden has been in contact with the Fed chair, Jay Powell, highlighting the need for the Bank to control inflation whilst encouraging it to ‘take whatever steps… to support a strong, durable economic recovery.’




Currencies


US$1.1788/eur vs 1.1787/eur yesterday. Yen 109.63/$ vs 109.96/$. SAr 14.520/$ vs 14.485/$. $1.365/gbp vs $1.373/gbp. 0.733/aud vs 0.737/aud. CNY 6.483/$ vs 6.483/$.




Commodity News


China June copper output rose 2.6% YoY to 837,000t


Lead output in June rose 11.3% to 640,000t


Zinc output in June rose 6.2% YoY to 567.000t


Precious metals:


Gold US$1,816/oz vs US$1,832/oz yesterday


Gold ETFs 100.3moz vs US$100.5moz yesterday


Platinum US$1,083/oz vs US$1,140/oz yesterday


Palladium US$2,610/oz vs US$2,830/oz yesterday


Silver US$25.18/oz vs US$26.36/oz yesterday




Base metals:


Copper US$ 9,283/t vs US$9,440/t yesterday


Aluminium US$ 2,439/t vs US$2,530/t yesterday


Nickel US$ 18,575/t vs US$18,680/t yesterday


Zinc US$ 2,983/t vs US$2,955/t yesterday


Lead US$ 2,298/t vs US$2,323/t yesterday


Tin US$ 33,380/t vs US$32,745/t yesterday



Energy:


Oil US$69.4/bbl vs US$73.8/bbl yesterday


Oil prices continue to fall following as the market digest the latest OPEC+ agreement that would gradually increase monthly production until in late 2022 all of the 9.7MMbopd that had originally been withheld from the market, was restored.


There was already an agreement in place through December of 2021, but Saudi Arabia’s desire to extend it to the end of next year was a bone of contention with the UAE.


This agreement was not reached easily and required some negotiation and compromise to achieve.


It has been widely reported that the disagreement between KSA and the UAE, was the latter’s desire for a higher output ceiling from which its share of curtailment would be calculated.


There is a dichotomy of perspective about the peak for oil that has developed between the KSA and the UAE.


The Saudis’ five-year plan to diversify their revenues away from oil has not been as successful as initially hoped, and they now view oil production as underpinning their economy for decades to come.


They also view the transition to renewables as having a multi-decade arc that will keep demand for oil and derivatives relatively high over this period.


The UAE have had more success in attracting foreign investment, and on a parallel track, have energised their oil sector with a US$122bn investment plan, to dramatically increase production in the near term.


Their view on the energy transition is that it will have a much shorter arc that could lead to substantial reserves being “stranded”.


A very undesirable outcome for this tiny middle-Eastern nation, and makes them want to up production regardless of the impact on prices.


This the underlying fear behind their insistence on a higher baseline for allocating their share of OPEC+ production.


This led to the impasse that resulted in the first meeting ending abruptly with no statement forthcoming.


Natural Gas US$3.754/mmbtu vs US$3.671/mmbtu yesterday




Bulk:


Iron ore 62% Fe spot (cfr Tianjin) US$211.3/t vs US$210.07/t


Chinese steel rebar 25mm US$816.9/t vs US$808.6/t


Thermal coal (1st year forward cif ARA) US$93.5/t vs US$90.8/t


Coking coal swap Australia FOB US$207.0/t vs US$207.0/t


China Ilmenite Concentrate TiO2 46% US$366.33/t vs US$369.23



Other:


Cobalt LME 3m US$52,500/t vs US$52,500/t


NdPr Rare Earth Oxide (China) US$91,006/t vs US$82,427/t


Lithium carbonate 99% (China) US$12,340/t vs US$12,383/t


China Spodumene Li2O 5%min CIF US$700/t vs US$700/t


Ferro-Manganese European Mn78% min US$1,950/t vs US$1,958/t


China Tungsten APT 88.5% FOB US$290/t vs US$289/t


China Graphite Flake -194 FOB US$515/t vs US$515/t


Europe Vanadium Pentoxide 98% US$9.2/lb vs US$9.0/lb


Europe Ferro-Vanadium 80% US$39.45/kg vs US$39.25/kg


Spot CO2 Emissions EUA $57.3/t vs $57.7/t




Battery News


EV manufacturers seek to reduce dependency on China for key materials


Automakers are trying to reduce their reliance on China for rare earth elements (REEs) currently used for permanent magnets in EVs.


