SP Angel . Morning View . Wednesday 27 05 20
Copper inventories continue to fall as world returns to work
MiFID II exempt information – see disclaimer below
Amur Minerals* (LSE:AMC) – £0.5m raised to progress Kun Manie TEO
Beowulf Mining (AIM:BEM) – Earthquake at Kiruna forces mine to close till further notice
Eurasia Mining* (AIM:EUA) – Corporate and Board update
KEFI Minerals* (LSE:KEFI) – Completion of Stage 2 drilling at Hawiah paves the way for maiden mineral resource in mid-2020
Savannah Resources* (AIM:SAV) – EIT InnoEnergy Agreement
Westminster Group* (AIM:WSG) – New contract awarded for fever Screening & Sanitiser Stations
352,298 - Coronavirus
196,521 - Seasonal flu – some seasonal flu fatalities may be mistaken for Coronavirus
395,841 - Malaria
432,753 - Suicides
544,760 - Road accidents
678,406 - HIV/AIDS
1,009,336 - Alcohol
2,017,403 - Smoking
3,314,400 - Cancer
5,238,895 - Communicable diseases
*Stats from Worldometers.info
China - Expect more stimulus from the National People’s Congress this week
China State Council announced national level planning to support development in Western China
$2tn US fiscal package approved by Congress. US may add $0.6t state aid for mortgage markets and travel industries
The House passed a $484bn aid package to rescue small small businesses, hospitals ($75bn) and coronavirus testing ($25bn).
$2tn US – Trump looking at $2tn infrastructure fund
$700bn – US + Fed rate cut to 0-0.25% last night. The $700bn QE to buy Treasuries and mortgage-backed securities.
US Fed may soon start buying in up to $750 billion of corporate debt and ETFs
$543bn EU Crisis Recovery fund backed France and Germany + $963bn (€750bn) ECB scraps limits on sovereign bond purchases. ECB PEPP buying running at around €250bn
EU Finance Ministers have so far failed to agree on a strategy to mitigate the economic impact of the pandemic.
The pandemic emergency purchase programme (PEPP) and asset purchase programme (APP) have been reiterated with a cap of €750bn and €120bn, respectively.
The bank is reported to have used €100bn of the PEPP so far.
$825bn (€756bn) Germany – Bundestag approved €156bn in extra borrowing and ~€600bn in emergency funds
$909m $344bn of China stimulus + $565bn in special bonds for infrastructure by local authorities
$996bn (108.2tn yen) – Japan + BoJ pledge for unlimited quantitative easing
400bn (£330bn) UK + $242bn (£200bn) UK QE from BoE & no business rates plus £25,000 cash grants for hospitality sector
$387bn (€304bn) France, $200bn (€200bn) Spain, $214bn (A$320bn) Australia Australia - RBA ready to buy bonds again.
US$260bn - India representing 10% of GDP.
$78bn (C$107bn) Canada, $32bn Saudi Arabia, US$43.7bn Singapore, $22.6bn India, $19.3bn HK, $13.7bn South Korea, $10bn Switzerland, $8.4bn Italy, $7bn NZ, $3.5bn Ireland, $2bn Taiwan, $0.75bn Indonesia,
Argentina to default on $10bn of dollar debt issued til the end of the year. Does not affect the $70bn that Argentina is currently in talks to restructure.
$1,000bn - IMF available + $12bn World Bank,
Dow Jones Industrials
HK Hang Seng
US - New home sales rise in April
Sales on new US single-family homes unexpectedly rose in April, up 0.6% to a seasonally adjusted annual rate of 623,000 units last month.
The increase was a marginal gain on March's sales which stood at 619,000 units - a fall of 13.7% on the month prior.
EU – ECB’s Lagarde not overly concerned at high debt levels
Eurozone economy looks likely to lie somewhere in between the ECB's medium and severe scenario of around 10% GDP contraction.
