SP Angel . Morning View . Friday 24 09 21
Risk sentiment weakens on Evergrande and tighter monetary policy outlook
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IGTV: 02/09/21: Chinese slowdown is ‘unlikely to be for long’: https://youtu.be/SB32PEX0EWY
Chaarat Gold* (LON:CGH) – CEO appointment
Condor Gold* (LON:CNR) – Drilling results from infill programme at Mestiza
Sandfire Resources (ASX:SFR) – US$1.9bn acquisition of Aguas Tenidas
China may be preparing to weaponise rare earth champions as Xi strengthens China’s control over critical materials supply
China to create two rare earth conglomerates in bid to strengthen pricing power
Bloomberg has reported that China is looking to further its dominance of the rare earth market by forming 2 mining giants.
Beijing aims to consolidate China’s rare earth miners and processors under two companies divided between north and south.
China has been reforming its rare earth industry over the past decade, forming 6 state-controlled groups.
The move comes as a retaliation to US and European efforts to challenge China’s 70% market share of the minerals.
The report is reinforced by China Minmetal’s filing to the Shenzhen Stock Exchange last night, showing plans for a restructuring of assets. The Company will enter a 3-way merger with Chinalco and the Ganzhou government.
Chinese rare earth mining stocks have risen as a result, with China Rare Earth Holdings up 7% and China Northern Rare Earth climbs 6%.
Conclusion: China may be moving to ensure it has full and free access into Europe and the US with greater CCP control over rare earth supply looking like a firm move in this direction.
However, don’t expect much in the way of reciprocal agreements meaning China will still remain difficult for Western companies unless they set up in China.
China – continues to restrict power availability
Essentially China is a victim of its own industrial excess and is forcing aluminium smelters and other large-scale power consumers to restrict consumption .
Restricting power should also serve to force consumers to become more power efficient in time, as seen in South Africa with Bushveld Minerals and other mineral processors
Evergrande misses key interest payment deadline as crisis damages Chinese property market, contractors, construction confidence, financial firms etc…
Evergrande US$ bond investors have not received the $83.5m interest payment that was due yesterday, FT reports.
The firm has a 30-day grace period before the missed payment is technically considered a default.
Anhui province announced it is reclaiming land on which Evergrande has missed payments.
Among other interest payments due are a $45m next Wednesday on its US$ 2024 bonds.
The Evergrande crisis is already damaging confidence in China with consumers, contractors and industry.
Local officials are reported to be receiving signals from Beijing to get ‘ready for the possible storm’.
Even if Evergrande does not go bust, the collapse of its shares have already stalled China’s giant property boom and shaken confidence in this huge market.
Extreme leverage, typical of property developers, combined with a few indelicate words from President Xi have precipitated a crisis that threatens to hit global markets.
Xi has been seeking to deflate the housing bubble since a speech in 2017 where he said “houses are for living in, not for speculation”. We agree but the speculators keep on coming.
Many believe the CCP will let Evergrande implode in a managed manner, but politicians often underestimate the impact and contagion of such failures. The US would not let Lehman Bros fail again.
Major Western funds are reported to be buying Evergrande share on the belief that Evergrande is too big to fail.
Unfortunately, Evergrande crossed the CCP’s three red lines aimed at reducing real estate developer leverage and China’s leadership are warning officials of a failure.
demand liability/asset ratios below 70% – Evergrande at 83% ratio
net debt/equity ratios below 100% – Evergrande at 118% ratio
cash/short-term debt ratios of at least 1 – Evergrande at 36% vs 100% requirement
While Evergrande is not the worst offender it is the largest and its debt mountain at >$300bn is huge
GZ R&F is the worst followed by Greentown but are less of a threat to China’s economy and financial system.
