SP Angel . Morning View . Thursday 15 04 21
Recovery optimism drives risk sentiment and markets higher
Copper, tin and PGM prices jump higher
Anglo Asian Mining* (LON:AAZ) - STRONG BUY – Quarterly production update and CY21 guidance
Botswana Diamonds (LON:BOD) – Moving to a further stage of drilling at Thorny River
Capital Limited (LON:CAPD) – Q1 2021 delivers strongest ever quarterly revenue
GoldStone Resources* (LON:GRL) – Update paves way for production ramp-up at Homase
Kenmare Resources (LON:KMR) - Q1 production rises on higher grade and production despite Covid-19 isolation for management and staff
Rainbow Rare Earths* (LON:RBW) – Temporary suspension of REE concentrate exports
Serabi Gold* (LON:SRB) –– Grade improvements drive higher Q1 gold production
Commodities and equity markets rise on US earnings outlook and recovery optimism
Copper prices powered through to $ 9,172/t, and Tin prices rose to $ 25,975/t
Platinum added another $10/oz to US$1,185/oz while Palladium added $20/oz to US$2,711/oz
US corporate earnings led by strong numbers from JP Morgan and Goldman Sachs are leading markets higher
The IMF forecasts the economic impact of the pandemic to be less than the 2008 crisis, yet pandemic stimulus programs are running at >3 times 2008 stimulus of 3-4% of GDP.
Approving stimulus is like pushing on an open door for Western governments with voters and treasury officials keen to see a rapid recovery from the pandemic and to avoid a Japan-style lost decade of growth.
China has been quietly stimulating manufacturing over the past 25 years, often with US corporate and investment funding and more recently with government and regional stimulus programs.
Their new manufacturing giants now threatens US industrial prowess and has potential to overtake and leave Western industry behind in terms of technology, efficiency and cost.
The west can’t compete with China on labour costs but it can still compete on technology and efficiency, though Chinese hackers continue to steal technology and the Chinese government has programs to support efficiency while shutting down less efficient businesses. This process effectively helps better companies to thrive.
The West is also held back by environmental, HSE and compliance with legislation, issues which rarely trouble many Chinese manufacturers, except in times of extreme smog and major pollution events.
Policymakers now accept we are in a new ‘arms race’ but not with guns and bombs but for manufacturing leadership and the ability to stay one step ahead of China, signs increasing trade deals and expands its role in the new world order.
Recent Interviews:
IGTV: Improved global economic forecasts from the IMF provides trading opportunities: https://www.youtube.com/watch?v=_GXKPqzuCG0
VW expansion driving battery metals prices: https://youtu.be/7vqSrONBaWw
VOX Markets: 24/03/20: https://audioboom.com/posts/7829467-john-meyer-on-arc-minerals-cornish-metals-rainbow-rare-earths-altus-stategies
12/03/20: https://www.ig.com/uk/market-insight-articles/volkswagen_s-electric-vehicle-expansion-plans-drive-a-record-hig-210317
*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
Dow Jones Industrials +0.16% at 33,731
Nikkei 225 +0.07% at 29,643
HK Hang Seng -0.46% at 28,767
Shanghai Composite -0.52% at 3,399
Economics
China – The central bank market liquidity provision disappointed investors as authorities remain committed to gradually wind back pandemic-fuelled stimulus, Bloomberg writes.
The PBOC injected CNY 150bn into the financial system on Thursday with its medium-term lending facility that mostly matches CNY 156bn of targeted loans maturing on April 25.
The central bank withdrew a net of CNY 41bn in one year funds in Q1/21 driving a pull back in equity markets that hit the highest level in more than a decade while benchmark money-market rate increased to a three year high in February.
Japan - Machine tool orders fell 8.5% in February vs -4.5% in January and fell -7.1% yoy vs 1.5% yoy in January
EU - Industrial production fell 1.0% in February vs -1.1% in January and fell -1.6% yoy in February vs 0.1% yoy in January
Germany – The economy is expected to have contracted 1.8%qoq in Q1/21 on the back of COVID-19 restrictions, Reuters cited leading economic institutes’ latest estimates.