Russia - Retail sales fall 23% yoy last month
Russian retail sales fell the most since records began in April, highlighting how ineffective the country's cautious stimulus programme has been in supporting the economy as a result of the virus.
The drop is broadly in line with similar indicators for China in February at -20.5% and the US for April at -21.6% - however much greater than -9.2% for the Eurozone in March.
The unemployment rate in Russia jumped to 5.8%, the highest level in four years after 815,000 lost their jobs in April.
The IMF forecast last month that Russia's contraction this year will be more than twice that of the world as a whole, while a recovery next year will be smaller (Bloomberg).
Japan - Further $1.1tr of stimulus to be compiled to combat pandemic
The new stimulus package includes significant direct spending to stop the coronavirus pandemic pushing the country's economy deeper into recession.
The 117 trillion-yen stimulus, funded partly by a second extra budget, will be on top of another 117 trillion package already rolled out last month - and takes total spending in Japan at 234 trillion yen ($2.18tr) - 40% of Japans GDP.
To fund the costs, Japan will issue an additional 31.9 trillion yen in government bonds under the second supplementary budget for the current fiscal year ending in March 2021.
South Africa - Mining production to fall 8-10% this year
The country's mining production is likely to fall by an amount within this range due to the Covid-19 pandemic, according to the CEO of the industry body the Minerals Council.
UK - cleared remdesivir for Covid-19 treatment (Gilead Sciences)
US$1.0955/eur vs 1.0933/eur yesterday. Yen 107.51/$ vs 107.87/$. SAr 17.520/$ vs 17.436/$. $1.230/gbp vs $1.226/gbp. 0.664/aud vs 0.659/aud. CNY 7.159/$ vs 7.135/$.
Gold US$1,707/oz vs US$1,728/oz yesterday - Gold hits two-week low on optimism around reopening economies
The price of gold fell on Wednesday morning, as economies look towards easing restrictions which is hoped will result in some sort of rebound in economic activity.
In the US, traders and investors are upbeat early this week, following a long US holiday that saw more social interaction amid the unofficial start of summer, which suggested people are going to spend more as businesses reopen (Kitco).
Increasing tension between the US and China over Beijing's proposed security law for Hong Kong has maintained an underlying level of uncertainty in markets, which is supportive of the gold price.
Spot gold fell to its lowest level since the 13th of May at $1,703/oz this morning, whilst US gold futures were down % to $1,696/oz (Reuters).
Gold ETFs 99.7moz vs US$99.6moz yesterday
Platinum US$834/oz vs US$839/oz yesterday
Palladium US$1,967/oz vs US$2,013/oz yesterday
Silver US$17.04/oz vs US$17.34/oz yesterday
Copper US$ 5,305/t vs US$5,364/t yesterday - ICSG - Global mined copper forecast cut by 950,000 tonnes in 2020
The International Copper Study Group (ICSG) has cut its 2020 global mined copper forecast by 950,000 tonnes - equivalent to nearly 4 million tonnes of copper concentrates output, as a result of Covid-19.
The ICSG now expects a 3% yoy decline in world mined copper output this year, which stood at 20,55mt in 2019, with output in major copper producing countries varying on a case by case basis.
Most mines in Chile were operating with limited impact along with Zambia and the DRC, other countries such as Panama saw mines shut down completely.
The group has adjusted its mined copper output forecasts in Chile and Peru downward by 400,000t and 300,000t respectively (Fastmarkets MB).
LME copper inventories fell by a further 5,500t today to 270,925t today
Aluminium US$ 1,520/t vs US$1,508/t yesterday - Japan's aluminium product shipments fall 9.5% yoy in April
Shipments of aluminium rolled products saw the biggest decline in a decade as the coronavirus pandemic led to a sharp fall in demand.
Supplies to the domestic and overseas markets fell 150,299 tonnes - the ninth consecutive month of YoY decline according to the Japan Aluminium Association.
