Today’s Market View – XTC New Energy Materials, Oriole Resources, Kodal Minerals and more…

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SP Angel . Morning View . Friday 17 09 21


Lithium prices lead higher as EV registrations double through first half




MiFID II exempt information – see disclaimer below


Pre-IPO financing opportunity for new gold mine development in Ghana


We are raising funds for an advanced gold project in Ghana with good upside exploration potential


The project offers potential to fast-track gold production using a low-cost heap leach.


Management are experienced and are looking to IPO within 18 months.


Please contact us if you are interested in pre-IPO funding of the opportunity




IGTV: 02/09/21: Chinese slowdown is ‘unlikely to be for long’: https://youtu.be/SB32PEX0EWY




Condor Gold* (LON:CNR) – Cacao drilling provides confirmatory evidence of an intact epithermal gold system


GoldStone Resources (AIM:GRL)* (LON:GRL) – Delay to first gold pour despite progress stacking


Kavango Resources (LON:KAV) – Prospecting license renewed on Kalahari Copper Belt


Kodal Minerals* (LON:KOD) – Lithium carbonate prices jump 11% higher this week led by new auction high at Pilbara Minerals for spodumene concentrates


Oriole Resources (LON:ORR) – Further drilling results from the Fare and Madina Bafe prospects at Senala, Senegal


XTC New Energy Materials (SHA:688778) – XTC New Energy Materials to invest $1.6bn investment into battery material production




EV passenger vehicle registrations double globally in 1H 2021


Adamas Intelligence report that new registrations for passenger EVs global have increased 109% y-o-y during the first 6 months 2021.


4.16m new vehicles were registered in the first half of this year vs 1.99m in H1 2020.


The Americas saw an increase of 135% y-o-y, whilst Europe increased 124% y-o-y.


Asia Pacific saw EV sales increase 172% y-o-y in H1 2021.


This translates to a 165% increase in lithium use, 96% increase in nickel use and 95% increase in cobalt use for vehicles deployed onto roads over the period.


The increase also marks a 157% increase y-o-y in global battery capacity deployed onto roads, equivalent to 108.0 GWh in H1 2021.




Copper – Evergrand stimulus and strong US retail sales data and Chinese cash injection boost copper prices as 3-month futures rise 0.7% to $9,429/t.


Copper prices are being supported by unexpectedly strong US sales data, allaying fears of an American economic slowdown.


Prices are also helped by the Chinese central bank’s decision to inject liquidity to calm the concerns over Evergrande’s potential default.


China has announced plans to provide 100bn CNY through reverse repo operations.


Evergrande is not too big to fail according to the editor of the Global Times, a China state-backed newspaper.


The new liquidity marks the first fund injection through this strategy for 7 months.




LG Energy Solution invest $30m in China’s Greatpower Nickel and Cobalt Materials Co


South Korean battery-maker LG Energy Solution will pay 35bn won for a 4.8% stake in China’s Greatpower Nickel and Cobalt Materials Co and has secured six years of nickel supply from the company.


LG says that it has secured a total of 20,000t of nickel from the Shanghai-based Greatpower over a six year period beginning in 2023 – enough for 370,000 EVs according to the company.


Separately, LG and Hyundai began construction of its $1.1bn EV battery plant in Indonesia this week.




Gold – $1,765/oz – Strengthening US dollar precipitates significant fall in gold prices


Spot gold fell up to 2.7% yesterday to $1,765/oz marking a second week of losses for bullion as the dollar sustained its rally.


USD is holding near a 3-week high as strong economic data provided a boost for US economic outlook and potential for an earlier Fed taper.


The currency was lifted by positive US retail sales which saw an unexpectedly strong 0.7% rise in August.


Gold broke down through $1,787/oz a key support level on a strengthening dollar helped lower by rumours of an early rate hike by the ECB.


Focus now will be on Jerome Powell’s speech on 22nd Sept.




Uranium spot prices hit 9-year high as fund continues to accumulate physical supply


S&P Global Platts’ U308 (ASX:UTO) prices were recorded at $48/lb yesterday, their highest since Sept. 2012.


This marks an 11.6% increase since Sept. 13.


The price move has been primarily driven by the considerable accumulation of physical uranium by Sprott Physical Uranium Trust.


