SP Angel . Morning View . Tuesday 04 07 23
China bans export of key metals in Semiconductor retaliation
MiFID II exempt information – see disclaimer below
Alba Mineral Resources (ALBA LN) – Dewatering permits approved at the Clogau mine
BeMetals* (BMET CN) – US$2m 2023 exploration programme underway at Pangeni, Zambia
Chilwa Minerals (CHW AU) – ASX listing for Malawi heavy minerals and rare-earths project
Cornish Metals* (CUSN LN) – Results from South Crofty metallurgical drilling
Galantas Gold* (GAL LN) – Omagh MRE update
Glencore (GLEN LN) - Glencore bids $73m for remaining stake in Polymet Mining
Kodal Minerals* (KOD LN) – Mali appoints new Minister of Mines paving way for approval of Hainan Mining deal to finance Bougoumi jv
Polymet Mining (PLM N) – Offer to go private by Glencore
Technology Minerals (TM1 LN) – 1.85p, Mkt cap £28m – Initiation of commissioning phase at Li-ion battery recycling plant
China curbs exports of Gallium and Germanium as it retaliates over Western semiconductor restrictions
- China is restricting exports of gallium and germanium to ‘protect national security’ from Aug 1st.
- Sellers will have to report to the commerce ministry who their buyers are overseas and what they are using it for.
- The metals are most commonly produced as a by-product in zinc and alumina refineries.
- China controls 80% of the world’s gallium and germanium output, the US imports 50% of its supply.
- US imported $225m worth of the metals in 2022, however their uses are strategic in semiconductor production, especially for defence applications and satellites.
- Germanium is used in night-vision goggles and fiber-optic communication.
- The move can be seen as a reaction to the US’ targeted measures to withdraw American high-skilled labour from Chinese chipmakers earlier this year.
- Chinese chipmakers rallied on yesterday’s, with several hitting their 10% daily limit.
Gold holds higher ground following disappointing US factory data
- Gold prices are holding around the $1,925/oz mark.
- The metal found support yesterday on disappointing US factory activity reported yesterday.
- The data provided gold traders with hopes that the Fed’s rate hike schedule is seeping into the economy, weighing on yields.
- Focus shifts to Friday’s nonfarm payroll release to guide investors on the state of the US labour market, the Fed’s primary concern now that inflation has begun to revert.
Cobalt - China moves to restock cobalt reserves as prices crater
- Bloomberg reports China is buying up to 5kt of cobalt to boost its strategic reserves.
- It has supposedly agreed the deal with three local refiners and one trader.
- Cobalt prices have fallen from $80,000/t to $33,000/t.
Mali – The government of Mali has appointed Amadou Keita as minister of mines in a government reshuffle on Saturday by presidential decree.
- Amadou Keita formerly Minister of Higher Education and Scientific Research replaces Alousseni Sanou,who stood in for the former mines and energy minister Lamine Traore after he resigned on May 31.
- 15 ministers were replaced in the reshuffle by decree in an effort to rejuvenate the nation’s political leadership
Chilean government to submit lithium bill by end of the year
- Boric’s government is set to submit a new bill to establish a nationalised lithium company in Chile by the end of 2023.
- The government is also planning to submit a separate bill to support ‘sustainable production’ early next year.
- The government is looking to crack down on water usage from lithium extraction from brines.
- The administration is emphasising its desire to fast-track progress towards DLE, a technology unproven on a large, commercial scale to date.
- We worry an overtly nationalistic Chilean lithium policy will limit investment into the country, adding further pressure to already-strained supply.
