SP Angel . Morning View . Tuesday 16 03 21
Metals soften on profit taking by long funds
MiFID II exempt information – see disclaimer below
Arc Minerals* (AIM:ARCM) – Surrender of share options makes Arc a simpler takeover target
Capital Limited (LON:CAPD) – New contracts at AngloGold Ashanti’s Geita Mine
Empire Metals* (AIM:EEE) – Work program at Eclipse gold mine to focus on resource estimation and scale of potential open pit
IronRidge Resources* (AIM:IRR) – High-grade lithium pegmatite drill intersections adjacent to Ewoyaa
Oriole Resources (LON:ORR) – Thani Stratex update
Phoenix Copper* (LON:PXC) – Appointment of General Manager as Empire development accelerates
Shanta Gold (AIM:SHG) – A mix of infill and step out drilling at three properties return good intersections
Trans-Siberian Gold (AIM:TSG) – Updated Asacha MRE grows >40%
VW to commission six new giga-factories in Europe by 2030
- German automaker VW is working on the development of six battery manufacturing siters in Europe to guarantee security of supply for its EV fleet, the company announced on Monday.
- The new factories are expected to produce a total energy value of 240GWh per year by the time of completion.
- VW also estimates that battery costs will fall by 50%, while reducing the complexity of battery systems and improving range and performance.
- The company also announced that it will intensify its collaboration with upstream suppliers to increase the amount of battery raw materials that are recycled to as much as 95%.
- Through a series of partnerships, VW hopes to install 18,000 public fast-charging points in Europe by 2025 (Fastmarkets MB).
Mello Tuesday: Investing in Gold & Mining – Today between 6pm - 9.30pm tonight
- John Meyer investigates: Are we in a new commodity supercycle, or is one coming?
- Company presentation - Caledonia Mining, AfriTin Mining, Condor Gold, Taseko Mining
- Introducing the new Amati mining team
- Edmund Shing talks about how an ESG strategy & commodities can dovetail together
- Gold & Mining panel session – A round table discussion with Q&A (John Meyer, Edmund Shing & Amati)
What will be the economic impact of COVID-19 going forward
- Different vaccines give differing results with some appearing stronger at resisting infection.
- More EU nations have stopped administering the Oxford AstraZeneca vaccine over fears over blood clots. The move is against the advice of EU and WHO regulators
- Germany, France, Italy and Spain have stopped giving the vaccine pending the results from the European Medicines Agency investigation.
- Others may be better at slowing or preventing the spread of the Coronavirus while others may simply be good for preventing hospitalisation.
- Differing nations are promoting their favoured vaccines perhaps local economic benefits in mind and maybe a degree of national pride.
- This may create new winners and losers as vaccines roll out.
- Israel and the UK are winners in terms of the proportion of the population vaccinated.
- Russia and China were also quick to authorise vaccines and start inoculation.
- NZ, Taiwan, HK and China look like winners in terms of Coronavirus control.
- The nation which vaccinates with the best vaccine/s is likely to see the least economic disruption going forward.
- But what will the best vaccine be?
- Will it be the best at preventing the illness, the spread of the illness, repeat infections or simply hospitalisations.
- We live in an interconnected world and need to reopen airports and restart travel.
- We will almost certainly need a new vaccine later this year or in 2022 to protect populations against mutated strains of the original virus.
- Nations which have well developed vaccination systems and take-up are likely to do better.
- Zambia and the UK may do well while Germany may suffer from poor take-up.
- Vaccine passports look like an absolute necessity for air travel though not all vaccines will be so effective at preventing retransmission.
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
Economics
US – US equity markets hit record high on Monday ahead of the two-day FOMC meeting starting today and in anticipation for monetary authorities to reiterate their dovish stance.
- 10y government bond yields are little changed this morning trading at 1.6057%, 3bp below highs of 1.6405% hit on Friday.
- The outlook for post-pandemic recoveries continued to diverge between the US and Europe, Reuters writes.
- President Joe Biden pledged to make vaccination available to all adults by May 1, in contrast, to stuttering rollouts in Germany, France and elsewhere, where use of the AstraZeneca vaccine has been suspended.
