SP Angel . Morning View . Wednesday 07 07 21
Base metals pull back on OPEC disagreement and potential for slower Europe
Graphene producer funding – EIS scheme approval applied for
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.
Ariana Resources (LON:AAU) – Copper and gold confirmed in recent drilling at Kokkinoyia, Cyprus
Cornish Metals*+ (LON:CUSN) – Pictures of drill core at United Downs highlight native copper in hole 7 around 200m east of hole1
Cora Gold (LON:CORA) – Sanankoro assays indicate erratic gold distribution, more complex resource estimation and little influence on overall grade
Metal Tiger (LON:MTR) – Motheo mining licence granted
Orosur Mining* (LON:OMI) – LOI signed for Brazilian tin project
Phoenix Copper* (LON:PXC) – Strengthening social and environmental strategy
Power Metal Resources* (LON:POW) – Presentation covering Australian Copper-Gold projects
China – Provinces plan to cut steel production to meet expected national plan
Inflation is surely coming in the construction industry in China.
Local governments have prepared plans to cut crude steel production to meet a draft plan for nationwide cuts which is expected in Q3.
The policy, which may or not be adhered to, will likely raise steel prices but may also serve to help lower stubbornly high iron ore price levels.
While iron ore prices have largely be driven by local speculators buying iron ore futures on Chinese exchanges measures to curb speculation have failed to pull back sky-high prices.
Ferro-vanadium imports and prices continue to rise in China indicating strong ongoing demand, low vanadium stock levels and potential for a supply/demand deficit this year.
Steel mills which use titano-magnetite concentrates containing vanadium are said to be running at full capacity with little if any room for expansion.
The Chinese authorities move to kill off higher-cost, less efficient steel production every few years and we suspect the latest plan will serve to terminate older mills while allowing more efficient production to continue to expand.
In the past, such initiatives have always see higher production of steel by the year end. Will this year prove to be any different?
Europe heading into fourth Covid-19 wave due to slow rollout and poor take-up of vaccination offered
In reality we are all due to suffer a fourth wave of Coronavirus infections, the difference is that much of the UK and US population will experience relatively mild symptoms.
Sadly, unvaccinated populations will, in all probability, continue to suffer higher levels of critical sickness and mortality.
European states may be forced to further restrict historic national boarders despite the European Commission taking action against Germany for quarantining residents arriving from Portugal.
Curiously, the AstraZeneca vaccine is reported to have proved equal to the Pfizer-BioNtech jab in real life data despite the AstraZeneca vaccine remaining unapproved in Germany.
While Germany is rapidly recovering to former growth levels many other EU states look set to suffer 1-2.5% falls in GDP if the fourth wave forces new closures.
The problem, yet again, for the EU will be how to restore growth to suffering states while appeasing German politicians who are under pressure to restrict stimulus hold back rising German inflation, now at 4%.
Conclusion: Increasing risk of further economic slowing in Europe is not good for the global economic recovery and may serve to dampen strong demand for commodities within the region.
Metals prices pull back as OPEC members disagree
OPEC’s failure to agree on a new deal to raise output is spooking markets as the UAE and Saudi Arabia postpone a formal meeting of oil ministers.
Brent crude prices hit a three year high on uncertainty over future supply.
Dow Jones Industrials -0.60% at 34,577
Nikkei 225 -0.96% at 28,367
HK Hang Seng -0.81% at 27,845
Shanghai Composite +0.66% at 3,554
Economics
US – Equity futures are rangebound this morning ahead of FOMC meeting minutes.
China – The central bank should cut interest rate3s in the second half of the year to help the economic recovery and soften the effects of the Federal Reserve’s future tightening, Bloomberg cites a former central bank official.
“The second half of the year is an important window when China’s monetary policy can tilt toward loosening while remaining stable, and the interest rates can be lowered in a reasonable and moderate manner,” A former director of the PBOC statistics and analysis department said.
Japan – The government is working on a $180bn economic stimulus package to re announced within the next few months, Bloomberg survey shows.
All but one of 18 surveyed economists suggested the announcement would come before national elections that will take place by early fall.