Expectations are for the economy to grow 3.7% this year, sharply down from previous forecasts of 4.7%.
Although 2022 GDP growth estimates have been upgraded to 3.9% from 2.7% previously driven by a recovery in household spending as coronavirus restrictions are lifted.
Official Q1 GDP data is out on the 30th of April.
India – New infections hit a record high yesterday with Mumbai set to be locked down at midnight.
The nation reported 184,372 cases yesterday taking total number of cases to 13.9m.
Death toll increased by 1,027 to a total of >173,000.
Hospitals are reporting severe shortages of beds and oxygen supplies.
The state of Maharashtra will be entering a full lockdown until the end of April to contain the virus.
Russia – The Biden administration is planning to impose a series of sanctions on Russia including long-feared restrictions on buying new sovereign debt, Bloomberg reports.
Sanctions are considered in response for alleged misconduct including the SolarWinds hack and efforts to interfere in US elections.
Russian 10y sovereign bonds fell the most since last March at the start of trading this morning with rouble pulling back 1.5% against the US$.
Philippines – Nine-year ban on new mines lifted to boost revenues
President Duterte has lifted a moratorium on new mineral agreements imposed in 2012, reopening the door to fresh mining investments.
Duterte has issued an executive order that allows the government to enter into agreements for new mining projects and undertake a review of existing mining contracts for possible renegotiation of terms.
Russia and Ukraine held simultaneous military drills on Wednesday with NATO foreign and defence ministers began emergency discussions on increasing number of Russian troops near the Ukrainian border.
Russia said the build up of troops was part of a three week snap military drill to test combat readiness in response to alleged threatening behaviour from NATO, Reuters reports.
In the meantime, fighting in the eastern Ukraine between government forces and Russia-backed separatists intensified recently in what is now a seven-year conflict that cost 14,000 lives.
Coinbase, a cryptocurrency exchange, listed on Nasdaq yesterday with the price closing at $328 per share valuing the Company at $65bn.
The Company holds assets for 56m retail users and operated the largest digital coin exchange in the US.
Currencies
US$1.1985/eur vs 1.1967/eur yesterday. Yen 108.84/$ vs 108.98/$. SAr 14.338/$ vs 14.503/$. $1.379/gbp vs $1.380/gbp. 0.774/aud vs 0.768/aud. CNY 6.535/$ vs 6.536/$.
Commodity News
Precious metals:
Gold US$1,747/oz vs US$1,745/oz yesterday
Gold ETFs 99.3moz vs US$99.4moz yesterday
Platinum US$1,185/oz vs US$1,175/oz yesterday
Palladium US$2,711/oz vs US$2,691/oz yesterday
Silver US$25.57/oz vs US$25.45/oz yesterday
Base metals:
Copper US$ 9,172/t vs US$8,945/t yesterday
Aluminium US$ 2,352/t vs US$2,314/t yesterday
Nickel US$ 16,110/t vs US$16,165/t yesterday
Zinc US$ 2,843/t vs US$2,799/t yesterday
Lead US$ 2,014/t vs US$1,992/t yesterday
Tin US$ 25,975/t vs US$25,650/t yesterday
Energy:
Oil US$66.5/bbl vs US$64.4/bbl yesterday
Oil futures are set to end the week with the highest finish since March.
