SP Angel . Morning View . Tuesday 21 09 21
Market nervously awaits Evergrande rescue restructuring
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/XuW2I6Z3-RU
AfriTin* (LON:ATM) – Conditional credit approval for Uis mine expansion
Altus Strategies* (LON:ALS) – BUY – 125p – Numerous artisanal gold workings discovered on new licenses in Egypt
Botswana Diamonds (LON:BOD) – Drilling results link two kimberlite ‘blows’ at Thorny River
Caerus Mineral Resources (LON:CMRS) – Raising GBP1.5m in placing and subscription
GoldStone Resources (AIM:GRL)* (LON:GRL) – Extension of Gold Loan
Rio Tinto (LON:RIO) – Battery storage facility to be installed at Queensland mine
Gold bounces off monthly lows as investors seek risk aversion from Evergrande crisis
Gold has bounced off its monthly low of $1,741.86, settling around $1760.14/oz.
The upward move comes despite a strong dollar, with the greenback closing in on monthly highs.
Global markets were spooked yesterday by the potential insolvency of major Chinese property group Evergrande.
Investors in the precious metal are primarily focused on the Fed’s FOMC meeting which begins today, with J Powell expected to make a clear statement on a taper timeline tomorrow.
The crisis surrounding Evergrande and the potential wider market contagion it could cause has encouraged investors to look to gold as a hedge.
Lower prices may also have encouraged physical buying, whilst Janet Yellen’s recent comments re. the US debt ceiling will also encourage inflows into gold.
Evergrande – Chairman is confident the company will ‘Walk Out Of Its Darkest Moment’
Many in financial markets believe the Chinese authorities will bail out or restructure the business to avert the chaos of an outright collapse.
New revelations show that Evergrande sold billions of dollars of wealth management products to ‘plug funding gaps and even to pay back other wealth management investors’ (FT) Bernie Madoff would have been proud!.
Evergrande have some 1.4m unfinished apartments in >1,300 projects in more than 280 cities across China.
Chinese real estate and building sectors account for 1/5th of copper demand.
The HK Hang Seng property index has hit 5-year lows.
Alternative Chinese-focused property stocks saw major declines in trading yesterday, with Sinic Holding’s share price falling 87%.
If there was ever a business that was too big to fail at a time when a failure would have a severe impact on economic recovery then this is it.
We suspect China will require the founder, Mr Hui to reinvest much of his $10.6bn personal fortune as part of a rescue.
China Sovereign CDS Tightens 6 Bps, Most In 17 Months.
Base metals prices slump as Evergrande crisis hurts market sentiment
Base metals prices fell across the board on Monday as the dollar gained and worries over Evergrande’s debt crisis hurt sentiment across global markets.
Concern continues to grow that the debt crisis at Chinese property developer Evergrande could cause a ripple effect in Chinese markets and derail economic growth in China.
The drop in metals prices highlights the downside risks for metals demand from the property sector in the longer term.
Copper fell -3% on Monday, Zinc -2.4%, while nickel extended losses to a three-week low.
Iron ore has continued its freefall, touching yearly lows of $92.98/t. The key steelmaking ingredient is now down 60% since record highs in May.
Dow Jones Industrials –1.78% at 33,970
Nikkei 225 -2.17% at 29,840
HK Hang Seng -0.03% at 24,091
Shanghai Composite CLOSED at 3,614
China markets are closed and celebrating its mid-autumn festival today
Hong Kong markets closed tomorrow for their mid-autumn festival
US – Equity futures are up this morning following a selloff on Monday as investors assess risks from indebted property developer in China and await the two-day Fed meeting starting today.
Buying towards the end of Monday helped S&P to pare some losses, although the index closed 1.7% lower on the day marking the biggest drop since May.
Copper and oil are trading higher as the US$ index pulled back.
NAHB housing market index ticked higher 76 in September vs 75 in August
ECB – Vice President, Luis de Guindos says ‘great majority of inflation rise in technical and temporary
Question is how temporary is it
Germany – PPI rose 1.5% in August vs 1.9% in July and rose 12% yoy in August vs 10.4% yoy in July
UK – Government net borrowings came in at GBP20.5bn in August, GBP5.5bn less than in the same month last year and marginally lower than the GBP21.6bn forecast by the authorities, FT reports.