Shipments of sheers for cans fell 7.6% YoY in April, whilst sheets for cars fell 24% as demand for vehicles dropped and auto plants halted production.
Nickel US$ 12,175/t vs US$12,300/t yesterday - China ferronickel and NPI imports up 65% yoy
China imported 240,700 tonnes of ferronickel and nickel pig iron (NPI) in April, 95,000t more than the same period last year, or 65% according to customs data. Last month’s imports were down 86,400 tonnes, or 26% compared to March imports.
Imports from Indonesia accounted for 188,000t - up 97% yoy. Imports of Indonesian NPI are expected to continue to expand in Q2, as smelters ramp up production.
Customs data also showed that China's imports of refined nickel stood at 9,931t in April, up 28% compared to March while down 45% year-on-year (SMM News).
Zinc US$ 1,934/t vs US$1,973/t yesterday
Lead US$ 1,653/t vs US$1,666/t yesterday
Tin US$ 15,335/t vs US$15,380/t yesterday
Oil US$35.5/bbl vs US$36.2/bbl yesterday -
Oil prices remain steady following a healthy turnaround on the back of bullish market sentiment over the past few weeks
This has been supported by the production cuts from OPEC+ and from economic-driven curtailments, especially in North America
OPEC’s members, including Saudi Arabia, the UAE, and Kuwait, have pledged more cuts on top of those proposed in the deal, and even Russia has abided by its pledge
A comment from Russia’s Energy Minister Alexander Novak this week also lent support to prices, as the minister said he sees the oil market rebalancing by July
On the demand side, eased lockdown restrictions in the US, Europe, and India also point to improving demand for oil, at least for road transportation
India’s fuel demand, which has fallen by 60% during the early days of its two-month lockdown, set to reach pre-COVID levels by as early as next month according to its Oil Minister
Natural Gas US$1.780/mmbtu vs US$1.718/mmbtu yesterday - Natural gas prices rose nearly 4%, ahead of today’s June contract expiration
This comes as demand declined last week driven by soft commercial heating demand
Hedge funds added to long position in futures and options according to the CFTC
The increase was approximately 16K contracts, while nothing was added to short positions
Currently the open interest shows that managed money is 16K longer futures and options
The weather is expected to be cooler than normal on the US east coast which is likely to reduce cooling demand
Uranium US$34.20/lb vs US$34.10/lb yesterday
Iron ore 62% Fe spot (cfr Tianjin) US$92.0/t vs US$95.0/t
Chinese steel rebar 25mm US$539.9/t vs US$542.8/t
Thermal coal (1st year forward cif ARA) US$52.4/t vs US$51.8/t
Coking coal swap Australia FOB US$114.0/t vs US$114.0/t
Cobalt LME 3m US$30,000/t vs US$30,000/t
NdPr Rare Earth Oxide (China) US$37,509/t vs US$37,632/t
Lithium carbonate 99% (China) US$4,959/t vs US$4,976/t
Ferro Vanadium 80% FOB (China) US$27.0/kg vs US$27.0/kg
Antimony Trioxide 99.5% EU (China) US$4.9/kg vs US$5.0/kg
Tungsten APT European US$215-225/mtu vs US$215-225/mtu
Graphite flake 94% C, -100 mesh, fob China US$485/t vs US$500/t
Graphite spherical 99.95% C, 15 microns, fob China US$2,350/t vs US$2,425/t
Tesla to cut prices across range
Tesla has reduced prices across its range of EVs in America and China overnight. The Model 3 now starts at $37,990 instead of $39,990. (Electrek)
Both the Model S and Model S Performance have had $5000 shaved off their previous price as had the Model X.
Only the Model Y has seen its prices remain unchanged in America. Deliveries of the vehicle only began in March and there remains a backlog of orders for the smaller electric SUV.
Tesla has reopened its factories in Freemont, California after some friction with the local government and in Shanghai.