Rare earth permanent magnets are widely seen as the most efficient way to power EVs, and China currently controls 90% of their supply.


Manufacturers, amounting to almost half of global sales are reporting that they are now limiting the use of REEs in their EVs, with concerns about securing supply, huge price swings and the environmental damage in the supply chain:


Nissan told Reuters it is scrapping REEs from the engine of its new Ariya model.


BMW have scrapped REEs from their iX3 electric SUV this year.


Toyota and Volkswagen have also told Reuters that they are cutting back on the use of REEs.


REEs are critical for the electronics, defence and renewable energy industries and it is predicted that the global consumption rate could reach $15.7bn by 2030.




SK Materials partner with US battery startup to develop anodes for EV batteries


Korean industrial manufacturer, SK Materials, and US based battery startup Group14 have formed a joint venture to make inroads in the EV market.


Group14 specialise in the production of anode materials – its silicon-carbon composite material called SCC55 can increase energy density up to 50% and battery capacity by nearly five times compared to batteries using graphite anode materials.


The global silicon anode market is predicted to surge to 5.5 trillion won by 2025 from 13.3 billion won this year, but the industry has a clear barrier to entry as only two or three companies, such as South Korea’s Daejoo Electronic Materials Co., have the technology for mass production of silicon anode materials.


The joint venture is expected to have the capacity to mass produce silicon anode materials and compete with Daejoo Electronic to supply materials for SK Innovation’s battery production.


Canadian firm, NEO Battery Materials has also made steps to enter the silicon anode industry, signing a Memorandum of Understanding with a lead supplier of silicon metals and silicon-based alloys and ferroalloys, Ferroglobe Innovation.




Siemens and ZENOB plan 100 MW/200 MWh battery project


German companies Siemens and grid network operator ZENOB have signed a letter of intent to build one of the most powerful batteries in Europe.


The system will store energy generated by renewable power plants in the Bavarian region of Wunsiedel. It will hope to cover peak demand periods whilst lowering CO2 emissions.


Siemens’ energy storage specialist Fluence will supply the plant with lithium-ion batteries.


Siemens’ chief technologist believes the plant ‘promises significant relief for the network operator’, with the installation offering protection against capacity related voltage fluctuations.




Company News


Anglo American (LON:AAL) 2,827.5p, Mkt Cap GBP37.9bn – Production recovery as Q2 operating levels run at 95% of normal capacity


Anglo American reports what it is describes as “a solid operational performance” with the group’s Covid19 containment measures allowing operations to run at around 95% of normal capacity.


The announcement confirms the demerger of Anglo American’s South African thermal coal operations and the previously announced decision to sell its minority holding in the Cerrejon coal operations in Colombia.


Among the other operating divisions increased production, compared with Q2 2020, is reported for copper which rose by 2%, iron ore (+6%), PGMS (+59%) and diamonds (+134%) while metallurgical coal output declined by 25% following the resumption of operations at Moronbah “at the beginning of June”. Work is continuing towards an expected restart of metallurgical coal production at Grosvenor by the end of the year.


Anglo American has made relatively minor adjustments to its production guidance for 2021 with diamond output now expected in the range 32-33m carats (previously 32-34m carats), copper output of 650-680kt (previously 640-680kt), PGM production of 4.2-4.4moz (previously 4.2-4.6moz), iron ore production in the range of 64.5-66.5mt (previously 64.5mt-67.5mt) with expectations for metallurgical coal maintained at 14-16mt and for nickel at 42-44kt.


De Beers rough diamond production of 8.24m carats during Q2 brings H1 output to 15.4m carats (2020 – 11.3m carats) with production dominated by the 10.7m carats produced in Botswana.


The announcement notes that a continuing recovery in consumer demand for polished diamonds has resulted in “strong demand for rough diamonds from midstream cutting and polishing centres, despite the impact on capacity from the severe Covid-19 wave in India during April and May”.