Interest climbed to GBP6.3bn, GBP2.9bn higher than last year, reflecting higher principal as well as an increase in retail price inflation, to which debt payments are linked.
UK Energy crisis highlights need for massive energy/battery storage to fill gaps in wind and solar power
Vanadium Redux Flow Storage offers a longer-term, reliable energy storage to store excess power for when it is needed.
Lithium-ion batteries are better for fast grid balancing for solar farms when clouds reduce power output.
The two battery types offer a workable solution for economies which are increasingly reliant on renewable power..
Australia – Monetary policy meeting minutes show the central bank expects delta variant to delay progress toward targeted inflation.
Earlier this month, the central bank cautiously dialled back bond purchases to A$4bn a week (down A$1bn), although, extended the duration of the progamme by three months to mid-February.
Commenting on the decision, RBA Governor Philip Lowe downplayed expectations for interest rate increase in 2022 and early 2023 arguing for the need for more evidence on inflation.
Lowe reiterated that he cannot see rates rising before 2024.
Canada – PM Trudeau secured a third term in snap elections, although, the his party fell short of regaining the majority he was seeking, according to Bloomberg.
Trudeau’s Liberal Party was leading with 156 of the 338 seats in the House o Commons as of early hours on Tuesday with the main opposition Conservatives ahead in 122 seats.
Sudan – military coup attempt thwarted this morning in Sudan
The coup attempt follows sudden changes of power in Guinea and Chad this year.
Data model predicts September US employment shortfall as Covid continues to damage economy
A model run by JPMorgan which had the most success in predicting last month’s significant dip in US employment has suggested a similar shortfall in September.
Both leisure and travel spending are suggested to have fallen since Sept. 6th.
The model utilises Chase credit card volumes and airport security volumes, among others.
It predicts Sept. job growth increasing by 333,000, significantly under Fed hopes of a continuation towards maximum employment.
The US has been hit by an average of c. 150,000 new cases a day since last week, 10x more than July volumes.
Small business employment based on 50,000 enterprises are also suggested to be falling.
Transportation Security Administration data shows a fall in foot traffic of 72% from the same period in 2019, the lowest level since mid-June.
US$1.1772/eur vs 1.1707/eur yesterday. Yen 109.88/$ vs 109.88/$. SAr 14.545/$ vs 14.852/$. $1.380/gbp vs $1.367/gbp. 0.731/aud vs 0.723/aud. CNY 6.452/$ vs 6.466/$.
Gold US$1,761/oz vs US$1,752/oz yesterday
Gold ETFs 99.9moz vs US$99.9moz yesterday
Platinum US$921/oz vs US$920/oz yesterday – Bets against platinum and palladium prices are building as automotive manufacturers struggle with supply chains and production lines
Platinum ETFs have fallen to a new year low
South African Mine production is recovering following the pandemic
The World Platinum Investment Council (WPIC) has downgraded its demand forecasts by just 1% suggesting to us that further downgrades to demand may come.
