SP Angel . Morning View . Tuesday 10 08 21
Battery metals continue to rise as Pilbara Minerals reports $1,250/t for lithium concentrates
MiFID II exempt information – see disclaimer below
Adriatic Metals* (LON:ADT1) – Exploration drilling continues at Rupice
Bluejay Mining* (LON:JAY) – Kobold deal accelerates Disco project while tight market for titanium feedstock in China supports prices through summer
BlueRock Diamonds (LON:BRD) – Large 21.56ct diamond of exceptional quality discovered at Kareevlei Diamond Mine
Botswana Diamonds (LON:BOD) – Drill sample results from Thorny River
Castillo Copper (LON:CCZ) – Plans for drilling the Arya prospect
Vast Resources (LON:VAST) - £1.8m equity raise and operations update
Lithium - Pilbara Minerals report $1,250/t FOB Porr Headland for first sales of spodumene concentrate from Port Headland
The auction ‘spot’ price for its first 10,000t cargo is well in excess of the US$850/t quoted today for 5%min Li2O CIF being quoted in China.
The higher price for new material indicates strong demand for spot spodumene concentrates
Pilbara Minerals reports a total of 62 online bids with prices ranging from $700-1,250/t (Platts)
Indonesia trade ministry freezes 34 coal export licenses
The trade ministry has temporarily banned 34 companies from exporting coal after failing to meet their obligations to supply coal for the domestic market in Jan-July.
The ban came in from the 8th of August until further notice from the Energy and Mineral Resources Ministry.
Dow Jones Industrials -0.30% at 35,102
Nikkei 225 +0.24 at 27,888
HK Hang Seng +1.13% at 26,581
Shanghai Composite +0.86% at 3,525
Economics
China – The worst outbreak since the virus first emerged in Wuhan is adding concerns over the efficiency of locally developed vaccines, FT reports.
The National Health Commission on Monday reported 94 locally transmitted symptomatic infections with the total number of active Covid-19 cases on the Chinese mainland at 1,603.
Increasing number of cases focus attention on the absence of detailed studies from state-run Sinopharm and privately owned Sinovac measuring how vaccines are effective against the Delta coronavirus variant.
Additional Fed officials take hawkish stance following promising U.S. jobs report
Two more Federal Reserve officials announced yesterday the possibility of a more imminent rate hike.
Raphael Bostic, the Atlanta Federal Reserve Bank President stated that Q4 of this year could potentially see a tapering of the bond-purchasing programme, with the official not ruling out an earlier start if the economy continues to recover at current rates.
Both Bostic and Richmond Fed President, Tom Barkin, following independent assessments, believe inflation has achieved the 2% threshold set by the Fed.
Bostic announced he believed ‘we may be at that goal target right now’ following an analysis of core PCE inflation.
2% inflation is one of the Fed’s two essentials before consideration of a rate hike, alongside maximum employment.
Whilst more employment is needed according to Bostic, he believes the labour market is on track to reach targets by October. This would allow the Fed to begin tapering before December.
US Senate nears vote on $1tn infrastructure bill
A final vote has been set for today by the U.S. Senate to pass the $1tn bipartisan infrastructure bill being pushed by Biden and his administration.
This would provide an injection of fiscal stimulus into road building, bridges and internet access.
The passing of this will then open a debate on a $3.5tn budget proposed by the Democrats. This would fund investments in clean energy, family benefits such as universal preschool as well as huge spending on EV infrastructure.
The Democrats will aim to move quickly in passing a nonbinding resolution for the $3.5tn bill which will enable them to progress to binding legislation later in the year.
The larger bill will provide $198bn in funding for clean energy projects.
Payment for the second bill will be provided by tax increases, savings in federal health-care programs and expected long-term economic growth according to a memo seen by Reuters.
Neither bill will be passed before late September by the House of Representatives when the summer recess is concluded.
Australia – Authorities are struggling to contain the spread of the pandemic with New South Wales reporting the biggest daily increase in new cases.
The state recorded 356 locally acquired cases with four new casualties and the total death toll since the pandemic started to 87 in NSW.