The significant price increase comes on EIA reports of shrinking US crude oil inventories, along with higher crude oil demand outlooks from OPEC earlier in the week and the International Energy Agency yesterday
In Tuesday’s Monthly Oil Market Report, OPEC increased its 2021 global oil demand outlook by 190,000bopd
Yesterday, the IEA increased its global oil demand outlook by 230,000bopd from its previous report
When taken with the EIA’s report of crude inventories that fell by 5.9MMbbls, strong economic data in China, and geopolitical tensions rising in Russia/Ukraine and Israel/Iran, the overarching sentiment in the oil market is particularly bullish, even though US crude inventories are still above the five-year average for this time of year, at 492.4MMBbls
According to OPEC, 2021 global oil demand is now expected to average 96.46MMbopd
The IEA is now estimating that global oil demand will average 96.7MMbopd, it said in its April report published Wednesday, on the back of improved economic forecasts and the outlook for accelerating vaccination programs
Natural Gas US$2.618/mmbtu vs US$2.619/mmbtu yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$166.7/t vs US$166.1/t
Chinese steel rebar 25mm US$779.5/t vs US$776.7/t
Thermal coal (1st year forward cif ARA) US$72.2/t vs US$72.1/t - Record coal prices responsible for mining deaths, according to Chinese gov agency
Soaring coal prices in China are making mining companies prioritize output ahead of safety, according to the National Mine Safety Administration.
Companies have been too eager to produce coal as prices rise, which has led to unsafe practices.
The three most recent accidents reflected poor supervision and awareness of regulations, according to the agency.
Currently 21 miners are trapped in a flooded underground shaft in Xinjiang, after workers dug at a rate of 9m per day despite knowledge of flooding risks.
Thermal coal futures on the Zhengzhou Commodity Exchange closed at a record high of 754.4 yuan/t on Thursday, despite spring usually being a low demand (Bloomberg).
Coking coal swap Australia FOB US$148.5/t vs US$148.5/t
Other:
Cobalt LME 3m US$49,750/t vs US$49,750/t
NdPr Rare Earth Oxide (China) US$87,603/t vs US$87,903/t
Lithium carbonate 99% (China) US$12,547/t vs US$12,547/t
China Spodumene Li2O 5%min CIF US$630/t vs US$620/t
Ferro-Manganese European Mn78% min US$1,588/t vs US$1,585/t
China Tungsten APT 88.5% FOB US$267/t vs US$267/t
China Graphite Flake -194 FOB US$515/t vs US$515/t
Battery News
Swedish EV-maker Polestar raises $550m
Polestar, the EV maker controlled by Volvo and its Parent Geely, has raised $550m in external funding.
The financing is Polestar’s first external funding and comes after a year of sustained sales for the company (Reuters).
Ford announces further production cuts due to global chip shortage
Ford announced yesterday that it has outlined another series of plant shutdowns due to the global semiconductor chip shortage.
Five facilities in the US and one in Turkey are said to be affected, with the automaker expected to provide an update on the financial impact of the chip shortage with its quarterly earnings at the end of the month.
Industry research firm AutoForecast Solutions estimated lost production of almost 408,000 vehicles for Ford due to the shortage.
Company News
Anglo Asian Mining* (LON:AAZ) 122p, Mkt Cap £140m – Quarterly production update and CY21 guidance
STRONG BUY
Q1/21 productioncame in at 15.8koz GE (Q1/20: 18.2koz) including:
11.9koz gold (Q1/20: 15.9koz) largely reflecting lower production from in the Agitation Leaching circuit on the back of weaker processed grades and recoveries;
638t copper (Q1/20: 559t) on increased SART circuit contribution during the quarter;
35koz silver (Q1/20: 35koz).
Q1/20 sales lagged production as the Company renegotiated contracts with offtakers that had to be then approved with the government.
Government approvals for new contracts have now been secured and shipments are expected to catch up in Q2/21.
Gold sales totalled 5.6koz (post 12.75% PSA) at $1,697/oz with no copper concentrate shipments recorded during the quarter.
Unsold inventory as of Q1/21 stood at $15.2m including $9.7m worth of gold and 5.5m worth of copper concentrate.
Cash balance was at $22.9m as of Q1/21 after accounting for $1.7m in dividend payments, $6.3m in corporate tax and excluding the above mentioned gold/copper concentrate inventory (Q4/20: $38.8m).
CY21 guidanceis for 64.0-72.0koz GE (CY20: 67.2koz) including:
48.0-54.0koz gold (CY20: 56.9koz);
2.5-2.8kt copper (CY20: 2.6kt).
