SP Angel . Morning View . Tuesday 27 07 21
Risk sentiment pulls back ahead of the Fed meeting
Altus Strategies* (LON:ALS) – La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining.
Ariana Resources (LON:AAU) – Kiziltepe production guidance maintained
Castillo Copper (LON:CCZ) – Quarterly report highlights the ‘Big One’ prospect
Chaarat Gold (LON:CGH) – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21
Glencore (LON:GLEN) – Glencore to pay $9.85m to settle zinc rigging dispute
Jervois Mining (ASX:JRV) – Jervois Mining buys Freeport Cobalt in $160m bid
Lynas Rare Earths (ASX:LYC) – Lynas share price hits 8-year high on record revenue and consistent demand
Power Metal Resources* (LON:POW) – Resumption of drilling at Silver Peak
Salt Lake Potash (LON:SO4) – ASX shares halted as company substantially downgrades production estimates for 2022
Tertiary Minerals* (LON:TYM) – Progress report on exploration at the Pyramid Project
Lithium – Spodumene prices rising in China on strong demand for Li-ion battery supply
Few things in life exceed expectations. Examples are:
The rapid spread of Covid-19 which exceeded statistical estimations by possibly all pandemic researchers,
The quality of my other half’s cooking,
And sales of Electric Vehicles which have outstripped even the most optimistic of estimations
China reported yoy EV car sales rose 160% to 235k units with ytd sales at 1.1m vehicles representing 11% of total sales.
Lithium, spodumene prices, which collapsed last year, are now seen rising beyond reported levels in China as processors of lithium hydroxide scramble to source raw material supply.
Lithium carbonate prices have risen to US$12,641/t from US$7,506/t at the start of the year highlighting the dramatic recovery on demand and pricing.
Key lithium companies on AIM: Kodal Minerals*, IronRidge Resources*, Savannah Resources*
*SP Angel acts as Nomad and broker
Nickel hydroxide in short supply on rising demand for stainless steel and Li-ion battery demand
Nickel prices continue to rise driven largely by strong demand for stainless steel which has risen by ~30% this year – mainly used in the fitting out and finishing of construction projects.
New demand for nickel hydroxide from the ramp-up of battery megafactories is also pulling the market higher as nickel refineries struggle to source suitable feedstock according to Benchmark Minerals.
We expect MHP nickel hydroxide prices to move to premium levels from their usual (~78%) discount to the nickel metal price as the supply / demand imbalance widens and the mining / processing industry struggles to catch up.
Nickel hydroxide is made from MHP a mixed hydroxide precipitate through HPAL hydrometallurgical processing of nickel laterite ores.
Benchmark Minerals see nine Chinese operations producing up to 60,000tpa of Nickel hydroxide through HPAL operations mainly in Indonesia by 2030.
First Quantum Minerals (TSX:FQM) are also working to produce nickel hydroxide from their HPAL operations at Ravensthorpe in Western Australia. FQM are expert at HPAL from their work on copper processing at Kansanshi in Zambia.
Goro, now owned by Prony Resources (part owned by Trafigura) in New Caledonia recently restarted producing after violence led to its shutdown and is also moving to MHP
Chinese nickel refiners are struggling to source material leading to further supply chain tightness leading to an increase in nickel imports as meet new demand for stainless steel and Li-ion battery production.
Key nickel companies on AIM: Amur Minerals*, Horizonte Minerals
*SP Angel acts as Nomad and broker
Dow Jones Industrials +0.24% at 35,144
Nikkei 225 +0.49% at 27,970
HK Hang Seng -3.55% at 25,264
Shanghai Composite -2.40% at 3,384
US – New home sales fell 6.6% in June to 0.676m units vs -7.8% in May at 0.724m units.
Dallas Fed manufacturing index 27.3 in July vs 31.1 in June.
Divided Federal Reserve faces price-related concerns amid rising Covid infections and supply chain woes.
Rapidly rising consumer prices and slowing growth are of primary concern to Jerome Powell and his Federal Reserve, meeting on Tuesday and Wednesday.