Palladium US$1,902/oz vs US$1,947/oz yesterday
Silver US$22.29/oz vs US$22.46/oz yesterday
Copper US$ 9,026/t vs US$9,076/t yesterday
Aluminium US$ 2,853/t vs US$2,843/t yesterday
Nickel US$ 18,850/t vs US$18,880/t yesterday – Mine production forecast to grow at 6.8% to 2.427mt vs a fall of 4.2% last year to 2.272mt according to Global Data
Zinc US$ 3,010/t vs US$3,028/t yesterday
Lead US$ 2,151/t vs US$2,171/t yesterday
Tin US$ 33,785/t vs US$33,740/t yesterday
Oil US$74.8/bbl vs US$74.4/bbl yesterday
Kuwait has announced plans to invest at least US$6.1bn in exploration over the next five years in order to increase production to a minimum of 4MMbopd by 2040 – up from the 2020 average of 2.43MMbopd
On the face of it, the fact that Kuwait’s fiscal breakeven Brent oil price for 2022 is set to fall to US$64.50/bbl from US$69.30/bbl in 2021 and US$68.10/bbl in 2020, according to IMF figures, would seem cause for optimism for the Emirate’s ability to turn around its recent financial troubles
Indeed, the US$6bn+ investment announcement from the Kuwait Oil Company (KOC) seems to have been produced in part on the back of this apparently positive budget data input, given that crude oil still accounts for around 90% of the Emirate’s exports and government revenue
Specifically, the KOC said that it plans to drill 700 wells per year over the investment period, an increase of approximately 300 wells, having also completed to date around 93% of the construction of the heavy oil plant project in the broadly promising South Ratqa field
Elsewhere, the strength of the dollar has bolstered expectations for the US Federal Reserve to begin reducing asset purchases later this year
A rise in the US rig count also kept a lid on oil prices
The oil and gas rig count rose by nine to 512 in the week to 17 September, its highest since April 2020 and double the level from this time last year
By Friday, 23% of US Gulf of Mexico crude output, or 422,078bopd, remained shut, according to the Bureau of Safety and Environmental Enforcement
Natural Gas US$4.978/mmbtu vs US$4.997/mmbtu yesterday
European gas prices have soared in recent weeks, climbing to a high of US$25/mmbtu
A number of factors, from Russian supply bottlenecks to a lack of wind in the North Sea, caused the spike
As winter approaches, the countries most dependent on gas, for heating homes and generating electricity, will come under greater focus
Even before the recent price surge, gas was in short supply
A prolonged northern-hemisphere winter meant that European countries ran down reserves, leaving their stocks 25% below the historic average
Disruptions of imports piped from Russia and Norway, which supply nearly half of Europe’s gas, made inventories hard to replenish
The flow from Norway was limited because of work on improving the country’s infrastructure; a fire at a processing plant in Siberia and the need to refill their own tanks after a brutal winter throttled Russian output
The natural gas crunch and the rally in electricity prices are most evident in Europe
The increased interdependence among regional gas markets in the US, Asia, and Europe in recent years now means that natural gas price spikes in one region cannot be ignored by the markets in the other regions
Natural gas producers in the North Sea are in a rush to increase production as a supply squeeze lifted gas prices in the UK and Europe to record highs
The production slump was the result of delayed maintenance at the Forties pipeline network, which temporarily shut in all 67 offshore fields connected to it for three weeks in June
Some fields remained shut in for longer according to Wood Mackenzie as some parts of the pipeline system needed additional work
As a result, UK gas production in the first eight months of the year totalled just 17Bcm
This was down from 24Bcm the previous year
It is, however, recovering in August, North Sea field operators pumped 72% more gas than they did in July
This will boost this year’s total production, they added, but it will still likely remain below the 2020 total, at 27Bcm
Europe is struggling to deal with elevated natural gas and electricity prices, just as it had been bouncing back from a prolonged slump
The gas replenishment rate in Europe’s gas storage sites has continued to slow down, standing only 69% full (a 10-year low for this time of the year), pushing TTF forwards above Brent prices.
Amidst disappointing wind generation figures, some countries are increasing their coal purchases, which in turn maintains the upward pressure on carbon prices as they have breached another threshold this week, trading above EUR62 per metric ton of CO2 equivalent
Germany, France, and the United Kingdom all saw their year-ahead contracts for 2022 reach an all-time high, with all of them trending well above EUR90 per MWh (almost $110 per MWh)
Iron ore 62% Fe spot (cfr Tianjin) US$94.6/t vs US$101.8/t
Chinese steel rebar 25mm US$858.3/t vs US$858.3/t –
Crude steel production rose 3.3% to 161.7mt in July from 64 countries led by Asia/Oceania region at 116.6mt down 2.5% yoy (World Steel Association).