Economic recovery is expected to gain pace now that the national vaccination programme is accelerating with most analysts saying the government to focus its new spending on post-Covid growth measures, rather than more virus fighting.
Germany – Industrial production continued to struggle amid supply chain challenges contracting for a second month in a row in May.
Industrial Production (%mom): -0.3 v -0.3 (revised from -1.0) in April and 0.5 est.
Israel – The government said the Pfizer/BioNTech vaccine appears to be less effective dealing with the Delta variant than previously thought.
In a brief statement on Monday, the government said that as of June 6, the vaccine provided 64% protection against the virus, down from 95% estimated in May.
Although, a follow up announcement from the Ministry of Health said that despite a drop in the vaccine’s ability to prevent all infections the vaccine continues to demonstrate benefits in preventing severe cases.
Ethiopia – PM Abiy’s party is in the lead taking almost all the constituencies in general elections held mid-June with preliminary results of the vote expected July 9.
The electoral authority is dealing with a number of complaints that have slowed finalising the counting of votes, the National Election Board of Ethiopia said.
Peru – Castillo expects mining firms to accept ‘prudent’ tax changes
President-in-waiting Pedro Castillo expects mining firms enjoying high metals prices to accept ‘prudent’ plans to hike taxes on mineral resources, Reuters reports.
Pedro Francke, Castillo’s economic advisor, told Reuters he’s held dozens of virtual meetings in recent weeks with domestic and foreign investors as well as mining sector leaders.
Franck also told Reuters that talks are planned with mining companies on proposed reviews of contracts that lock in tax rates in the long term.
UK – Sale of Newport Wafer Fab, Britain’s largest semiconductor foundry to Nexperia (Chinese owned) causing controversy
A UK government business department spokesman has said it does not consider it appropriate to intervene in the sale of the Welsh factory for ~$87m (The Times).
The Newport foundry has a particularly expert operational team and expects to see significant new investment from its new owners including the repayment of Welsh Government investment funds.
The shortage of modern designs of complex semiconductor chips demonstrates the need for ongoing investment into chip foundries wherever that funding comes from.
Currencies
US$1.1821/eur vs 1.1886/eur yesterday. Yen 110.73/$ vs 110.89/$. SAr 14.352$ vs 14.210/$. $1.380/gbp vs $1.389/gbp. 0.751/aud vs 0.759/aud. CNY 6.468/$ vs 6.462/$.
Commodity News
Precious metals:
Gold US$1,802/oz vs US$1,805/oz yesterday
Gold ETFs 100.5moz vs US$100.5moz yesterday
Platinum US$1,097/oz vs US$1,111/oz yesterday
Palladium US$2,817/oz vs US$2,826/oz yesterday
Silver US$26.35/oz vs US$26.61/oz yesterday
Base metals:
Copper US$ 9,489/t vs US$9,585/t yesterday
Aluminium US$ 2,525/t vs US$2,560/t yesterday
Nickel US$ 18,295/t vs US$18,525/t yesterday
Zinc US$ 2,966/t vs US$2,972/t yesterday
Lead US$ 2,314/t vs US$2,306/t yesterday
Tin US$ 31,700/t vs US$31,990/t yesterday
Energy:
Oil US$75.2/bbl vs US$77.5/bbl yesterday
Following the cancelation of Monday’s OPEC+ meeting, effectively not agreeing a deal on August quotas, oil prices have fallen back on fears that the UAE will increase production forcing the other countries to follow and increase supply
It is still expected the group to resume talks later this month, but a date has not been officially confirmed
The UAE had rejected a proposed eight-month extension to output curbs that OPEC+ had imposed on each other last year
The curbs amounted to record output cuts of almost 10MMbopd – c.10% of world output
But the UAE wants to pump more oil and says its baseline was set too low when OPEC+ originally forged its production pact.
Nevertheless, the world’s biggest independent oil trader, Vitol, has been vocal in stating that the global oil market will continue to tighten regardless of the fact that supply is likely to grow for the rest of 2021
As a result, global oil stocks are set to continue drawing down because markets would need more crude oil than OPEC+ is planning to add for the rest of the year
For several weeks, indications and comments from OPEC+ have been suggesting that the alliance would not ease production levels too much too soon, as they would likely want to see the market a bit tighter than what would be a balanced market.