Dow Jones Industrials +0.03% at 34,418
Nikkei 225 -0.98% at 33,423
HK Hang Seng +0.46% at 19,396
Shanghai Composite +0.04% at 3,245
Economics
World - JP Morgan Global manufacturing composite 48.8 marking a new six-month low and vs 49.6 in May
US - ISM Manufacturing PMI fell 5.3% yoy 46.0 for June vs 46.9 in May
- Production fell to 46.7 in June from 51.1
- Employment fell to 48.1 in June from 51.4 – the Feds other mandate is to protect employment indicating a smaller 25bp rate rise if at all
- Prices fell to -2.4 in June from 44.2
- Customer Inventories fell to a low of 46.2 from a relatively high 51.4 – this highlights the stop / start nature of the world at present
- US S&P 46.3 for June vs 48.4 in May
- May US construction spending 0.9% for June vs 0.4% in May
- US Independence Day holiday today
- Fed FOMC meeting 25-26 July for a likely further rate hike, though there are signs that inflation is slowing.
- Does the Fed have a second agenda here, and is that agenda to slow consumption of goods from China?
- Q2 core personal consumption expenditure inflation slowed slightly to 4.6% yoy vs 4.7% in Q1.
- Personal spending remained at 0.1% mom in June
Conclusion: The Fed has options. We expect the Fed will go for a 25bp rise as indicated. Maybe partly to support the US dollar which helps against the cost of imports and maybe to nail inflation to the floor.
China – Official Manufacturing PMI 49.0 in June vs 48.8 in May
- Caixin Manufacturing PMI 50.5 for June vs 50.9 in May
- Official non-manufacturing PMI 53.2 for June vs 54.5 in May
- Composite 52.3 for June vs 52.9 in May
Japan – Manufacturing PMI 49.8 for June vs 50.6 in May
- Tankan large manufacturer index 5 in Q2 vs 1 in Q1 as the economy ramps up on ongoing low interest rates
Taiwan - Manufacturing PMI 44.8 for June vs 44.3 in May
South Korea – The government cut its growth outlook for 2023 on the back of uncertainties over momentum in China and the US.
- The revision comes after a sluggish first half when export demand pulled back due to a weaker-than expected recovery in China’s economy and a global slowdown.
- 2023 GDP growth rate is expected to amount to 1.4%, down from 1.6% forecast in December.
- Growth is expected to rebound next year and come in at 2.4% on the back of an improvement in global demand for chips and a sustained pace of private consumption, Bloomberg reports.
- Manufacturing PMI 47.8 for June vs 48.4 in May
ASEAN - Manufacturing PMI 51.0 for June vs 51.1 in May
Indonesia - Manufacturing PMI 52.5 for June vs 50.3 in May
Singapore - Manufacturing PMI 49.7 for June vs 49.5 in May
India - Manufacturing PMI 57.8 for June vs 58.7 in May
Turkey - Manufacturing PMI 51.1 unchanged,
EU - Manufacturing PMI 43.4 for June vs 44.8 in May
Germany – Exports unexpectedly dropped in May reflecting weakening global growth momentum.
- Exports (%mom): -0.1 v 1.0 (revised from 1.2) April and 0.4 est.
- Imports (%mom): 1.7 v -0.1 (revised from -1.7) April and 0.0 est.
- Manufacturing PMI 40.6 for June vs 43.2 in May
France - Manufacturing PMI 46.0 for June vs 45.7 in May
Poland - Manufacturing PMI 45.1 for June vs 47.0 in May
UK - Manufacturing PMI 46.5 for June vs 47.1 in May
Brazil - Manufacturing PMI 46.6 for June vs 47.1 in May
Mexico - Manufacturing PMI 50.9 for June vs 50.5 in May
Mexican business confidence 53.3 for June vs 53.4 in May
UK – Retail chains are reporting slowing inflation in UK food prices.
- Sainsbury’s reported that prices on its top 100 selling goods were lower than they were in March.
- Last month, Tesco said there were “encouraging” signs that inflationary pressures were easing.
Australia – The central bank kept rates unchanged at 4.1%, only for a second time this year, allowing itself more time to assess the impact of the previous hike.
- The Australian dollar pulled back on the announcement.