It is expected Fed officials will affirm that a strong U.S. recovery and a policy shift are both underway.
The Delta variant has caused a quadrupling of daily infections in the U.S.
Some Fed officials have been suggesting a pulling back of the monthly purchasing program of $120bn in government bonds alongside minimal interest rates, initiated in spring 2020.
Both Powell and Biden’s administration are emphasising the relationship between post-lockdown supply complications and rising prices.
However, these supply bottlenecks look set to be extended by the recent flooding in Germany and China. These are estimated to exacerbate supply-side issues for several months to come.
Former Fed monetary policy director, William English, has suggested the Fed ‘has risks in two directions’, namely the risk to growth alongside less transitory inflation. English warns that ‘things could play out in a way they didn’t expect’.
Gold has eased with anticipation of the Fed potentially reining it its monetary policies, with SPDR Gold ETF holdings hitting a 2-month low. Conversely, the dollar dipped below its recent peaks.
China – Industrial profits slowed down further in June on the back of lower gains in production and factory gate prices as well as higher base.
Profits climbed 20%yoy in June compared to a 36.4%yoy increase in May.
Industrial production was up 8.3%yoy v 8.8% in May and producer prices increased 8.8% v 9.0%.
Alongside high raw material prices, Chinese factories have struggled with a variety of alternative factors. Liabilities at industrial firms increased by 8.5% year-on-year.
Increased infections in the exporting hub of Guangdong caused port processing capacity to be significantly reduced.
There are concerns over China’s producer price inflation rates, despite an ease in June.
Elevated commodity prices have remained, in spite of Chinese officials’ attempts to crack down on speculators as well as releasing supply reserves.
UK – The UK is considering relaxing travel restrictions for travellers from the EU and the US this week in an attempt to boost tourism, FT reports.
One senior airport executive was confident that ministers would broaden quarantine exemptions to double-jabbed US and EU visitors “imminently”.
Earlier this week the US confirmed that it would maintain its travel ban on the UK and EU Schengen areas imposed at the start of pandemic last year.
South Korea – Growth in the Asia’s fourth largest economy climbed 0.7%qoq in Q2/21 led by private (+3.5%) and government (+3.9%) spending as the social distancing rules at the time were loosened and the first extra budget of the year was announced.
Things may change as the number of new cases has been picking up lately and authorities introduced new measures including a semi-lockdown for half the population.
Only a third of the population had at least one vaccine dose so far.
GDP (%qoq): 0.7 v 1.7 in Q1/21 and 0.8 est.
GDP (%yoy): 5.9 v 1.9 in Q1/21 and 6.0 est.
Japan – Preliminary manufacturing PMI 52.5 for July vs 52.4 in June.
services PMI 46.4 in July vs 48.0 in June
Composite PMI 47.7 in July vs 48.9 in June
Turkey – Business confidence 114.8 in July vs 113.0 in June.
capacity utilisation at 76.7% (76.6%).
Germany – Ifo business climate index 100.8 in July vs 101.7 in June.
US$1.1782/eur vs 1.1780/eur yesterday. Yen 110.15/$ vs 110.27/$. SAr 14.869/$ vs 14.910/$. $1.380/gbp vs $1.375/gbp. 0.736/aud vs 0.735/aud. CNY 6.487/$ vs 6.484/$.
Gold US$1,795/oz vs US$1,808/oz yesterday
Gold ETFs 100.1moz vs US$100.2moz yesterday
Palladium US$2,649/oz vs US$2,661/oz yesterday
Silver US$25.17/oz vs US$25.31/oz yesterday
Copper US$ 9,759/t vs US$9,617/t yesterday
Aluminium US$ 2,499/t vs US$2,503/t yesterday
Nickel US$ 19,365/t vs US$19,515/t yesterday
Zinc US$ 2,977/t vs US$2,975/t yesterday
Lead US$ 2,351/t vs US$2,360/t yesterday
Tin US$ 34,670/t vs US$34,200/t yesterday
Oil US$74.6/bbl vs US$73.2/bbl yesterday
Natural Gas US$4.085/mmbtu vs US$4.035/mmbtu yesterday
Iron ore 62% Fe spot (cfr Tianjin) US$200.2/t vs US$196.5/t
Chinese steel rebar 25mm US$835.2/t vs US$832.9/t – American steel imports up 18.5% in first half of year.