The Saudi Energy Minister, Prince Abdulaziz bin Salman, has signalled continued caution within OPEC+ as he has been warning traders for months not to bet against oil
Natural Gas US$3.680/mmbtu vs US$3.781/mmbtu yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$207.1/t vs US$203.9/t
Chinese steel rebar 25mm US$770.7/t vs US$765.1/t
Thermal coal (1st year forward cif ARA) US$86.8/t vs US$88.5/t
Coking coal swap Australia FOB US$198.0/t vs US$197.0/t
China Ilmenite Concentrate TiO2 46% US$378.0/t vs US$379.90
Other:
Cobalt LME 3m US$50,500/t vs US$50,500/t
NdPr Rare Earth Oxide (China) US$80,784/t vs US$75,136/t
Lithium carbonate 99% (China) US$12,369/t vs US$12,381/t
China Spodumene Li2O 5%min CIF US$690/t vs US$690/t
Ferro-Manganese European Mn78% min US$1,933/t vs US$1,943/t
China Tungsten APT 88.5% FOB US$275/t vs US$273/t
China Graphite Flake -194 FOB US$515/t vs US$515/t
Europe Vanadium Pentoxide 98% US$8.8/lb vs US$8.8/lb
Europe Ferro-Vanadium 80% US$40.75/kg vs US$40.75/kg
Spot CO2 Emissions EUA $60.0/t vs $60.40/t
Battery News
Vauxhall owner Stellantis to invest £100m to build EVs at UK site
Vauxhall owner Stellantis has announced that it will invest £100m to build EVs at Ellesmere Port, in Cheshire, a move that will make it the first large plant in the UK dedicated exclusively to EVs.
The £100m investment is supported by a reported £30m subsidy.
It is the second significant investment into the UK auto industry, after Nissan said it would invest £1b into EV and battery production at their plant in Sunderland.
The future of Ellesmere Port has been in the balance as it waited for the outcome of Brexit negotiations and the decision to will secure 1000 jobs at the site as well as approx. 3000 in the supply chain.
New equipment to assemble battery packs will be installed at Ellesmere, however, the plant will source batteries from EU plants owned by ACC, a joint venture between Stellantis and Total.
Battery startup, Britishvolt, gets planning permission for north-east ‘gigafactory’
Planning permission has been granted for Britishvolt’s 30GWh battery ‘gigafactory’ in Northumberland, with plans to break ground at the site by the end of summer 2021.
The ‘gigafactory’ will be built in three phases of 10GWh capacity at the 235-acre site with the aim of reaching total capacity of 30GWh “by the end of 2027 onwards”, enough for 300,000 EVs annually.
The plant will need £2.6b in funding and it is not clear how much of this the company has already secured.
Company News
Ariana Resources (LON:AAU) 5.2p, Mkt Cap £53.7m – Copper and gold confirmed in recent drilling at Kokkinoyia, Cyprus
Ariana Resources has announced that its first drill hole at Kokkinoyia, where it currently holds a 26% interest in Venus Minerals and is earning an increased interest of 50%, has confirmed a volcanogenic massive sulphide system containing both copper and gold.
Today’s announcement reports an intersection of 128.77m at an average grade of 0.5% copper and 0.55g/t gold in hole VMD-001, including:
11m at an average grade of 1.11% copper and 1.05g/t gold ” including underground development back-fill with 2m @ 2.05% Cu + 2.50g/t Au”; and
5.87m at an average grade of 0.53% copper and 4.55g/t gold, also “including underground development back-fill with 1.37m @ 0.41% Cu + 12.75g/t Au”; and
12m at an average grade of 0.99% copper and 0.29g/t gold.
The company says that it is expecting assay results from a further eight holes “within the coming weeks.”
Managing Director, Dr. Kerim Sener, confirmed that “the progress being made by the Venus team in Cyprus has been substantial over the past year and these results vindicate our strategy to diversify our regional interests in Europe. We are looking forward to accelerating our earn-in on Venus accordingly”.
The overall, three-month long programme, which ended last month, comprised “nine inclined diamond drill holes totalling 1,578.8 metres with an average depth of 169m”.
