SP Angel . Morning View . Thursday 12 08 21
Nickel and tin prices power ahead on battery metal demand
US$ pulls back and gold prices climb on moderating US inflation data
MiFID II exempt information – see disclaimer below
Altus Strategies* (LON:ALS) – BUY, 118p – High grade intersections reported at Diba
Caledonia Mining* (LON:CMCL) – Record Q2 production drives 51% increase in gross profit
Conroy Gold & Natural Resources (LON:CGNR) – Drilling results from Cargalisgorran
Cornish Lithium (Private) – Geothermal Energy claim world’s highest lithium grade in geothermal waters in Cornwall
Cornish Metals* (LON:CUSN) – Tin prices continue to rise on falling LME and SHFE inventories
Rio Tinto (LON:RIO) – Rio Tinto shares fall as stock goes ex dividend
Lithium prices to rise further as union members walk off the job at world’s largest lithium producer
135 members of the Salar union began striking at Albemarle on Wednesday in the Atacama in Chile.
Union leaders accuse Albemarle management of anti-union practices.
The Salar union is also pushing for improvements in pay and conditions as well as wage equality.
Albemarle produce around 28% of global lithium production and employ around 550 staff at two sites in the Atacama.
Albemarle lithium production makes up 10-15% of Chilean GDP according to a report by AFP
The strike was approved on 1 August.
Gold prices rebound as lower-than-expected US CPI weakens US dollar
Gold moved higher on Wednesday as a result of US inflation data showing prices climbed at a slower rate last month than in June.
Bullion posted its biggest gain in three months on views that the Fed was becoming increasingly urgent to pull back on monetary stimulus softened.
Gold prices are highly sensitive to rising US interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar.
Spot gold rose as much as 1.3% on Wednesday as the US dollar weakened 0.19% on the news – lending further support to bullion gains.
This morning saw gold prices edge higher, rising 0.1% on Wednesday’s gains to $1,754/oz – while US gold futures rose 0.2% to $1,756/oz.
Copper disruption continues with Codelco workers set to strike
Workers at the Adina mine in Chile will begin a strike on Thursday after rejecting owner Codelco’s final wage offer.
About 82% of members of the two main unions at Andina voted to walk off the job, as mediated talks failed.
According to the union, workers are seeking better benefits and pay that reflects high copper prices.
Adina is a mid-sized mine, producing 184,500mt last year – although the stoppage is part of a wider swathe of labour tensions currently affecting the likes of JX Nippon and BHP.
Away from copper, 125 workers at one of Albemarle’s brine-processing operations walked off the job on Wednesday after failing to reach a wage agreement.
Dow Jones Industrials +0.62% at 35,485
Nikkei 225 -0.20% at 28,015
HK Hang Seng -0.69% at 26,476
Shanghai Composite -0.23% at 3,525
Economics
US – Inflation moderated in July driving treasury yields and the US$ lower on Wednesday.
While ongoing challenges with materials shortages, shipping bottlenecks and staff hiring difficulties meant inflation elevated some price pressures are beginning to ebb, Bloomberg writes.
CPI (%mom): 0.5 v 0.9 in June and 0.5 est.
CPI (%yoy): 5.4 v 5.4 in June and 5.3 est.
Core CPI (%mom): 0.3 v 0.9 in June and 0.4 est.
Core CPI (%yoy): 4.3 v 4.5 in June and 4.3 est.
Fed Reserve Bank of Kansas City President Esther George (non-voting member) called for the Fed to start dialling back monetary stimulus on expectations for continued labour market gains (Bloomberg).
“Now, with the recovery underway, a transition from extraordinary monetary policy accommodation to more neutral settings must follow,” George said yesterday.
“While recognizing that special factors account for much of the current spike in inflation, the expectation of continued strong demand, a recovering labor market, and firm inflation expectations are consistent, in my view, with the committee’s guidance regarding substantial further progress toward its objectives,” she said.
“I support bringing asset purchases to an end under these conditions.”
Signs of U.S. inflation peaking as consumer prices slow in July
July data has revealed a slowing in consumer price growth. They remain at a 13-year high on an annual basis as supply chain disruptions sent prices skyrocketing in the first half of this year.
