SP Angel . Morning View . Tuesday 03 08 21
Rare Earths continue to rise as other metals pull back on Delta concerns
MiFID II exempt information – see disclaimer below
Altus Strategies* (AIM:ALS) – BUY, Target 118p – New addition to the team to manage Egyptian portfolio of assets
BHP (LON:BHP) – Main workers union at Escondida rejects company offer
Newcrest Mining Ltd (ASX:NCM) – Additional targets close to Havieron
Piedmont Lithium (ASX:PLL) – Delays predicted supply timeline for Tesla deal
PureGold Mining (LON:PUR) – PureGold reaches commercial production
Covid – US and China may be losing control of the Delta variant
In the US, we hear that slow reporting of new Covid cases is effectively underreporting the spread and severity of the new Delta Variant.
Vaccinated people are said to be showing similar viral load as unvaccinated but with much less severe symptoms.
The Delta variant appears to generate a higher viral load than the original variant increasing cases from outdoor transmission.
In China, millions of people are under Lockdown as the authorities battle to control the spread of the Delta variant.
The new variant is reported to have spread to more than 30 cities (Washington Post)
Nanjing and Zhuzhou cities are under lockdown with smaller specific areas locked down in other areas
Authorities are to test all 12m residents in Wuhan following reports of three new Delta cases.
Beijing has cut all travel from areas with Covid cases and only essential travelers are allowed to enter the city.
China reported 90 new confirmed cases on Tuesday but local reports suggest many more cases are being identified.
Jiangsu reported 34 patients with symptoms with 5 in Nanjing and 40 in Yangzhou City (Reuters).
Gold prices can still climb to $3,000/oz amid recovery, according to fund manager
Diego Parrilla, managing the $250m Quadriga Igneo fund, expects gold prices to move higher as there isn’t widespread awareness of the long-term damage that’s been caused by ultra-loose monetary and fiscal policies.
The fund manager says he is sticking to his view that gold could rise to $3,000 to $5,000/oz in the next three to five years.
Parilla commented: “Central bank money printing isn’t really solving problems, it’s delaying the problem, Gold will benefit purely from being a physical asset that you cannot print.”
Gold is expected to climb higher in the coming weeks, with five and two-year yields poised to fall to all-time-lows.
The rapid spread of the delta variant is also supportive of gold, with central banks likely to stay dovish for longer.
Copper – Workers vote to strike at Escondida in Chile
Codelco’s Andina and JX Nippon Mining & Metals’ Caserones.mine in Chile may also strike due to collective bargaining.
Extending full-plate tectonic models into deep time: Linking the Neoproterozoic and the Phanerozoic (Sciencedirect.com)
Recent progress in plate tectonic reconstructions has seen models move beyond the classical idea of continental drift by attempting to reconstruct the full evolving configuration of tectonic plates and plate boundaries. See link for moving model on plate tectonics:
https://twitter.com/i/status/1422252046531637250
Dow Jones Industrials-0.28% at - 34,838
Nikkei 225 -0.50% at 27,642
HK Hang Seng -0.14% at 26,199
Shanghai Composite -0.56% at 3,445
Economics
IMF members approve a record capital injection to aid countries dealing with mounting debt and the effects of the Covid-19 pandemic.
The fund will get $650bn in new capital to help boost global economic stability.
Newly created reserves will be allocated to all 190 members of the IMF with around 58% of the amount to go to advanced economies and 42% to emerging and developing economies.
US – Fed Board Governor and a voting FOMC member, Cristopher Waller said he could support a tapering announcement should next two monthly US employment reports continued to show gains.
“I think you could be ready to do an announcement by September… That depends on what the next two jobs reports do… If they come in as strong as the last one, then I think you have made the progress you need… If they don’t, then I think you are probably going to have to push things back a couple of months,” Waller said.
July labour numbers are due this Friday with expectations for an increase in monthly NFPs by 875k, from 850k in June, and unemployment rate falling to 5.7% from 5.9% amid improving labour participation rate.
Senate close to passing US$1tn infrastructure investment bill
ISM 59.5 in July vs 60.6 in June
Markit 63.4 in July vs 62.1 in June
US construction spending rose 0.1% in June vs -0.2% in May
Infineon – warns that constraints and disruption at its facilities in Texas and Malaysia are constraining production growth
BMW is warning investors of a more volatile second half due to the shortage of semiconductor chips (Bloomberg).