“The results of this first hole will assist with the confirmation of the Kokkinoyia JORC Resource Estimate (c.5Mt @ 0.7% Cu for 36,000t Cu (JORC Inferred)” and the inclusion of gold assays and the remaining holes of the recent programme would be expected to provide additional geological insight into the planning of future exploration.
Conclusion: The confirmation of the expected VMS copper / gold mineralisation at Kokkinoyia is propmpting Ariana Resources to accelerate its earn-in with Venus Minerals
Cornish Metals*+ (LON:CUSN) 14.55p, Mkt cap £39.4m – Pictures of drill core at United Downs highlight native copper in hole 7 around 200m east of hole1
Published pictures of drill core from hole 7 at United Downes shows native copper offering potential for the discovery of a new mineralised structure.
The new drill hole is around 200m east of hole 1 described below with the native copper intersected at around 205m down hole.
The new hole is orientated northwest at 75 degrees dip, with the aim of intersecting the ‘Lithium Lode’ at a depth of around 300m.
The ‘Lithium Lode’ is the name given to a mineralised structure carrying tin, copper and other minerals
This native copper zone was intersected at 205m, so is lying to the south of where we predicted Lithium Lode to be and could represent a new structure.
The team are preparing to drill holes 8 and 9 to better establish the orientation and true thickness of the structure.
In our comment yesterday on the recent drilling results from United Downs, we omitted to report the depth of the lower of the two mineralised intercepts identified in hole UD21-001 and are re-issuing the comment to amend this. The content and interpretation of the results remains unchanged in all other respects and we continue to look forward to the remaining results from the programme.
Cornish Metals has published results from its drilling at the United Downs property in Cornwall where drilling has now tested around 200m of a potential mineralised strike length of 900m.
Drill hole UD21-001, which drilled to a depth of 260.24m, has intersected two mineralised horizons:
An upper zone of tin mineralisation with an intersection of 1.04m from a depth of 47.57m which assayed at 7.9% tin; and
A 2.61m wide lower mineralised intersection, from a depth of 227.1m, interpreted as a deeper level of the previously known “Lithium Lode” encountered in the 2020 drilling which averaged 5.2% copper, 1.3% tin and 77g/t silver.
The deeper intersection of the Lithium Lode is interpreted as extending “the mineralised zone … [to] … a vertical extent of at least 180m” and the company also explains that this “is the first time that silver grades have been observed”.
Cornish Metals explains that as well as the results from hole UD21-001 “Drill holes UD21_002 through UD21_006 intersected similar zones of mineralisation, currently interpreted as the extension of Lithium Lode - assays for these holes are pending”.
Another new zone of mineralisation has also been intersected in hole UD21-007 “between approximately 204m and 209.6m, containing native copper (assays pending). This zone is approximately 100m above the target depth of Lithium Lode and could represent a completely new target.”
CEO, Richard Williams, welcomed the results of the drilling, particularly the previously unrecorded presence of silver, and explained that “The high-grade nature of the tin and copper mineralisation is similar to what was mined here between 1700 - 1870 and, subject to proving continuity of mineralisation, has the potential to support delineation of a mineral resource”.
He also confirmed that “the United Downs project has numerous additional targets that we will be testing throughout the course of this year, including the downdip extension of the historic Mount Wellington Mine, which operated until 1978, and a further lode to the south of Mount Wellington, which was discovered in the 1970s but never followed up after the mine closed”.
The results come at a time of buoyant tin prices and an increasing recognition of tin as a strategic metal in the push for a green economy.
Conclusion: The initial results from the current drilling are showing extensions to the previously identified Lithium Lode and also identifying previously unrecorded mineralisation in an area with a long and prestigious mining history. We look forward to the assays from the holes where results are pending and to further news as Cornish Metals works towards a formal mineral resources estimate at United Downs.
*SP Angel act as Nomad and broker to Cornish Metals.
Cora Gold (LON:CORA) 8.3p, Mkt Cap £20m – Sanankoro assays indicate erratic gold distribution, more complex resource estimation and little influence on overall grade
Cora Gold has reported results from the continuing 35,000m programme of infill and extension drilling at its Sanankoro gold project in southern Mali.