Evergrande’s problem is it can’t complete and sell enough property at high enough prices to meet its interest and principal repayments
Sales in 52 major cities down 16% in H1 of September y-o-y following a 20% decline in August
Land sales by local governments fell 90% year on year first 12 days of September (these generate 1/3rd of local government revenues)
Remember CCP politicians are allowed to buy land marked for development at discounted prices which they sell onto developers at exorbitant prices and the failure of Evergrande and others may mark the end of the property market gravy train for allot of politicians. We suspect Xi will force the CCP turkeys to vote for Christmas this year.
On-balance-sheet liabilities amount to c.2% of China’s annual GDP
Off-balance-sheet obligations amount to an additional 1% of GDP
$142bn owned in short term payables owed to contractors such as cement, rebar, flooring, piping contractors etc….
Many contractors have been part paid in cash and in Evergrande shares which have lost 83% of their value this year.
How many are affected
17% of urbanised population employed are tied to real estate and construction sector.
80% of household wealth in China accounted for by real estate vs 30% in US .
Real estate and construction = 29% of China’s GDP – close to double Japan’s 1989 property bubble peak
China’s official debt-to-GDP ratio soared by 45% in past 5 years
Empty housing: 20-25% of total housing stock in China is owned by speculative buyers with no interest in renting the properties out or moving in themselves.
Credit market contagion:
China’s onshore bond market stands at close to $12tn
Large section of this is in local government and corporate debt bonds of which a considerable amount relies on property sector
Fixed asset investments constitute 43% of GDP
Total credit to firms and households increased 178% of GDP in 2011 to 287% today.
Infrastructure investment grew by just 2.9% to end-August vs fixed asset investment growth of 8.9% (National Bureau of Statistics).
Property investment, which accounted for 28.3% rose by 10.9% to end-August ~US$1.5tn
China’s real estate and construction sector is at least twice the size of its US counterpart and three times as important in relation to GDP.
In cities it accounts for c. 17% economic activity accounting for around a third of local public revenues
The scale of the problem Evergrande – $300bn of liabilities not the entirety owing to joint ventures with developers
1.4m properties in 1,300 project sites across 270 cities across China
Country Garden – $270bn of liabilities
Vanke – $250bn of liabilities
Evergrande’s EV company misses payments to employees and suppliers
Xi Jinping has described the rising prices of these empty apartments as ‘fictional growth’ rather than ‘genuine growth’ but these appartments can house his plan for lifting millions more people out of rural poverty and into cities and regular work.
The challenge for President Xi is to make China’s property market more affordable while continuing to encourage construction.
London Metal Exchange inventories see diminishing aluminium and nickel stocks
LME warehouses aluminium inventories have fallen 7,525t to 1,281,550t.
The reduction comes as global aluminium production slumps, with China reducing production by 28,000t in August.
LME nickel stocks have fallen 1,725t to 217,175t.
Nickel stocks have recovered from their Sept. 10th lows of 181,368t as the metal recovers from its global market deficit of 32,400 in June.
Copper inventories rose marginally by 150t to 226,175t. This contrasts to Chinese copper inventories which fell 8,500t from a week earlier.
Tin prices soar to record highs as inventories fall
Shanghai October tin futures rose 4.8% to $44,569.64/t, extending its rally to an 89% increase this year.
The LME 3-month tin contract hit a record high of $36,500, extending its 2021 rally to 78%.
LME warehouse inventories fell to 1,180t on Wednesday, 79% lower that this time last year.
A further price rise based on low inventories was subdued by the looming Evergrande crisis posing a threat to China’s economic growth miracle.
A US Fed rate rise is also expected to have limited tin’s gains.
High power costs hit Dutch zinc smelter, encouraging concerns over global metals production
Zinc producer Nyrstar is currently in discussions with the Dutch government over surging power costs.
Trafigura-owned Nyrstar has had to curtail production at its Budel-Dorplein plant as electricity prices have risen fourfold since 2020.
Trafigura has been able to continue full-scale operations at its French and Belgian plants owing to lower power costs.
The wider impact on production margins on the back of skyrocketing energy bills is expected to limit production of other metals such as aluminium.
With optimism limited for a solution to rising power prices in Europe and China, further metal production cuts are anticipated.