Iran – New hospital admissions rate hit more than 5,000 with a total of more than 6,500 people in critical condition in intensive care units, the nation’s health ministry said.
Iran has recently recorded rapid increase in the number of new infections as the new Delta variant spread throughout the country.
The nation has only fully vaccinated 3m of its 83m population with around 13m partially jabbed.
Peru – finance chief says mining taxes can rise without affecting competitiveness
Peru’s finance minister Pedro Francke told Reuters on Monday that the new leftist government can increase mining taxes to fund public spending without affecting private-sector competitiveness, Reuters reports.
Peru is the world’s second largest copper producer and is highly dependent on mining taxes for revenue, while new President Pedro Castillo has promised to deliver more social programs.
Preliminary estimates show tax revenue rising 24% in 2021 compared with a year earlier, driven by high metal prices and a reopening of the economy.
Francke also commented that the administration will reduce the deficit in 2022 by 1pp compared with 2021.
Zambia elections - Investors look to Zambia as election looms in major copper producing country
Zambia’s President Edgar Lungu is set to contest an election on Thursday 12th against reforming challenger Hakainde Hichelima, known as ‘HH’.
Hichilema has long been considered the preferred option by international investors, especially those in the copper mining sector, owing to his constant criticism of the incumbent President’s economic management.
Analysts believe Hichelima will be more engaging with foreign investors whilst also looking to engage with the IMF and offer debt restructuring possibilites.
One of Edgar Lungu’s primary re-election manifesto policy proposals is the increased control of the Zambian state over mining assets.
Copper mining generates around 70% of Zambia’s export revenue.
The election is currently seen by political analysts as being too tight to call, however it is believed that the election of Hichelima would see a rally in Zambian assets.
This will be further aided by the IMF’s $650bn allocation of Special Drawing Rights, which Zambia’s foreign reserves will benefit from.
Copper - Mediated wage talks extended for another day at Escondida
Workers and management at the world’s biggest copper mine agreed to extend mediated talks for another day in an effort to avert a strike.
The two sides asked Chilean labor authorities for more time to continue working towards an agreement that could be put forward to workers on Tuesday.
BHP who operate the mine commented “during the course of the night, conversations between the parties will continue to close an agreement that will then be presented by Union No. 1 to its members”
Escondida accounts for ~5% of global copper production, expect the copper price to move on news of a deal/no deal at Escondida, as the same union staged a 44-day stoppage in 2017.
Earlier today, JX Nippon copper workers began striking in Chile after wage negotiations failed at the Caserones mine, which produced about 127,000t of copper last year.
At Codelco’s Adina mine, the two sides agreed to extend talks to allow workers to vote on a new proposal, the result of which will be known on Wednesday.
Three-month copper on the LME rose 0.9% to $9,455/t in London earlier this morning.
Currencies
US$1.1736/eur vs 1.1756/eur yesterday. Yen 110.41/$ vs 110.23/$. SAr 14.753/$ vs 14.650/$ $1.384/gbp vs $1.387/gbp. 0.733/aud vs 0.735/aud. CNY 6.480/$ vs 6.478/$.