July’s consumer price index rose 0.5%, down from June’s 0.9% increase, according to official data from the U.S. Labor Department.
July’s drop in the month-to-month inflation rate marks the largest decline for 15 months and the first deceleration of the ‘core’ CPI since February.
The news caused U.S. Treasury prices to fall, whilst the S&P 500 and Dow Jones closed at record levels.
The data will become fundamental to considerations by the Fed at their Jackson Hole conference towards the end of August.
Jay Powell has insisted that rising consumer prices will be transitory but has accepted that policymakers may have underestimated the potential extent of an inflationary period. Analysts believe that July’s data supports the Fed’s consensus over transitory inflation. It is estimated that inflation will remain elevated into 2022.
The dollar declined off its 4-month high as investors fear the Fed will feel ‘more confident that they can let inflation run a little bit hotter’ according to rate strategists at TD Securities.
The price of gold reacted positively to the news as the necessity for an early tapering of asset purchasing by the Fed eased.
China – Authorities issued a five-year blueprint calling for greater regulation of various parts of the economy.
Law enforcement will be strengthened in sectors ranging from food and drugs to big data and AI, the document read.
The government needs to “actively promote legislation” in areas such as national security, technological innovation, public health, culture and education, ethnic religion, biosecurity, ecological civilization, risk prevention, anti-monopoly and foreign related issues, the plan said.
Major Chinese container terminal halted as Covid-19 continues to pressure strained supply chains
China’s second-busiest container port, Ningbo Zhoushan, was forced to suspend operations at one of its terminals yesterday.
The closed terminal accounts for ~25% of container cargo through the port that is further to tighten already strained international supply chain.
The lockdown was triggered by a single port worker who tested positive for the virus, highlighting Beijing’s zero-tolerance Covid policy.
The suspension is expected to add further stress to supply chains already struggling with peak U.S. consumer season between August and November.
An outbreak of a similar scale in May at Shenzen’s Yantian port triggered a month-long lockdown.
The Yantian outbreak was a major contributor to North Asia-to-West Coast North America spot rates to hitting an all-time high.
Hapag-Lloyd told their clients that they ‘expect a delay in planned sailings that might affect…cargo planning’.
Shipping ports are still facing major congestion, with 30 ships anchored in the San Pedro Bay outside the Los Angeles/Long beach port complex yesterday.
UK – Growth bounced back in Q2 with GDP expanding 4.8%qoq, in line with expectations, as the economy benefited from lifting of virus-related restrictions, Bloomberg reports.
Consumer spending was the driving force behind strong numbers posting a 7.3%qoq increase v a 4.6%qoq drop in Q1/21 and a 5.5%qoq rise forecast.
Private spending contributed 4.2pp to the headline GDP number.
Business investment climbed 2.4%qoq but remained more than 15% below pre-pandemic levels.
Net trade ragged as the recovery in domestic demand exceeded the increase in export countries.
Growth is expected to slow down to 2.4%qoq in Q3 as the boost from the final stages of lockdown easing is unlikely to outweigh the lift provided by the opening of the consumer facing industries that gradually reopened during April and May.
GDP (%qoq): 4.8 v -1.6 in Q1/21 and 4.8 est.
GDP (%yoy): 22.2 v -6.1 in Q1/21 and 22.1 est.
South Africa – Business confidence slumped to a nine-month low in July following a week of deadly riots, according to the SA Chamber of Commerce and Industry data.
The index dropped to 93.2 from 96.2 in June marking the lowest point since Oct/20.
Riots and looting are estimated to cost the economy R50bn in lost output and affected at least 150k jobs, Bloomberg reports.
Zambia – Zambians go to the polls today to vote for new president
The incumbent Edgar Lungu beat Hakainde Hichilema who is challenging again by a narrow margin in 2015.
Zambia spends between 30-40% of its tax receipts on interest payments with Chinese creditors accounting for around a third of the $12bn owed.
Government debt has risen to >110% of GDP from just 34% during Lungu’s tenure with new funds from China accounting for munch new infrastructure spend including hydropower and a new, but, unfinished airport.
Delegations from the Commonwealth, EU and African Union are in place to judge the fairness of the election.