- Potential further tightening “may be” required but will be dependent on incoming data, the RBA said.
Azerbaijan – A 5.4 magnitude earthquake was recorded offshore in the Caspian Sea northeast of Azerbaijan this night,
- The epicentre was about 50km east of Xazmaz with tremors flet throughout eastern parts of the country and Dagestan, Russia.
- There have been no initial reports of damage or casualties as a result of the earthquake.
Currencies
US$1.0908/eur vs 1.0881/eur yesterday. Yen 144.52/$ vs 144.81/$. SAr 18.719/$ vs 18.874/$. $1.269/gbp vs $1.267/gbp. 0.668/aud vs 0.664/aud. CNY 7.218/$ vs 7.254/$.
Dollar Index 102.94 vs 103.17 yesterday
Commodity News
Precious metals:
Gold US$1,927/oz vs US$1,923/oz yesterday
Gold ETFs 92.5moz vs 92.8moz yesterday
Platinum US$922/oz vs US$904/oz yesterday
Palladium US$1,260/oz vs US$1,223/oz yesterday
Silver US$22.94/oz vs US$23.03/oz yesterday
Rhodium US$4,000/oz vs US$4,600/oz yesterday
Base metals:
Copper US$ 8,368/t vs US$8,327/t yesterday
Aluminium US$ 2,157/t vs US$2,158/t yesterday
Nickel US$ 20,555/t vs US$20,595/t yesterday
Zinc US$ 2,372/t vs US$2,375/t yesterday
Lead US$ 2,089/t vs US$2,093/t yesterday
Tin US$ 27,325/t vs US$26,787/t yesterday
Energy:
Oil US$75.2/bbl vs US$75.1/bbl yesterday
oil prices spiked briefly this morning after Saudi Arabia announced it would extend its unilateral oil production cut into August, which comes in addition to existing curbs agreed by OPEC+.
European energy prices edged down supported by lower-than-normal temperatures on the Continent and despite ongoing unplanned outages in Norway.
Natural Gas US$2.691/mmbtu vs US$2.728/mmbtu yesterday
Uranium UXC US$56.20/lb vs US$56.20/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$108.7/t vs US$112.6/t
Chinese steel rebar 25mm US$528.7/t vs US$525.9/t
Thermal coal (1st year forward cif ARA) US$118.0/t vs US$118.0/t
Thermal coal swap Australia FOB US$155.5/t vs US$145.5/t
Coking coal swap Australia FOB US$228.0/t vs US$233.0/t
Other:
Cobalt LME 3m US$33,420/t vs US$31,380/t
NdPr Rare Earth Oxide (China) US$63,053/t vs US$62,818/t
Lithium carbonate 99% (China) US$41,920/t vs US$41,764/t
China Spodumene Li2O 6%min CIF US$4,090/t vs US$4,090/t
Ferro-Manganese European Mn78% min US$1,107/t vs US$1,103/t
China Tungsten APT 88.5% FOB US$315/mtu vs US$315/mtu
China Graphite Flake -194 FOB US$725/t vs US$725/t
Europe Vanadium Pentoxide 98% 7.5/lb vs US$7.4/lb
Europe Ferro-Vanadium 80% 31.95/kg vs US$31.75/kg
China Ilmenite Concentrate TiO2 US$303/t vs US$302/t
Spot CO2 Emissions EUA Price US$93.3/t vs US$90.6/t
Brazil Potash CFR Granular Spot US$320.0/t vs US$310.0/t
Electric Vehicle News
Hydrogen Fuel Cell Electric Vehicle ‘FCEV’ coming to market as BMW kits out test fleet of iX5 SUVs with 125kW, 170hp systems
- We are big fans of the EV / Fuel cell combination for extending the range of normal Li-ion Electric Vehicles.
- Platinum: Yes, fuel cells can work without platinum but the power output is substantially enhanced through the addition of the platinum catalyst.
