SP Angel . Morning View . Monday 28 06 21
Tin prices rise as Tech giants race to buy renewable energy supply
Graphene producer funding – EIS approved
The company wishes to fund a ramp up in graphene production to get ahead of demand and to develop markets for a number of new, graphene products
The business is also able to upgrade graphite to a higher grade/specifications using its process – rolling out this process also requires funding
Please email if you wish to invest in the company
*SP Angel’s role is limited to making introductions and interested parties should be aware that investment in a private company can present certain risks not present in listed companies (e.g. limited or no liquidity and no rules compelling disclosure of information to investors). This offer is open to professional investors only and is not offered to retail investors.
Bushveld Minerals* (LON:BMN) – Sir Mick Davis expects significant growth in demand for vanadium
Anglo American (LON:AAL) – Sale of Cerrejon interest completes exit from thermal coal
Caerus Mineral Resources (LON:CMRS) – Acquisition of Cyprus Gold Mines
Condor Gold* (LON:CNR) – Drilling results from Cacao demonstrate lateral and depth extension potential
Ferro Alloy Resources (LON:FAR) – Vision Blue invest a further $7m into vanadium producter
Firefinch (ASX:FFX) – Firefinch completes A$47m placing to support new lithium joint venture with Ganfeng
Glencore (LON:GLEN) – Acquisition of Anglo American’s stake in Cerrejon
GoldStone Resources* (LON:GRL) – FY 2020 results highlight progress in Ghana
Talga Group* (ASX:TLG) – LKAB and Mitsui Extend Talga LOI for Swedish Graphite Anode Project
Copper - Base Q3 TC/RC will be US$53.00/tonne and US$0.53/lb vs current Chinese spot TC/RC of US$22 as negotiated by the Chinese copper Smelter Purchasing Team
The group set a base price in Q2 based on US$53 but did not set a base price in Q1.
The setting of base Treatment and Refining charges is yet another instance of China inc. using its collective muscle to manipulate market rates.
Western management teams could potentially face jail if caught colluding to rig market prices in this way.
Amazon and other tech giants race to buy renewable energy
Amazon.com Inc. said it planned Wednesday to announce commitments to buy 1.5GW of production capacity from 14 new solar and wind plants around the world as part of its push to purchase enough renewable energy to cover all the company’s activities by 2025.
Amazon, Google, Facebook, and Microsoft are four of the top six corporate buyers of publicly disclosed renewably energy agreements, accounting for 30% (25.7GW) of the total from corporations globally.
The scale of these investments is placing the tech companies under pressure to show that the projects actually add new renewable capacity to the energy grid rather that using existing supply.
Tech companies’ want to tell their consumers and investors that they are reducing carbon output so it is important that their green-power purchases replace power generated from carbon-emitting plants rather than simply increase power generation to feed growing global energy consumption.
Dow Jones Industrials +0.69% at 34,434
Nikkei 225 -0.06% at 29,048
HK Hang Seng -0.13% at 29,251
Shanghai Composite -0.03% at 3,606
Economics
China – poll shows factory activity seen growing at slower pace in June
Chinese factory activity likely expanded at a slower pace in June, hit by a resurgence of COVID-19 cases in the major export province of Guangdong, a Reuters poll showed on Monday.
The official manufacturing PMI is likely to ease to 50.8 in June from 51 in May, according to the median forecast of 32 economists.
South Africa – lockdown raised to Level 4 amid surge in Covid-19 cases
South Africa has raised its coronavirus alert level from L3 to L4.
The seven-day average of new infections has overtaken the peak of the first wave in July 2020, and will soon overtake the peak of the second wave in January.
The increased restrictions include banning the sale of alcohol and shutting schools.
Travel will also be limited to and from Gauteng, which has been hardest hit by the third wave of cases.
UK – Boris Johnson appoints Sajid Javid as health secretary
Boris Johnson moved to re-establish his government’s authority after the health secretary reigned for breaking his own pandemic rules.
Two hours after Hancock resigned, Johnson replaced him with Sajid Javid, a former chancellor of the exchequer.