In China Tesla has also cut prices on imported electric Model S sedans and Model X vehicles but has maintained the price of the locally made Model 3. (Reuters)
Europe has become the go-to destination for EV investment
Europe secured a record €60m of investment in EV and batteries last year. Europe received just €3.2bn in the 2017/18. (Reuters)
China in comparison has seen the amount of investment it receives fall from €22bn in 2017/18 to €17bn last year.
The shift in focus is seen largely as a result of European carmakers having to comply with an EU directive which mandates fleet wide reductions in carbon footprints. Firms must reduce their carbon footprint below 95g per km by 2021 or face strict fines.
Volkswagen and Tesla have led the charge, the former investing €33bn into EV technology on the continent whilst Tesla has put €4bn into their Berlin Gigafactory.
Germany received the most investment, attracting 40bn predominantly from Volkswagen Group. (Business Green)
President Macron announced the next round of heavy investment in Europe with PSA and Total joining to manufacture batteries for EV and hybrid cars. (Reuters)
He also announced an €8bn financial package for the industry, hoping to make France the top producer of clean energy vehicles.
Volkswagen and Daimler look to invest heavily in China
Volkswagen is set to take a 50% stake in Anhui Jianghuai Automobile, parent to JAC Motors. The deal is rumored to be worth $491m. (Money control)
The German automaker is also on the verge of becoming the largest shareholder in EV battery maker Guoxuan High-tech Co.
It is suggested VW will take a 27% stake in Guoxuan predominantly through a discounted private share placement. The 27% stake would be worth around $1.16bn based on Guoxuan’s market cap.
Daimler will invest in Chinese EV battery maker Farasis $480m IPO. (Reuters)
Last year the two firms struck a deal for Farasis to supply Daimler with lithium-ion battery cells. (Automotive News Europe)
Last week Farasis gained approval to raise 4.44bn yuan in an IPO on China’s STAR board.
Altus Strategies* (ALS LN) 32p, MKt Cap £23m – Quarterly results
The Company closed the strategic investment with La Mancha bringing in £6.5m in exploration and development funding in return for a 35% interest in the Company.
JV funded ground magnetic survey was launched followed by an AC drilling programme at the Tabakorole gold project in western Mali.
A 5 for 1 consolidation in shares was completed.
Following the reporting period, the Company started the diamond drilling at Tabakorole, funded by Atus’ JV partner Glomin, and commissioned a mineral resource and PEA study on the Diba gold project in western Mali.
Financially, the Company recorded a £367k operating loss (Q1/19: -£467k) with £160k in revenues and costs recovered from JV partners during the period (Q1/19: £6k).
Exploration costs totalled £301k (Q1/19: £238k) with nearly half of that attributed to Mali; Morocco, Ethiopia and Cameroon accounted for most of the remaining exploration spend.
Administrative costs were relatively flat on the year coming in at £219k (Q1/19: £208k).
Loss for the year was down at £37k (Q1/19: -£543k) reflecting £1,109k received in the form of Canyon shares for the termination of the Birsok bauxite JV and booked as income during the period; the latte
Cash flow from operating activities totalled -£0.7m (Q1/19: -£0.4m) with most of exploration costs expensed.
Cash and marketable securities balance stood at £8.6m and no debt as of Q1/20.
Conclusion: Quarterly results highlight strong financial position of the Company allowing the team to de-risk existing assets and further grow the number of projects in the portfolio.
*SP Angel acts as Nomad and Broker to Altus Strategies
Amur Minerals* (AMC LN) 1.1p, MKt Cap £10m – £0.5m raised to progress Kun Manie TEO
The Company raised £0.5m through a placing of 47.6m shares at 1.05p.
Raised funds will be used for progressing work on the Kun Manie Permanent Conditions TEO with the report due to be submitted by the 1 December 2020 deadline.