- So far there are around a dozen fuel cell vehicles either in production or planned concepts.
- These fuel cell vehicles are designed to extend the range of their underlying car rather than to be the sole driver of the electric vehicle
- BMW iX5 – 125kW, 170hp
- Honda CR-V FCEV FC output 80kW, 107hp so its less fuel cell and more battery power
- Ineos Grenadier FCEV – testing to start this year in conjunction with Hyundai. Release date will depend on the development of refuelling infrastructure
- 2024 Hyundai Nexo and Hyundai Staria Fuel Cell
- Kia FK/Hyundai FK and Kia Carnival FCEV
- Land Rover Defender Fuel Cell Vehicle and Range Rover FCEV– 147kW motor, 16.7kWh battery pack, Power output of 340kW
- Toyota Hilux hydrogen, not sure why anyone would want to buy a Hilux for that sort of range but having travelled in one through Botswana and Zimbabwe I can say they are equally comfortable over long distances and rough terrain.
- *Source topelectricsuv.com
- We note the fuel cell stacks for BMW and Toyota are 125kW and 128kW giving 170hp and 172hp respectively
- When combined with a few extra batteries the fuel cell can either simply add more power or work as a continuous battery recharger.
- While finding the space for a fuel cell, hydrogen tank and related components is one issue, the other is the almost total lack of hydrogen refuelling infrastructure.
- It’s a great idea if you work in a chemical plant or oil refinery where someone can set up a hydrogen refuelling facility but it’s not so easy in many other locations.
Conclusion: The introduction of Fuel Cell Electric Vehicles by BMW and others is great news for platinum. We expect greater use in vans and lorries in future years once the technology is stabilised due to their need for extended range. If fuel cell EVs are adopted in a similar manner to conventional EVs we would expect the technology to substantially disrupt the market for platinum.
Toyota is aiming to halve the size, cost and weight of batteries for EVs using its solid-state battery technology.
- The carmaker said that simplifying the production process for battery materials would bring down the cost of its long awaited next generation technology, FT writes.
- The Company expects mass production of its solid state batteries to start by 2027 or 2028.
VW – slowing production of its EVs due to customer resistance to higher prices
- VW blames a lack of subsidies, higher electricity prices and high inflation
- Demand for EVs is reported to be running 30% below VW forecasts
- The launch of the new ID.7 saloon is being delayed
- Costs are being cut to bring the ID.2 to under £22,000 with a range of up to 280 miles.
- VW also reckon they will reduce costs further to < £17,500 though we suspect this might be for lower range options
Company News
Alba Mineral Resources PLC (AIM:ALBA) 0.19p, Mkt cap £7.9m – Dewatering permits approved at the Clogau mine
- Alba Mineral Resources has been awarded the necessary permits for the planned dewatering and exploration of the Lower Llechfraith workings at the Clogau-St David's Mine in North Wales.
- The company says that preparations are underway on site to start dewatering “as soon as possible”.
- Alba Mineral Resources explains that the “Lower Llechfraith mine area was a key focus for the last large-scale development efforts at Clogau, prior to Alba's time”.
- “Historical plans from that period record sightings of visible gold within these lower workings. The area has all the key geological characteristics for the occurrence of high-grade gold mineralisation, including greenstone sills, Clogau Shales and structural complexity in the lode itself”.
- Explaining that “There is no access to the Lower Llechfraith workings currently, from Level 2 down to Level 4, as they are flooded” Alba says that once the area has been dewatered, it will “move directly onto safety works, mapping, sampling and … bulk sampling of the exposed development in order to determine the gold content and test the Company's existing geological model below Level 4”.
- Subject to the results, “the subsequent phase of work is expected to involve putting in new development, commencing with the sinking of a new shaft or the extension of the existing Llechfraith Shaft”.