- Economists estimate the EU’s “output gap” measuring the difference between potential and actual economic performance is double the equivalent differential in the US on the back of less ambitious public spending, tighter restrictions on businesses and a slower rate of vaccinations.
- “The US is now likely to catch up with its pre-pandemic forecast path of growth next year, while if you look at Europe, there is no realistic chance of that happening for several years,” UniCredit chief economist said.
The WHO will hold a meeting today to review the Oxford-AstraZeneca vaccine after several countries suspended its application amid reports of blood clots recorded following the injection.
- The European Medicines Agency (EMA), the EU’s medicines regulator, will also be meeting today.
- Around 17m people in the EU and the UK have received a dose of the vaccine with less than 40 cases of blood clots reported as of last week, AstraZeneca said.
- So far 11 European countries temporarily suspended use of the vaccine, including Germany, France, Italy and Spain.
- Meanwhile, the US is reported to be targeting the approval of the vaccine in about a month
Japan – The central bank will release the results of its largest policy review since 2016 this week, although, officials warned that the review is not intended to ease or tighten of the current monetary policy.
- Governor Haruhiko Kuroda promised in advance to stick to its current target of keeping 10y bond yields at “around zero”.
- The stimulus programme that was launched back in 2013 saw the central bank’s balance sheet expanding to 135% of GDP with the BOJ now holding around 7% of the Japanese equity market, FT reports.
Currencies US$1.1927/eur vs 1.1933eur yesterday. Yen 109.21/$ vs 109.13/$. SAr 14.901/$ vs 14.908/$. $1.383/gbp vs $1.393/gbp. 0.772/aud vs 0.775/aud. CNY 6.500/$ vs 6.505/$.
Commodity News
Precious metals:
Gold US$1,732/oz vs US$1,726/oz yesterday - Poland’s central bank to buy at least 100 tonnes of gold in coming years
- Central bank governor Adam Glapinski announced this week his intention to continue purchasing gold, with the chief viewing bullion holdings as a show of economic strength.
- The amount of gold ion reserves under Glapinski’s watch has already more than doubled to 229 tonnes, and he expects that gold holdings as a share of the central bank’s reserves should rise to 20% during his next term from 9% currently.
- Glapinski’s six-year term ends in June 2022, with the governor bidding for a second term as chief of the National Bank of Poland.
Gold ETFs 101.6moz vs US$101.6moz yesterday
Platinum US$1,219/oz vs US$1,216/oz yesterday
Palladium US$2,401oz vs US$2,361/oz yesterday
Silver US$26.12/oz vs US$25.96/oz yesterday
Base metals:
Copper US$ 9,028/t vs US$9,115/t yesterday
Aluminium US$ 2,210/t vs US$2,184/t yesterday
Nickel US$ 16,050/t vs US$16,190/t yesterday
Zinc US$ 2,829/t vs US$2,820/t yesterday
Lead US$ 1,954/t vs US$1,962/t yesterday
Tin US$ 24,990/t vs US$25,375/t yesterday
Energy:
- Oil US$68.2/bbl vs US$69.9/bbl yesterday
- The UK is exploring the option to ban new offshore oil and gas exploration licenses in what could be a radical move away from fossil fuels and part of the country’s net-zero and green recovery commitments
- In 2019 the UK became the first industrialised nation to implement its net-zero ambition into law
- The government, as well as industry associations and other stakeholders, support the net-zero plan and call for a green recovery from the COVID-inflicted crisis that has hit the UK offshore sector
- The UK, however, needs to strike a balance between net-zero actions and keeping the oil and gas industry in good shape as it supports 270,000 jobs across the UK and is a major contributor to tax revenue
- The UK government has already announced that under its green recovery plan and as part of the net-zero-by-2050 pledge, it would ban the sale of petrol and diesel cars from 2030
- Now, according to The Telegraph, UK ministers are considering ending the issuing of licenses in 2040, an immediate temporary pause in license issuing, or no changes in the licensing regime
- The push to shift away from oil and gas is seen as the UK taking global leadership in the net-zero pledges ahead of the COP26 climate summit it will host in Glasgow, Scotland, in November.