Chinese steel production fell 8.4% to 86.8mt saw steel production rise 13.3% to 9.8mt, though India has along way to catch up with China
Thermal coal (1st year forward cif ARA) US$126.8/t vs US$123.8/t – Thermal coal prices seen above $100/t ‘for a long time’ on supply constraints
Thermal coal used in power plants is expected tov remain above $100/t for a long time as harsher scrutiny on the industry limits the investment response to high prices, according to miner New Hope Corp.
Asia benchmark prices have more than doubled this year to multi-year highs amid strong Chinese demand, high European gas prices as well as disruptions caused by adverse weather.
High prices typically drive investment in new output that cools the market, however now due to climate goals its difficult to add supply due to investors and governments applying more robust scrutiny to new mines.
Coking coal swap Australia FOB US$389.0/t vs US$389.0/t
China Ilmenite Concentrate TiO2 US$375.03/t vs US$375.3/t
Uranium – Fund manager buying up physical uranium supply rejects accusations of attempts to corner market
Sprott Asset Management (TSX:SII)’s chief executive, John Ciampaglia, has stated his fund’s accumulation of physical uranium is intended to drive prices to encourage greater production.
The trust’s aggressive purchasing of the nuclear ingredient saw the price increase c. 60% to 9-year highs.
Owing to yellowcake’s utility to the military and electricity generation, stockpiling could case regulatory scrutiny in the US and EU.
Sprott now owns enough uranium to supply France’s nuclear industry for 1 year.
Ciampaglia argues that rising prices is ‘in the best interests of utilities’ as it ‘incentivises miners to pull uranium out of the ground’.
Analysts believe $60/lb will encourage mothballed mines to recommence production.
Mine capacity has been reduced by 45m lb since 2016. Nuclear energy’s current requirement stands at 180m lb pa of uranium.
However, 145 nuclear reactors are currently in the pipeline for construction or already underway, 37 of which are in China.
Cobalt LME 3m US$53,380/t vs US$53,380/t
NdPr Rare Earth Oxide (China) US$92,328/t vs US$92,328/t – Myanmar border closure causes China’s rare earth imports to stagnate
Beijing’s Monday data has shown a significant dip in rare earth shipments to China from neighbouring Myanmar over August.
A key border crossing was closed to curb the spread coronavirus from Myanmar to China.
Shipments of rare earth compounds from Myanmar fell 91.8% to just 23t from July.
August imports of 270t in July had already fallen 79% from June.
Myanmar Rare earth oxide shipments were limited to 70t in August, down 93.5%.
China relies on c. 50% of its heavy rare earth feedstock from Myanmar.
The disruption has been reflected in rising terbium and dysprosium prices, with wider knock-on effects anticipated for rare earth magnets used in EVs and turbines.
The border shutdown has also limited China’s shipments of chemicals needed to dress Myanmar ore on site.
Lithium carbonate 99% (China) US$23,353/t vs US$23,353/t
China Spodumene Li2O 5%min CIF US$990/t vs US$990/t
Ferro-Manganese European Mn78% min US$1,812/t vs US$1,809/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$69.4/t vs US$69.5/t
Orsted reveal plans if ScotWind bids are successful
Orsted have revealed that it plans to invest up to GBP12bn in developing offshore wind projects if it is successful with all its bids in the ScotWind offshore wind auction.
Orsted is involved in five bids totalling 8.8GW, including three on its own and a further two as part of a consortium – the two joint bids are with BlueFloat Energy and Falck Renewables and would deliver floating wind farms.
The company has pledged to work with Scottish ports and suppliers to develop infrastructure and a supply chain that will establish this country as “a leading player in the global offshore wind market”.
Duncan Clark, head of Orsted’s UK operations says that they “have already started development works to ensure we hit the ground running – engaging with supply chain companies and the offshore wind clusters,” and were “extremely encouraged by the conversations [they’ve] had to date”
Crown Estates Scotland will make initial offers to bidders in January 2022.
Could 5G networks be powered by hydrogen?
Stratospheric Platforms (SPL), backed by Deutsche Telekom, has developed a High Altitude Platform (HAP) which can provide uninterrupted 5G connectivity direct to consumer.
It has proposed to the Department for Digital, Culture, Media & Sport (DCMS) a system that would give complete coverage of the UK with a small fleet of hydrogen powered aircraft.