Anglo American also says that average realised prices “increased by 13% to $135/ct (H1 2020: $119/ct), driven by an increased proportion of higher value rough diamonds sold” and that it is seeing “tightness in inventories across the diamond value chain as well as positive consumer demand for polished diamonds”.


A 5% increase in copper production at Los Bronces during the quarter and a 9% increase in H1 helped offset the impact of lower grades at Collahuasi taking the groups to 169.7kt of output during Q2 and to 330kt for the six months to 30th June.


Anglo American says that “Sales volumes in H1 2021 were impacted by temporary port closures in Chile due to heavy tidal swells limiting vessel availability in the last two weeks of June”.


PGM production from the group’s own operations increased to approximately 709,000oz during Q2 taking output for the half to 1.4moz “following a strong recovery from the Covid-19 lockdowns in Q2 2020” with output from Mogalakwena benefitting from higher throughput to increase output by 11%.


Refined PGM production “increased by 233% to 1,353,700 ounces, reflecting strong performance from the ACP Phase A unit following its successful start-up in November 2020” while the “ACP Phase B rebuild is on schedule for completion in H2 2021”.


“Iron ore production increased by 6% to 15.7 million tonnes, driven by a 14% increase at Kumba, partly offset by a 5% decrease at Minas-Rio”. Kumba’s 9.8mt Q2 production, including a 17% increase at Sishen to 6.9mt and a 7% rise at Kolomela during the quarter, brings H1 output to 20.4mt.


The reduced output at Minas Rio is attributed to the impact of now completed “unplanned maintenance at the beneficiation plant” and Anglo American says that it expects to recover the majority of the lost production by the end of the year.


“Export metallurgical coal production was 3.0 million tonnes, down 25% due to the continued suspension of operations at Grosvenor following the underground incident in May 2020, as well as the suspension of Moranbah for most of the quarter … in response to elevated gas levels … Open cut operations are returning towards pre-Covid-19 production levels having been scaled back at Dawson and Capcoal since mid-2020 in response to reduced demand for the products”.


Anglo American increased its exploration and evaluation expenditure “by 56% to $67 million” in part as a result of “increased drilling at Sakatti (Copper/PGMs) in Finland” as well as evaluation work on “Metallurgical Coal, Sakatti … and Diamonds”.


Confirming that the operations were running at around 95% of normal capacity, CEO, Mark Cutifani, said that “as a consequence, production increased by 20% compared to Q2 of last year, with planned higher rough diamond production at De Beers, as well as strong plant performance at our Los Bronces copper operation in Chile and higher throughput at our Mogalakwena platinum group metals mine in South Africa”.




BHP (LON:BHP) 2,186.5p, GBP45.3bn – Record iron ore production from W Australia and copper output from Olympic Dam


In its annual operational review for the year to 30th June 2021, BHP reports record iron-ore production from its Western Australian mines and the highest copper production from Olympic Dam since it acquired the mine in 2005 and Olympic Dam’s highest ever gold output.


The company also says that despite the challenges of the Covid19 pandemic in Chile, the Escondida mine “maintained average concentrator throughput at record levels”.


Describing the last 12 months as “another year of excellent operational performance” which reflects “the capability and commitment of our employees and contractors, the strength of our systems and the support of our business partners”, Chief Executive, Mike Henry, said “BHP is in great shape”.


Mr. Henry also set that as well as setting “several production records …[during the year, BHP] … brought on four major projects safely, on schedule and on budget”.


Copper production for the year declined by 5% to 1,635.7kt with the 20% increase at Olympic Dam (to 205,300t) and 16% rise at Antamina (144kt) more than offset by declines of 10% at Escondida (to 1,068kt) and at Pampa Norte (to 218kt).


The company explains that workforce restrictions in its Chilean copper operations in response to the Covid19 risks to Chile’s health system resulted “in strict quarantine measures and border restrictions. We expect the operating environment for our Chilean assets to remain challenging, with reductions in our on-site workforce forecast to continue in the 2022 financial year.”


At Escondida, “continued strong concentrator throughput of 371 ktpd, at record levels, was more than offset by the impact of expected lower concentrator feed grade and lower cathode production” and copper production of 1,068kt “was slightly above the upper end of our increased guidance range as a result of improved maintenance practices and strong mine equipment performance”.