- A possible ban on new offshore licenses would be a controversial move in Scotland, which is home to many companies and supply chain operators in the oil and gas industry
Natural Gas US$2.485/mmbtu vs US$2.538mmbtu yesterday
- Natural gas futures continue to fall on signs of weakness as natural gas markets are still oversupplied
- The early price action also suggests that traders are anticipating another anaemic storage report from the US government this week
- Natural gas in storage was 1,793Bcf as of Friday 5 March 2021, according to the EIA
- This represents a net decrease of 52Bcf from the previous week
- Expectations were for an 85Bcf draw according to survey provider Estimize
- Stocks were 257Bcf less than last year at this time and 141Bcf below the five-year average of 1,934Bcf
- At 1,793Bcf, total working gas is within the five-year historical range
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$158.6/t vs US$155.3/t - Iron ore futures rebound as Tangshan lifts smog alert
- Benchmark iron ore futures gained as much as 5.2% on Tuesday after falling sharply yesterday, as top Chinese steelmaking city Tangshan lifted its second-level smog alert on Monday afternoon.
- While restrictions on steelmakers production have not been totally eased, this latest development is expected to lead to restocking at Chinese steel mills (Reuters).
Chinese steel rebar 25mm US$726.3/t vs US$725.1/t
Thermal coal (1st year forward cif ARA) US$69.5/t vs US$69.2/t
Coking coal swap Australia FOB US$132.0/t vs US$132.0/t
Other:
Cobalt LME 3m US$52,610/t vs US$52,610/t
NdPr Rare Earth Oxide (China) US$87,848/t vs US$87,814/t
Lithium carbonate 99% (China) US$12,308/t vs US$12,303/t
Spodumene 6% Li2O min, cif (China) US$510/t vs US$455/t
Ferro Vanadium 80% FOB (China) US$35.0/kg vs US$35.0/kg
Ferro-Manganese high carbon 78% Mn US$1,625/t vs US$1,625/t
Tungsten APT European US$268-275/mtu vs US$263-268/mtu
Graphite flake 94% C, -100 mesh, fob China US$560/t vs US$560/t
Graphite spherical 99.95% C, 15 microns, fob China US$2,625/t vs US$2,625/t
Battery News
Company News
Arc Minerals* (AIM:ARCM) – 8.1p, Mkt cap £83m – Surrender of share options makes Arc a simpler takeover target
(Arc holds 72.5% of Zaco and 66% of Zamsort in Zambia. Zamsort has a portfolio of copper-cobalt prospects close to FQM’s new Trident mine on the Copperbelt in Zambia. The Cheyeza project is 66% owned by Arc Minerals through its holding in Zamsort.)
Arc Minerals reports the board has taken the decision to surrender the board’s and employee’s share options to reduce their potential dilutive impact on the stock.
The cancellation of the options is to be compensated for with the payment of £3,474,179 to be paid in cash over the next three years.
Cash payments will be made in a phased manner to prioritise the preservation of sufficient cash resources within the company. Shares may still be issued in lieu of cash if necessary.
The compensation payment has been calculated at a 10-VWAP share price of 6.94p using the commonly used and almost universally accepted Black-Scholes fair value model.
The voluntary surrender of 75,837,378 share options reduces the dilutive impact of the options program
Surrendering the options reduces the potential for risk of successive announcements on the conversion of options conversion weighing on the stock over the next few years
The option expiry dates range from March 2022 to November 2024 ranging from 2.625-4.5p making all these options currently in the money.
The move should make the company more amenable for new investment or takeover.
All options have been previously declared to the market in RNS press releases in accordance with LSE and AIM Regulations.
Conclusion: The issuance of warrants and options is often and rightly used to incentivise and reward key personnel particularly in cash strapped growth companies where salaries are constrained and pensions and other benefits may not be present. The number of options surrendered represents 7% of the total number of shares in issue but their successive exercises could have had detrimental impact on the shares if exercised might have created a degree of uncertainty in a potential takeover situation.
*SP Angel acts as Nomad and broker. Our intrepid mining analyst and co-driver drove to Arc’s license and pilot process plant at Kalaba from Lusaka and back again.