Acting as a network of masts in the sky, a single Stratomast system provides a low cost means of guaranteeing 100% geographic connectivity to challenging areas.
Each aircraft would simultaneously provide home broadband services to properties in rural and remote areas, as well as 4G/5G mobile phone coverage.
A fleet of 21 aircraft, capable of providing 100% coverage over Scotland, require only 8 offshore wind turbines to generate the power needed to produce hydrogen from sea water.
The system does not require additional infrastructure or towers on the ground and removes the need for costly fibre optic cables laid across the seabed to island or rural communities.
UK funds initiative to charge electric boats with offshore wind
Two projects have won a share of the UK’s GBP23m green maritime demonstration fund, which could see offshore wind turbines provide renewable power to electric boats and marine vessels.
One proposal would see an electric charging point connected to an offshore turbine allowing electric vessels to moor up to charge.
The second winning initiative would involve a mobile recharging barge that would take electricity directly from a turbine and store it in onboard batteries to deliver to third-party vessels.
The UK government is committed to zero emissions ships operating commercially by 2025 and establishing the country as a world leader in clean maritime.
AfriTin* (LON:ATM) – 5.1p, Mkt cap GBP56m – Conditional credit approval for Uis mine expansion
AfriTin reports that Standard Bank Namibia has given conditional credit approval for a N$90m (GBP4.5m) senior secured loan to facilitate the expansion of the Phase 1 processing plant at its Uis mine in Namibia.
The loan is for a fixed term of five years and will attract interest at the “3-month JIBAR (currently 3.67%) plus 4.5% (currently equal to 8.17%)”.
Standard Bank have also “will take over the Company’s existing short-term banking facilities (working capital facilities) with Nedbank Namibia totalling NAD 43 million (approximately GBP 2.2 million). These facilities will incur an interest rate of Namibian prime lending rate (currently 7.50%) minus 1.00%. Furthermore, it is intended that Standard Bank will provide AfriTin Mining (Namibia) Pty Limited with a NAD 5 million guarantee to Namibia Power Corporation Pty Limited in relation to a deposit for the supply of electrical power”.
CEO, Anthony Viljoen, said that the Standard Bank financing “marks the start of a long-term banking partnership to continue the development of the Uis Tin mine and provides a financing partner not only for the Phase 1 processing plant but the longer-term Phase 2 development plans”.
The expansion of the Phase 1 plant is planned to increase the current annual 720 tonne production of tin concentrate to 1,200tpa and is expected to be completed in Q2 2022 “followed by a 3-month ramp-up to nameplate capacity for the expanded plant.”
The company says that because the plant is modular it will continue to operate while the expansion is implemented and that any “Disruption of existing production is not expected to exceed 4 weeks”.
*SP Angel act for Bushveld Minerals which holds around 9.5% of AfriTin
Altus Strategies* (LON:ALS) 72p, Mkt Cap GBP58m – Numerous artisanal gold workings discovered on new licenses in Egypt
BUY – 125p
CLICK FOR PDF
The Company discovered numerous hard rock artisanal gold workings at the first two recently secured exploration properties in Egypt.
37 gold workings were established as part of the initial field reconnaissance programme carried at Gabal om Ourada (346km2) and Wadi Dubur (175km2)
Longest working mapped for over 370m with five others mapped for over 100m.
Less than half of Company’s licenses in the region have been visited to date.
Further reconnaissance will start shortly over two remaining projects that cover 1,044km2 or the majority of the 1,550km2 land package held by Altus in Egypt.
On completion of the reconnaissance programme, a comprehensive exploration programme including geological mapping and sampling is anticipated to start in Q4/21 on identified target areas.
*SP Angel acts as Nomad and Broker to Altus Strategies
Botswana Diamonds (LON:BOD) 1.18p, Mkt Cap GBP8.5m – Drilling results link two kimberlite ‘blows’ at Thorny River
Botswana Diamonds reports that it has now completed its programme of nine percussion drill holes (483m) and that the results indicate that the two areas of wider kimberlite development at the ‘River Blow’ and the ‘River Extension’ located 100km to the east appear to be linked as a single structure.