“Guidance of an annual average of 1.2 Mt of copper production …[from Escondida] …over the next five years remains unchanged, with production expected to be weighted towards the latter years”.


The improved performance of the Olympic Dam mine is attributed to “improved smelter stability and strong underground mine performance” and “Production for the 2022 financial year is expected to decrease to between 140 and 170 kt as a result of the planned major smelter maintenance campaign and subsequent ramp up planned between August 2021 and February 2022”.


Western Australian iron ore output “increased by one per cent to a record 252 Mt (284 Mt on a 100 per cent basis), reflecting record production at Jimblebar and Mining Area C, which included first ore from South Flank in May 2021”. BHP says that this record level of output “was achieved despite significant weather impacts, temporary rail labour shortages due to COVID-19 related border restrictions and the planned Mining Area C and South Flank major tie-in activity”.


Iron ore production guidance for the Western Australian mines for the year to June 2022 is expected in the range 278-288mt on a 100% basis with a focus on “incremental volume growth through productivity improvements” and on improved port reliability.


Metallurgical coal output of 40.6mt was in line with the company’s original production guidance with production “expected to be between 39 and 44 Mt (70 and 78 Mt on a 100 per cent basis) in the 2022 financial year as we expect restrictions on coal imports into China to remain for a number of years.”


BHP’s energy coal output declined by 17% to 19mt and “is expected to decrease to between 13 and 15 Mt in the 2022 financial year, reflecting the announced divestment of our interest in Cerrejon in June 2021 and that Cerrejon volumes will now be separately reported from 1 July 2021 until transaction completion”. Cerrejon was subject to a 91-day strike during the first half of the year contributing to a 30% decline in output to 5mt.


Among the four major projects to deliver first production during the year were the Atlantis Phase 3 petroleum project and the Ruby oil and gas project in Trinidad & Tobago with the Spence Growth Option copper project and the South Flank iron ore sustaining project in Western Australia adding to the mining base of BHP.


Currently, BHP has the Mad Dog Phase 2 petroleum project and the Jansen Potash project, where BHP expects to make a decision on whether to go-ahead in the next two months, underway “with both of these tracking to plan”


The company reports exploration expenditure of US$192m during the year with green fields exploration “predominantly focused on advancing copper targets in Chile, Ecuador, Mexico, Peru, Canada, Australia and the south-west United States, and nickel targets are being advanced in Canada and Australia.”.


“Drilling for copper targets is underway in Chile, Ecuador, Peru and the United States, while further drilling is anticipated for copper and nickel in Australia during the 2021 calendar year. At Oak Dam in South Australia, next stage resource definition drilling to inform future design commenced in May 2021”.


Conclusion: In a positive announcement of its production over the year to 30th June 2021, BHP has reported several production records including of copper and gold at Olympic Dam and of Western Australian iron ore. Exploration remains directed towards copper in the Americas and Australia and at nickel targets in Canada and Australia.




Hummingbird Resources (LON:HUM) 20p, Mkt Cap GBP79m – Q2/21 production grows with further gains guided for H2/21


Production climbed to 24.5koz (Q1/21: 22.8koz) driven by stronger processing rates.


The plant processed 392kt at 2.14g/t during the quarter (Q1/21: 345kt at 2.16g/t).


AISC average $1,386/oz (Q1/21: $1,494/oz).


Gold sales totalled 24.8koz at $1,802/oz realised gold price (Q1/21: 22.0koz at $1,788/oz).


FY21 guidance reiterated at 100-110koz at $1,250-1,350/oz.


Production is expected to increase in H2/21 on the back of better grades helping to bring unit costs lower to meet the guided range.


Cost reduction and productivity improvement programmes have been initiated with wet weather protocols and procedures put in place.


The Company spent $3.5m on drilling at Yanfolila completing ~32,500m of the 44,600m planned for the year to date aiming to extend the life of mine with an updated Reserve statement expected to be released later this year.


At Kouroussa, the high grade growth project in Guinea, the Company secured mining licenses in May/21 and is working on putting together detailed capital cost estimates ahead of project funding.