Currencies
US$1.1734/eur vs 1.1726/eur yesterday. Yen 110.46/$ vs 110.47/$. SAr 14.686/$ vs 14.833/$. $1.386/gbp vs $1.386/gbp. 0.736/aud vs 0.734/aud. CNY 6.479/$ vs 6.481/$.
Commodity News
Precious metals:
Gold US$1,754/oz vs US$1,731/oz yesterday
Gold ETFs 100.3moz vs US$100.3moz yesterday
Platinum (AIM:ZERO) US$1,016/oz vs US$1,005/oz yesterday
Palladium US$2,638/oz vs US$2,646/oz yesterday
Silver US$23.42/oz vs US$23.34/oz yesterday
Base metals:
Copper US$ 9,580/t vs US$9,491/t yesterday
Aluminium US$ 2,589/t vs US$2,592/t yesterday
Nickel US$ 19,655/t vs US$18,840/t yesterday
Zinc US$ 3,045/t vs US$3,018/t yesterday
Lead US$ 2,323/t vs US$2,292/t yesterday
Tin US$ 35,955/t vs US$35,210/t yesterday
Energy:
Oil US$71.3/bbl vs US$71.1/bbl yesterday –
Oil prices fell during early trading today following two days of gains after a call from the US for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions
The rally in oil prices is becoming a major roadblock in Asia as concerns grow China's outlook is looking worse this month and that can't be good for the demand outlook
Biden's administration on Wednesday urged OPEC+ to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery
OPEC agreed in July to boost output each month by 400,000bopd over the previous month, starting in August, until the rest of their record cuts of 10MMbopd, c.10% of world demand, made in 2020 are phased out
However, there are still concerns that the increase will not be enough to meet demand as the US and Europe ease their coronavirus-induced movement restrictions
Other data from the EIA report weighed on prices including US crude oil stockpiles falling modestly last week, out of step with forecasts, while gasoline inventories dipped to their lowest level since November
More volatile weekly demand numbers also declined
Oil prices were earlier boosted by a pullback in US dollar, and also after the US Senate late on Tuesday passed a US$1Trn infrastructure bill
Natural Gas US$4.060/mmbtu vs US$4.121/mmbtu yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$163.7/t vs US$161.9/t - $2.5bn Dominga copper-iron mine project gains Chilean regulators’ approval
Andes Iron’s $2.5bn Dominga project was awarded approval yesterday from a regional Chilean environmental commission.
The company has spent years in court to gain approval for the project. The commission felt that the new information provided by the company was sufficient.
The project passed in a vote of 11-1 by the Coquimbo commission.
Approval for the project provides welcome encouragement for Chilean-focused mining projects, as the country faces the prospect of aging mines.
Andes Iron has rejected claims by environmentalists that the proximity of the project to sensitive ecological areas could be problematic.
Diego Hernandez, president of Chile’s National Mining Society, has warned that the project’s ‘opponents will insist on continuing to try to prevent its development’.
Chinese steel rebar 25mm US$821.6/t vs US$819.0/t – China steel sector set to spend up to $131bn on green upgrades
China’s steel industry is forecast to spend between 500bn to 850bn yuan ($77bn-$131bn) on green upgrades over the next five years, according to S&P.
Much of the investment will be spent on a switch to electric-arc furnace from blast furnace, while other investments may include ultra-low emissions retrofitting and carbon allowance purchases.
China is the world’s largest steel producer, accounting for more than 50% of the world output- with the sector responsible for ~15% of China’s emissions.
S&P expect Chinese steel capacity to hit a record 1.35bn tonnes this year and peaking in 2022 before plateauing for several years.
US Department of Energy reassures steelmakers of profit potential from green initiatives
Brian Anderson, lab director of the National Energy Technology Laboratory (NETL), believes US steelmakers will be able to benefit from the production of a ‘premium product’, attractive to European buyers who will ‘pay a premium for a lower-embodied material such as decarbonized steel’.
Anderson has lauded the U.S. transition to less carbon-intensive electric-arc furnaces, which account for 70% of U.S. steelmaking. The opposite is true of the global industry.
13.5mn tons of EAF flat-rolled capacity is set to be added by U.S. mills in the next few years.