Lower production is attributed to operations processing only Gedabek and Gadir feed with Ugur having now been depleted.
Guidance assumes no production from the newly restored contract areas in 2021.
Production guidance use the following budgeted commodity prices for conversion in GE ounces:
$1,650/oz gold;
$25.0/oz silver;
$8,700/t copper.
Commenting on satellite targets, the Company is expecting to launch production at Avshancli next year, highlighted encouraging exploration results at Zafer with third party consultants engaged for MRE estimates as well as reported that the team visited the Vejnaly contract area and is now studying potential for transportation and processing of identified high grade ore stockpiles at site
Conclusion: Production came down during the quarter reflecting lower ROM grades at Gedabek and Gadir, although, operations remained cash generative reflecting low cost status and favourable gold/copper price environment. Gedabek underground mining rates are picking up that we would expect to see processed grades to improve the year as implied by CY21 production targets for 48.0-54.0koz gold and 2.5-2.8kt copper. The team continues to work on its project pipeline to extend Gedabek life of mine with a number of exciting targets identified in vicinity to processing facilities as well as potential production from newly restored contract areas.
*SP Angel act as Nomad and broker to Anglo Asian Mining
Botswana Diamonds (LON:BOD) 0.9p, Mkt Cap £6.5m – Moving to a further stage of drilling at Thorny River
Botswana Diamonds reports that it will start a second phase of drilling at its Thorny River site in Limpopo Province, South Africa on Monday.
The new campaign will consist of six reverse-circulation holes and follows the recovery of 11 diamonds and the discovery of the River kimberlite pipe during its earlier drilling programme.
The company says that “An area with a similar geological and geophysical footprint immediately to the east of the River Pipe was identified. Analysis suggests potential for a larger kimberlite body than already identified”.
The new programme is expected to take two weeks and the company says that it expects that results will be announced “shortly thereafter”.
Conclusion: Encouraging results from the first phase of drilling, including the recovery of diamonds, is being followed up with further drilling to investigate a potential, previously undiscovered kimberlite pipe. We look forward to news, possibly during May, once the drilling has been completed
Capital Limited (LON:CAPD) 66.5p, Mkt Cap £122m – Q1 2021 delivers strongest ever quarterly revenue
Capital Limited has reported what it describes as “the strongest quarterly revenue performance since the Company's inception” with a 27% increase during the quarter to US$44m (Q4 2020 – US$34.6m and Q1 2020 – US$32.5m).
The company says that its mine-site services contributed 87% of the total and that a 15% growth in West African business compared with Q1 2020 resulted in the region contributing 37% to the total.
A key operational measure, the fleet utilisation rate, improved to 67% from 57% in Q1 2020 and 59% in the preceding quarter “driven by the start of new contracts”.
As well as the relatively stable long term contracts, Capital announced several additional exploration and infill drilling contracts in west Africa during the quarter including:
an initial six-month contract for delineation drilling at Allied Gold’s operation in Mali; and
exploration drilling fro Cora Gold, also in Mali; and
exploration drilling for Perseus Mining in Cote d’Ivoire; and
an initial six months contract for delineation drilling for Aya Gold and Silver inn Mauritania; and
a six months contract for exploration drilling on behalf of Endeavour Mining in Burkina Faso
The company reports that its large, 120mt waste stripping contract at Centamin’s Sukari mine in Egypt has progessed well with the start of earth moving during February and recruitment of the appropriate staff running well and 70% of the necessary labour force recruited during February.
Looking forward the company “is currently experiencing the strongest demand environment for drilling services in a decade … [and the] … Tendering market across all businesses continues to be highly active”.
Capital Limited is maintaining its 2021 revenue guidance in the range US$185-195m “driven by higher drill rig utilisation, new contracts and contract extensions and the commencement of the load and haul waste mining contract at Sukari, Egypt”.