Javid previously resigned during a face-to-face argument after a cabinet reshuffle went wrong in February 2020.
Javid is expected to push for a timely end to Britain’s coronavirus restrictions.
Currencies
US$1.1939/eur vs 1.1942/eur last week. Yen 110.65/$ vs 110.77/$. SAr 14.244$ vs 14.153/$. $1.393/gbp vs $1.391/gbp. 0.759/aud vs 0.759/aud. CNY 6.456/$ vs 6.454/$.
Commodity News
Precious metals:
Gold US$1,783/oz vs US$1,782/oz last week
Gold ETFs 100.9moz vs US$100.9moz last week
Platinum US$1,112/oz vs US$1,105/oz last week
Palladium US$2,644/oz vs US$2,659/oz last week
Silver US$26.15/oz vs US$26.17/oz last week
Base metals:
Copper US$ 9,412/t vs US$9,442/t last week
Aluminium US$ 2,483/t vs US$2,453/t last week
Nickel US$ 18,380/t vs US$18,470/t last week
Zinc US$ 2,900/t vs US$2,902/t last week
Lead US$ 2,210/t vs US$2,221/t last week
Tin US$ 30,790/t vs US$30,650/t last week
Energy:
Oil US$76.1/bbl vs US$75.7/bbl last week
Even with oil prices continuing to hit three-year highs, US shale producers are keeping their pledges to hold the line on spending and keep output flat, representing a departure from previous boom cycles
This year's run up in crude prices, and oil output curbs imposed by OPEC+, historically would have triggered a drilling boom
However, investors are demanding financial returns over more volume and energy financiers are shifting to renewables, so shale firms are determined to stay disciplined
Last week, benchmark US crude futures traded above US$73/bbl, the highest since October 2018
Back then there were 1,052 rigs drilling but today there are much less than half that many, around 470, according to Baker Hughes data
Shale output remains well below the January 2020 peak of 9.18MMbopd, with production from the seven largest fields this month yielding 7.77MMbopd, or 15.4% below that level, according to US government data
Overall US first-quarter oil production averaged 83% of last year’s peak
The US recently raised its 2021 average production outlook to 11.1MMbopd due to higher crude prices, but it remains about 200,000bopd below last year’s average
Shale's restraint is key to OPEC's next step, with the group gradually adding more production, confident US shale will not return to an era of explosive growth
It will meet on Thursday and consider furthering unwinding cuts from August
Natural Gas US$3.536/mmbtu vs US$3.423/mmbtu last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$211.3/t vs US$206.9/t
Chinese steel rebar 25mm US$762.8/t vs US$763.8/t
Thermal coal (1st year forward cif ARA) US$85.7/t vs US$85.4/t
Coking coal swap Australia FOB US$172.0/t vs US$164.0/t
Other:
Cobalt LME 3m US$45,555/t vs US$44,555/t
NdPr Rare Earth Oxide (China) US$72,652/t vs US$72,661/t
Lithium carbonate 99% (China) US$12,393/t vs US$12,394/t
China Spodumene Li2O 5%min CIF US$690/t vs US$690/t
Ferro-Manganese European Mn78% min US$1,928/t vs US$1,904/t
China Tungsten APT 88.5% FOB US$272/t vs US$270/t
China Graphite Flake -194 FOB US$515/t vs US$515/t
Europe Vanadium Pentoxide 98% 8.9/lb vs US$8.9/lb
Europe Ferro-Vanadium 80% 42.75/kg vs US$43.25/kg
Battery News
China coal prices fall as Gov vows more imports
Chinese coal prices fell on Monday after the government’s top planning agency told state media that prices will decline next month as production and imports rise.
Raising overseas supplies will reperesent a reversal in policy, with inbound cargoes currently running 25% behind last years pace due to import curbs, including a ban on Australian coal.
The NDRC also said rising hydropower and the release of coal reserves would help lower prices.
Thermal and coking coal futures hit records in May and have remained at historically high levels since.
