SP Angel . Morning View . Monday 04 10 21
Risk sentiment pulls back amid stagflation concerns
Pre-IPO financing opportunity for new gold mine development in Ghana
We are raising funds for an advanced gold project in Ghana with good upside exploration potential
The project offers potential to fast-track gold production using a low-cost heap leach.
Management are experienced and are looking to IPO within 18 months.
Please contact us if you are interested in pre-IPO funding of the opportunity
Aura Energy* (LON:AURA) – Trading Halt on ASX
BHP (LON:BHP) – Nickel supply agreement signed with Toyota-Panasonic
Botswana Diamonds (LON:BOD) – Renewal of prospecting licences in Botswana
Caledonia Mining* (LON:CMCL) – Increased quarterly dividend
Castillo Copper (LON:CCZ) – Positive preliminary due-diligence results at the Picasso lithium project
Cornish Lithium (Private) – New hires strengthen team supporting the United Downs Deep Geothermal and other projects
Oriole Resources (LON:ORR) – Exploration results from Thani Stratex Djibouti
Scotgold Resources* (LON:SGZ) - BUY – Production ramps up at Cononish
Tirupati Graphite (LON:TGR) – Graphene research agreement signed with Monash University
China energy crisis set to limit domestic metals production
Chinese power shortage expected to limit primary metals producers over manufacturers in a bid to maintain economic growth.
Rare Earths, steel, aluminium, nickel and refined copper are likely to see reduced power availability cutting smelting and refining.
China is likely to limit metal exports while prioritising supplies to domestic consumers, particularly for Rare Earths and battery metals.
Chinese steel output fell to 5.05mt of steel products exported in August vs 5.67mt in July and 7.97mt in April.
Aluminium exports from China fell 10.3% in the first 8 months of 2021.
Coal and LNG supply limitations are forecast to continue through the winter on unplanned outages and as Indonesia and Australia struggle to raise output.
China’s Vice-Premier’s order to secure LNG supplies ‘at any cost’ is set to hit European by causing a potential global bidding war.
Copper (US$ 9,153/t ) prices rise on continuing fall in LME and SHFE stock levels
Trading volumes are low as Chinese markets remain closed for a week holiday.
Shanghai warehouse stocks are at their lowest since June 2009 at 43,525t
LME stockpiles fell 14% in September.
Dow Jones Industrials +1.43% at 34,326
Nikkei 225 -1.13% at 28,445
HK Hang Seng -2.26% at 24,021
Shanghai Composite Closed at 3,568
Economics
China - National Day public holiday this week commemorating the establishment of the People's Republic of China on 1 October 1949.
The Chinese Communist Party victory in the Chinese Civil War resulted in the Kuomintang retreat to Taiwan and the Chinese Communist Revolution whereby the People's Republic of China replaced the Republic of China. (Wikipedia)
China – Trading in Evergrande shares as well as its property services unit were suspended in Hong Kong on Monday pending a possible takeover offer of the latter.
Hopson Development Holdings Ltd., whose shares were also suspended on Monday, plans to acquire a 51% stake in Evergrande Property Services Group Ltd. for more than HK$40 billion ($5.1 billion), according to a report by Cailian, Bloomberg reports.
A disposal of the stake should help address the parent company’s liquidity crisis.
Chinese public equity markets are shut for a national week holiday through Thursday.
US – Richard Clarida, a member of the Board o Governors of the Fed, is reported to have switched $1-5m out of a bond fund into equity fund a day before Chair Jerome Powell issued a statement highlighting possible policy action in Feb/20.
“Vice Chair Clarida’s financial disclosure for 2020 shows transactions that represent a pre-planned rebalancing to his accounts… the transactions were executed prior to his involvement in deliberations on Federal Reserve actions to respond to the emergence of the coronavirus and not during a blackout period…. the selected funds were chosen with the prior approval of the Board’s ethics official,” a Fed spokesman commented on the news.
Turkey – Inflation accelerated to the fastest pace since Mar/19 after central bank cut the benchmark rate in the latest meeting last month.
CPI climbed 19.6%yoy in September, up from 19.3% in August.