The company is working to offset the issue by focusing on more expensive models with higher margins.
Signs of supply-chain bottlenecks easing as U.S. manufacturing slows
July saw U.S. manufacturing endure a second straight month of slowing growth.
Whilst a shortage of raw materials is primarily to blame, there is evidence of supply-chain bottlenecks easing.
A survey released by the Institute for Supply Management (ISM) showed manufacturers paid their lowest prices in 16 months.
The supplier deliveries index, which hit a 47 year high in May, continued to fall.
The ISM’s manufacturing business survey committee’s chair highlighted ‘supply and demand dynamics… moving closer to equilibrium for the first time in many months’.
The rotation of spending back to services from goods as lockdowns ease is provided as the predominant explanation.
Evidence of bottlenecks abating is shown in an easing of both supplier deliveries and elevated prices. However, both remain steep compared to pre-pandemic levels.
The ISM’s findings that prices paid by manufacturers are falling supports Jay Powell’s confidence that inflation is transitory and will ease as supply constraints subside.
China – New Stimulus likely as authorities move to ease monetary policy
Official manufacturing PMI 50.4 in July vs 50.9 in June
Caixin 50.3 in July vs 50.9 in June
Official China nonmanufacturing index 53.3 in July vs 53.5 in June
Composite 52.4 in July vs 52.9 in June
UK - manufacturing PMI 64.0 in July
The government to update traffic light travel system this Thursday aiming to simplify guidelines.
“We want to keep it simple enough for people to really understand,” apprenticeships and skills minister said.
Australia – The central bank left rates unchanged at 0.1%, in line with expectations, although, confirmed its plans to taper asset purchases programme in September.
“The experience to date has been that once virus outbreaks are contained, the economy bounces back quickly… The economy is benefiting from significant additional policy support and the vaccination program will also assist with the recovery,” Governor Philip Lowe said.
The RBA is expecting to reduce weekly purchases pace to A$4bn in September from current A$5bn.
Additionally, the bank said that the new pace will last until at least mid-November suggesting further adjustment then.
Meanwhile, an interest rate hike is not expected before 2024.
The A$ climbed on the news trading up 0.35% against the US$ this morning.
Turkey – Inflation accelerated to 18.95% annual rate in July beating estimates on the back of higher energy prices and reopening of the economy.
The report suggests the central bank is unlikely to cut rates mid-August currently fixed at 19% with the lira up 0.50% this morning.
JP Morgan global composite manufacturing - 55.4 in July vs 55.5
ASEAN - manufacturing PMI 44.6 in July vs 49.0 in June
Japan - Manufacturing PMI 53.0 in July vs 52.4 in June
Taiwan - manufacturing PMI 59.7 in July vs 57.6 in June
South Korea - manufacturing PMI 53.0 in July vs 53.9 in June,
Exports rose 29.6% yoy in July vs 39.7% in June
Imports rose 38.2% yoy in July vs 40.7% in June
India - manufacturing PMI 55.3 , a strong recovery (48.1),
EU - manufacturing PMI 62.8 in July vs 62.6 in June
Germany - manufacturing PMI 65.9 65.6 in June
France - manufacturing PMI 58.0 in July vs 58.1 in June
Mexico - manufacturing PMI 49.6 in July vs 48.8 in June
Brazil - manufacturing PMI 56.7 in July vs 56.4 in June
Russia’s central bank governor warns that inflation is here to stay
Elvira Nabiullina told the Financial Times that the Russian central bank is primarily concerned with public fears over soaring consumer prices.
Nabiullina has been wary of Russian public opinion over rising inflation, with polls showing consumers predict a doubling of the central bank’s projected annual inflation figure.
The bank is worried that the Russian public will stockpile goods over concerns of rising prices, causing a rapid increase in prices, wage rise demands, and price rises by businesses.
Russia’s central bank has taken a hawkish approach to monetary policy compared with major Western economies, raising rates four times since March.
A combination of a weak rouble, rapid economic recovery and increasing demand for Russia’s commodity exports caused several household goods’ prices to shoot up last year.
Russia has introduced extreme, short-term measures to tackle inflation, including price caps and export restrictions.