- Executive Chairman, George Frangeskides, explained that “Detailed planning has been in train for some time so that we did not lose time once the permits were granted. Accordingly, we are well placed to complete our preparations on site and commence the dewatering exercise within a matter of days”.
BeMetals Corp (TSX-V:BMET)* – C$0.13, Mkt cap C$23.1m – US$2m 2023 exploration programme underway at Pangeni, Zambia
- In an announcement to the Canadian market last week, BeMetals reported that it has started its 2023 exploration programme at the Pangeni project in the western part of the Zambian Copper Belt.
- The US$2m programme, which will be jointly funded by BeMetals and its Japanese partner, JOGMEC, includes 5,000m of shallow aircore drilling and 2,000m of diamond core drilling to follow up new and existing copper exploration targets.
- The aircore drilling is planned to investigate step out targets from the previously identified G,P and Q targets beneath Kalahari sand cover in the southern and southeastern parts of the licence.
- Drilling at the G & P targets is expected to use aircore to “step out approximately 400 metres along strike to the southwest and northeast of the G2-C1 drill hole” which encountered “.50 metres grading 0.71% Cu and 0.50 metres grading 1.19% Cu within a wider anomalous zone of 6.50 metres grading 0.20% Cu from 157.58 metres drill hole depth”.
- BeMetals will also test “the northeastern extension of a major structural feature trending across the central area of the Project at the new L-target”.
- The L target is currently “interpreted as a major thrust fault zone cutting through both basement and potentially Katangan units. Such structures are thought to provide the pathways for copper rich fluids moving into stratigraphic and other structural traps forming sediment hosted copper deposits. This zone at Pangeni also hosts the CT-Prospect where copper sulphide mineralization was drilled”.
- Aircore drilling is also planned at the D target area to look for higher grade shoots of mineralisation where drill hole D5-C2 previously intersected “0.50 metres grading 0.62% Cu within an anomalous zone of 4.50 metres grading 0.20% Cu from 136.25 metres drilled depth”.
- Describing a geological setting similar to that “known to host many of the large and often high-grade copper deposits and mines in Zambia”, CEO, John Wilton, said that the exploration results to date at Pangeni “continue to demonstrate the potential for this project to deliver a large-scale copper discovery”.
- The announcement also describes amendments to its earn-in agreement with Copper Cross Zambia “including a cash payment of US$350,000 now deferred until June 12, 2024 … Delivery of a preliminary economic assessment and a royalty reduction payment, in order to exercise the initial option, have been extended for as long as BeMetals funds US$ 2 million of annual expenditures on the Project to align with CCZ’s underlying agreement with Pangeni Mineral Resources Limited”.
Conclusion: Commencement of the 2023 exploration programme at Pangeni will test a series of new and existing targets in geological settings which have hosted economic deposits elsewhere in Zambia. We await results from the programme with interest
*SP Angel act as broker to BE Metals
Chilwa Minerals (CHW AU) – ASX listing for Malawi heavy minerals and rare-earths project
- Chilwa Minerals is to be admitted to the Official List of the ASX with trading to commence tomorrow.
- The company announcement says that the “listing comes after a successful $8M IPO capital raising, which was well supported by a range of institutional and private investors”.
- Initial work will be resource development “of both heavy mineral sands (HMS) and rare earth elements (REE) around Lake Chilwa in southern Malawi”.
- The company is relatively early stage in terms of its exploration and resource evaluation.
Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF)* – 10.5p, Mkt cap £56m – Results from South Crofty metallurgical drilling
Valuation 48p/s
- Cornish Metals has reported assay results from its metallurgical drilling programme on the No.4, No. 8 and Roskear Lodes at the South Crofty tin mine in Cornwall.
- Fourteen holes, including ‘daughter’ holes were drilled targeting the No.4 and No.8 Lodes with a further fourteen parent and daughter holes to investigate the Roskear Lode.