Commodity News
Precious metals:
Gold US$1,736/oz vs US$1,747/oz yesterday
Gold ETFs 100.4moz vs US$100.5moz yesterday
Platinum (AIM:ZERO) US$995/oz vs US$978/oz yesterday
Palladium US$2,628/oz vs US$2,627/oz yesterday
Silver US$23.62/oz vs US$23.87/oz yesterday
Base metals:
Copper US$ 9,443/t vs US$9,455/t yesterday
Aluminium US$ 2,564/t vs US$2,586/t yesterday
Nickel US$ 18,825/t vs US$18,860/t yesterday
Zinc US$ 2,975/t vs US$2,994/t yesterday
Lead US$ 2,281/t vs US$2,286/t yesterday
Tin US$ 34,815/t vs US$34,435/t yesterday
Energy:
Oil US$70.0/bbl vs US$69.0/bbl yesterday –
Reports yesterday confirmed that Saudi Aramco plans to have 550,000bopd more in oil production capacity by 2025 when the expansion projects on two major oilfields are complete
Aramco, which reported a jump in Q2 net profit amid rallying oil prices like all international oil majors, also updated the market on its projects to boost production capacity
The Saudis are aiming for 13MMbopd of production capacity, up from 12MMbopd today
In its earnings report on Sunday, Aramco said that the programs to boost production at the Marjan and Berri oilfields were in the final stages of detailed engineering, and construction activities continued to progress
The Marjan and Berri projects are expected to add production capacity of 300,000bopd and 250,000bopd, respectively, by 2025
During 2Q 2021, Aramco completed and tied in the ‘Ain Dar and Fazran programs to boost capacity, by targeting secondary reservoirs with a combined production capacity of 175,000bopd
Under the Saudi plans to raise production capacity at the Marjan and Berri oilfields, the 400,000bopd Marjan field is set to boost its capacity by 300,000bopd, and the Berri field, currently with a capacity of 300,000bopd, will see its production capacity rise by 250,000bopd
In July 2019, Saudi Aramco awarded 34 contracts worth a total of US$18bn to boost the oil production capacity of the two fields
In April this year, reports emerged that Aramco had restarted tendering of development work on major offshore oil expansion projects that would give Saudi Arabia another 1.15MMbopd of production capacity by 2024
Natural Gas US$4.044/mmbtu vs US$4.164/mmbtu yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$158.5/t vs US$164.2/t
Chinese steel rebar 25mm US$813.4/t vs US$814.0/t - China Baowu Steel Group pledges to cut output as Beijing’s emission curbs come into effect, iron ore slides
Baowu, the world’s largest steel producer has pledged an output cut for the remainder of this year as Chinese officials look to crack down on the industry’s carbon emissions.
The producer described the situation as a ‘political issue with no room for bargaining’, believing emissions ‘must be resolutely implemented’.
Baowu is owned by the Chinese state’s Assets Supervision and Administration Commission and produced 115m tonnes of steel last year. India, the world’s second largest steel producer, had an output 15% lower than Baowu’s.
Recent efforts at limiting output by the CCP has caused iron ore prices to come off significantly from their May highs.
The iron ore price has been further dampened by rebounding supply from Australia and Brazil as supply chain bottlenecks ease.
Thermal coal (1st year forward cif ARA) US$100.1/t vs US$98.5/t
Coking coal swap Australia FOB US$198.0/t vs US$198.0/t
China Illmenite Concentrate TiO2 US$358.84/t v US$358.9/t
Other:
Cobalt LME 3m US$52,500/t vs US$52,500/t
NdPr Rare Earth Oxide (China) US$96,540/t vs US$96,094/t
Lithium carbonate 99% (China) US$14,045/t vs US$13,430/t -
China Spodumene Li2O 5%min CIF US$850/t vs US$830/t
Ferro-Manganese European Mn78% min US$1,743/t vs US$1,746/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$9.8/lb
Europe Ferro-Vanadium 80% 40.75/kg vs US$40.75/kg
Spot CO2 Emissions EUA Price US$66.1/t vs US$64.0/t
Battery News
IPCC report is ‘code red for humanity’
230 scientists from more than 60 countries have revealed, in a landmark report, that the world is likely to be 1.5C warmer than pre-industrial levels in just 20 years, even with extensive cuts to greenhouse emissions.
The report warns that temperatures will continue to rise until at least 2050, leading to more frequent extreme weather globally.
Without immediate and large-scale reductions in emissions, curbing global warming to 2C above pre-industrial levels would be beyond reach.
The G7 nations pledged in May to limit global warming to 1.5C, amending the 2015 Paris Agreement goal of keeping temperatures at “well below 2C.”
In the best-case “very low” scenario modelled by scientists in which we reach net negative emissions by just after 2050, warming is likely to reach 1.5C by 2040 and could continue to rise to 1.6C by 2060 – temperatures could then cool to 1.4C by 2100 in this case.
The “low” scenario, where we reach net zero emissions by 2075 and then net negative emissions shortly after, could still see warming kept to 1.8C by 2100, but it could still reach 2C.