Tesla to recall 280,000 EVs in China
China’s State Administration for Market Regulation announced that Tesla branches in Beijing and Shanghai will be recalling some imported and locally manufactured Model 3 and Model Y EVs, totalling approx. 285,000 units.
The recall is due to an issue with the cruise control system which can be activated accidentally potentially leading to collisions.
India’s largest battery recycling company targeting EV batteries
Gravita India, India’s largest battery recycling company, has announced plans to enter the EV battery recycling business – a market that is expected to become viable in 6 to 7 years.
Gravita India has identified a few companies to supply the technology for lithium-ion batteries and are in advanced talks with one firm in Europe.
Currently, 87% of Gravita India’s business comes from recycling lead batteries and the rest is from other segments including plastic and aluminium recycling. It plans to increase business from segments other than lead to about 25 percent.
The IEA predicts that 100-120 GWh of EV batteries will need to be retired by 2030 and without effective measures this will become a significant environmental liability.
Company News
Bushveld Minerals* (LON:BMN) 15.28p, Mkt cap £187m – Sir Mick Davis expects significant growth in demand for vanadium
(Bushveld Energy holds an indirect interest of 25.25 per cent in Enerox. Bushveld is invested in Enerox alongside a <3% in Invinity Energy Systems.)
Sir Mick Davis expects ‘significant growth in demand for vanadium - which we foresee due to its growing use in high grade steel and flow batteries.”
Davis was formerly, ceo at Xstrata which operated primary vanadium production in South Africa and acquired the Windimurra vanadium project in Australia.
Xstrata closed the Windimurra vanadium mine and plant in Australia in 2004 causing vanadium prices to rise for Xstrata’s South African mines at the time.
Vanadium prices have risen further in China to CNY197,500/kgV ($39.7/kgV) from $37.7/kgV last week according to prices on Asianmetal.com.
We see the price rise as reflecting a lack of available stock in the Chinese market.
China is now seen importing vanadium, a reversal on the exports from many secondary vanadium producers which are now either not processing vanadium as a by-product for environmental reasons or are not able to get hold of vanadium slag from blast furnaces.
China’s use of a greater proportion of Australian iron ore which has very low vanadium content has reduced vanadium by-product from this former source of material.
*SP Angel acts as Nomad and broker to Bushveld Minerals.
Anglo American (LON:AAL) 2,957.5p, Mkt Cap £40.4bn – Sale of Cerrejon interest completes exit from thermal coal
Anglo American reports the sale of its 33.3% interest in the Cerrejon coal operation in Colombia to Glencore for US$294m cash.
Chief Executive, Mark Cutifani, explained that “Today's agreement marks the last stage of our transition from thermal coal operations. During that transition, we have sought to balance the expectations of our wide range of different stakeholders as we have divested our portfolio of thermal coal operations, in each case choosing the exit option most appropriate for the asset and its distinct local and broader circumstances”.
The announcement today explains that “Glencore and BHP currently each also hold a 33.3% interest in Cerrejón. Glencore intends to acquire both Anglo American's and BHP's interests and will thereby assume full ownership of Cerrejón upon completion”.
Caerus Mineral Resources (LON:CMRS) 30p, Mkt Cap £14.9m – Acquisition of Cyprus Gold Mines
Caerus Minerals reports the £300,000 acquisition of a private Cypriot company, Cyprus Gold, which holds three licences covering areas of historic gold mining in Cyprus.
The Anglisides Exploration Licence has already been submitted for conversion to a Mining Licence in an area where the company says that historical mining in 1936 encountered average grades of 5.98% copper, 24.5g/t gold and 86.4g/t silver from undisclosed tonnages. Future exploration is expected to target “VMS-type Cu - Au sulphide mineralisation already known to extend over a substantial strike length at grades of >1% Cu and 2g/t Au”.
The Pano Lefkara licence is reported to comprise “a full suite of mineralisation styles characteristic of a Cyprus-type VMS setting” as well as a surface high-grade gold bearing gossan and where an “External consultant review highlights the potential for extensions to sulphide mineralisation in both directions from the partially defined VMS body”.