- Results from the No.4 Lode include:
- A 2.44m true width intersection at an average grade 1.27% tin of the No 4 Lode in hole SDD20-001-C1 between 984.17m and 986.77m down hole; and
- A 1.66m true width intersection at an average grade 1.15% tin in hole SDD20-001-D between 981.65m and 983.46m down hole; and
- A 2.12m true width intersection at an average grade 3.24% tin in hole SDD20-001-Ebetween 980.44m and 982.74m down hole.
- The drilling on the No.8 Lode produced:
- A 0.89m true width intersection at an average grade 1.80% tin in hole SDD20-001-C1 between 1,039.78m and 1,040.68m down hole; and
- A 2.77m true width intersection at an average grade 1.09% tin in hole SDD20-001-D between 1,031.15m and 1,033.97m down hole; and
- A 0.95m true width intersection at an average grade 0.03% tin in hole SDD20-001-E between 1,030.00m and 1,030.95m down hole.
- Intersections from the drilling on the Roskear Lode reported today are:
- A 1.34m true width intersection at an average grade 1.27% tin in hole SDD22-001 between 924.67m and 926.21m down hole; and
- A 1.46m true width intersection at an average grade 4.66% tin in hole SDD22-001C! between 920.11m and 921.73m down hole.
- The company confirms that “Visible tin mineralisation was observed in all 28 drill holes. Three holes from each Lode were assayed for tin and the rest of the full drill intercepts were used for metallurgical studies”.
- Cornish Metals also confirms that “Drilling has also now been completed into the North Pool Zone and the Dolcoath lodes … [and that] … Assay and metallurgical results from these holes will be released when received”.
- Commenting on the results, CEO, Richard Williams, said that although “On a global perspective these are high grade tin assay results … they reflect typical widths and grades of the tin mineralisation we have encountered and mined historically at South Crofty and serve to confirm and add further confidence to the Mineral Resource estimate we have for the No. 4, No. 8, and Roskear B Lodes”.
- He added that “We look forward to receiving the results from the metallurgical studies for these areas, including diluted head grades, ore sorting amenability, gravity release and paste backfill studies, which are expected by the end of Q3, 2023”.
Conclusion: Recent drilling on the No.4, No.8 and Roskear Lodes at South Crofty confirms both previous drilling and historical mining experience andreinforces confidence in existing resource estimates. We look forward to results from additional drilling of the North Pool and Dolcoath areas as well as to the results of metallurgical testing.
*SP Angel acts as Nomad and Broker to Cornish Metals. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals.
Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF)* 16p, Mkt Cap £17m – Omagh MRE update
- The Company is continuing to work on an updated MI 43-101 compliant MRE for the flagship Omagh Gold Project in Northern Ireland.
- The team will provide an update in due course.
*SP Angel acts as Broker to Galantas Gold
ON:GLEN 460p, Mkt cap £57bn - Glencore bids $73m to remaining stake in Polymet Mining
Polymet Mining Corp (TSX:POM) US$2.00, Mkt cap US$394m – Offer to go private by Glencore
- Glencore is bidding $2.11/s to acquire the last remaining shares in Polymet Mining.
- No one can fault Glencore for supporting Polymet Mining through thick and thin.
- The company has worked its way through around 15 years of bureaucracy, legislation, opposition and court challenges and it is still not mining in Minnesota.
- Glencore already holds 82% of Polymet through the exercise of convertible loans made to support the company while it optimised, evaluated and prepared numerous submissions for the ability to mine the Northmet, copper, nickel, cobalt, PGM mine process at the existing Lake Erie tachonite process plant and store tailings within the confines of the historic tailings dams.
- The paperwork stands many meters tall and if laid end to end could possibly circumnavigate the moon.
- Even when the US EPA, US Army Corps and all other agencies had been convinced, and the state of Minnesota said ok and issued the mining license along came a further legal challenge from Native American groups which blocked the development of the mine.