Through preliminary Census Bureau data, the American Iron and Steel Institute has announced strong import figures by U.S. manufacturers.
The U.S. imported 2.9m net tons of steel this June, up 14.8% vs May. Finished steel imports are up 8.7% since the same period.
The first six months of this year saw total and finished steel imports up 18.5% and 15.6% respectively.
Steel imports in June amounted to $2.8bn. It is estimated that U.S. market import share was 21% vs 19% ytd.
The June rise has been primarily driven by imports of blooms, billets and slabs.
Thermal coal (1st year forward cif ARA) US$94.3/t vs US$93.4/t
Coking coal swap Australia FOB US$209.5/t vs US$209.5/t
China Illmenite Concentrate TiO2 US$358.41/kg vs US$361.7/t
Cobalt LME 3m US$52,500/t vs US$52,500/t
NdPr Rare Earth Oxide (China) US$90,182/t vs US$90,219/t
Lithium carbonate 99% (China) US$12,641/t vs US$12,646/t
China Spodumene Li2O 5%min CIF US$730/t vs US$720/t
Ferro-Manganese European Mn78% min US$1,844/t vs US$1,844/t
China Tungsten APT 88.5% FOB US$295/t vs US$295/t
China Graphite Flake -194 FOB US$515/t vs US$515/t
Europe Vanadium Pentoxide 98% 9.6/lb vs US$9.5/lb
Europe Ferro-Vanadium 80% 40.55/kg vs US$40.25/kg
Spot CO2 Emissions EUA Price US$57.4/t vs US$57.4/kg
Boston Consulting to partner with Unifrax to develop silicon anode tech for lithium-ion batteries
The innovation and digital business branch of Boston Consulting Group is to collaborate with Unifrax, a leader in the high-performance speciality materials space.
They plan to develop SiFAB(TM), Unifrax’s battery technology using patented silicon fiber anodes. The tech allows improvements of energy density, longer battery life and faster charging.
The companies are hoping to utilise the technology in the EV sector, grid storage, power tools and personal electronic devices.
The news follows Unifrax’s announcement of plans to build a large-scale manufacturing plant for the technology in Indiana. Production is expected to begin in early 2022.
Leading energy companies RWE, Shell and Equinor have partnered with each other alongside Dutch gas network company Gasunie to jointly build a 300MW electrolyser in the German North Sea to produce hydrogen from offshore wind power.
A declaration of intent for the AquaSector project was signed last week, allowing feasibility studies to begin – the goal of the project is to produce up to 20,000 tonnes of hydrogen per year by 2028.
The partners will implement the project as part of the AquaSector consortium and see the scheme as a “proof of concept” for the execution of the AquaVentus plan that envisages producing green hydrogen at sea from 10 GW of offshore wind in the North Sea by 2035.
RWE building innovative battery storage facilities in Germany
RWE is building two innovative battery storage systems in Germany as the global demand for energy storage continues to grow.
The battery system will have a total capacity of 117MW across the two facilities – the planned system comprises 420 lithium-ion battery racks, housed in 47 overseas shipping containers spread across two RWE power stations, one with 72MW capacity and one with 45MW capacity.
The innovation of the project is that the facilities will be coupled with RWE’s run-of-river power stations along the river Mosel – by raising or decreasing the flow-through at these power stations, RWE can make additional capacity available, (this coupling process raises the total capacity of the batteries by 15%.)
The system is scheduled to start operations at the end of 2022.
Altus Strategies* (LON:ALS) 50p, Mkt cap GBP47m – La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining
BUY – 118p
(La Mancha is a privately owned investment company which holds 35% of Altus Strategies)
The first closing has been completed with La Mancha’s gold mining assets transferred into the fund including ~$1.1bn equity stake in Endeavour among other interests as well as an investment of US$100m from a strategic partner.