The company says that “One hole intersected 19.1 metres of kimberlite zone, which is encouragingly the biggest thickness found in all three drilling programmes to date” and that a second hole “intersected a thickness of 13.5m of kimberlite”.
“The average kimberlite zone intersection was between 1.5 and 5 metres” and Botswana Diamonds also says that it plans to drill “Two new additional targets” which have been identified nearby and “could also be blows” providing the potential for resource expansion.
The announcement does not indicate the orientation of the drillholes in relation to the kimberlite structures and although the wide intersections encountered are clearly encouraging, as is the potential linking of the structures, the true widths of the drill intersections are unclear.
The company is working on a unified model “of the combined blows to estimate the potential resource” which should provide clarification.
Chairman, John Teeling, welcomed the results and said that “we are now examining commercial mine alternatives”.
Conclusion: Recent drilling at Thorny River shows a connection between the of mineralised kimberlite known as the River and the River Extension zones. Modelling currently underway should clarify the mineral resource implications.
Caerus Mineral Resources (LON:CMRS) 21p, Mkt Cap GBP11.6m – Raising GBP1.5m in placing and subscription
Caerus Minerals has announced that it is placing 7.2m new shares at a price of 20p/share and has completed a subscription agreement for a further 0.3m shares to raise a total of GBP1.5m.
In addition, “For every 2 Placing and Subscription shares, a Warrant (“Warrant”) will be issued, exercisable for two years from completion at a price of 30p per new Ordinary Share”.
The proceeds are to be used “primarily to fund the accelerated development towards the production of the ‘flagship’ projects” in Cyprus.
We estimate that the 7.5m additional shares to be issued represent approximately 12% of the enlarged company.
Martyn Churchouse, CEO, said that “Our acquisition of PR Ploutonic Resources and GC Gold Mines (Cyprus) Limited has created exciting projects with considerable potential upside from exploration success … Supported by a strong financial position, we are pursuing fieldwork programmes and feasibility studies immediately, and in parallel”.
GoldStone Resources* (LON:GRL) 10.6p, Mkt Cap GBP47.4m – Extension of Gold Loan
GoldStone reports that it has reached an agreement with Asia Investments Management Services to extend the maturity date on the $3m secured gold loan announced on 22 June 2020 to 31 August 2022.
The Extension restructures the repayment obligations to enable the Company to ramp up production at its Homase Mine, where the company currently has 87,300 tonnes of ore stacked on Heap Leach pads.
Interest will continue to accrue at the default rate of 17% until January 2022, before reverting to the original interest rate of 14% until maturity.
In conjunction with the extension, the Company has agreed to a monthly repayment schedule for the Gold Loan and accrued and ongoing interest, scaling up from 5kg of gold in October 2021 to 8kg of gold in December 2021, which will remain the payment until August 2022 – the final month of the Gold Loan payments when the amount due falls to 7.4kg.
*SP Angel acts as broker to GoldStone Resources
Rio Tinto (LON:RIO) – 4,796p, Mkt cap GBP80bn – Battery storage facility to be installed at Queensland mine
A battery energy storage system paired with a new solar project will be installed at an off-grid mine in the Australian state of Queensland to help the site reduce diesel use.
The miner is to build a 4MW / 4MWh battery system and 4MW solar farm, which will add to a 1.6MW solar plant already operational at the Weipa bauxite mine.
Power station operating company EDL has been contracted to build, own and operate the new storage and solar installations, with work on the battery facilities to begin this year and construction of the whole project expected to be complete by late 2022.
EDL say that they will integrate the solar farm with the diesel-fired power station “to balance sustainability with reliability”.
The new solar and battery station is expected to provide about 11GWh of energy annually, with improvements forecast to reduce diesel consumption by 7m litres per year.
The addition of energy storage at the site follows Rio Tinto’s recent announcement of combining 34MW of solar PV with a 12MWh energy storage system at an iron ore mine in Western Australia.
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
35-39 Maddox Street London
*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