The Layia licence contains a gold prospect last mined during the 1940s providing “A potential low-cost easily accessible source of additional gold-bearing gossans to supplement production from surrounding licences in the Troulli and Kalavasos Project areas”.
CEO, Martyn Churchouse said that “This acquisition represents another important addition to our Cypriot portfolio, providing further optionality to our exciting suite of assets” which include the Trouli, Kokkinapetra and St Nicholas licences.
Condor Gold* (LON:CNR) 47p, Mkt Cap £62m – Drilling results from Cacao demonstrate lateral and depth extension potential
Condor Gold has announced an intersection of 14.9m true width ( 25.93m down-hole width) at an average grade of 3.94g/t gold from a depth of 263.92m in hole CCDC033 at its Cacao prospect within its La India project area in Nicaragua and only 4km from the permitted plant site.
The intersection contains a higher-grade section of 2.6m true width from a depth of 282.12m at an average grade of 7.76g/t gold showing gold mineralisation, described by Chairman and CEO, Mark Child, as “the deepest level drill-tested to-date and the gold grade demonstrated is increasing with depth”.
The drilling at Cacao forms part of a 5,000m programme, of which approximately 3,500m has currently been completed, to explore the expansion potential at Cacao where there is a currently reported inferred resource of 662,000t at an average grade of 2.8g/t gold representing 60,000 oz of contained gold “on a strike length of only 600 meters” based on pre-2018 drilling of 2,890m.
The company says that it has paused the current drilling pending the return of further assay results so that “the data can be “interpreted before designing the final drilling phase. Additional drilling to depth and along strike to the east will be considered when the remaining assay results have been received”.
The 600m strike length represents only a relatively small portion of the “interpreted strike length of approximately 4,000m” of the vein which is thought to extend, partly beneath cover towards the Santa Barbara structure located around 4km to the east. The current drilling campaign aims to “to test a strike length of an additional 2,500m, test the depth extension and increase the Mineral Resource”.
The Cacao vein lies within a block of ground which is down-faulted to the south east along a northeast trending structure known as the Highway Fault. The surface presence of sinter type chalcedony, typical of the uppermost levels of epithermal vein systems, “supports the model that the surface mineralisation at Cacao lies above a fully preserved epithermal system” with, potentially, a fully-preserved suite of mineralisation.
Condor Gold explains that “The significant gold intercept in drill hole CCDC033 is located directly below (down-dip) from one of two higher-grade gold mineralised zones identified at surface in previous shallow depth drilling campaigns”.
Mr. Child, highlighted “The potential to add further gold mineral resource ounces from Cacao may have a significant impact of the overall value of our existing La India Project.”
In our May 2020 initiation of research on Condor Gold, we commented that “the Cacao area, which was among Condor Gold’s first holdings in the district, represents a promising target for further exploration with the potential for a meaningful increase of the existing 60,000 oz inferred resource. Much of the vein is obscured beneath alluvial cover, however, with 500m of known strike already known, there is a reasonable possibility that it may link up beneath the cover with known mineralisation at Santa Barbara approximately 4 km to the east”.
We also pointed out at that time that “The additional attraction of Cacao lies in the presence, at surface, of rock types containing minerals and textures indicative of the original volcanic surface which provides relatively compelling evidence that the entire vertical extent of any mineralised veins may be preserved intact. Although these concepts and those of increased lateral extent to the vein systems remain unproven, they are considered exploration targets of merit worthy of additional follow-up exploration” and are encouraged that the current exploration programme is providing tangible supporting evidence.
Conclusion: Drilling results from Cacao have demonstrated increasing gold grades at depth and shown mineralisation extending to the deepest levels tested so far, providing encouragement that there may be significantly more extensive resources than the 60,000oz defined so far on the basis of limited pre-2018 shallower drilling. We look forward to results from the balance of the programme and to the results being incorporated in an updated mineral resources estimate. Over recent months Condor Gold has made significant progress on advancing the main La India deposit and its immediate satellites towards production with most recently the appointment of an engineering company with direct experience of the specific equipment to be used at La India and detailed regional expertise to run the process plant feasibility study and also announcing progress on infill drilling within the La India pits to aid pit optimisation and help to ensure predictable initial ore delivery to the plant. The successful follow-up exploration at Cacao creates further opportunities for resource expansion as momentum increases.