The fund has acquired over 26mlb so far, which accounts for 14% of annual consumption by nuclear reactors.


Sprott filed to enlarge the fund with Canadian securities regulators last week, enabling them to buy $1.3bn worth from $300m.


Other physical accumulation of the nuclear ingredient has come from Uranium Royalty Corp which acquired 300,000lb of physical uranium.


A number of hedge funds have also taken bullish positions on uranium, with Anchorage Capital and MMCAP Int. both betting on a supply crunch in the coming years.


The momentum in uranium’s recent rally has been added to by retail and individual traders as well. The Reddit retail investors behind Gamestop and AMC’s stratospheric rallies now turn their attention to what they describe as the ‘uranium squeeze’.


Demand for uranium could be set to increase as nuclear energy regains popularity, owing to its relative ‘cleanliness’.


Nuclear energy is being called for in the potential scenario that wind and solar struggle to match consumption.


However, uranium bears have pointed to the number of mothballed mines able to rapidly return to use having been shelved following the Fukushima disaster in 2011.




US Miners voice concern over Congressional royalties’ proposal


The House of Representatives Natural Resources Committee is looking to set an 8% gross royalty on existing mines and a 4% royalty on new mines.


It also seeks to add a fee of 7% for the movement per ton of rock.


The plan has been lambasted by US miners, with the National Mining Association stating: ‘the race for EVs and electrification of the economy requires metals and mining’, believing the industry needs to be ‘incentivised, not stalled’.


The bill would mark radical reform to an 1872 bill governing US mining.


Federal officials believe it has the potential to raise $2bn over 10 years.


A spokesperson for Lithium Americas described the bill’s potential to ‘impair US competitiveness when demand for lithium is soaring and the domestic production is just starting to respond’.


The committee’s plans for a $3bn reclamation fund for abandoned mines has gained approval from the mining committee.




Dow Jones Industrials –0.18% at 34,751


Nikkei 225 +0.58% at 30,500


HK Hang Seng +0.45% at 24,779


Shanghai Composite +0.12% at 3,612




Economics


US – Retail sales beat estimates in August albeit coming from a lower base following a significant downward revision to July numbers.


Total retail sales were still down 5.2%yoy over July-August from the Q2 average.


Results are consistent with a US economy constrained by supply disruptions and fresh Covid related uncertainty in the summer, Bloomberg writes.


Retail Sales (%mom): 0.7 v -1.8 (revised from -1.1) in July and -0.7 est.


Core Retail Sales (%mom): 1.8 v -1.0 (revised from -0.4) in July and 0.0 est.




IMF chief, Kristalina Georgieva, is found to have influenced the rating in the “Doing Business” report published by World Bank while acting as CEO of the organisation.


Georgieva is reported to have put “undue pressure” on World Bank staff to boost China’s ranking in an economic report, according to findings by a law firm engaged by the World Bank.


She denied allegations “fundamentally” disagreeing with findings and is to address ethics panel of the fund as part of the investigation.




China – The central bank provided CNY 90bn in short term liquidity through 7d and 14d repos today, the most single day injection since February.


Authorities are aiming to cool down market concerns over quarter end funding needs and China Evergrande’s unfolding debt crisis, Bloomberg reports.


Prices for Eurodollar Chinese junk bonds dropped below 85 cents, the lowest levels since 2012, as investors continue to shed risk, according to the Bloomberg index.


Yield spreads in investment grade Chinese and Asian dollar debt are on course to widen as well.




UK – Chancellor is planning to announce plans to rein in government borrowing as expectations for an increase in interest rates builds up, FT reports.


Treasury is expected to target no borrowing to fund day-to-day spending with three years and plan to see outstanding debt start falling by 2024-25.


Budget deficit shot up in FY21 to nearly 15% of GDP, 11.7pp up on the previous year, amid government funded measures to support the economy in the pandemic.


Government debt climbed more than 20pp in FY21 to above 100% of GDP as of Mar/21.


“Inflation is one of a number of risks to the public finances that we closely monitor… that’s why the government is taking action to ensure the public finances return to a sustainable footing… just a one percentage point increase (in rates) would now cost us over GBP25bn”.


England Covid-19 travel rules may be further relaxed on Friday, Reuters reports citing The Times.