The company has completed 224 hole s of the programme, totalling 24,398m up to 2nd July, and expects to finish the campaign over the next month.
The company describes the programme as “its largest ever drilling campaign at its Sanankoro Gold Project” and explains that its twin objectives are “resource growth as well as infill drilling to convert existing Inferred resources to Indicated”.
The company reports “good widths and high-grade results in generally shallow oxides ore” including:
An intersection of 19m at an average grade of 31.56g/t gold from a depth of 65m (50m below the current Zone A pit-shell) in hole SC0379. CEO, Bert Monro describes the hole as “the most significant drill hole that Cora has ever drilled”; and
An intersection of 21m, also in Zone A, averaging 5.75g/t gold from a depth of 98m in hole SCO384 and “Drilled at the base of the existing pit shell”; and
An intersection of 17m from a depth of 34m (SCO380) below the existing zone A pit shell at an average grade of 2.44g/t gold. The company elaborates, saying that this intersection is “up-dip from hole SC0379 (19m @ 31.56 g/t Au)”; and
An intersection, also of Zone A from 28m depth in hole SCO381, of 19m at at an average grade of 2.07g/t gold.
The company also highlights results from Zone C, which it describes as a “pre resource discovery and not part of any current mineral resource estimate” including intersections of:
14m at an average grade of 8.54g/t gold from a depth of 115m in hole SCO405; and
7m at an average grade of 12.17g/t from 70m depth in hole SC404; and
24m averaging 2.32g/t from a depth of 86m in hole SC407; and
30m averaging 1.68g/t from 74m depth in hole SC403.
Zone C results point to an opportunity to develop a first open pit resource in 2021 from the prospect as well as opens up the regional potential of the Sanankoro West Trend to future MRE growth in 2022.
Zone C was not part of the Sanankoro mineral resource estimate and was not included in the Scoping Study mineral inventory.
The Company remains on target to complete 35,000m drill programme focused both on resource growth and infill drilling over the next month with a resource update to follow once all the assay results are received.
We observe that, in a more detailed results table included in today’s announcement a number of the drillholes in both zones have intersected multiple mineralised horizons, with grades reported from below 1g/t to as high as the 32.56g/t headlined in the announcement as a “World Class Intersection”.
Conclusion:
The Company reported wide and high grade drilling intersections at Zone A and Zone C that offer a potential to add high margin ounces to the mine plan and grow the mineral resource. Results are also encouraging in the sense that both Zone A and C were historically lower grade than the Selin located in the northern part of the Sanankoro Gold Project.
A scoping study, prepared by the consultants, Wardell Armstrong in January 2020, references SRK’s mineral resources estimate which assigns an average grade of 1.5g/t gold to the Zone A mineralisation.
This suggests to us that, although the exceptionally high grades reported from certain individual intersections are encouraging they are likely to be statistical outliers which may not greatly influence the average grade of a revised mineral resources estimate, particularly as they may be subject to ‘grade capping’ in the estimation process.
The presence of continuing consistent mineralisation at depth beneath the presently outlined pits may, in our view, have a more fundamental impact on the overall project economics through the potential for increases in overall resource volumes driving either increased throughput or prolonged mine life.
Metal Tiger (LON:MTR) 25.25p, Mkt Cap £39m – Motheo mining licence granted
Metal Tiger draws attention to the award of a mining licence for the Motheo copper mine in Botswana to Sandfire Resources
Metal Tiger owns a 3.4% interest in Sandfire.
The award of the licence “represents the last major permitting milestone required for full-scale construction of the US$279m (A$364m) project to commence, with initial site works already underway.”
The company also says that an updated mineral resources estimate “for the satellite A4 deposit expected to be finalised in the coming weeks, forming the cornerstone of the strategy to rapidly expand production at the Motheo Production Hub from 3.2Mtpa to 5.2Mtpa”.
“Metal Tiger has a capped US$2m 2% net smelter royalty over production from the Motheo Copper Mine. Metal Tiger also has a 2% uncapped net smelter royalty over circa 8,000km2 of Sandfire's licence holdings in the Kalahari Copper Belt”.