The evidence supports that “if we bring emissions to net zero and keep them at net zero, warming will stabilise” said Joeri Rogelj, one of the authors of the report.
GE Renewables wind turbine ‘mega-factory’ will be much bigger than first thought
The plans for the factory on Teesside, which will manufacture blades for the Haliade-X, the most powerful offshore wind turbine currently in production, have seen the footprint of the facility increase from 650,000sqft to 830,000sqft to ‘future-proof’ the site.
The Haliade-X 13MW turbine was confirmed for the first two phases of the Dogger Bank Wind Farm with an order of 190 units – GE has since agreed a deal to provide its 14MW Haliade-X turbines for the third phase.
GE will build the blades for 87 more of the Haliade-X turbines taking the total number to 277.
Renault eyes Chinese EV market with Geely partnership
Renault has announced its first deal to expand into the Chinese EV sector with a deal with Geely to sell hybrid cars.
Geely, owner of Volvo, agreed with Renault to share resources and technology in a bid to take advantage of Asia’s growing market for hybrid vehicles.
Renault previously withdrew from a partnership with Dongfeng to provide petrol vehicles in China.
Renault will offer their branding and utilise their customer service, using Geely’s hybrid Lynk & Co. platform.
Geely is currently China’s largest privately owned automaker by cars sold.
EVs currently account for 10% of total car sales, however Beijing hopes this will increase to 20% by 2025.
Company News
Adriatic Metals* (LON:ADT1) 150p, Mkt cap £309m – Exploration drilling continues at Rupice
Adriatic reports exploration drilling to the northwest of the existing mineral resource, with highlights as follows:
Drillhole BR-02-21: 21.1m at 576g/t AgEq or 17.8% ZnEq (296g/t Ag, 5.5% Zn, 3.7% Pb, 1.2g/t Au, 0.2% Cu, 80% BaSO4, 0.1% Sb) from 338.6m, including;
6.8m at 655g/t AgEq or 20.2% ZnEq (387g/t Ag, 6.2% Zn, 4.2% Pb, 0.8g/t Au, 0.2% Cu, 79% BaSO4, 0.1% Sb) from 339.2m
The drillhole is located 80m northwest of the existing Rupice orebody.
The drilling program at Rupice will continue with three diamond core drill rigs focused on testing the extents of the Rupice orebody, both towards the north and as well as potential down dip extensions to the south.
Adriatic comment that it is yet to be determined whether this reported mineralisation is the extension of the previously defined Rupice orebody or a separate ore zone.
The reported interval is a massive sulphide replacement of dolomitic breccia, which is analogous with the primary mineralisation style of the Rupice orebody.
Paul Cronin, Adriatic's Managing Director and CEO, commented: “Rupice mineralisation appears to extend further northwest than we'd expected, so in case of continuing extensions to the northwest, we have made an application to extend our concession area boundary further in this direction. The ongoing focus of the 2021 program is to continue systematically exploring around Rupice, with further step-out and in-fill drilling planned.”
*An SP Angel mining analyst has visited Adriatic Metals operations in Bosnia
Bluejay Mining* (LON:JAY) 11.50p, Mkt cap £112m – Kobold deal accelerates Disco project while tight market for titanium feedstock in China supports prices through summer
Click link for Kobold deal pdf
BUY – Valuation 37.7p
Bluejay Mining shares found good support on news of their deal with Kobold Metals yesterday. Kobold which is backed by a specialist private equity team overseen by Bill Gates with backing from Jeff Bezos, Michael Bloomberg and Ray Dalio.
The news gives substantially greater confidence in the potential for a significant nickel discovery at the Disko-Nuussuaq project in Greenland.
Dundas: We are also looking for another upward move in the price for ilmenite (Titanium Oxide) prices in China as construction projects mature into the fitting and final preparation for handing over to their new owners.
Producers for rutile (titanium feedstock) are reported to be testing the market on the upside driven by firm production costs (Asian Metals)
Chinese Titanium Oxide (Ilmenite) prices continue to hold steady at CNY2,300-2,350 ($359/t) following a dip in prices through the typically weaker summer months.