*SP Angel act as a broker to Condor Gold
Ferro Alloy Resources (LON:FAR) 35p, Mkt cap £125m – Vision Blue invest a further $7m into vanadium producter
Vision Blue, the private equity, fund run by Mick Davis former ceo at Xstrata is investing a further $7m into Ferro Alloy Resources.
The investment is in accordance with the subscription agreement announved on 15 March.
$2.8m of the investment is by way of the issue of 22.35m shares at 9p/s
$4.2m is through a convertible loan note convertible into 33.52m new FAR shares.
The subscription raises Vision Blue’s investment to $10.1m including Vision Blue’s co-investors.
Vision Blue see the Balasausqandiq deposit as offering potential to become a leading vanadium asset offering a combination of low capital and operating costs as well as access to infrastructure.
Ferro Alloy also report their full year results.
The group produced 237.3t of vanadium pentoxide contained in ammonium metavanadate and 12t of Molybdic Oxide to end December.
The company has since reported Q1 production of 49.1t of vanadium pentoxide
A second new roasting oven was brought on line in February effectively doubling capacity of high-grade concentrates..
Sales from shipment pulled back to $2.3m for 2021 from $2.4m yoy.
Cost of sales increased to US$3.8m in 2020 from US$3.2m yoy
Administrative expenses of US$2.2m (2019: US$1.8m)
The Group made a loss before tax of US$3.94m (2019: loss before tax of US$3.34m).
Firefinch (ASX:FFX) A$0.45, Mkt Cap A$353m – Firefinch completes A$47m placing to support new lithium joint venture with Ganfeng
Firefinch reports the raising of A$40m at A0.040/s.
The company reports strong support from shareholders including interest some high quality domestic and offshore institutions.
The company recently agreed a 50:50 joint venture with Ganfeng, a major Chinese lithium producer on its Goulamina lithium project in Mali.
The funds are to be used for working capital across the lithium and gold business including the acceleration of production growth at the Morila gold mine.
Glencore (LON:GLEN) 312p, Mkt cap £42bn – Acquisition of Anglo American’s stake in Cerrejon
Glencore has announced the acquisition of its partner, Anglo American’s 33.3% interest in the Cerrejon coal joint venture in Colombia where, BHP, which holds the remaining third has also agreed to sell to Glencore.
Glencore says that “Based on our long-term relationship with Cerrejón and knowledge of the asset, we strongly believe that acquiring full ownership is the right decision and the progressive expiry of the current mining concessions by 2034 is in line with our commitment to a responsible managed decline of our coal portfolio. Production volumes are expected to decline materially from 2030.”
CEO, Ivan Glasenberg, explained that “Glencore has been involved with Cerrejón for more than 20 years. We know the asset well and believe that we are the most responsible steward for Cerrejón at this stage of its lifecycle”.
Mr Galsenberg also commented that “Disposing of fossil fuel assets and making them someone else's issue is not the solution and it won't reduce absolute emissions” and also said that “We are confident we can manage the decline of our fossil fuel portfolio in a responsible manner that is also consistent with meeting the goals of the Paris Agreement, as demonstrated by our strengthened total emission reduction targets.”
GoldStone Resources* (LON:GRL) 11.6p, Mkt Cap £48m – FY 2020 results highlight progress in Ghana
GoldStone reports a net loss of $610k in the 12 months to 31 December 2020, vs a loss of $655k in 2019.
The group’s net assets stood at $10.85m at year end, vs $6.89m at the end of the previous year.
Cash and cash equivalents as at 31 December 2020 were US$701k vs $90k in 2019.
The company’s primary focus during the period was progressing the development stage of Homase Mine, with the mine awarded its Environmental Permit, Water Permit and Operating Permits post period.