Ministers may remove the “amber list” and requirement to pay for costly PCR testing for those who are double vaccinated.




Zimbabwe – asks Mozambique and Zambia for power to as nation suffers extensive blackouts


Zimbabwe has asked Mozambique and Zambia for an additional 280MW of electricity due to reduced power output form the Kariba South hydropower plant in Zimbabwe.


The Kariba Dam and hydropower plant is undergoing a $294m refurbishment financed by the Africa Development Bank, World Bank and the EU causing 12-hour load shedding.


The Hwange coal-fired power station is also limited in its capacity plant due to poor coal availability, according to the Zimbabwe Electricity Supply Authority.




Currencies


US$1.1772/eur vs 1.1794/eur yesterday. Yen 109.88/$ vs 109.35/$. SAr 14.545/$ vs 14.510/$. $1.380/gbp vs $1.382/gbp. 0.731/aud vs 0.731/aud. CNY 6.452/$ vs 6.440/$.




Commodity News


Precious metals:


Gold US$1,764/oz vs US$1,786/oz yesterday


Gold ETFs 99.9moz vs US$99.8moz yesterday


Platinum (AIM:ZERO) US$945/oz vs US$945/oz yesterday


Palladium US$2,017/oz vs US$2,026/oz yesterday


Silver US$22.95/oz vs US$23.63/oz yesterday




Base metals:


Copper US$ 9,381/t vs US$9,471/t yesterday


Aluminium US$ 2,879/t vs US$2,876/t yesterday


Nickel US$ 19,225/t vs US$19,460/t yesterday


Zinc US$ 3,080/t vs US$3,053/t yesterday


Lead US$ 2,222/t vs US$2,220/t yesterday


Tin US$ 34,165/t vs US$33,850/t yesterday




Energy:


Oil US$75.4/bbl vs US$75.4/bbl yesterday


No chance in headline oil prices in early trading today as news that China is estimated to have sent 760,000bopd of crude oil to its strategic and commercial reserves in August, as refinery throughput in the world’s top oil importer slumped to the lowest in 15 months.


Last month, China reversed four months of estimated draws from its inventories, mostly as a result of the low refinery volumes, according to Reuters


Refinery runs in China fell to 13.74MMbopd in August, the lowest in 15 months, on the back of a sizeable cut in fuel export quotas and the latest wave of Covid-19


The decline in refinery run rates came amid a government crackdown on independent refiners


These account for a considerable portion of oil imports and fuel exports, which have contributed to a regional fuel glut that pushed down refiners’ margins


China is not forthcoming in reporting strategic reserves of anything, including crude oil


Reuters has estimated that since China’s crude availability averaged 14.5MMbopd in August, including imports of 10.49MMbopd and domestic crude production of 4.01MMbopd, and refinery runs were 13.74MMbopd, this left 760,000bopd that have likely flown into storage, either strategic or commercial.


The estimated August build in Chinese inventories comes just as the country intends to auction its oil from its strategic reserves, aiming to ease oil prices and inflationary pressure


China will hold the first auction of crude from its strategic reserves on 24 September, launching the unprecedented sale of oil from the national stockpiles it announced last week in a bid to alleviate raw material price pressures




Natural Gas US$5.245/mmbtu vs US$5.400/mmbtu yesterday




Bulk:


Iron ore 62% Fe spot (cfr Tianjin) US$102.8/t vs US$113.6/t


Chinese steel rebar 25mm US$860.2/t vs US$858.0/t – US Steel to spend $3bn on new mill amid record steel prices


US Steel are to build a new mill with two electric arc furnaces, which will primarily use steel scrap and are far more energy-efficient than traditional integrated plats that are fed by coal.


The announcement comes as domestic futures have more than tripled in the past year, with the company estimating record earnings for Q3 on the back of strong prices.


The planned mill is expected to 3mt of flat-rolled steel products.


The company expects to begin construction in the first half 2022 and start producing in 2024.