U.S. government officials believe that government initiatives for greener steel, such as the Eurofer’s planned carbon border adjustment mechanism, will boost potential margins for green steel. Democrats are also considering a similar initiative.
Anderson believes that such carbon initiatives will boost US steelmaking profits by 7-9%.
US steelmakers are being called on to utilise green technologies such as cheap hydrogen power, carbon-capture technology and using direct-reduced iron which stems from higher-grade ores.
Thermal coal (1st year forward cif ARA) US$102.8/t vs US$100.3/t
Coking coal swap Australia FOB US$198.0/t vs US$198.0/t
China Ilmenite Concentrate TiO2 US$358.94/t vs US$358.4/t
Other:
Cobalt LME 3m US$52,500/t vs US$52,500/t
NdPr Rare Earth Oxide (China) US$96,721/t vs US$96,418/t
Lithium carbonate 99% (China) US$14,358/t vs US$14,181/t
China Spodumene Li2O 5%min CIF US$850/t vs US$850/t - Chilean strike potential increases strain on lithium supply
Albemarle Corp’s considerable Atacama Desert brine processing operation is currently suffering a labour shortage as 135 members of the mine’s Salar union went on strike yesterday.
The union and Albemarle failed to reach an agreement over wages, triggering the strike.
The company is confident it will reach an agreement with the union as workers call for better conditions and equal pay.
Albemarle is currently the world’s largest lithium producer, with Chile being the second largest exporter of the key battery ingredient.
The strike has prompted concerns over the supply of lithium in an already tight market, caused by post-pandemic reopening and a booming demand for EV batteries.
The sharp rise in metal prices has encouraged workers to seek better conditions.
Analysts are also concerned over Chile’s new Constitution, currently being drafted, which is expected to increase regulation over water, minerals, glaciers, and community rights, consequently posing a challenge to large-scale mining operations.
Ferro-Manganese European Mn78% min US$1,743/t vs US$1,739/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$67.6/t vs US$66.0/t
Battery News
Chinese EV manufacturer Nio to target VW and Toyota with rebranding efforts
Nio is looking to enter the mass-market EV space in a bid to move away from the limitations of the higher-end car sector.
Chief Executive William Li announced the development of a ‘core team’ as the ‘first step of a strategic initiative’.
Li highlighted Nio’s intentions to ‘provide better product and services at prices lower than Tesla’s’.
The company reported a $101.8m loss in 2Q2021, down 40% from a year earlier.
Nio is planning three new car models for delivery next year, including a new sedan.
Ford & SK battery project to extend to Europe
A senior executive from Ford Motors said yesterday that its joint venture with SK Innovation will include both North America and Europe.
Ford announced this may its agreement with SK to produce 60GWh annually in battery cells starting around 2025. The two companies are still discussing terms of the deal.
Neither company confirmed when the joint venture would begin construction of a European plant.
With Ford’s current EV strategy, over 240GWh of battery cell capacity will be required by 2030, approximately 10 plants.
The venture will account for part of the $30bn Ford plans to invest in electrification efforts by 2030.
Company News
Altus Strategies* (LON:ALS) 59p, Mkt Cap £47m – High grade intersections reported at Diba
BUY – 118p
The Company reported drilling results from its ongoing step out and infill drilling at the Diba gold project in western Mali.
Selected intersections at the Diba deposit included:
8.50g/t over 24m from 20m including 26.45g/t over 7m
2.54g/t over 30m from 36m
2.45g/t over 15m from 26m
1.30g/t over 30m from 12m
True widths are estimated to be 75-100% of down the hole intersections.
Drilling works paused for the rainy season and are set to restart in September.
The team has so far completed ~3,000m and ~1,800m of AC and RC drilling from planned 7,500m and 12,500m.
Drilling will focus on Diba and Diba NW while also testing the potential link between mineralised zones as well as a number of priority prospects located within 3km radius from the Diba deposit.
The plan is to update the existing MRE and PEA following the completion of the programme.
Conclusion: High grade intersections at Diba bode well for a potential increase in mineral resource estimate as the team continues to collect data for an update planned for later this year. Following a brief pause for the rainy season, the drilling programme is to restart with further infill and step out drilling at Diba, Diba NW and other satellite targets.