The fund so far invested in excess of US$1.4bn in assets and is assessing new investment opportunities.
“Transitioning to a fund structure and welcoming new investors is timely when we are seeing opportunities in a gold mining sector is fragmented and needs further consolidation,” Naguib Sawiris, Chairman of the la Mancha Board said.
The fund is mandated to invest in the gold and precious metals mining sector as well potentially to seek exposure to invest in EV battery metals.
The fund will focus primarily on long-only public investment opportunities although may also consider investing a small part of its assets in private companies.
The fund will take “significant stakes” in junior mining companies with “strong managerial and geological potential to implement a 3-to5 year value creation strategy” focusing on both M&A and organic growth opportunities.
*SP Angel acts as Nomad and Broker to Altus Strategies
Ariana Resources (LON:AAU) 4.95p, Mkt Cap GBP53.2m – Kiziltepe production guidance maintained
Ariana Resources reports that following production of 7,941oz of gold from the 23.5%-owned Kiziltepe mine during H1 it is maintaining full year production guidance at approximately 19,000oz for the full year 2021.
The company explains that the “Process plant expansion to an operating capacity of a nominal 400,000 tonnes of ore per annum is already partially operational and nearing completion” which would explain the weighting of production into the second half of the year.
Kiziltepe’s production is expected to remain stable at around 20,000ozpa for the next 8 years
Ore production is coming mainly from the Arzu North pit, supplemented by production from the Derya pit.
Providing background information on the production guidance, Managing Director, Dr. Kerim Sener, explained that “We are now looking forward to seeing the effect of the processing plant expansion, which is nearing completion, with process plant throughput already increasing during July. Once full-automation of the new system is established, around mid-August, we are expecting process throughput to increase to a nominal 400,000 tonnes of ore per annum, enabling us to maintain our guidance of circa 19,000 ounces of gold production for the year”.
Ariana Resources also highlights the April 2020 mineral resources estimate for Kiziltepe and says that “Detailed technical and economic assessments are underway on several satellite vein systems which are not currently in the mining plan, in anticipation of these being developed in future years”.
The company also emphasises that “Commercial production was initiated at Kiziltepe during July 2017 and has continued without interruption to the present, with production consistently being delivered above plan.”
Conclusion: The completion of the current plant expansion at Kiziltepe, which is already partially operational, underpins the company’s reiteration of the 19,000oz gold production guidance for 2021.
Castillo Copper (LON:CCZ) 2.08p, Mkt Cap GBP22.1m – Quarterly report highlights the ‘Big One’ prospect
In its quarterly report for the 3 months to 30th June, Castillo Copper focusses largely on the progress of exploration at its ‘Big One’ prospect within the Mt Isa district of northwest Queensland.
Geophysical interpretation “suggests there is compelling evidence that significant incremental mineralisation is located along fault structures rather than constrained within the trachyte dyke” and an induced polarisation (IP) geophysical survey “identified a significant untested bedrock conductor north of the line of lode that is materially larger than the high-grade anomaly drilled in 2020”.
The company’s 26-holes, 2,828m, diamond coring and reverse-circulation drilling programme, which started in mid-June, “will focus on intersecting new targets off the 1,200m strike event to extend known copper mineralisation” and the first three holes of the programme, including some results announced yesterday, “all intercepted mineralisation”.
In addition to the work in Queensland, in July, Castillo Copper announced “a comprehensive IP survey will commence across the key Luanshya and Mkushi Projects located in Zambia’s copper-belt. “Given the scale of the campaign, it will take 6-8 weeks to complete and fully analyse the results; however, reconciling these findings with known anomalous areas at surface should identify priority targets to test-drill.”
Conclusion: Castillo Copper has supplemented detailed analysis of historical exploration and geological information, including data generated by BHP and Mt Isa Mines during the 1990s, with modern geophysics to guide its exploration at the Big One deposit and although still at a relatively early stage of exploration hitting mineralisation in the first three drill-holes of the current programme helps endorse the exploration model. Work on an IP survey is currently exploring the Luanshya and Mkushi projects in Zambia.