Orosur Mining* (LON:OMI) 22.25p, Mkt Cap £41.9m – LOI signed for Brazilian tin project
Orosur reports that it has entered into a non-binding Letter of Intent with Canadian listed Meridian Mining SE in order to finalise a Joint Venture on Meridian's Ariquemes Tin project in Brazil.
The LOI provides the Company with an exclusivity period of 90 days to complete due diligence and to finalise a JV over Ariquemes.
The Ariquemes project comprises a large collection of granted tenements and applications, totalling almost 3,000km2, in Rhondonia State, western Brazil.
The licenses were all accumulated and owned by Meridian and represent a dominant land position in the Rhondonia Tin Province, one of the world's most significant tin regions.
While final terms may differ, it is expected that the Company will have the right to earn 75% equity in the Ariquemes project over a four year period (commencing 1st Jan 2022) by spending US$3 million in two stages:
Earn 51% interest by spending US$1 million over a 24 month period.
Earn an additional 24% interest by spending a further US$2 million over a subsequent 24 month period.
Regional exploration work undertaken by Meridian has confirmed the project’s potential with an extensive database of historical and recent exploration data is available and has been reviewed by the Company.
Meridian’s Cabaçal Copper/Gold project in the neighbouring state of Mato Grosso has begun delivering exciting drill results, becoming the company’s primary asset and limiting its ability to allocate the resources that are required to Ariquemes.
The project attracted the Orosur board due to its being located in a key producing region with proven prospectivity, a large land package, an attractive commodity, and zero entry + low operating cost.
Orosur also comment that the Company has substantial experience of operating in Brazil with several of its board and technical staff having spent many years managing exploration projects and exploration companies across the country.
*SP Angel acts as Nomad and Broker to Orosur Mining
Phoenix Copper* (LON:PXC) 44p, Mkt Cap £51.2m – Strengthening social and environmental strategy
(Phoenix holds 80% of the Empire mining property in Idaho)
CLICK FOR PDF
Phoenix Copper reports the creation of and Environmental, Social and Governance and Sustainability Committee to guide its strategy in these areas as it progresses towards its goal of becoming a producing mining company with, initially, the development of the Empire pit near Mackay, Idaho.
Director Roger Turner and Advisory Board members, Harry Kenyon-Slaney and Dennis Thomas will serve on the new Committee which will be chaired by non-executive director, Catherine Evans.
“The ESG Committee will serve as the principal oversight body in relation to ESG and sustainability policies, to ensure accountability and compliance with the Group's sustainable development responsibilities and commitments”.
Executive Chairman, Marcus Edwards Jones, explained that “The newly created ESG Committee will play a key role in our mining operations as we strive to be a responsible corporate citizen promoting a trustworthy corporate culture, working closely with Lenie Wilkie, our ESG Programme Coordinator in Mackay, and with the local community”.
Conclusion: The creation of the ESG Committee from the most senior management of Phoenix Copper is an important demonstration of the company’s commitment to its role as a corporate citizen in its host community and that, in parallel with the advancement of the technical and financial development of the project it is also establishing the corporate infrastructure of a modern operating mining company.
*SP Angel act as Nomad for Phoenix Copper
Power Metal Resources* (LON:POW) 2.15p, Mkt cap £25.5m – Presentation covering Australian Copper-Gold projects
Power Metal Resources has prepared an information presentation covering the Australian Copper-Gold projects in the Paterson Region of Western Australia.
The Paterson projects are held by First Development Resources and include the Wallal Project, Braeside West Project, and the Ripon Hills Project.
Paterson widely regarded as one of the most prospective provinces in Australia for the discovery of world class gold-copper deposits, home to several world class mines and recent discoveries
This information presentation may be viewed through the following link: https://www.powermetalresources.com/presentation/first-development-resources-pdf/
*SP Angel act as Nomad and Broker to Power Metal Resources
Recent Interviews:
IGTV: 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: 10/06/21: https://audioboom.com/posts/7884446-john-meyer-talks-about-cornish-metals-empire-metals-anglo-american-ncondezi-energy-mkango-r
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
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
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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, Tungsten, Spodumene, Ferro-Manganese, Graphite
Asian Metal