Recently elected Peruvian government pursues ‘new deal’ with miners
Peru’s fledgling government’s Energy and Mining Minister Ivan Merino has told Reuters of plans to incentivise mining projects that have ‘social profitability’.
The minister highlighted the importance mining companies had in improving infrastructure, whilst also having a duty to respect indigenous communities and protect the environment.
The cabinet member confirmed that ‘all players in the sector, including large, medium and small-scale companies’ would be involved in the new deal.
He has announced plans to develop the mining sector using ‘criteria based on social profitability’. If they abide by this, the Peruvian government ‘will support them in new initiatives.’
Concerns over the leftist nature of the new government and its president Pedro Castillo have been brewing in the mining sector, with Castillo promising to raise mining taxes in a bid to boost investment in health and education.
The appointment of moderate economist Pedro Francke as finance minister was encouraging to private companies in the country, however concerns have been raised over Marxist Guido Bellido’s appointment as prime minister.
Merino stated that he would ‘tell companies… that they should come and invest, and that if they meet our criteria of social profitability, they will have our full support’.
Anglo-America’s chief executive Mark Cutifani told the FT that dialogue with Castillo’s administration had been ‘pretty positive’.
Currencies
US$1.1876/eur vs 1.8560/eur yesterday. Yen 109.11/$ vs 109.88/$. SAr 14.427/$ vs 14.711/$. $1.390/gbp vs $1.394/gbp. 0.740/aud vs 0.739/aud. CNY 6.466/$ vs 6.472/$.
Commodity News
Precious metals:
Gold US$1,810/oz vs US$1,807/oz yesterday
Gold ETFs 100.6moz vs US$100.6moz yesterday
Platinum (AIM:ZERO) US$1,054/oz vs US$1,057/oz yesterday
Palladium US$2,678/oz vs US$2,674/oz yesterday
Silver US$25.28/oz vs US$25.47/oz yesterday
Base metals:
Copper US$ 9,626/t vs US$9,781/t yesterday
Aluminium US$ 2,601/t vs US$2,611/t yesterday
Nickel US$ 19,205/t vs US$19,725/t yesterday
Zinc US$ 2,987/t vs US$3,039/t yesterday
Lead US$ 2,372/t vs US$2,399/t yesterday
Tin US$ 34,545/t vs US$34,950/t yesterday
Energy:
Oil US$72.7/bbl vs US$74.8/bbl yesterday
Oil prices reversed course after an early bounce today, as concerns over coronavirus curbs combined with slowing factory activity in key markets weighed on sentiment
Cases of the highly contagious Delta variant have emerged in 14 of 32 provinces in China
It is likely that this could see further restrictive measures introduced in the country
As a result, manufacturing activity as a key concern, to both China and the US
China's economic activity in particular continued to ease in July, with the official Manufacturing Purchasing Managers Index falling to 50.4 from 50.9 in June
Manufacturing activity also slowed in the US, with the ISM index falling to 59.5, the lowest reading since January, from 60.6 in June
Asian stocks were mostly negative this morning as the Delta coronavirus variant spread in key markets
Meanwhile, Iran will respond promptly to any threat against its security, the foreign ministry said yesterday, after the US, Israel and Britain blamed Tehran for an attack on an Israeli-managed tanker off the coast of Oman
Elsewhere, US crude and product inventories likely declined last week with both distillates and gasoline stockpiles predicted to have fallen for a third straight week
Natural Gas US$3.980/mmbtu vs US$3.971/mmbtu yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$178.0/t vs US$177.2/t
Chinese steel rebar 25mm US$815.9/t vs US$828.3/t - Chinese steel futures fall over worries of adjustment in output cuts following politburo meeting
Chinese futures for steel rebar and hot rolled coils fell some 6% after officials updated their stance on carbon reduction work.
Steel rebar and hot rolled coils are expected to endure their largest percentage loss in 10 weeks.
The impression from Beijing officials is that controls on steel production will not be as rigid as previously expected.
The politburo meeting on Friday saw officials demand a correction to ‘campaign-style’ carbon reduction plans from provincial governments.
The China Iron and Steel Association announced on WeChat on Sunday that there will be notable reductions in crude steel output whilst government-led environmental checks occur.