Chaarat Gold (LON:CGH) 21p, Mkt Cap GBP144m – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21
Kapan production amounted to 25.9koz GE (H1/20: 27.1koz) including 13.5koz gold, 273koz silver, 0.9kt copper and 3.2kt zinc (Production is reported excluding 3rd party material that was treated on a tolling basis in H1/21).
Mined tonnage was down on the year (-17%) reflecting a delay in underground development works in Q4/20 amid a military conflict between Azerbaijan and Armenia.
On a positive side, mining dilution was reduced seeing mined grades up 13%yoy at 3.33g/t.
Lower own mined tonnages were compensated by processing of third party material with 70kt treated in H1/21, 45kt above target, helping to better utilise processing capacities.
Kapan level EBITDA came in at $13.5m including $1.8m contribution from third party ore processing (H1/20: $4.2m; H2/20: $14.8m) reflecting strong commodity prices.
AISC averaged $1,063/oz (ex TC/RC and per oz produced), little changed from last year of $1,076/oz recorded in H1/20.
FY21 guidance reiterated at 57koz GE with updated MRE statement expected to be released in Q4/21.
At Tulkubash, the team is working on finalising project funding that has been delayed by the situation around the Kumtor mine in Kyrgyzstan.
The Company is expecting to close debt funding in Q3/21 with first gold production targeted for H2/23 allowing for two full construction seasons.
The Company is considering options to refinance the convertible bond due in Oct/21.
Glencore (LON:GLEN) 318.5p, Mkt cap GBP42bn – Glencore to pay $9.85m to settle zinc rigging dispute
Following accusations of Glencore’s attempts to monopolize the zinc market and manipulating its price, the company has agreed to pay a preliminary settlement of $9.85m to the plaintiffs.
Zinc buyers suggested that both Glencore and Pacorini Metals conspired between 2010 and 2016 to demand increased premiums and receive higher storage fees.
It has been suggested that the two units manipulated queues of physical zinc at LME licensed warehouses.
Whilst Glencore have denied any wrongdoing and refused to comment, lawyers for Oklahoma Steel and Wire Co, Iowa Steel have described the settlement as ‘substantively fair’.
Glencore also faced accusations of aluminium price-fixing in 2019, alongside Goldman and JPMorgan.
Jervois Mining (ASX:JRV) A$0.57, Mkt cap A$416m – Jervois Mining buys Freeport Cobalt in $160m bid
The Australian miner Jervois has announced plans to take over Finnish Freeport Cobalt making Jervois the second largest cobalt miner outside of China.
Jervios plans to raise $230.9m in an underwritten equity raising supported by Mercuria and AustralianSuper plan who have pledged $40m and $37bn respectively.
Jervois already have a nickel and cobalt refinery in Brazil.
As an important mineral for the transition to EV technology, automakers such as Tesla have expressed concern over the mineral which is predominantly sourced from artisanal miners in the DR of Congo.
Cobalt demand is forecast to double by 2030 due to rising EV Li-ion battery demand.
Lynas Rare Earths (ASX:LYC) A$7.01, Mkt cap A$6.3bn – Lynas share price hits 8-year high on record revenue and consistent demand
The largest rare earths producer outside of China, Lynas Rare Earths Ltd, enjoyed record revenues this quarter.
The company saw a jump in 4th quarter revenue of $137m, triple that of a year earlier.
Rare earths neodymium and praseodymium, used for EV manufacturing, are also widely utilised in magnets for a range of purposes.
These vary from windfarms, smartphones, and military equipment.
Lynas is poised to benefit from tensions between China and the U.S., especially regarding concerns over China’s dominance of the minerals.
While Lynas is a well established producer of rate earths investors should note the disparity in valuation between Lynas and two promising AIM rare earth project companies: Mkango Resources* and Rainbow Rare Earths*.
*SP Angel acts as Nomad and broker
Power Metal Resources* (LON:POW) 2.0p, Mkt cap GBP23m – Resumption of drilling at Silver Peak
Power Metal reports that drilling has restarted to investigate potential strike and down-dip extensions of the Victoria Vein at its 30% owned Silver Peak Project in British Columbia.