*SP Angel acts as Nomad and Broker to Altus Strategies
Caledonia Mining* (LON:CMCL) 880p, Mkt Cap £107m – Record Q2 production drives 51% increase in gross profit
Caledonia Mining reports that a 24% increase in gold output in Q2 2021 to a record Q2 level of 16,710oz has driven a 103% increase in “EBITDA (excluding asset impairments, net foreign exchange gains and losses and export incentives) of $14.0 million” (Q2 2020 – US$6.9m) and increased gross profit by 51% to US$13.9m (2020 – US$9.2m).
On mine unit costs declined to US$715/oz (Q2 2020 – US$811oz) and all-in-sustaining costs were US$933/oz (Q2 2020 – US$1,075/oz).
After tax profit of US$3.8m (2020 – US$6.4m) for the quarter was “adversely affected by the impairment of the Glen Hume exploration asset following the Board's decision not to proceed further with this project because the property does not meet Caledonia's strategic requirements in terms of size, grade and width”.
Despite the disappointing exploration results from Glen Hume, “Caledonia will conduct exploration at Connemara North, the other optioned property in Zimbabwe … [and] … will consider further investment opportunities in Zimbabwe and elsewhere.”
Commenting on what he described as an excellent production performance “achieved without compromising on safety”, Chief Executive, Steve Curtis, said that “Production in July was slightly less than 6,000 ounces of gold …[5,995oz] …, which demonstrates that Blanket continues to ramp-up production towards the target rate of 6,700 ounces per month that is required to achieve the production target of 80,000 ounces per annum from 2022”.
Caledonia Mining says that the Blanket mine “is on-track to achieve its production guidance of 61,000 - 67,000 ounces for 2021” and that “On-mine cost guidance for 2021 is in the range of $740 to $815 per ounce; guidance for AISC is $985 to $1,080 per ounce”.
The company confirms that it expects the solar power project at the Blanket mine, which is expected to deliver around 27% of the mine’s requirements, is expected to be completed in April 2022.
Caledonia Mining also confirms that “Although COVID-19 had no discernible effect on production in the Quarter, management has re-introduced strict access controls to the mine and the mine village to limit the rate of transmission of the virus. Blanket is also in the process of vaccinating its workforce and their families”.
Summing up, Mr. Curtis said that “This has been a strong Quarter and these results have left us well placed to achieve our guidance of between 61,000-67,000 ounces for the year. Our immediate strategic focus continues to be to increase production to 80,000 ounces in 2022, while undertaking further exploration and development with the objective of extending the life of mine beyond 2034 thereby safeguarding and enhancing Blanket's long-term future”.
Conclusion: A strong production performance in Q2 leaves Caledonia Mining’s Blanket mine well positioned to meet its 2021 production and cost guidance and keeps it on track to achieve its longer term 80,000oz pa production target in 2022.
*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe
Conroy Gold & Natural Resources (LON:CGNR) 22.75p, Mkt Cap £8.7m – Drilling results from Cargalisgorran
Conroy Gold has reported drilling results from a single, vertical hole drilled to a depth of 103m at Cargalisgooran within its Clay Lake prospect in the Longford-Down Massif in Ireland.
The intersections reported today are:
A single metre averaging 0.7g/t gold from a down-hole depth of 12.50m; and
A 3.5m wide intersection averaging 0.6g/t gold from 16m depth; and
A 2m wide intersection averaging 3.8g/t gold from 72.5m depth. This includes a single metre at an average grade of 6.6g/t gold implying that the second metre assayed 1g/t gold.
Drilling is continuing in the Longford-Down Massif and the company has also disclosed that it has recently identified “A further extensive, c.700 metres by c.250 metres, new gold target to the southwest of the Clay Lake gold target” as a result of a “detailed gold-in-soil sampling programme”.