Crude steel output in China fell 5.6% in June compared to the same period in May.
Beijing officials are looking to safeguard Chinese economic stability as they place controls on heavy industry.
China has previously announced plans to reach peak carbon output by 2030, with carbon neutrality supposedly coming in 2060.
China’s steel industry accounts for 15% of its national carbon emissions, primarily owing to the industry’s current reliance on coal.
Iron ore prices fell 11% last week, marking a 3.5-month low of $180.50/t.
With major ore miners Vale, BHP, Rio and Anglo-American set to raise output by c.55m tonnes in the second half of this year, iron ore prices are expected to experience downward pressure.
Thermal coal (1st year forward cif ARA) US$96.0/t vs US$95.4/t
Coking coal swap Australia FOB US$204.0/t vs US$204.0/t
China Illmenite Concentrate TiO2 US$359.56/kg vs US$359.8/t
Other:
Cobalt LME 3m US$52,500/t vs US$52,500/t
NdPr Rare Earth Oxide (China) US$97,043/t vs US$96,343/t
Lithium carbonate 99% (China) US$13,455/t vs US$13,155/t
China Spodumene Li2O 5%min CIF US$800/t vs US$780/t
Ferro-Manganese European Mn78% min US$1,799/t vs US$1,824/t
China Tungsten APT 88.5% FOB US$305/t vs US$305/t
China Graphite Flake -194 FOB US$515/t vs US$515/t
Europe Vanadium Pentoxide 98% 9.8/lb vs US$9.7/lb
Europe Ferro-Vanadium 80% 40.75/kg vs US$40.75/kg
Spot CO2 Emissions EUA Price US$57.9/t vs US$57.9/kg
Battery News
Carbon offsets go up in flames as forests linked to carbon offsets for BP and Microsoft burn
Question is; does a forest bought as part of a carbon offset program still count as a carbon offset having burned
Worse still, could a smoldering forest be considered to have generated carbon, thereby offsetting the offset.
Do companies need to acquire non-flammable forests to ensure they qualify for their offsets.
Tesla’s Australian battery fire burns for 4th consecutive day
A $200m battery site in Victoria, Australia built by Neoen, a French renewables company with Tesla’s battery packs has continued to suffer from a fire which started on Friday morning.
The fire was started in a 13-tonne lithium battery bank during testing. Heat from the battery, encased in a shipping container also caused the neighbouring battery pack to catch fire.
The “Victorian Big Battery” project using the Tesla Megapack is the largest in the country, capable of storing up to 450MWh of energy for the grid.
Heat from internal short circuiting in Li-ion batteries causes the electrolyte to vaporise and catch fire with >250 fires at waste and recycling sites in the UK from March 2019-2020.
Since 2018, there have been 38 large Li-ion battery fires according to Professor Paul Christensen, a Specialist Consultant on lithium-ion battery safety.
Lithium-ion battery fires are not extinguishable by normal methods as they continue to produce oxygen as they burn.
Elon Musk has provided lithium-iron phosphate batteries, which replace nickel and cobalt with iron and phosphate, as the best potential alternative.
Chinese battery-materials produce to increase investment production capacity
Ningbo Shanshan Co, Ltd. Has announced that they will invest $1.2bn in a new project in Sichuan province to increase its insufficient production capacity and satisfy growing demand.
The project, which will be set up by subsidiary Shanghai Shanshan Lithium Battery Material Technology Co. Ltd., will involve the construction of a production facility capable of producing up to 200,000 tons of Li-ion battery anode materials annually.
Construction of the facility will be divided into two phases taking almost three years to complete, with each phase creating 100,000 tons of annual production capacity.
The facility’s fully integrated production line, combined with Sichuan’s abundant hydropower resources and favourable electricity prices, will effectively lower production costs and improve profitability, the company said, adding that basing the project in the province will help Shanshan expand into the European market.
Western Australia to explore chemical processing in attempt to further investment in growing global battery market
BASF has announced plans to join the WA state government in building a precursor chemical plant blending feeds used by battery makers. Australia currently has no major battery chemical production facilities.
WA currently has three major battery chemical plants set to be constructed over the next few months.
Australia is aiming to expose itself to Western markets looking to reduce their reliance on Chinese dominated supply chains as demand for EVs increases.