Capital Limited (LON:CAPD) 63.25p, Mkt Cap £117m – New contracts at Anglogold Ashanti’s Geita Mine
Capital Limited reports that it has secured two new, three-year, contracts at Anglogold Ashanti’s Geita gold mine in Tanzania.
The company has been awarded a “continuation of surface delineation and open pit grade control drilling services, in addition to underground grade control and delineation drilling, with an expanded scope for underground drilling activities”.
Capital says that the underground contract will comprise nine drilling rigs, including five from the existing fleet and four which are currently en-route to Tanzania
The company explains that it has been supplying contract drilling services to the Geita mine since 2006 and that the new contracts are “anticipated to generate revenues of $65 million over the contract term”.
Executive Chairman, Jamie Boyton, explained that “The awarding of the contracts at the Geita Gold Mine maintains our long-standing relationship with AngloGold Ashanti and is in line with our strategy of focusing on long-term minesite contracts with premier clients, underpinning the sustainability of our business”.
Highlighting the long-term nature of the relationship with Anglogold Ashanti Mr. Boyton said that “these contracts will bring our relationship with AngloGold Ashanti at the Geita site to 19 consecutive years. This follows our recently announced contracts with the Sukari Gold Mine in Egypt for provision of waste mining and expanded drilling services, which will extend our relationship with Centamin to 20 consecutive years. These long-term partnerships are a testament to Capital's project execution capabilities, the value we deliver and the strong relationships we build with our clients”.
We observe that these long-term relationships with major clients should help to provide Capital with resilient revenue streams through the peaks and troughs of mining cycles.
Empire Metals* (AIM:EEE) 3p, Mkt cap £10m – Work program at Eclipse gold mine to focus on resource estimation and scale of potential open pit
(Empire has acquired 75% of the Eclipse project)
Empire Metals have released details of their forthcoming work program for the next few months.
The primary focus is to generate an open-pit model through the estimation of the gold resource.
Structural interpretation of the drill assays should also support and give better direction to the open pit modelling as well as future drill programs
The team plan to drill a further 17 RC holes for another 1,700m of mainly infill drilling.
The drilling is next to wide intersections of mineralisation and high-grade intercepts around the Jack's Dream workings, north-west of the Eclipse shaft.
The idea is to further expand the mineralisation and potential resources.
A further 200m of diamond drilling is to be done to duplicate three RC drillholes for resource estimation.
This should enable better geotechnical core logging for the open pit design while providing samples for metallurgical testing.
The team have drill rigs at site and are working with BMGS of Kalgoorlie who are providing geological services through this busy time for gold mining sector.
The pdf of the press release shows how the mineralised structure extends from the Eclipse shaft and widens out at the Jack’s Dream workings.
https://www.rns-pdf.londonstockexchange.com/rns/3255S_1-2021-3-15.pdf
Previous drilling shows:24m @ 1.44 g/t Au from 46m downhole
including 2m @ 2.86 g/t Au; and 3m @ 5.08 g/t Au
8m @ 2.83 g/t Au from 118m
3m @ 2.61 g/t Au from 134m
8m @ 2.32 g/t Au from 70m
6m @ 5.52 g/t Au from 33m
5m @ 4.77 g/t Au from 49m
Conclusion: The Eclipse gold project is shaping up towards the future development of an open-pit. There appears to be significant potential to identify more gold resources and the plan view suggest there may be more mineralisation to discover along strike beyond Jack’s Dream and the Steinhobel workings.
*SP Angel act as Nomad and Broker for Empire Metals
IronRidge Resources* (AIM:IRR) 21.6p, Mkt cap £88.6m – High-grade lithium pegmatite drill intersections adjacent to Ewoyaa
IronRidge reports multiple high-grade lithium pegmatite drill intersections at new targets adjacent to the Ewoyaa Lithium Project, where the company has defined a JORC compliant mineral resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category in Ghana, West Africa.
High-grade pegmatite intersections reported in initial RC drilling results at a 0.4% Li2O cut-off and maximum 4m of internal dilution include:
GRC0199: 13m at 1.86% Li2O from 34m
GRC0204: 12m at 1.74% Li2O from 75m
GRC0206: 12m at 1.63% Li2O from 79m
GRC0201: 13m at 1.44% Li2O from 34m
GRC0202: 12m at 1.5% Li2O from 70m
GRC0200: 10m at 1.71% Li2O from 75m
IronRidge’s latest results adjacent to Ewoyaa are part of a 12,500m RC drilling programme designed to add resource tonnes within the immediate resource area and test new exploration targets within the adjacent Saltpond license.