Commenting on the strong start to 2021, Executive Chairman, Jamie Boyton, said that “Capital's strategy of diversifying its revenue streams through significant expansion into the fast growth West African drilling services market, as well as the generating of significant momentum in its contract mining, MSLABS and maintenance operations, continues to deliver strong returns for our stakeholders”.
He also highlighted the “continued excellence in safety, particularly during a period which has seen unprecedented mobilisation and start-up operations in a number of mine sites”
Conclusion: Capital Limited’s strong revenue growth and high levels of demand for its services not only provides a strong indication of the health of its own business but also an insight into the robust vigour of the wider African mining sector which it serves.
GoldStone Resources* (LON:GRL) 11.15p, Mkt Cap £41.7m – Update paves way for production ramp-up at Homase
GoldStone reports that its is currently focusing on ramping up mining and production, which has necessitated a temporary rescheduling to the initially planned gold pour, in order to optimize profitability.
The company is currently working with the new mining contractor to complete a revised mine plan and production schedule, and will be in a position to update the market shortly.
Conclusion: We view the ramp-up in production as the best way for the board to realise value for shareholders at Homase. While the company had the means to produce gold this month, the focus on increased output is, in our opinion, the best strategy to add value over the life of mine.
*SP Angel act as Broker to GoldStone Resources
Kenmare Resources (LON:KMR) 429p, Mkt cap £468m - Q1 production rises on higher grade and production despite Covid-19 isolation for management and staff
Kenmare report a 10% increase in the tonnage mined and a 37% increase in grade.
Mining is now in the higher grade areas of the Pilivili deposit which is very well timed considering the increase in demand and rising price for ilmenite feedstock.
Management expect grades to remain at around 4.5-5% Total Heavy Mineral till Q4 when grades are expected to fall to 3.7% before normalising at around 4.3%.
Heavy Mineral Concentrate production rose 46% to 361,900t.
The number people in isolation at Moma due to Covid-19 has fallen to 41 from 177 limiting the number of personnel available including senior management and having some impact on production.
The mine’ has built significant health facilities at its site in Mozambique over the years due to its remote location and has built clinics to help the local community.
Incidentally the mine is around 10 hours drive (735km) from the ISIS insurgency at Palma.
Production: Ilmenite production rose 73% to 275,100t.
Primary zircon production increased 39% to 13,300t
Rutile production increased 36% to 1,900t
Total shipments of finished products up 77% to 344,400t
The ilmenite market has remained strong, with further price increases received in Q1 2021
Inventory: Management sold 44,500t of finished products out of inventory in the first quarter into higher prices.
The mine ran down 29,300t out of inventory through the first quarter.
Prices: Management report buoyant demand for titanium pigment with downstream markets seeing a strong uplift from the ongoing economic recovery.
“Pigment producers are operating at high utilisation rates to meet demand and due to low inventory levels, this is flowing directly through to demand for titanium feedstocks. The titanium metal market is also starting to recover in key regions such as Asia, which has further bolstered ilmenite demand.”
The team “expect ilmenite demand to remain robust as pigment inventories remain low through the supply chain.”
Conclusion: Kenmare has done well to manage its Covid-19 outbreak and raise production. Markedly higher prices for ilmenite feedstock should feed through to higher sales and profits through the year.
Rainbow Rare Earths* (LON:RBW) 15.77p, Mkt Cap £75m – Temporary suspension of REE concentrate exports
(Rainbow hold 70% of Phalaborwa with 30% to be held by Bosveld Phosphates. There is currently no BEE requirement as this is a retreatment processing operation)
Rainbow has received notice from the Government of Burundi of a temporary suspension on the export of concentrate produced from trial mining and processing operations at the Gakara Project in Burundi .
The notice came from the Ministry of Hydraulics, Energy and Mines of the Republic of Burundi on 12 April 2021.
Operations should continue unimpeded within Burundi while management seek to resolve the issue.
The situation is not expected to have a material impact on the company’s short term cash flow projections.
Management plan to continue to explore and continue trial mining in Burundi in preparation for the development of a larger-scale mining operation.