State mining minister Bill Johnston has highlighted Australia’s commitment to ESG processing facilities in an interview with Reuters.
The news follows Tesla’s announcement to spend more than $1bn pa on Australian battery raw materials. The company emphasised Australia’s reliability in production practices.
A June Accenture (NYSE:ACN) report forecasted the global battery market to grow to $133-151bn by 2030 from 2020’s $36bn.
BASF emphasised Australia’s ‘stable and legal political framework’ as a primary incentive behind their decision to build a new plant there.
However, with a draft Aboriginal heritage bill due in the next few months, investors have expressed concerns over whether ‘WA is willing to keep ratcheting up its standards to meet escalating expectations’.
Tata Steel to utilise fleet of EVs for steel transport
Steel producing giant Tata has announced a deal with an Indian start-up to deploy 27 EVs, each carrying a minimum steel capacity of 35 tonnes.
Supply chain VP for Tata said this is aimed at the ‘reduction of GHG emissions and will help protect the environment in the long run’.
The vehicles comprise a 2.2 ton 230.4kWh Lithium-ion battery pack. Their sophisticated cooling systems will allow operation at ambient temperatures up to 60 degrees Celsius (NASDAQ:CELH).
The vehicles can charge from 0-100% in 90 minutes.
Air Liquide announces partnership with Siemens with plans to build 30MW Electrolyser in Germany
Air Liquide plans to build a renewable hydrogen production plant using electrolysis in Oberhause, Germany.
The first phase of the planned project is expected to be operational by early 2030 with a maximum capacity of 20MW.
Air Liquide will be able to integrate the plant into its existing pipeline infrastructure in one of Europe’s most industrialised regions.
The German Federal Ministry of Economic Affairs and Energy has announced a grant to accelerate the project.
The plant will support sectors ranging from Steel, Chemicals, Refining and Mobility in the northern Rhine-Whestphalia region.
Executive Vice President for Air Liquide stated that the plant will ‘mark the first realization of the partnership Air Liquide and Siemens created to enable the emergence of a sustainable hydrogen economy in Europe’.
Company News
Altus Strategies* (AIM:ALS) 59p, Mkt Cap £47m – New addition to the team to manage Egyptian portfolio of assets
BUY - 118p
The Company appointed Mark Campbell as the Chairman and Director of its wholly owned subsidiary Akh Gold Holdings and General Manager of its 100% owned subsidiary Akh Gold.
Akh Gold has been recently awarded four gold exploration licenses covering ~1,600km2 of highly prospective ground in Eastern Desert of Egypt.
Mr Campbell brings 40 years of experience in the mining, investment banking and petroleum industries with over 30 years spent in Egypt.
Mark previously acted as President and CEO fo TSX-V listed Aton Resources as well as was a consultant to Centamin.
Mr Campbell studied petroleum geology at Texas Tech University in the US.
Conclusion: Altus expands its senior management team welcoming Mark Campbell to the Company who is bringing a wealth of experience in the region and the sector and will be managing exploration and development works at newly secured highly prospective licenses in Egypt.
*SP Angel acts as Nomad and Broker to Altus Strategies
BHP (LON:BHP) 2,347p, Mkt cap £134bn – Main workers union at Escondida rejects company offer
The main labour union representing workers at BHP's Escondida copper mine announced its members have voted to strike after rejecting the company's contract offer.
Union No.1 said 2,164 of its members voted in favour of labour action with 11 votes in favour of BHP's contract offer.
According to the union, negotiations did not make enough progress on ‘key demands’ such as the proposed distribution of 1% of the dividends paid to investors equally among all workers.
Prolonged labour action at the world’s largest copper mine could provide further upward support for already high copper prices.
Escondida produced 1.18mt of copper in 2020 and 426,700t in the first five months of 2021.
Newcrest Mining Ltd (ASX:NCM) A$26.48, Mkt Cap A$22bn – Additional targets close to Havieron
In a presentation to the ‘Diggers & Dealers’ conference in Australia, Newcrest Mining identifies additional geophysical anomalies close to the Havieron project in the Paterson region of W Australia.