Thermal coal (1st year forward cif ARA) US$120.2/t vs US$128.5/t


Coking coal swap Australia FOB US$359.0/t vs US$366.0/t


China Ilmenite Concentrate TiO2 US$375.86/t vs US$376.5/t




Other:


Cobalt LME 3m US$51,500/t vs US$51,500/t


NdPr Rare Earth Oxide (China) US$93,165/t vs US$93,191/t


Lithium carbonate 99% (China) US$22,941/t vs US$22,515/t


China Spodumene Li2O 5%min CIF US$990/t vs US$990/t


Ferro-Manganese European Mn78% min US$1,820/t vs US$1,822/t


China Tungsten APT 88.5% FOB US$303/t vs US$303/t


China Graphite Flake -194 FOB US$535/t vs US$535/t


Europe Vanadium Pentoxide 98% 8.9/lb vs US$8.9/lb


Europe Ferro-Vanadium 80% 34.75/kg vs US$34.75/kg


Spot CO2 Emissions EUA Price US$70.5/t vs US$70.6/kg




Company News


Condor Gold* (LON:CNR) 41p, Mkt Cap GBP55m – Cacao drilling provides confirmatory evidence of an intact epithermal gold system


Condor Gold has announced the completion of a 15 hole, 3,500m, programme of drilling at its Cacao prospect within its La India project in Nicaragua and located approximately 4km ENE of the planned and permitted processing plant.


The Cacao prospect lies in a downthrown block of ground to the east of the Highway Fault and the “identification of float boulders of hot spring sinter in 2015 provided the evidence that there has been minimal erosion in the Cacao area, suggesting that the epithermal boiling zone where the bulk of the gold would be expected to be deposited is still preserved and concealed at depth”.


Among the highlighted drilling intersections reported in the announcement are:


An intersection of 25.93m (14.9m true width) at an average grade of 3.94g/t gold from a depth of 263.82m in hole CCDC033, including 4.58m (2.6m true width) at 7.76g/t gold from a depth of 282.12m; and


An intersection of 39.65m (32.9m true width) at an average grade of 0.38g/t gold from 181.7m depth in hole CCDC028 including 3.05m (2.5m true width) averaging 2.34g/t gold from 218.07m depth.


The drilling results reported today confirms “that the near surface gold mineralisation at Cacao is the top of a fully preserved epithermal gold system” and have also shown that the mineralised system “extends, buried below surface, beyond the 450 m long outcrop where all the drilling had been concentrated to-date … for a strike length of approximately 1,000 m beneath and along strike of the existing Cacao mineral resource” at in excess of 10m true width.


Chairman and CEO, Mark Child, hailed the success of the recent drilling and explained that confirmation of mineralisation at Cacao in excess of 10m true thickness “for a strike length of approximately 1,000 m beneath and extending to the East of the current Cacao Mineral Resource” was important progress in “Condor’s strategy … to demonstrate a 5M oz Gold District” at La India.


He also clarified that “Cacao is interpreted as a fully preserved epithermal gold system due to the sinter on the surface and its preservation in a downthrown block. The current round of drilling has been interpreted to be clipping the top of the gold mineralising system, with the gold grade increasing at depth.”


He added that “It is highly significant that a wide, greater that 10 m true width, mineralised zone for a strike length of 1,000 m, open along strike and down dip, has been identified with grades increasing at depth”.


Prior to the current drilling campaign, Condor Gold had identified an inferred mineral resource of 188,000t of open-pittable mineralisation at an average grade of 2.3g/t gold (14,000oz) plus an additional resource amenable to underground mining of 474,000t at a grade of 3.0g/t gold (46,000t) based on 2,890m of drilling in 26 drillholes completed up until the end of 2016.


The company is planning “Further resource extension drilling to expand the mineral resource down into the high-grade zone at depth, and exploratory drilling along strike below the wide, low-grade gold anomaly to test the concept that this is the low grade halo above a deep strike extension of the higher grade epithermal system”.


Conclusion: The latest drilling provides tangible evidence supporting Condor Gold’s exploration model that epithermal mineralisation at Cacao is largely intact preserved within a down-faulted block and has shown that mineralisation is laterally more extensive than previously demonstrated, remains open at depth and that grades appear to improve at deeper levels of the system. The company believes that it has clipped the upper margins of the mineralised system and follow-up drilling is being planned to follow up the results released today. We look forward to further news and to the results of the recent campaign being reflected in an updated mineral resources estimate incorporating the additional strike length of the Cacao structure demonstrated in today’s results.