The data puts further pressure on the Turkish lira and the central bank that unexpectedly cut its 1-week repo rate by 100bp to 18% in late September.
Currencies
US$1.1602/eur vs 1.1588/eur last week. Yen 111.15/$ vs 111.09/$. SAr 14.969/$ vs 15.064/$. $1.355/gbp vs $1.344/gbp. 0.726/aud vs 0.720/aud. CNY 6.445/$ vs 6.445/$.
Commodity News
Precious metals:
Gold US$1,754/oz vs US$1,757/oz last week
Gold ETFs 99.0moz vs US$99.2moz last week
Platinum US$960/oz vs US$963/oz last week
Palladium US$1,903/oz vs US$1,877/oz last week
Silver US$22.48/oz vs US$22.17/oz last week
Base metals:
Copper US$ 9,153/t vs US$8,930/t last week
Aluminium US$ 2,876/t vs US$2,863/t last week
Nickel US$ 18,055/t vs US$17,755/t last week
Zinc US$ 3,009/t vs US$3,004/t last week
Lead US$ 2,128/t vs US$2,089/t last week
Tin US$ 33,695/t vs US$33,690/t last week
Energy:
Oil US$78.9/bbl vs US$78.3/bbl last week
Oil prices have dipped in early trading ahead of OPEC+’s meeting later today which may determine whether a recent rally in prices amid supply shocks and a recovery from the COVID-19 pandemic will be sustained.
Brent crude is currently down 37 cents or 0.5% at US$78.91/bbl
It rose 1.5% last week, its fourth weekly gain in a row
Similarly, WTI dropped by 39 cents or 0.5% to US$75.49/bbl, after gaining for the past six weeks
OPEC+ is facing pressure from some countries to produce more to help lower prices as demand has recovered faster than expected in certain parts of the world
OPEC+ agreed in July to boost output by 400,000bopd every month until at least April 2022 to phase out 5.8MMbopd of existing cuts
The earliest any increase to this number would take place would be November since the previous OPEC+ meeting decided October volumes
The oil price rally has also been fuelled by an even larger increase in gas prices which have spiked 300% and are trading around US$200/bbl in comparable terms, prompting switching to fuel oil and other crude products to generate electricity and for other industrial needs.
On the supply side, Hurricane Ida disrupted production in the US Gulf of Mexico, and some OPEC+ members are struggling to pump to the full capacity of their quotas
In addition, US shale producers have shown remarkable discipline in drilling activity despite the fact that WTI has been trading above US$60/bbl for nearly six months
Many analysts and oil companies see global oil demand returning to the pre-crisis levels of 2019 as early as the start of next year, if not earlier, by the end of 2021
Oil demand worldwide is expected to hit 100MMbopd by the end of this year or in early 2022, whilst demand next year is set to rise to 102MMbopd
Natural Gas US$5.745/mmbtu vs US$5.908/mmbtu last week
Concerns remain that Russia could be using the ongoing natural gas crisis to lobby for the newly completed Nord Stream 2 pipeline to come online by not sending more natural gas for Europe's storage
Russia was the largest exporter of natural gas to the European Union in 2019 and 2020, representing more than 40% of EU imports
The International Energy Agency (IEA) said that Russian exports to the EU were down from their 2019 levels and that "Russia could do more to increase gas availability to Europe and ensure storage is filled to adequate levels in preparation for the coming winter heating season
Gas prices in Europe and Asia traded about four times over US gas due to demand for the fuel in Asia and low stockpiles in Europe ahead of the winter heating season, when demand peaks
The UK’s NBP virtual trading hub for natural gas also hit a record-high price, with front-month contracts reaching an all-time high yesterday afternoon
The surge in natural gas prices is also due to a massive supply shortage in Europe, a situation that is quickly spilling over into other countries and other markets, including the coal and oil markets as demand for power exceeds supply
The natural gas crisis is set to intensify as winter heating season approaches, with supplies insufficient to keep up with current demand, let alone build stockpiles for what will be increased demand in the cold season
Europe’s natural gas crisis has prompted European fertilizer producers to curb output, which could send food prices soaring along with the natural gas prices
It has also sparked warnings of blackouts and factory shutdowns
If the winter is colder than normal, natural gas supplies could run even shorter, leaving Europeans and possibly other countries, especially those that can barely afford current energy prices, in the cold
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$121.0/t vs US$115.9/t
Chinese steel rebar 25mm US$899.2/t vs US$896.2/t
Thermal coal (1st year forward cif ARA) US$168.0/t vs US$155../t - China relaxes coal mine safety efforts amid energy crises
Chinese regulators plan to be less heavy-handed in their response to mining accidents as authorities ask coal producers to ramp up output.