Gold prices subdued as yields rally
Spot gold is currently hovering between the $1,750-54/oz mark.
The metal rallied from a 1.5 month low of $1,737.46 on Thursday.
The dollar index slid slightly to near a weekly low.
The move may mark concern over Evergrande’s failure to make its $83.5m interest payment yesterday and the wider economic implications it may have.
A surge in US sovereign bond yields, with the 10-year US government bond hitting the 1.4% threshold, has weakened the appeal of bullion.
Dow Jones Industrials -+1.48% at 34,765
Nikkei 225 +2.06% at 30,249
HK Hang Seng -0.73% at 24,333
Shanghai Composite -0.87% at 3,611
US – Tighter monetary policy prospects announced by the Fed on Wednesday saw long term Treasury yields climbing the most in 18 months yesterday.
Despite rising market borrowing rates, S&P 500 closed 1.2% higher on the day claiming back some of its losses in previous weeks.
Weekly jobless claims unexpectedly picked up in the week to September 18.
The government ended federal pandemic unemployment benefits programme by September 6 in all states, although, states can use their pandemic relief funds to provide assistance for the unemployed, Bloomberg reports.
A withdrawal of the federal unemployment benefits assistance comes at the time of slowing growth rates as indicated by the latest Markit PMI data.
General business activity slowed down to the weakest in 12 months with both services (14-month low) and manufacturing (5-month low) decelerating.
“The pace of US economic growth cooled further in September, having soared in the second quarter, reflecting a combination of peaking demand, supply chain delays and labour shortages… the slowdown was led by a cooling of demand in the service sector, linked in part to the Delta variant spread,” Markit commented on the data.
Weekly Jobless Claims (‘000): 351 v 335 (revised from 332) in the previous week and 320 est.
Continuing Claims (‘000): 2,845 v 2,714 (revised from 2,665) in the previous week and 2,600 est.
Markit Manufacturing PMI: 60.5 v 61.1 in August and 61.0 est.
Markit Services PMI: 54.4 v 55.1 in August and 54.9 est.
Markit Composite PMI: 54.5 v 55.4 in August.
UK – The BOE came out with a hawkish announcement on the monetary policy outlook on Thursday after revising its inflation outlook slightly higher.
Inflation is now expected to exceed 4% following a spike in energy prices.
The central bank suggested that any future tightening should start with an interest rate increase even before tis bond buying programme finishes around the end of the year.
The pound rallied and government bonds dropped on a more hawkish than initially anticipated announcement by the BOE.
On a separate note, consumer confidence dropped at the sharpest rate since lockdown rules were tightened nearly a year ago on a surge in inflation and planned tax increases.
“Consumers are clearly worrying about their personal finance situation and the wider economic prospects… when consumer confidence drops, shoppers tend to spend less… this dampens the overall economic prospects,” GfK commented on the data.
GfK Consumer Confidence: -13 v -8 in August and -7 est.
Turkey – The lira hit new lows after the central bank cut the benchmark rate on Thursday despite inflation picking up in august to the strongest in two years.
The currency is down ~1% this morning taking total losses since Thursday to ~2.4%.
Yields on 10y government Eurobonds continued to climb hitting ~6.7%, the highest level since April/May.
Inflation rate came in at 19.25% in August marking the highest rate since mid-2019.
US$1.1732/eur vs 1.1720/eur yesterday. Yen 110.50/$ vs 109.89/$. SAr 14.897/$ vs 14.737/$. $1.371/gbp vs $1.365/gbp. 0.728/aud vs 0.726/aud. CNY 6.465/$ vs 6.466/$.