Chairman, Professor Richard Conroy said that “These drilling results, combined with the previous results from the Clay Lake gold target, where high grade and wide gold intersections have been recorded, further indicate the significant potential of this extensive gold target, which is one of a series of gold targets along the 65km district scale gold trend in Ireland “
Conclusion: Drilling at Cargalisgorran has intersected three zones of gold mineralisation within a single vertical hole. On the basis of a single hole the geometry of the zones will be difficult to ascertain, and it is unclear whether vertical drilling will reflect the true widths of the mineralised structures unless they are relatively flat-lying. Taken in conjunction with any field mapping data the company has available further drilling should help to establish the orientation more clearly. We look forward to further results as the exploration proceeds.
Cornish Lithium (Private) – Geothermal Energy claim world’s highest lithium grade in geothermal waters in Cornwall
Geothermal Engineering which has a joint venture with Cornish Lithium through GeoCubed says it has found concentrations of lithium of >250mg/l in waters at United Downes
While the concentration appear high we wonder if the overall grade of the lithium in the geothermal brines might reduce on a larger flow test.
Lithium concentrations from geothermal brines are stated at 181mg/l by Vulcan Energy in the Upper Rhine Valley in Germany and 181mg/l in the Salton Sea in California.
Vulcan Energy plan to invest ~$2bn into the Upper Rhine Valley project for the production of 15,000t of lithium hydroxide from two sites by 2024, rising to 40,000t in 2025.
Vulcan were forecasting a sales price of $13,000/t of lithium hydroxide and costs ‘well below’ this in comments to Retuers, though the LiOH price may rise above this given the recent $1,250/t auction price received by Pilbara Lithium for spodumene concentrate.
Vulcan claims 90% lithium extraction from its German brines along with a negative CO2 intensity for manufacturing LiOH due to the generation of power from the geothermal waters.
Cornish Lithium claim the waters have low concentration of impurities, an important element in the cost of extraction.
The GeoCubed jv will trial environmentally-friendly DLE technology to remove lithium compounds from the geothermal water which is being used to generate power at the site.
We note the grades given for the geothermal brines are still below lithium grades extracted in the Atacama Desert in Chile where evaporation ponds are used to raise grades further through high levels of evaporation.
By way of comparison SQM & Albemarle increase lithium brine grades from ~1,835mg/l at the Salar de Atacama in Chile to ~6% lithium in the final brine in evaporation ponds for onward processing to lithium carbonate and lithium chloride.
Cornish Metals* (LON:CUSN) – 14.40p, Mkt cap £65m – Tin prices continue to rise on falling LME and SHFE inventories
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Tin prices rise 70% ytd to to US$ 35,955/t from US$21,034/t on 4th January
continue to rise as LME stocks fall by a further 65t to just 2,180t in official LME warehouse stock
A further 65t of warrants were also cancelled on the LME indicating less metal will be available to the market
Shanghai SHFE stocks fell 338t (4.8%) last Friday to 6,707t with just 79t added to SHFE warrants.
* SP Angel acts as broker and financial advisor to Cornish Metals.
Rio Tinto (LON:RIO) – 120p, Mkt cap £179bn - Rio Tinto shares fall as stock goes ex dividend
Rarely is the investor appetite for yield so evident as with Rio Tinto stock falling 7% yesterday
Rio’s stock went ex-Dividend causing traders to mark down the value of the stock along with the inevitable movement of funds onto the next high-yielding resources company.
Shareholders who held the stock till end Tuesday will receive an ordinary dividend of 509.42c and a special dividend of 250.64c/s in September.
The shares have now fallen by more than the value of the dividend payout indicating that investors really will pay for yield.
Other issues which might be moving Rio’s share price are:
Potential further weakness in iron ore prices, which are still at high levels and strengthened slightly overnight
Inflation in the mining industry which is likely to impact on costs
Stronger local currencies which also serve to raise costs, though some US dollar weakness serves to raise commodity prices.
Conclusion: We suspect there is a torrent of money flowing from one high-yielding resources stock to the next. We see oil producer shares jumping on strong results for similar reasons as investors hunt for yield in a market where traditional sources of yield are still offering pitiful returns.
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: 11/08/21: https://www.voxmarkets.co.uk/articles/john-meyer-on-bluejay-bluerock-bushveld-alba-minerals-efe74e1
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.
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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
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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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Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.
SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).
SPA is registered in England and Wales with company number OC317049. The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP. SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.
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SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return of less than 15%
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