*SP Angel act as a broker to Condor Gold




GoldStone Resources* (LON:GRL) 9.75p, Mkt Cap GBP50m – Delay to first gold pour despite progress stacking


GoldStone report that ove the last two months, the company has successfully commissioned the Carbon in Solution (“CIS’) plant on-site and mined the first four benches of the Krodua Pit within the Homase Mine.


Grades and tonnes mined are in line with expectations, and the Heap Leach pad crushing, and conveyor systems are now operating as planned.


The Company has mined 133,000 tonnes of ore and 385,700 tonnes of waste and stacked 87,300 tonnes of ore on the Heap Leach pads – and now stacking the balance of the stockpile at a consistent 120 tonnes per hour.


GoldStone have temporarily paused further mining whilst the existing stockpile is being depleted and expect to recommence shortly.


The CIS plant is operating well at expected recovery rates to produce loaded carbon, and the Company is continuing to make any improvements necessary to the CIS plant and investigating further ramping up the speed of stacking and the subsequent processing.


The first batch of loaded carbon has been taken out of the CIS plant for further processing, although elution has not yet taken place as the Minerals Commission of Ghana has not been forthcoming in the approval for the use of a nearby rental elution facility.


The Company is now accelerating its plans to complete its own elution facility on site, which we are endeavouring to complete in the shortest possible timeframe.


With respect to the Gold Loan, the Board notes that it remains in ongoing discussions with Asia Investments Management Services Limited over the US$3m secured gold loan which matures on 19 September 2021 and associated interest payments.


*SP Angel act as Broker to GoldStone Resources




Kavango Resources (LON:KAV) 4.85p, Mkt cap GBP19.4m – Prospecting license renewed on Kalahari Copper Belt


Kavango reports that is has secured the renewal of Prospecting Licences PL082/2018 and PL083/2018 in the Kalahari Copper Belt.


The LVR Project is held in a Joint Venture between the Company and LVR GeoExplorers – with KAV currently earning into the LVR Project and has to date acquired a 25% stake.


Kavango has the right to acquire a 90% interest in the LVR Project through a staged mechanism over seven years from June 2021, with three stages remaining in the earn-in agreement, which require that Kavango spend up to GBP1.8m in exploration expenditure to earn its 90% interest.


The LVR Project covers 1,091km2 of prospective ground in the KCB and first drill targets have been identified, while field exploration remains ongoing.






Kodal Minerals* (LON:KOD) – 0.37p, Mkt cap GBP58m – Lithium carbonate prices jump 11% higher this week led by new auction high at Pilbara Minerals for spodumene concentrates


Lithium prices jumped higher this week led by news that Pilbara Minerals had sold an 8,000t shipment of spodumene concentrate for $2,240/t on Tuesday in its latest online auction.


While the Pilbara auction high is not currently thought to be representative of the prices applied to most cargos the news appears encouraging.


Lithium carbonate prices rose 11% to US$22,941/t this week from vs US$20,278/t a week ago and US$5,050/t a year ago according to Asian Metal prices on Bloomberg


Lithium carbonate 99.5% CIF China rose 10% to US$18,800/t from US$16,900/t last Friday and US$8,700/t a year earlier and according to AsianMetal.com


Spodumene which is the hard-rock raw material of choice for lithium processors also saw prices jump to US$990/t vs US$970/t a week ago and US$570/t yoy for Li2O 6%min CIF material into China AsianMetal.com.


Tightening demand is good news for lithium project developers such as Kodal as the major lithium processors compete to secure near-term supply of spodumene concentrates.


Chinese lithium processing experts tell us they prefer to work with spodumene concentrates for a number of reasons and are looking for particularly clean, high-grade spodumene concentrate material.


Bougouni lithium project key stats:


220,000tpa of 6% spodumene concentrate over an initial 8.5 years


71% recovery rate of contained lithium based on laboratory metallurgical recoveries of 75%;


>USD$1.4bn of total revenue at $680/t starting H2 2021 and rising 2%pa


2mtpa throughput with DMS and conventional flotation circuit. Recoveries are acceptable with the DMS on its own.


USD$431/t C1 cash costs or USD$466/t inc. royalties and sustaining capital.


US$117m Capex est. plus contingency:


1.7 year payback est.