The scope of work for this year outlined previously included
Metallurgical testwork for the copper concentrate;
Development of an optimised production schedule;
Update of the current economic model including all latest technical data;
The team will update on the progress of the report in due course.
*SP Angel act as Nomad and Broker to Amur Minerals
Beowulf Mining (BEM LN) 5.38p, Mkt cap £32m – Earthquake at Kiruna forces mine to close till further notice
Beowulf Mining report the award of a new drilling contract to Kati Oy for Kallak iron ore today.
But the major news for Beowulf is the ongoing closure of the Kiruna iron ore mine which suffered a major earthquake on 18 May.
Fortunately the 4.1 magnitude earthquake did not kill anyone as much of the underground machinery is remotely operated.
The 13 underground workers were evacuated though many more are now involved with the inspection of the workings to see which areas are safe for working.
The earthquake has caused significant damage to infrastructure with major and minor rockfalls have caused significant damage.
Underground power cables, water lines, tunnel integrity, roads all need to be fixed before work can resume in many areas of the mine.
This is a seismically active mine, in part due to its huge and deep, bulk mining operation but is not the only problem at Kiruna.
Overestimation of reserves led to the municipality relocating much of the town further away from the mine site at huge cost.
The earthquake may further limit access to some of the restated reserves as seismic activity is likely to increase with further mining.
LKAB last estimated proven reserve at the mine at 602mt grading 48.5% iron, with probable reserves of 82mt grading 46.7% iron content down from 1,8bnt in 2008 according to mining-technology.com.
The Swedish Geological Survey have been tracking available iron ore in Sweden for many years and have identified the iron ore at Kallak as of significant interest indicating to us that Beowulf’s Kallak iron ore resources are of potential significant national interest.
Beowulf awards new drilling
Beowulf Mining has awarded a new contract for 1,650m of drilling to Kati Oy in Sweden.
3D seismic will be used to help find further iron ore mineralisation to add to the 90-100mt exploration target.
The team will also see if they can construct a 3D seismic model over the known Kallak iron ore deposits
This work is part funded by the European Union Pacific project which aims to ‘develop a new low-cost and environmentally friendly tool for exploring for sub-surface mineral deposits.’
‘The programme will test a multi-array method in parallel with drilling at Kallak South, with noise from drilling providing a passive seismic source.’
‘Interpretation of geophysical data suggests the potential for additional iron ore mineralisation, which could add to the Kallak North and Kallak South resource.’
Conclusion: While we expect the Kiruna iron ore mine to return to work within weeks we suspect LKAB management will be looking round for replacement and additional iron ore resources in Sweden. The next major earthquake at Kiruna may not be so kind to the town, the underground workers or the mineable resource.
Eurasia Mining* (EUA LN) SUSPENDED – Corporate and Board update
Eurasia Mining have today appointed SP Angel as its nominated adviser and joint broker.
Iain Rawlinson will be joining the Company as a Non-Executive Director.
Iain brings a wealth of experience to the Group having previously worked as corporate financier starting his career in investment banking with Lazard and Robert Fleming and later held a number of senior independent board appointments in the corporate sector.
Iain advised on a wide range of mining sector M&A transactions in South Africa and London and was one of the former partners of Fleming Family & Partners, leading the listing of Highland Gold in 2002.
Separately, the Company reports that its shares remain suspended pending clarification over the status of talks with CITIC regarding strategic options for the Company current mining assets.
The Company will provide further update as appropriate.
*SP Angel act as Nomad and Broker to Eurasia Mining
KEFI Minerals* (KEFI LN) 1.2p, Mkt Cap £14m – Completion of Stage 2 drilling at Hawiah paves the way for maiden mineral resource in mid-2020
The Company completed Stage 2 of the drilling programme at the Hawiah exploration project in Saudi Arabia.
The total number of diamond drill holes completed at the site increased to 69 since the first one in Oct/19 tracing copper-zinc-gold-silver sulphide mineralisation over 4.4km in strike length.