Consumer inventories are thought to remain low due to ongoing strong demand with Chinese titanium dioxide inventories around 20,171t at end July vs 145,600t a year ago.
Rio Tinto closed a titanium slag furnace at Richards Bay mine following its suspension of mining and declaration of force majeure at Richard’s Bay in South Africa following the murder of its local General Manager.
Sierra Rutile is also due to close its mine in Sierra Leone in November unless they prove more resources
Ruitle prices remain elevated at ~US$1,892-1,938/t with recent sales at the upper end of the price range.
Experts suggest a longer term structural deficit is developing which will require production from a number of new mines to fill the supply / demand gap.
We assume a price of US$250/t for Bluejay ilmenite concentrate sales in our modelling with 70% of the concentrate shipped to Asia by bulk carrier.
Adding another $10/t to our assumed ilmenite price this adds a further $54m or 5p/s of value to the Dundas project in our modelling.
Conclusion: Bluejay continue to optimise the engineering plan for the Dundas ilmenite project in Greenland. We expect the results of this plan to add significant value to the project and to support the full financing of the project through multilateral loans and project finance.
The team also continue to make progress through the development of exploration joint ventures with Kobold metals, Rio Tinto and Metals One.
*SP Angel act Nomad and broker to Bluejay. The analyst has previously visited the Enonkoski mine site in Finland. The analyst holds shares in Bluejay Mining.
BlueRock Diamonds (LON:BRD) 42.5p, Mkt cap £6m – Large 21.56ct diamond of exceptional quality discovered at Kareevlei Diamond Mine
BlueRock have recovered a large 21.56ct diamond of exceptional quality at their operations in South Africa
The D colored round diamond offers potential for a high value recovery for diamond cutters and may fetch $15,000-20,000/ct in the August auction.
The team also report the recovery of a 9ct diamond
The stone is the largest yet discovered at the Kareevlei Diamond Mine indicating that more larger stones may well be recovered as the mine ramps up production.
Diamond prices also remain strong with BlueRock seeing an average sales price for their run-of-mine production of >$430/ct.
The recovery of exceptional diamonds has a disproportionate impact on the average value of the run-of-mine production and could make a significant difference to the profitability of the group.
Expansion: The ramp up to full production should be completed in October following some equipment delays resulting from the Zuma-arrest riots. Defects to the new ‘primary screen’ precluded it from handling the required volume of material with a new screen being delivered at end-September.
Guidance: management have adjusted guidance to 24,000-28,000cts from 30,000-39,000cts.There is no change to production forecast for 2022 at 40,000-43,000 for 2022.
Grades expected have been guided slightly to 4.0-4.5cpht from 4.0-4.6cpht. 2022 is guided to 4.0-4.3cpht for 2022.
Diamond values have been guided higher to $400-440/ct from $330-350/ct. Management forecast $400/ct for 2022.
Sales are guided to $11.0m for 2021 from $11.7m previously. The team expect $16m for 2022.
Cash flow: “Discussions are ongoing with Teichmann and other key stakeholders regarding the cash flow demands, if required, as a result of the delay to the completion of the expansion project.”
Conclusion: BlueRock are fortunate to have found such a spectacular diamond. The recovery of this larger and exceptional quality stone indicates more of these larger stones are likely.
*SP Angel act as nomad and broker to BlueRock Diamonds
Botswana Diamonds (LON:BOD) 1.13p, Mkt Cap £8.3m – Drill sample results from Thorny River
Botswana Diamonds reports that samples totalling around 320kg taken from the programme of percussion drilling completed earlier this year at its River kimberlite extension in the Thorny River Prospect have yielded four diamonds and an encouraging suite of diamond indicator minerals including chrome-rich garnets.
The company says that the diamonds, which “were not weighed as the sample size was small and they are not representative of a possible population … are all notably of good colour and clarity and are of commercial quality and in high demand by the market”.