LoM production of 1.94mt of concentrate. Sales >$1.4bn assuming spodumene concentrate sales price of $680/t increasing 2% year-on-year;


58% IRR pre-tax


51% IRR post tax


US$300m NPV7% pre-tax


US$200m NPV7% post-tax


Kodal expect the timely receipt of the mining license at Bougouni, which is currently passing through its final approvals. This is the final approval needed for the project to be fully permitted for development.


Conclusion: Kodal Minerals appears well placed with its Bougouni project in Mali. While the project is far from the coast, its close proximity to Firefinch’s Goulamina project indicates greater potential for development. Firefinch recently agreed a financing package with Ganfeng Lithium, China’s largest lithium processor.


*SP Angel acts as Financial Advisor and Broker to Kodal Minerals




Oriole Resources (LON:ORR) – 0.48p, Mkt cap GBP7.5m – Further drilling results from the Fare and Madina Bafe prospects at Senala, Senegal


(IAMGOLD has the option to spend up to US$8m to earn a 70% interest in Senala)


Oriole reports results from the final 4 reverse-circulation (RC) drill holes of its Phase 1 programme at Fare and from the initial Phase 2 RC drilling at Madina Bafe.


The drilling forms part of IAMGOLD’s US$1.67m year 4 exploration commitment to earn a right “to acquire a 51% interest in the Project and will thereafter need to spend a further US$4 million over two years to earn a 70% interest”.


The Phase 1 programme at Fare comprised approximately 690m of “diamond drilling in two holes, planned to test the depth extension of the main mineralised zone at Fare South, and 4,854m RC drilling in 42 holes, focussed on testing the system along strike at Fare North” and the “diamond drilling confirmed that the orogenic gold system at the main Fare South anomaly continues to a depth of at least 350m below surface and delivered a best result of 70.00m grading 1.46 g/t Au”.


Among the results from Fare highlighted in today’s announcement are:


An intersection of 8m at an average grade of 1g/t gold from a depth of 112m in hole FARC21-0114 and including a single metre grading 2.22g/t and 2m averaging 1.43g/t; and


A 7m wide intersection at an average grade of 0.68g/t gold from a depth of 42m in hole FARC21-0115.


The company says that these results come from most southerly of the lines drilled located approximately “300m to the southwest of the northernmost fence line which returned results of up to 35.00m grading 3.63 g/t Au”.


Results from the drilling at Madina Bafe, where 3,111m of the planned 5,000m has now been completed, include:


A 5m wide intersection at an average grade of 0.56g/t gold from a depth of 9m in hole MBRC21-196 which includes a single metre grading 1.34g/t gold; and


2m at an average grade of 9.36g/t gold from 40m depth in hole MBRC”!-197 including 1m grading 17.7g/t gold; and


4m at a grade of 0.98g/t from surface in hole MBRC21-203 including a single metre at 1.96g/t gold; and


A single metre at a grade of 0.90g/t gold from 35m in hole MBRC21-239.


The company says that the “Remainder of the programme to be completed in Q4 2021, after the seasonal rains have eased”.


CEO, Tim Livesey, said that “the continuation of mineralisation being evidenced by the second line of RC drilling at Fare Far South, some 300m from the previously announced intersections … gives support to our idea that there are opportunities for multiple pods of mineralisation along the c.6.3 kilometre Fare trend, which could be combined to provide sufficient resources for a stand-alone development target”.


Commenting on the results from Madina Bafe he said that “these early intersections again support the presence of mineralisation and we would hope that additional work could identify the controls on mineralisation in this area”.


Conclusion: The Phase 1 drilling at Fare South has shown the mineralisation extending to 350m below surface although we expect that additional drilling will be required to establish its continuity and economic viability.




XTC New Energy Materials (SHA:688778) CNY129, Mkt cao CNY41bn – XTC New Energy Materials to invest $1.6bn investment into battery material production


Chinese metals and rare earths producer Xiamen Tungsten has announced $1.6bn worth of investment through its XTC New Energy Materials unit.


This will focus on lithium battery materials projects in Sichuan.


The project hopes to produce 100,000t of lithium iron phosphate alongside 60,000t of ternary materials pa.


XTC New Energy will collaborate with Yaan Economic and Technological Development Zone who currently supply Tesla.


The lithium iron phosphate component has an expected completion date of 2023.




Recent Interviews:


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




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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*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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