- Many lesser men would have given in but, Jon Cherry, Polymet CEO, and a master of political negotiation is still campaigning for the right to build the Northmet mine.
- Polymet holds a 50% stake in Newrange Copper Nickel, a jv with Teck Resources.
- Polymet completed a successful $195m rights offering on 10 April and moved to a ‘site readiness initiative for the NorthMet project’ on 30 May.
*The analyst has visited the NorthMet mine site, Lake Erie process plant, tailings dams and associated infrastructure
Kodal Minerals PLC (AIM:KOD)* 0.49p, Mkt Cap £83m – Mali appoints new Minister of Mines paving way for approval of Hainan Mining deal to finance Bougoumi jv
(Long-stop date on Hainan Mining investment jv deal has been extended to 31 August 2023 to allow more time for approvals and jv structuring)
- The government of Mali has appointed Amadou Keita as minister of mines in a government reshuffle on Saturday by presidential decree.
- Amadou Keita formerly Minister of Higher Education and Scientific Research replaces Alousseni Sanou,who stood in for the former mines and energy minister Lamine Traore after he resigned on May 31.
- 15 ministers were replaced in the reshuffle by decree in an effort to rejuvenate the nation’s political leadership
- Mali's previous Minister of Mines, Energy and Water, Lamine Seydou Traore, resigned due to electricity supply and utility debt issues according to a reports despite the commissioning of a new 140MW hydropower plant last year at Gouina.
- State revenues from gold mining rose to $850m in 2020 with gold exports rising 8.4% in 2022 to 69.3t. The government is reviewing mining contracts after an official audit indicated the state is not receiving a fair share of gold mining revenues. (Mining.com)
- We feel confident the government would like diversify its mining revenues away from gold
- ECOWAS, the Economic Community of West African States, lifted economic sanctions on Mali in July last year as the military ruler moved to restore democracy in Mali following coups in August 2020 and May 2021. The nation has been battling a long-running jihadist insurgency in the north due to an influx of extremists into the Sahel which extends from Senegal to Eritrea. The instability is blamed on the collapse of the Libyan state in 2011 which has led to a proliferation of armed insurgents throughout the region.
- The influx of extremists into northern Mali reignited the dormant Tuareg rebellion [PDF] in 2012, which had previously surfaced in 1963, 1990, and 2006. Representing only 10% of the Malian population, the Tuareg people, organized under the National Movement for the Liberation of Azawad (MNLA), sought an autonomous state and aligned themselves with multiple Islamist groups, including al-Qaeda in the Islamic Maghreb (AQIM), the Movement for Unity and Jihad in West Africa (MUJAO), and Ansar Dine to push government forces out of the north.(cfr.com).
- The government of Mali has paid Russia’s WAGNER group >$200m since 2021. In this time the Malian military government has asked the French Military and more recently UN Peacekeeping force to leave citing a "crisis of confidence" between Malian authorities and the decade-long U.N. mission. (Reuters)
Conclusion: We are hopeful that the new minister will attend to the approval of the Hainan Mining joint venture structure and investment within the next few weeks as a priority project for the nation. Mali as long been highly supportive of the mining industry and has substantial earnings from its 10% free carry on all domestic mining projects.
*SP Angel acts as financial advisor and broker to Kodal Minerals
Technology Minerals PLC (LSE:TM1) – 1.85p, Mkt cap £28m – Initiation of commissioning phase at Li-ion battery recycling plant
- Technology Minerals reports it has begun the commissioning phase for its 48.25% Li-ion battery recycling plant.
- The Recyclus facility will be built in Wolverhampton.
- The initial phase will produce a ‘black mass,’ containing key battery metals that will be reprocessed and sold back to battery makers.
- The facility will be permitted to process up to 22kt of li-ion batteries per annum although it expects to process 8,300t of Li-ion batteries in the first year.
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+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
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SPA research ratings – Based on a time horizon of 12 months: Buy = Expec