The presentation Diggers and Dealers Mining Forum Presentation (newcrest.com) shows the Zipa gravity target to the north of Havieron plus another gravity target to the south of Havieron known as Meco as well as the Havieron North magnetic target all located within around 2km of Havieron where Newcrest Mining and its joint-venture partner, Greatland Gold, have already defined an inferred mineral resource of 18mt at an average grade of 3.8g/t gold and 0.61% copper within the South East Crescent Zone.
Decline development at the main Havieron prospect is already underway and a pre-feasibility study is under preparation for delivery later this year with exploration continuing to evaluate depth extensions of the SE Crescent Zone as well as the Eastern and Northern Breccia targets.
Newcrest is earning a 70% interest in the Havieron project which is located approximately 45km east of its existing Telfer mine.
In addition to Havieron, Newcrest is exploring the Juri prospect, also with Greatland Gold and the Wiki project with Antipa Minerals.
Conclusion: The Paterson region is attracting considerable exploration attention and Newcrest’s disclosure of additional targets in the area close to its Havieron joint-venture project with Greatland Gold indicate that the full scale of the area’s opportunities remains to be determined
Piedmont Lithium (ASX:PLL) A$0.76, Mkt cap A$1.21bn - Delays predicted supply timeline for Tesla deal
Monday saw Piedmont Lithium announce a delay to its expected first shipments of lithium chemicals to Tesla, with no definitive date set for deliveries.
The initial contract which saw Piedmont’s share price increase 10x set July 2022 as the earliest possible date for supply.
The company, which still does not have a state permit for its North Carolina Lithium mine, has said it plans to apply for the permit this month.
Piedmont has stated that it is trying to sync the development of its project with Tesla’s Texas spodumene concentration facility.
Piedmont is currently requesting investor funding to help finance the $840m project, also applying for a loan from the U.S. Department of Energy.
Investor-backed lawyers are currently suing Piedmont for misleading shareholders regarding the project development timeline.
The company has dismissed the lawsuit as ‘entirely without merit’.
PureGold Mining (LON:PUR) 77.5p, Mkt Cap £305m – PureGold reaches commercial production
PureGold Mining has formally declared commercial production at its mine in Red Lake with effect from 1st August.
The company confirms that “Following a successful commissioning period, the PureGold mine, milling facilities, and other critical systems are now all operating in line with or rapidly approaching design capacity of 800 tonnes of ore per day on a sustainable basis”.
President & CEO, Darin Labrenz, said that “Commercial production is a significant milestone and marks the beginning of a very exciting growth phase for the Company. By combining stable gold production with the high-grade exploration potential that makes the PureGold Mine so unique, we are making significant progress toward our goal of unlocking the full potential of the PureGold Mine and becoming Canada's next iconic gold producer.”
The company’s recent quarterly report said that throughput had reached an average of 509tpd during the three months to 30th June and that during the month of June had averaged 577tpd and it seems that the operation has progressed rapidly from there to approach the 800tpd capacity.
The company has previously described the exploration potential along a 7km long mineralised trend exhibiting similar mineralisation and geological setting to that encountered at the mine and has also said that closer to the mine workings mineralisation may extend beyond the originally planned stopes offering the possibility that it may be possible that working areas may be extended in future mine-planning.
URU Metals* (URU LN) 422p, Mkt cap £7m – Zebediela project sale completed
URU Metals reports that the sale of the Zebediela nickel project to Blue Rhino Capital Corp has now been completed.
Canadian-listed Blue Rhino has changed its name to ZEB Nickel and the transaction leaves URU Metals with a 74.8% holding in ZEB Nickel through its wholly=owned subsidiary, Floza Capital Management.
John Zorbas, CEO of URU Metals said that the “transaction with Zeb Nickel provides much needed capital for the continued development of the Zebediela Project. URU remains committed to the Zebediela Project which the Board believes can become a globally significant nickel deposit. This Transaction delivers a lower cost of capital and resultant dilution to URU shareholders than a direct placing by URU to raise funds given the low valuation of the Company on AIM”.
He confirmed that the URU technical team “will continue to lead the efforts on the advancement of the Zebediela Project and … [URU Metals remains] … the majority shareholder of Zeb Nickel. The Company is a long-term and supportive shareholder of Zeb Nickel and the Board remains fully focused on developing the project and realizing its value for shareholders of both URU and Zeb Nickel.”
*SP Angel acts as Nomad and broker to URU Metals
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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
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