This enabled GoldStone to commence mining operations in May 2021, with mining and stacking remaining on schedule with 160kt of ore having been mined and stockpiled and 40Kt stacked on the heap leach pad to date.
Goldstone completed a resource expansion during the period to further define and extend the mineable resource down-dip at Homase South to a vertical depth of approximately 80m. The company increased the minable resource of the southern pits, by 86,900oz of gold at depth, representing a 257% increase on the previous estimate of 33,800oz of gold within the existing JORC defined resource.
As announced on 13 May 2021, the planned gold production for the first eight months from commencement of mining now exceeds the Group's original guidance of 14,400 ounces per annum, stated in the DEP, to produce some 25,000 ounces of gold, at a total cash cost, pre-tax, of under US$600per ounce for the thirty metre pit.
The group expects to increase the planned production rate to around 50,000 ounces of gold per annum, which would represent an increase of more than 300% from the original production schedule.
The first two cells of the heap leach pad, which will comprise a total of seven cells, have been commissioned, enabling stacking, which commenced at an initial rate of 100 tonnes per hour and has been ramped up to a target of 200 tonnes per hour / c.2,500 tonnes per day.
Following the exercise of warrants post period, the company now has sufficient funds to move towards its goal of achieving gold production, and is in discussions with its shareholders which advanced the gold loan interest repayment that falls due on 30 June 2021.
Conclusion: The 12-month period to 31 December 2020 saw the company conduct the required due diligence in order to be positioned to commence mine construction and production. Post-period, the company built on these solid foundations, now anticipating an increase of more than 300% from the initial production schedule. We look forward to news on first gold pour, which we expect be announced in due course.
*SP Angel act as broker to GoldStone Resources
Talga Group* (ASX:TLG) A$1.42, Mkt Cap A$429m – LKAB and Mitsui Extend Talga LOI for Swedish Graphite Anode Project
LKAB and Mitsui have agreed to extend the Talga Letter of Intent on their Swedish Graphite Anode Project till 30 November 2021.
The LoI considers co-development of Talga’s initial European green anode project for lithium-ion batteries including construction of a scalable 19,000tpa anode production facility and integrated graphite mining operation in northern Sweden at Vittangi.
Management claim the project has potential to expand further to 85,000tpa through the expansion into the Niska Project.
LKAB and Mitsui have been working through their due diligence, customer interactions, and advanced discussions on potential joint development but have yet to agree terms.
Conclusion: While many deals take longer to consummate that initially envisaged we wonder how this deal will work without full-scale mining licenses at Vittangi And Niska.
We are not aware that the Swedish government has issued a full-scale mining license on any project in Sweden for many years and we wonder how the government is going to reconcile its environmental stance with the need to produce battery grade graphite to feed the developing European EV battery industry.
Is the government going to allow Talga to raise production on its small trial mine and set a new precedent for other miners to follow or is the government going to mess Talga around for the next 10 years as it has done with some other miners in the region.
*SP Angel acted as UK broker to Talga Resources. SP Angel also act for Oxis Energy a leading Lithium metal battery development company.
Recent Interviews:
IGTV: Commodities: is China’s dominance nearing its end? https://www.youtube.com/watch?v=UNFfjLeDZ6I&ab_channel=IGUK
Copper attempts to regain ground after Chinese-led selloff: https://www.ig.com/uk/market-insight-articles/copper-attempts-to-regain-ground-after-chinese-led-selloff-210624
Stock picks in the small-cap mining space: https://youtu.be/TxtMf6B2t8Q
Evolution of Chinese construction and implications for commodity demand: https://youtu.be/jB2nURL8uPw
VOX Markets: 24/06/21: https://audioboom.com/posts/7892050-john-meyer-on-zinnwald-lithium-kodal-minerals-empire-metals
BBC: Catalytic converters https://www.bbc.co.uk/sounds/play/p09jl6c9
*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts.
We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.
No.1 in Copper: “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”
No1. In Gold: “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”
The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020
Analysts
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Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474
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Sales
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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
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