Gold US$1,753/oz vs US$1,762/oz yesterday
Gold ETFs 99.5moz vs US$99.7moz yesterday
Platinum US$982/oz vs US$1,005/oz yesterday
Palladium US$2,005/oz vs US$2,044/oz yesterday
Silver US$22.66/oz vs US$22.62/oz yesterday
Copper US$ 9,278/t vs US$9,235/t yesterday
Aluminium US$ 2,916/t vs US$2,945/t yesterday
Nickel US$ 19,175/t vs US$19,260/t yesterday
Zinc US$ 3,088/t vs US$3,042/t yesterday
Lead US$ 2,135/t vs US$2,126/t yesterday
Tin US$ 36,370/t vs US$35,250/t yesterday
Oil US$77.5/bbl vs US$76.3/bbl yesterday
Oil prices extended gains again today with Brent crude touching its highest level in more than two months, supported by growing fuel demand and a draw in US crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes
On Wednesday, both contracts jumped 2.5% after the US Energy Information Administration reported crude stocks fell by 3.5MMbbls to 414MMbbls – the lowest since October 2018
Also supporting prices, some members of OPEC+ have struggled to raise output after years of under-investment or delays to maintenance work during the pandemic
On Wednesday, Iraq’s oil minister said OPEC+ was working to keep crude close to US$70/bbl as the global economy recovers
The group will meet again on 4 October 2021
Iran’s export capabilities partially hinge upon reviving its 2015 nuclear deal
The window remains open, but Tehran has not indicated whether it is willing to resume talks in Vienna
The US dollar, which usually has an inverse relationship with commodities prices, eased from a one-month high after the Fed signalled it would soon start reducing its monthly bond purchases and set the stage for higher interest rates next year, while leaving room to slow things if needed
The US central bank gave advance notice of its tapering intention, thereby confirming its economic optimism, which ultimately points to robust US oil demand
Oil prices also drew support as concerns eased over a possible near-term default by Chinese property developer China Evergrande on its dollar bonds
In a sign of strengthening fuel demand, East Coast refinery utilisation rates in the US rose to 93%, the highest since May 2019, EIA data showed
Natural Gas US$5.075/mmbtu vs US$4.776/mmbtu yesterday
Global record high natural gas prices are pushing some energy-intensive companies to curtail production in a trend that is adding to disruptions to global supply chains in some sectors such as food and could result in higher costs being passed on to their customers
Some companies, including steel producers, fertiliser manufacturers and glass makers, have had to suspend or reduce production in Europe and Asia as a result of spiking energy prices
That includes two of the world’s largest fertiliser makers, which said they would cut production in Europe
The UK has agreed to provide state support to one of the companies to restart production of by-product carbon dioxide, which is used in food production, to avert a supply crunch
The steep rise in European gas prices has been driven by a combination of a strong recovery in demand and tighter-than-expected supply, as well as several weather-related factors.
These include a particularly cold and long heating season in Europe last winter, and lower than usual availability of wind energy in recent weeks
European prices also reflect broader global gas market dynamics
There were strong cold spells in East Asia and North America in the first quarter of 2021
They were followed by heatwaves in Asia and drought in various regions, including Brazil
All of these developments added to the upward trend in gas demand
In Asia, gas demand has remained strong throughout the year, primarily driven by China, but also by Japan and Korea
On the supply side, LNG production worldwide has been lower than expected due to a series of unplanned outages and delays across the globe and delayed maintenance from 2020
Iron ore 62% Fe spot (cfr Tianjin) US$108.7/t vs US$110.6/t
Chinese steel rebar 25mm US$881.5/t vs US$881.3/t
Thermal coal (1st year forward cif ARA) US$132.3/t vs US$128.5/t
Coking coal swap Australia FOB US$384.0/t vs US$390.0/t
China Ilmenite Concentrate TiO2 US$375.08/t vs US$375.0/t
Uranium – Cameco forms deal to supply Polish small nuclear reactors
Canadian uranium giant Cameco has inked an agreement with GE Hitachi Nuclear Energy, GEH SMR Technologies Canada and Synthos Green Energy for a uranium supply chain.
The miner’s supply will be utilised in small modular reactors (SMR) in Poland.
The SMRs Cameco plans to supply are considered the lowest risk, quickest to market and most competitive reactors in the industry.