Initial drill results for 1,350m in 17 holes have been received for the first of seven pegmatite targets being drill tested, with all sampling completed at 1m sampling intervals at the drill site.
The drilling programme is designed to test multiple new spodumene-bearing pegmatites identified through the Company's recent auger drill programme; to add resource tonnes within the immediate ELP area, as well as advance the regional exploration pipeline by drill testing the Ndasiman, Amoanda and Hweda targets within the Saltpond and Apam West licenses respectively.
Vincent Mascolo, Chief Executive Officer of IronRidge, said: "We are very pleased with the initial results received, which have confirmed the high-grades and mineralisation continuity seen in the first pegmatites drill tested. High-grade mineralisation has been confirmed over a combined 440m of strike, with true widths between 10m to 12m which remains open at depth and along strike to the east.”
"Drilling is progressing well with approximately 7,800m in 70 holes of the planned 12,500m RC programme completed to date, with the remaining drilling estimated to be completed in April 2021.”
"Targeting a plus 10yr mine life, it is estimated that every additional year of production will add c. US$40M in NPV per annum on a Scoping Study that has defined a Post-tax NPV8 of US$345M over an 8-year LOM. The Company is well positioned to take advantage of the increasing demand for lithium and its role in the stored energy transition.”
*SP Angel acts as Nomad to IronRidge Resources
Oriole Resources (LON:ORR) – 0.95p, Mkt cap £13.6m – Thani Stratex update
Oriole Resources reports that its 24.9% owned Thani Stratex Resources has reached a binding agreement on Heads of Terms with a private investment company, Red Sea Resources, in relation to the wholly owned Hodine exploration licence in south-east Egypt.
The Hodine licence includes the Anbat and Hutite projects, described as hosting “substantial resources” of 290,000 inferred oz of gold at Anbat and 520,000 inferred oz of gold at Hutite.
Red Sea Resources has agreed to pay “all outstanding fees and charges in connection with the renewal of the Hodine licence in return for an initial 7% interest”. Subsequent expenditure of US$1.2m on exploration over the next 12 months increases its interest to 51% and a further US$1m of exploration in the next 12 months earns them an additional 34% interest taking the Res Sea Resources interest to 85%.
The agreement provides for both parties to contribute fund pro-rata thereafter or to dilute their interest with a provision that, in the event that Thani Stratex’s interest falls below 10%.
Phoenix Copper* (LON:PXC) 37p, Mkt Cap £23.6m – Appointment of General Manager as Empire development accelerates
(Phoenix holds 80% of the Empire mining property in Idaho)
Phoenix Copper has appointed an experienced General Manager to oversee operations in Idaho and to progress the development of the Empire copper-oxide open pit as well as the continuing exploration of Red Star, the underlying sulphide mineralisation at Empire and the Navarre Creek gold licences.
Zachary Black joins from Endomines where he served as Chief Operating Officer “and General Manager of Endomines Idaho, … [where he] … was responsible for managing the US Operations with a focus on developing the Friday Mine near Elk City, Idaho”.
Mr. Black is a University of Nevada graduate in geological engineering with eighteen years’ mining industry experience across a range of commodities including precious and base-metals and industrial minerals in the USA, Mexico and Eastern Europe.
He “was a principal founder and Director of Hard Rock Consulting ("HRC") of Lakewood, Colorado … [where] …he worked on … the original resource work for Phoenix at the Empire Mine.”
Chief Executive, Ryan McDermott explained that “Zach will be "on-the-ground" and responsible for managing the day-to-day rigours of permitting, engineering, process design, and pre-construction activities at Empire, as well as providing oversight to the exploration teams at Red Star, Navarre Creek, and the deep sulphide project”.
Mr. McDermott added that “Zach's significant regional and Idaho-based experience, and the relationships he has built with local consultants, contractors, and government regulators as a result, make him an ideal addition to the Phoenix team” and we feel that it is safe to assume that his resource work with HRC will have given him a detailed and profound insight into the Empire mineralisation.