The National Development and Reform Commission told miners at a meeting on Thursday that accidents will no longer result in the shutdown of nearby mines for safety inspections.
Beijing announced last week that it has called on coal miners to produce at full capacity for the rest of the year even if they exceed quota limits.
China has restricted coal production this year though its quota system that caps annual output of mines in order to manage supply.
Authorities have also been clamping down on illegal mining and limiting production from certain sites in a bid to improve air quality.
Sadly, Chinese coal mines are not considered to be particularly safe work places and we suspect the fatality rate will rise markedly as a result of this move.
China buys first batch of Kazakhstan coal as it looks to increase its supply
East China manufacturing hub Zheijang province has bought 136,000t of 6,000 calorie premium quality coal.
The shipment is the first China has made from Kazakhstan owing to the inflated prices from rail transport.
The purchase highlights the country’s desperation for thermal coal as power outages continue.
A 130,000 purchase of US coal in June and July further highlights China’s limited options.
Coking coal swap Australia FOB US$361.0/t vs US$356.0/t
China Ilmenite Concentrate TiO2 US$379.4/t vs US$379.4/t
Other:
Cobalt LME 3m US$53,380/t vs US$53,380/t
NdPr Rare Earth Oxide (China) US$92,943/t vs US$92,943/t
Lithium carbonate 99% (China) US$26,533/t vs US$26,533/t
China Spodumene Li2O 5%min CIF US$1,110/t vs US$1,110/t
Ferro-Manganese European Mn78% min US$1,804/t vs US$1,802/t
China Tungsten APT 88.5% FOB US$305/t vs US$305/t
China Graphite Flake -194 FOB US$555/t vs US$555/t
Europe Vanadium Pentoxide 98% 8.1/lb vs US$8.1/lb
Europe Ferro-Vanadium 80% 31.75/kg vs US$31.75/kg
Spot CO2 Emissions EUA Price US$72.9/t vs US$72.8/t
Battery News
Tesla – 243k vehicles delivered in Q3, exceeding estimates
Tesla’s Q3 deliveries exceed analyst predictions of around 221k EVs during the period.
Tesla produced 238k vehicles in the quarter, of which 229k were Model 3 and Y vehicles.
Last quarter, Tesla delivered 201k vehicles and produced 206k cars.
Tesla put customers through repeated, unexpected delivery delays over the period, blaming “global supply chain and logistics challenges”
that it had produced its first commercial batch of nickel sulphate crystals at its Nickel West mine.
Iron battery breakthrough has potential to reduce lithium reliance
SB Energy Corp, a US renewables firm backed by SoftBank, is accumulating batteries produced by ESS Inc.
ESS batteries use ‘iron flow chemistry’ and the company claims they have the potential for ‘long-duration energy storage’.
They will be used primarily for solar projects across the US initially with SB Energy planning to buy enough batteries to power 50,000 homes a day by 2026.
Iron flow batteries are more affordable to produce, however their size limits them to grid-scale energy storage use as opposed to in EVs.
ESS plans to go public via SPAC within the month at a $1.07bn valuation.
State-owned FAW Jiefang to invest $4.6bn in EV research bases and zero-carbon emissions factory
China’s oldest carmaker is looking to deliver 0.5mn new-energy vehicles by 2035.
The company plans to produce 120,000 green vehicles in 2025, increasing this to 320,000 units by 2030.
The investment spans areas such as production of fuel-cell vehicles and systems as well as research and development bases across 4 countries.
Company News
Aura Energy* (LON:AURA) 13.36p, Mkt Cap £44.3m – Trading Halt on ASX
Aura Energy reports its shares have gone into a trading halt on the ASX
Tiris: the company is making progress with its Tiris uranium project in Mauritania.