The team also expect to report results from the outstanding drilling at Phalaborwa in South Africa.
*SP Angel act as broker and financial advisor to Rainbow Rare Earths
Serabi Gold* (LON:SRB) – 74p, Mkt Cap £53m – Grade improvements drive higher Q1 gold production
Serabi Gold reports production of 8,087oz of gold during the 3 months ending 31st March 2021 “comfortably exceeding our internal forecast” and continuing the production improvements since the worst effects of the Covid19 pandemic during Q3 2020 when quarterly output dropped to 6,790oz before recovering to 7,254oz during the final quarter of 2020.
Gold grades of 6.27g/t during the quarter are comparable with the 6.54g/t achieved during Q1 2020 and represent a recovery from the 4.84g/t achieved during Q3 2020 when operational restrictions implemented to contain the spread of the Covid19 pandemic reduced operational flexibility and underground access to multiple ore sources for the process plant.
CEO, Mike Hodgson provided additional insight into the performance commenting that “this first quarter was expected to deliver the lowest level of gold production for 2021 so achieving a 16 per cent improvement on our internal budget represents an excellent result.”
He explained that “Last year we experienced a reduction in average mined grades as a consequence of being somewhat restricted in mining areas available following labour reductions, so achieving a 20 per cent improvement in the mined and milled grades compared to the fourth quarter of 2020 is very pleasing”.
At this stage, Serabi Gold is maintaining its 2021 production guidance of 33-36,000oz of gold “with forecast production in 2022 then increasing to approximately 45,000 ounces”.
Although “Brazil is experiencing an aggressive second wave” of Covid 19 infections, Serabi Gold’s “combination of location and being a live-in-camp operation, has so far allowed us to maintain a controlled environment and we have kept COVID 19 infections out of the site”.
In addition to the improving production picture, Serabi Gold highlights its continuing exploration of the Toucano trend within the Sao Domingo licence area 5km west of the Sao Chico mine where it has previously announced what we understand to be, in the context of the region, the relatively unusual, presence of visible gold in recent drilling.
The results, from hole 21-SD-010 included an intersection of 7.15m at an average grade of 258.24g/t gold from a depth of 172.85m, including a section of 3.55m at an average grade of 519.45g/t gold.
The same hole intersected shallower mineralisation including 7.4m averaging 1.95g/t gold from 141,m depth and 7.00m averaging 9.68g/t gold from 151.55m depth.
In addition to the results from hole SD-010, Serabi Gold highlights other recent intersections from the Sao Domingo drilling, including:
Intersections of 0.8m averaging 89.03g/t gold from 140m depth and of 4.7m averaging 1.42g/t from 76m depth, both in hole 21-SD-005; and
0.50m averaging 6.22g/t from 42m depth and of 1.80m averaging 3.77g/t from 67.25m depth both in hole 21-SD-003.
The recent drilling “has intersected three mineralised structures, all hosted within a mineralised alteration zone with a true width of 50 metres … [and] … Mineralisation is confirmed along at least a 400 metre strike length and remains open at depth and along strike”.
Regional exploration is focused on the Calico prospect, located 5km from Serabi Gold’s Palito mine where similarities to the geology at Palito are encouraging plans for “some initial first pass drilling during the coming months” and on the Fofoca prospect located between Sao Domingo and Sao Chico which is showing multiple encouraging geochemical anomalies.
Conclusion: Serabi Gold is showing a continuing recovery in levels of gold production since the worst impacts of Covid19 restrictions during Q3 2020 and is currently maintaining its 2021 gold production guidance of 33-36,000oz. Exploration drilling results from Sao Domingo, are showing high gold grades within a 50m wide corridor containing a series of three mineralised structures over 400m of strike length. Mineralisation is open both laterally and at depth, and although further work will be required to establish the scale of the mineralisation and we look forward to further news as the exploration continues.
*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil
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
SP Angel
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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, Tungsten, Spodumene, Ferro-Manganese, Graphite
Asian Metal