Conclusion: The appointment of an experienced General Manager with strong operational and permitting connections in Idaho and specific knowledge of the Empire mine mineralisation is a boost to Phoenix Copper’s development of the Empire copper oxide open-pit as well as for the broader long-term development of the Idaho assets where we expect that exploration of the underling sulphide mineralisation (in area described as significantly under-explored), as well as of the Red Star and Navarre Creek licences will assume increasing priority once the current open-pit development is completed.
*SP Angel act as Nomad for Phoenix Copper
Shanta Gold (AIM:SHG) 13.6p, Mkt Cap £143m – A mix of infill and step out drilling at three properties return good intersections
At NLGM, six DD holes (2,593m) were completed at the Luika underground deposit targeting inferred resource extension with selected results including:
Hole CSD206 intersected 9.29 m grading 11.27 g/t Au from 441 m, incl. 4.88 m at 20.07 g/t Au;
Hole CSD208 intersected 5.44 m grading 2.48 g/t Au, incl. 1.05 m at 4.18 g/t Au from 470 m;
Hole CSD210 intersected 7.28 m grading 2.08 g/t Au from 447 m, incl. 2.34 m at 5.37 g/t Au.
Additionally, two RC and three DD holes (848m) were completed at the Porcupine South open pit target with selected intersections including:
Hole PSDD001 intersected 2.35 m grading 4.60 g/t Au from 150 m;
Up to 39,000m of RC and diamond core drilling is targeted for the remainder of 2021 with 75% of that to focus on the strike and down-dip extensions of known deposits aiming to extend the life of mine.
At recently acquired West Kenya project, infill drilling programme included five DD holes (1,136m) at Isulu and 2 DD holes (402m) at Bushiangala with results including:
2.0m at 15.9g/t from 233m including 0.5m at 45.4g/t (Isulu, LCD0218)
22.9m at 4.81g/t from 124m including 1.5m at 24.90g/t from 129m, 3.0m at 7.06g/t from 124m, 4.6m at 5.32g/t from 135m and 3.5m at 7.31g/t from 143m (Bushiangala, LCD0223).
Current drilling results cover just under 5% of planned 35,000m targeted for 2021 with the focus on converting the Inferred resource at Isulu and Bushiangala to Indicated category up to the depth of 500m below surface.
The third rig should be mobilised to site in Q2/21.
At Singida, drilling intersected a potential new hanging wall zone showing higher grades than the main zone at Cornpatch West with results being modelled to estimate potential impact on reserves.
Up to 6,700m of drilling is planned for 2021 with 85% of that focused on strike and depth extensions of known deposits.
Trans-Siberian Gold (AIM:TSG) 102p, Mkt Cap £88m – Updated Asacha MRE grows >40%
The Company released a new mineral resource estimate (MRE) at its wholly owned high grade operating Asacha underground gold mine in Kamchatka.
Updated Asacha mineral resource is estimated at 1,195kt at 16.8g/t for 645koz including 862kt at 17g/t for 479koz in the Measured&Indicated category.
This marks >40% increase on the previous Apr/20 estimate with a 27% growth in ore tonnages and a 12% increase in grades.
The main driver behind the increase was the extension of the main Vein 25 North domain, up to 10 100m down dip and up to 200m along strike to the north.
Vein 25 remains open at depth and to the north.
Analysts
John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490
Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474
Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486
Sales
Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472
Abigail Wayne – Abigail.Wayne@spangel.co.uk - 0203 470 0534
Rob Rees – Rob.Rees@spangel.co.uk - 0203 470 0535
Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
Sources of commodity prices
Gold, Platinum, Palladium, Silver
BGNL (Bloomberg Generic Composite rate, London)
Gold ETFs, Steel
Bloomberg
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt
LME
Oil Brent
ICE
Natural Gas, Uranium, Iron Ore
NYMEX
Thermal Coal
Bloomberg OTC Composite
Coking Coal
SSY
RRE
Steelhome
Lithium Carbonate, Ferro Vanadium, Antimony
Asian Metal
Tungsten
Metal Bulletin
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