Aura is looking to enhance the project through the estimation of a vanadium by-product credit at Tiris to potentially lower overall operating costs.
Tiris has a 100.3mt resource grading around 254g/t U3O8 containing 56m lbs of U3O8 at a 100g/t cut off.
The calculated capital cost of developing the Tiris is US$74.8m with continuing optimisation aiming to deliver capital and operating cost reductions.
Häggån: Aura also holds title to the Häggån Battery Metals project in Sweden where it plans to pursue a claim for compensation against the Swedish Government in relation to the Government’s August 2018 decision to ban uranium mining.
Tasiast South: work continues in the gold prospects at Tasiast South, in Mauritania an induced polarisation geophysical survey started in September and completion of a gravity survey. Management are working on the potential sale or joint venture of these assets.
*SP Angel are Nomad and Broker to Aura Energy
BHP (LON:BHP) 1,849p, Mkt cap £97bn – Nickel supply agreement signed with Toyota-Panasonic
BHP said on Monday that it had agreed to supply nickel sulphate from its Nickel West operation in Western Australia to a battery-making JV between Toyota and Panasonic.
The parties will also explore the possibility of recycling batteries at Nickel West, for further processing and production of nickel bearing products.
Last week, BHP produced its first nickel sulphate crystals from its Kwinana nickel sulphate plant outside Perth.
When fully operational, the plant will produce 100,000tpa of nickel sulphate, enough to make 700,000 EV batteries each year.
Toyota is the second car manufacturer to have contracted BHP for the supply of nickel-sulphate crystals after Tesla signed a deal for the key cathode material in July.
Botswana Diamonds (LON:BOD) 1.15p, Mkt Cap £8.9m – Renewal of prospecting licences in Botswana
Botswana Diamonds reports the renewal of two prospecting licences with a combined area of 224 km2 located to the west of the Ghahgoo diamond mine in Botswana “where Botswana Diamonds holds an interest and is the operator”.
The renewals extend the rights for a two-year period from 1st October 2021 and cover areas where “Recent aeromagnetic and surveys followed by targeted ground magnetic surveys and soil sampling have identified drill targets”.
The licences, which are held by a wholly owned subsidiary, Sunland Minerals, “form part of BOD's joint venture with Diamexstrat and Burgundy Diamond Mining … Any work programme will be funded as part of the earn-in arrangement by our joint venture partners”.
Managing Director, James Campbell, explained that the recent “operational progress at nearby Ghaghoo and KX36 has transformed” the logistical challenges of exploration in the area as “much of the set-up costs have already been incurred and incremental discoveries may therefore be potentially developed at lower cost and risk”.
The company confirms that the “Environmental Management Plan for future drilling has been completed and approved” and taken in conjunction with resolution of the logistical issues we imagine that the company may be moving towards a drilling campaign to follow up on the geochemical and geophysical targets.
Caledonia Mining* (LON:CMCL) 910p, Mkt Cap £109m – Increased quarterly dividend
Caledonia Mining has announced a further increase of 1US¢/share in its quarterly dividend to 14US¢/share.
The rise, which is the seventh increase since October 2019, is a reflection of the increasing confidence of management as the completion of the Central Shaft project at the Blanket mine earlier this year establishes the foundations for a mine life extending into the 2030s and maintains the company’s long-term target of 80,000ozpa gold production from 2022.
The company reiterates its production target of 61-67,000oz of gold production for 2021.
Chief Executive, Steve Curtis, commented that “The anticipated increase in production following the successful commissioning of the Central Shaft earlier in 2021 gives us confidence to further increase the dividend payment in addition to providing funding for investment in new projects, including the exploration prospects at Maligreen and Connemara North” and also clarified that the increase announced today “represents a 104 per cent rise since October 2019”.
Conclusion: The continuing increases in quarterly dividend over the last two years, by one of the AIM mining market’s consistent dividend payers is welcome reinforcement of the success of the 5-year, US$67m capital investment at the Blanket mine which underpins increased production levels and secures the long-term future of the mine.