Results re-confirm the large-scale VMS style of mineralisation underlying the +4km long surface gossanous ridgeline.
Assays will be provided in due course after all results have been received with the data delayed recently due to a COVID-19 induced temporary suspension of the assay laboratory.
Preliminary results for identified three mineralised zones include:
Camp Lode: Copper 1.2%; Zinc 0.9%; Gold 0.5g/t and Silver 9.7g/t over an average true width of 7.5m, approximately 2.2% copper-equivalent at current spot prices;
Crossroads Lode: Copper 1.0%; Zinc 0.8%; Gold 0.8g/t and Silver 12.0g/t over an average true width of 5m, approximately 2.2% copper-equivalent at current spot prices; and
Crossroads Extension assays are still largely pending.
Intersections from the downdip extensions of Camp Lode returned 1.27% Cu over 9m (HWD_005) and 1.55% Cu over 7.5m (HWD_059) suggesting the mineralisation remains open at depth.
Intersections within the supergene zone returned up to 4.4% Cu over 6m (true width) including 5.8% Cu over 3m.
Additionally, drilling increased the gold-mineralised zone from surface with an initial drilling returning an average grade of 1.7g/t across 7 drill holes with a an average vertical depth of 35m.
Maiden mineral resource statement incorporating all the data is targeted for mid-2020.
Conclusion: These are encouraging drilling results reconfirming the VMS style mineralisation at the Hawiah project. We are looking forward to final assay results and the maiden mineral resource statement that is targeted for mid-2020.
*SP Angel act as Nomad and Broker to KEFI Minerals
Phoenix Copper* (PXC LN) 22.5p, Mkt Cap £10.5m – £1.76m raised for Idaho projects
Phoenix holds 80% of the Empire mining property in Idaho
Phoenix Copper has announced that it has raised £1.76m through an oversubscribed placing and subscription for approximately 9.78m shares at a price of 18p/share.
The funds are to progress the company’s projects in Idaho through additional diamond-drilling at the Red Star silver lead deposit, further drilling and metallurgical testing of precious-metals extensions to the Empire open-pit and gold exploration at the Navarre Creek prospect located some four miles west of the Empire Mine, which the company has previously described as “a 2,420-acre zone geologically similar to the Carlin Trend gold belt in Nevada”.
The work is scheduled to ʺcommence immediatelyʺ.
Directors, Marcus Edwards-Jones, Ryan McDermott, Richard Wilkins, Roger Turner, Dennis Thomas, Andre Cohen and Jason Riley are all participating in the funding and the company also says that ʺMartin Hughes, a substantial shareholder of the Company, has subscribed for a total of 1,666,650 Fundraise Shares in the Fundraising. Mr. Hughes will hold 13,484,356 Ordinary Shares in the Company immediately following admission of the Fundraise Shares, representing approximately 21.59% of the Companyʺ.
Disclosing that drilling started at the Red Star project on 27th April and is making good progress, CEO, Ryan McDermott, commented that the ʺFundraising will allow the Phoenix team to continue its work on a precious metals expansion programme at the Empire open-pit through a combination of drilling and metallurgical testing focused on the gold and silver trends recognised in and around the oxide-copper resource area. Additionally, it will enable the expansion of the Red Star drilling programme throughout the Red Star shear zone, and allow the team to conduct a focused, geophysical and geochemical programme at the Navarre Creek claim blockʺ.
Mr. McDermott also said that ʺAs we have recently expanded the network of roads and drill pads in the shear zone, several additional mineralised structures have been exposed in the dozer cuts below the alluvium. These structures have been added to the list of drill targets in the Red Star zoneʺ.
Conclusion: Phoenix Copper is deploying the additional funds to advance drilling at the expanding Red Star project and the Empire pit, conduct additional metallurgical tests on the Empire pit mineralisation and to explore the Navarre Creek claim area. Director participation and the continued support of a major shareholder in the latest funding is welcome and we look forward to news of exploration progress as it becomes available.