As previously reported, “The River Extension blow is contiguous with the diamondiferous River Blow which was discovered by the company in November 2020” and the company confirms that “A further percussion drilling programme to assess the area between the River and River Extension will begin within a month”.
We imagine that this additional drilling will seek to test whether the two areas of thicker development of kimberlite material are linked as suggested in the company’s earlier announcements in May.
Chairman, John Teeling, explained that it was unusual to recover diamonds from such a comparatively small sample which, “in itself, bodes well for the potential of the Thorny River project” and that “Even more encouraging is that the size of the kimberlite from which the diamonds were recovered, is itself expanding”.
Conclusion: The recovery of diamonds in association with an abundant suite of diamond indicator minerals from the drilling at Thorny River is to be followed up with further drilling of an area of thicker kimberlite development at Thorny River in August. We look forward to further news after the resumption of the exploration.
Castillo Copper (LON:CCZ) 2.05p, Mkt Cap £20.3m – Plans for drilling the Arya prospect
Castillo Copper has announced plans to drill geophysical targets at its Arya prospect in Queensland starting in September.
The Arya prospect forms a part of the company’s ‘Big One’ project area in the Mt Isa belt of Queensland and the initial targets have been generated from a re-processing of geophysical data which has now identified “the EG01 anomaly - interpreted to be 130m thick, 1,500m long & 450m wide … [and] … only around 100-200m deep”.
The company explains that this is “much shallower than the initial ~430m depth estimate based on analysing data from BHP, which discovered the Arya Prospect in the mid-1990s3 and recommended it be drill-tested”.
Castillo Copper says that surface rock chip samples in the area have assayed at up to 1.84% copper and reconciling these results with the new geophysical interpretation “makes the case for test-drilling the Arya Prospect even more compelling”.
The company confirms that assay results from the recent drilling at the ‘Big One’ deposit “are still pending … as there is a backlog at the laboratory due to a significant volume of exploratory work in the Mt Isa region”.
Conclusion: Applying current geophysical interpretation techniques to historic data indicates that the target of potential interest at Arya may be much shallower than originally thought. Castillo Copper plans to test this concept with drilling in September – we await the results of the exploration with interest.
Vast Resources (LON:VAST) 6.9p, Mkt Cap £15m - £1.8m equity raise and operations update
The Company raised £1.8 through an equity placing at 6.3p.
Funds will be directed towards working capital at the polymetallic Baita Plai operation in Romania as well as to cover financing, legal and UK corporate costs.
The Company will pay $1m to Atlas Special Opportunities LLC to change terms of the outstanding Tranche 1 Bonds issued in Jan/20 into a non-equity linked loan.
The restructuring will change the current convertible Bonds repayable in Jan/22 into a traditional senior secured loan with a fixed price premium and repayment moved to 30 Jun/22.
The par value of the bonds is currently $6.5m.
Concentrate shipments are continuing to offtake partner, Mercuria, although no details on current production is provided.
The Company delivered two diesel and two electric LHDs underground to ramp up mining rates.
The team upgraded the haulage capacity rating for the shaft infrastructure that should allow to install double deck cages that should increase efficiency of operations; the upgrade will involve a motor upgrade, braking and safety system upgrade and construction of new cages.
The delivery of the drilling rig for mine development works is being delayed and is expected to be delivered in Q4/21 reflecting current supply chain bottlenecks.
The team undertook a comprehensive refurbishment programme at the processing plant including maintenance works at the secondary crushers, conveyor belts, mill bearings and liners as well as flotation part of the circuit.
Marcus Brewster who joined the Company as the new general Manager at Baita in Jan/21 is being replaced by Stancu Viorel who will be reporting to Nicolae Turdean, the Romanian Country Manager.
Recent Interviews:
IGTV: China fearing failure in metals pricing tactic: https://youtu.be/RK4HQPrs60s
Evolution of Chinese construction and implications for commodity demand: https://youtu.be/jB2nURL8uPw
VOX Markets: 04/08/21: https://audioboom.com/posts/7918741-john-meyer-talks-about-china-cora-gold-kodal-minerals-power-metals-rambler-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
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
Prince Frederick House
35-39 Maddox Street London
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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