The reactors have a life of 20-30 years and provide clean energy and heat. They will hopefully replace diesel used at mine sites in remote locations.
Cobalt LME 3m US$53,380/t vs US$53,380/t
NdPr Rare Earth Oxide (China) US$92,184/t vs US$92,321/t
Lithium carbonate 99% (China) US$24,747/t vs US$24,279/t
China Spodumene Li2O 5%min CIF US$1,030/t vs US$1,010/t
Ferro-Manganese European Mn78% min US$1,813/t vs US$1,811/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% 8.4/lb vs US$8.5/lb
Europe Ferro-Vanadium 80% 33.25/kg vs US$33.75/kg
Spot CO2 Emissions EUA Price US$71.1/t vs US$69.4/kg
Daimler’s Mercedes-Benz has announced that it will take a 33% stake in cell manufacturer Automotive Cells Company (ACC) alongside Stellantis and TotalEnergies.
The partnership will develop cells and battery modules to “help ensure that Europe remains at the heart of the auto industry – even in an electric era”, Daimler Chief Executive Ola Kaellenius said.
Daimler added that the battery cells produced would be 95% recyclable as per its goal of a CO2-neutral supply chain by 2039.
As part of the agreement, Daimler will invest a mid-three-digit million-euro sum into the project next year, with overall investment is expected to stay below EUR1bn (Reuters)
ACC has also received EUR1.3bn in French and German funding and is expected to need EUR7bn in equity, debt and subsidies to reach its desired 120GWh capacity by 2030.
Value of battery metals in new EVs surges 177% y-o-y
Mining.com’s EV Metal Index, which tracks the value of battery metals in new passenger EVs (including hybrids), totalled $537.1m in July, a 177% increase on the same month last year.
This brought the YTD total to $3.21bn – meaning almost as much EV battery metal business was done in the first 7 months of 2021 than 2017 ($1.1bn) and 2018 ($2.2bn) combined.
According to Adamas Intelligence, the total battery capacity of EVs sold in July totalled 19.9GWh.
Chaarat Gold* (LON:CGH) 21.3p, Mkt Cap GBP147m – CEO appointment
Mike Fraser has bee appointed to the Chaarat board as Chief Executive Officer with effect from 17 January 2022.
Mike brings 20 years of mining and metals industry to the Company having previously served as COO as South32.
Before joining South32 he held a number of senior roles including HR President at BHP Ltd and Asset President at Mozal Aluminium in Mozambique.
Condor Gold* (LON:CNR) 39.5p, Mkt Cap GBP53m – Drilling results from infill programme at Mestiza
Condor Gold reports the completion of 3,372m of Phase 1 infill drilling of its 7,800m planned programme to firm up the mineral resources at its planned Mestiza pit at the La India project in Nicaragua.
The drilling underpins upgrading of a part of the current inferred resource of 341,000t at an average grade of 7.7g/t gold to the indicated level and thereby qualify it for inclusion in mine planning and add confidence to the mine scheduling particularly during the early part of Mestiza’s production life.
Drilling is continuing with two rigs in operation and the programme is expected to be completed within 6 weeks. The Phase 1 programme increased the drilling density from the previous 50m to 100m spacing to a “a regular 50 m along strike and 50 m down-dip grid. A second phase of approximately 4500 m of infill drilling to 25 m along strike and 50 m down-dip spacing is currently underway in the area of the principal open pit resource on the Tatiana Vein”.
The current resources estimate for Mestiza consists of a total of 432,000t of indicated and inferred resources at an average grade of 5.37g/t (86,000t of contained gold) considered amenable to open-pit mining plus a further 118,000t of indicated ore averaging 5.5g/t (21,000oz) and 984,000 inferred tonnes at an average grade of 5.3g/t appropriate for underground mining.
Mestiza is located around 3km from the permitted La India plant site and consists of gold-bearing quartz veins within an 800m wide south to southeast striking corridor extending 1.5-2km along strike.