Drilling was suspended due to adverse weather following a drilling intercept of 0.31m at an average grade of 5,270g/t silver.
The programme of around 20 shallow holes to around 10m depth is to be followed by “the planned next exploration step is a Phase II programme which will include mapping and prospecting, as well as the Project’s first ever deep diamond drilling of >100 metre depth per hole planned to assess the vertical extent and geological controls on the bonanza silver mineralisation at depth”.
Today’s announcement says that although it is continuing to work on the previously announced IPO for Silver Peak, “commercial interest has also been shown in the project from third parties with regard to outright acquisition. Discussions continue in this regard”.
CEO, Paul Johnson, said that “The exploration work, especially drilling, can add considerable value to the project and as a result we are pushing on with our Phase I programme whilst also carefully managing commercial developments in respect to the Project”,
*SP Angel act as Nomad and Broker to Power Metal Resources
Salt Lake Potash (LON:SO4) 16.45p, Mkt cap GBP134m – ASX shares halted as company substantially downgrades production estimates for 2022
Salt Lake Potash has suspended its shares on the ASX pending an announcement.
The announcement is reported to include a substantial downgrade in production estimates alongside plans for a possible future fund raising which was previously announced on 24th May.
The company’s key asset is the Lake Way potash project 15km south of Wiluna in Western Australia.
Lake Way plans to extract potassium rich brines from lake Playa using evaporation to concentrate the brines and extract the halite, kainite and carnalite salts for SOP production
The company announced a trading halt and bookbuild in Friday 21 May to raise A$28m in two tranches at A$0.35c/s.
The company had planned to reach a production rate of 245,000tpa by June 2022.
We note the company took on a new CFO, Stuart Fraser, on 15 July.
Tertiary Minerals* (LON:TYM) – 0.29p, Mkt cap GBP3.4m – Progress report on exploration at the Pyramid Project
Tertiary Minerals has announced the completion of its first phase of exploration trenching at its Pyramid gold/silver project in north-central Nevada.
The programme consisted of a total of 300m of trenching “to better define the North Ruth silver discovery” where the company encountered “45m continuous thickness of mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm gold in Trench 1”.
A second phase of trenching is planned with 4 additional trenches to “test new soil anomaly extensions” and the relevant permit applications for the work are currently being processed by the US Bureau of Land Management with approvals expected to be forthcoming shortly.
In addition, the company reports that it has received results from additional soil sampling over the prospect including from the Western Line Anomaly and the Western Line Splay Anomaly with “New soil results … [which] … include samples containing up to 0.77g/t gold and 9.32g/t silver”.
Tertiary Minerals explains that it is continuing drone-based magnetic surveying and that it expects “Drill testing to follow … [the] … trenching programme”.
Explaining the company’s enthusiasm to “build on the exciting discovery last month of a wide zone of silver mineralisation in our Phase 1 trenching programme at the North Ruth anomaly” Executive Chairman, Patrick Cheetham said that the “mineralisation is open both along and across strike and we will now undertake further trenching to better define the scale and orientation of the mineralisation prior to drill testing”
Conclusion: Initial trenching and soil sampling at the North Ruth anomaly is to be followed up with a second phase of trenching when the required permits are available with a view to help identify prospective drilling targets. Additional early-stage exploration, including magnetic surveying and further soil sampling are underway with mineralisation open-ended both along and across strike.
*SP Angel act as Nomad and Broker to Tertiary Minerals
IGTV: Stock picks in the small-cap mining space:
Evolution of Chinese construction and implications for commodity demand: https://youtu.be/jB2nURL8uPw
VOX Markets: 10/06/21: https://audioboom.com/posts/7884446-john-meyer-talks-about-cornish-metals-empire-metals-anglo-american-ncondezi-energy-mkango-r
BBC: Catalytic converters https://www.bbc.co.uk/sounds/play/p09jl6c9
*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts.
We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.
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
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
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
Prince Frederick House
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*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
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt
Natural Gas, Uranium, Iron Ore
Bloomberg OTC Composite
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite
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