*SP Angel acts as Nomad to Phoenix Copper
Savannah Resources* (SAV LN) 2.4p, Mkt Cap £29.2m – EIT InnoEnergy Agreement
Savannah Resources has announced that it is working in conjunction with EIT InnoEnergy, which ʺis the innovation engine for sustainable energy across Europe and is responsible for the EBA250 initiative, the industrial development activities of the European Battery Allianceʺ.
The initiative is aimed at facilitating ʺan additional flow of €70 billion of investment into EU based battery-related projects required to meet peak European demand by 2023ʺ and will, amongst other things assist ʺSavannah in securing finance to develop the Mina do Barroso projectʺ.
Allying itself with this initiative also gives Savannah Resources access to potential major customers for Mina do Barroso’s future lithium output as well as innovative technology and potential strategic partners.
The company also points out that it will provide ʺmarket intelligence and wider strategic support in areas such as government and social engagement, regulation and permitting, and industrial partnering through its team in Portugal and across Europe.ʺ
CEO, David Archer, explained that Savannah Resources ʺis one of the first lithium raw material development companies in Europe to secure an Agreement with EIT InnoEnergy … [and that] … The Agreement confirms the significance the European Commission is placing on domestic lithium production as part of the region's new lithium battery value chain, and the key role Savannah is expected to play in this new industry as sole owner of the most significant conventional lithium deposit in Western Europeʺ.
Mr. Archer explained that the company had been working with ʺthe European Commission's agencies and initiatives dedicated to the creation of a sustainable lithium battery value chain in Europe since 2018 … [and that this collaboration included] … our significant involvement in two technical initiatives being run by EIT RawMaterials, as well as the European Battery Alliance. Today's Agreement with EIT InnoEnergy formalises our working relationship with the group which manages EBA's industrial development programmeʺ.
The CEO of EIT InnoEnergy, Diego Pavia, confirmed that ʺEIT InnoEnergy strives to push Savannah's project in Portugal to completion and further in order to support the development of a sustainable and regional lithium-ion battery supply chain in Europe. Our support will bring the project towards the final phase of its development and allow European customers, including battery and automakers, to source lithium chemicals in the EU."
Conclusion: Savannah Resources has secured the backing of an influential and well-funded European battery initiative to help the development of its Mina do Barroso lithium project in Portugal.
*SP Angel acts as Nomad to Savannah Resources
Westminster Group* (WSG LN) – 9.75p, Mkt cap £16m – New contract awarded for fever Screening & Sanitiser Stations
Westminster Group report the award of a new $665,000 contract awarded for fever Screening & Sanitiser Stations
The Group which supplies technology-based security services to airports and other infrastructure has been contracted to provide a leading global investment manager corporation with fever screening and safety equipment for deployment for its 'Return to Work' programme.
The contract covers 85 offices in 37 countries with the order expected to complete within the next few weeks.
The company has long-term experience of fever screening and other health and safety services from its work in West Africa during the Ebola crisis.
Management report a significant increase in demand for health and security services and are already helping many organisations with screening and safety.
Conclusion: We expect Westminster’s logistic and screening services to be in substantial demand as the world returns to work in a new-normal, socially-distanced society with much greater emphasis on sanitation and screening. We have witnessed the very professional work of the Westminster team in Sierra Leone during the Ebola crisis and feel sure the group will make a significant difference wherever they are deployed. Testing regimes may become the norm as businesses reopen in the new COVID-19 world.
*SP Angel acts as nomad and broker to Westminster Group
John Meyer – 0203 470 0490
Simon Beardsmore – 0203 470 0484
Sergey Raevskiy – 0203 470 0474
Richard Parlons – 0203 470 0472
Abigail Wayne – 0203 470 0534
Rob Rees – 0203 470 0535
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, Antimony
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