The company confirms that “The La Mestiza Vein Set is open along strike and down dip and has parallel veins identified by rock chip sampling, which are outside the area of Mestiza Vein Set’s MRE … [and leads to the conclusion that] … The MRE of the deposit can potentially be increased in size with further drilling”.
The relatively high-grade Tatiana vein (average of 5.4 g/t gold and 11g/t silver) currently contains the entire open-pit and underground indicated resource and approximately 65% of the inferred tonnage which also includes the Buenos Aires and Esperito veins.
Today’s announcement lists the eight highest grades intercepted in drilling of the Tatania Vein with assays ranging from 13.7g/t to 29g/t gold. Among the results highlighted from the latest drilling at Mestza are:
An intersection of 4.50m (4.1m true width) of the Tatiana Vein at an average grade of 15.23g/t gold between 47.80- 52.3m in hole LIDC514; and
An intersection of 3.90m (3.6m true width), also of the Tatiana Vein, at an average grade of 29.1g/t gold between 105.70m-109.60m in hole LIDC471
The company notes that the mineralised zone in hole LIDC514 includes un-assayed zones due to encountering artisanal mining activity.
Chairman and CEO, Mark Child, explained that the drilling “may add to our mineral resource inventory at Mestiza and possibly improve the Project’s economics, although this will only be confirmed at the conclusion of this drilling campaign”.
He also clarified that “The tighter drill spacing has delivered relatively shallow, high grade drill intercepts which add considerable confidence to the existing monthly mine schedules”.
In our view, by providing detailed information on the orebody characteristics prior to production mining, Condor Gold’s infill drilling campaign will help to minimise risks of delivering unexpected grade and ore types to the plant, particularly during the early production phases which should aid a trouble free start-up.
The infill drilling also offers important opportunities to expand the overall mineral resource inventory.
Resource expansion opportunities within the wider La India project are also enhanced by the recent results from drilling at Cacao, also relatively close to the plant site, which provided evidence of a potentially intact epithermal gold system in a down-thrown fault block east of the Highway Fault.
Conclusion: Infill drilling at Mestiza is improving the definition of shallow, higher grade mineral feed for the early years of operations which should help to mitigate start-up risks and offer the possibility of further mineral resource growth.
*SP Angel act as a broker to Condor Gold
Sandfire Resources (ASX:SFR) A$6.22 mkt cap A$1.1bn – US$1.9bn acquisition of Aguas Tenidas
Sandfire Resources has announced an agreement with Trafigura and Mubadala Investments for the US$1,865m acquisition of the Aguas Tenidas (MATSA) operation in Andalucia, Spain.
Aguas Tenidas consists of “three underground mining operations … [at Aguas Tenidas, Sotiel and Magdalena] … feeding a world-class 4.7Mtpa central processing facility with state-of-the-art infrastructure producing 100-120ktpa CuEq per annum”.
Sandfire, which operates the DeGrussa mine in Western Australia and id developing the Mothae mine in Botswana’s Kalahari Copper Belt says that the acquisition “Provides Sandfire exposure to a long-life and first quartile low-cost operation with ~12 years mine life based on Resources and significant life extension and exploration potential, and a successful track record of replacing and growing Resources and Reserves”.
The company says that the transaction “immediately transforms Sandfire into one of Australia’s largest focussed copper producers with proforma FY22 production of 170-194kt CuEq at a MATSA C1 cost of US$).0.4-0.5/lb and DeGrussa C1 cost of US$1.0-1.1/lb”.
The transaction will be funded by a combination of US$650m debt, secured by MATSA, “an A$1,248m (US$905m) fully underwritten equity raising, A$297m (US$215m) from existing cash reserves and the drawdown of A$200m (US$145m) corporate debt facility”.
The transaction, which is subject to Spanish Government approvals, is expected to close in the March 2022 quarter.
Sandfire’s corporate presentation describes potential exploration targets close to Magdalena at Poderosa and Concepcion “with several other advanced stage targets being progressed”.
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
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