The team anticipates updating the market shortly with further details on development plans and capex estimates.


Net cash balance (including gold inventory of ~2.0koz) climbed to $12.4m (Q1/21: $4.9m) with the Company reaching debt free status during the quarter.




Polymet Mining* (TSX:PLM) US$3.24c, Mkt cap $327m – Air permit remanded by Minnesota appeals court


The Minnesota Court of Appeals on Monday returned an air permit given to Polymet Mining by the state’s environmental agency, saying it should reconsider its decision with additional findings.


Polymet intends to construct and operate the NorthMet mine, which would be the first in Minnesota to commercially extract copper, nickel and precious metals from the Duluth Complex, in north-eastern Minnesota.


Opposition to the mine allege the company of engaging in ‘sham permitting’ because it already intends to expand the mine beyond what is described in the permit application but failed to disclose those plans during the application process.


This allowed the company to avoid being labelled a ‘major source’ of air pollution and subject to greater regulatory scrutiny and requirements.


Polymet argues that the proposed mine has metal vital to produce EVs and clean energy technologies such as solar panels and wind turbines, helping Biden administration’s goal of building resilient supply chains.


*An SP Angel analyst has visited the Northmet site in Minnesota




Power Metal Resources* (AIM:POW) 2.03p, Mkt cap GBP24.2m – Soil sampling extends Morula Target Geochemical Anomaly to Over 18km


Kavango Resources (LON:KAV) 5.45p Mkt cap GBP20m


(South Ghanzi is held under a 50/50 Joint Venture) with Kavango Resources, with Kavango being the operator of the project)


Power Metal reports that results from further geochemical soil sampling and geological mapping on the Morula Target in Prospecting Licence 036/2020 at the South Ghanzi Project, located in the Kalahari Copper Belt, Botswana.


A total of 150km of soil sampling lines have now been completed over South Ghanzi’s Acacia and Morula targets.


The Morula Target is now over 18km long, up from the 12km previously announced on the 21st of June – and varies between 800m and 2.4km in width.


The geochemical anomaly remains open along strike in both directions towards the northeast and southwest.


A third sub-parallel geochemical anomaly has been identified immediately to the south of the Morula Target, named ‘Happy’ and approximately 5km long and approximately 700m wide.


Extension of the infill soil sampling has extended the additional infill soil sampling lines from 5.5km to 11km, enabling the identification of the Happy Target.


A total of 150km of soil sampling lines now complete over the Acacia, Morula and Happy targets, with 2,105 soil samples have now been taken over all targets where 1,199 samples returned Cu-in-soil readings >30ppm Cu and 1,050 samples returned Zn readings >29ppm Zn.


Additional sample lines over the Morula Target returned 63 highly anomalous copper readings of >45ppm Cu, with 5 results >62ppm Cu.


The JB now intends to conduct a geophysics programme at South Ghanzi, including Induced Polarization (IP) and Audio-frequency Magnetotellurics (AMT) surveys planned to define drill targets, along with further soil sampling.


*SP Angel act as Nomad and Broker to Power Metal Resources




No.1 in Copper: “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”


No1. In Gold: “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”


The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020




Analysts


John Meyer – [email protected] – 0203 470 0490


Simon Beardsmore – [email protected] – 0203 470 0484


Sergey Raevskiy [email protected] – 0203 470 0474


Joe Rowbottom – [email protected] – 0203 470 0486




Sales


Richard Parlons [email protected] – 0203 470 0472


Abigail Wayne – [email protected] – 0203 470 0534


Rob Rees – [email protected] – 0203 470 0535


Grant Barker – [email protected] – 0203 470 0471






SP Angel


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35-39 Maddox Street London


W1S 2PP




*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)


+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.




Sources of commodity prices


Gold, Platinum, Palladium, Silver – BGNL (Bloomberg Generic Composite rate, London)


Gold ETFs, Steel – Bloomberg


Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt – LME


Oil Brent – ICE


Natural Gas, Uranium, Iron Ore – NYMEX


Thermal Coal – Bloomberg OTC Composite


Coking Coal – SSY


RRE – Steelhome


Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite – Asian Metal




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