*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe
Castillo Copper (LON:CCZ) 1.83p, Mkt Cap £18.0m – Positive preliminary due-diligence results at the Picasso lithium project
Castillo Copper has announced that preliminary technical due diligence at the Picasso lithium project in Western Australia has “verified assay results from historical geochemical sampling, undertaken Anglo Gold, across the Picasso Lithium Project and adjacent tenure, detected multiple elevated lithium surface readings”.
A geological consultant has visited the project area and “verified the presence of numerous outcropping pegmatites, noted the potential for these to host lithium mineralisation and highlighted there were numerous targets for integrated exploration”’ particularly in the eastern part of the exploration area.
The company confirms the continuation of its due diligence campaign “including return of assay results for surface sampling campaigns”.
Along with the Litchfield project in the Northern Territory, the Picasso project is one of two lithium projects the company recently optioned as a diversification of its predominantly copper-focussed exploration portfolio which includes its Big One project in Queensland and exploration of the Luanshya and Mkushi projects in Zambia.
Cornish Lithium (Private) – New hires strengthen team supporting the United Downs Deep Geothermal and other projects
Cornish Lithium report the hiring of Patrick Forward as head of project development, Hard Rock Minerals, and Henry Chalcraft as its Land Agent.
Patrick Forward is a Qualified Person for NI 43-101 and JORC reporting and previously served as COO at Euromax Resources VP, Projects & Exploration at European Goldfields (TSX:EGU), where he was responsible for operations at the Stratoni Mine in Greece and the development of the Skouries and Olympias projects in Greece.
Henry Chalcraft has built a career in land management and minerals extraction acting as the technical services lead for Orica in the UK and Ireland and as the Drill and Blast specialist for Rio Tinto at its Oyu Tolgoi Project in Mongolia.
The expanded team will continue to develop Cornish Lithium’s projects and mineral rights portfolio with the aim of creating a battery metals hub in Cornwall.
The team are building a Pilot Plant at the United Downs Deep Geothermal Project
Trelavour Hard Rock Project lithium resource is due soon
United Downes: Geothermal Engineering recently reported lithium concentrations of >250mg/l in waters at United Downes where it is working in conjunction with Cornish Lithium.
The company continues to consolidate its mineral rights portfolio including licenses for other minerals in Cornwall.
Conclusion: Cornish Lithium is growing its team for the development of a diversified portfolio of battery metals in Cornwall. The addition of these two, well qualified, individuals should help the company move forward on the two lithium projects as well as on the potential development of other minerals in the region.
Oriole Resources (LON:ORR) – 0.48p, Mkt cap £7.1m – Exploration results from Thani Stratex Djibouti
Oriole Resources has provided a progress report on recent developments at its 9.21% owned Thani Stratex Djibouti (TSD) where the African Minerals Exploration and Development Fund (AMED) is managing and funding exploration of a portfolio of low-sulphidation epithermal gold projects on the East African Rift Valley.
Oriole Resources explains that “The first and second tranches of the funding, … [from AMED] … totalling US$5 million, have been used to undertake drilling programmes at the Pandora, Assaleyta and Hesdaba projects”.
At Assaleyta, two further diamong drill holes have tested the “centre of the epithermal system at the Red Eagle Mountain and Porcupine Hill prospects respectively”with partial results received to date including:
“results for hole Ay-D-08, drilled at Porcupine Hill, have returned a best intersection of 38.10m grading 2.21 g/t Au from 126.60m including 17.37m grading 3.59 g/t Au. Further results from below this interval are awaited” and
Results from 11 reverse-circulation drillholes including:
12m at an average grade of 0.53g/t gold from a depth of 3m in hole Ay-R-09
Assays from a further seven holes Ay-R-16-22 are awaited.
At Hesdaba, results from a grab-sampling programme include samples assaying 36.90g/t and 6.8g/t gold from the Red Horns prospect and 19.00g/t and 16.45g/t gold from the Caravan prospect and 10.35g/t gold from the Maranzana prospect.
“Results for a further 484 diamond core and RC drilling samples (inclusive of QAQC) from Assaleyta and 1,453 diamond core and RC drilling samples (inclusive of QAQC) from Hesdaba are anticipated in early Q4-2021”.
Oriole Resources confirms that as “Oriole's interest in TSD has been reduced to 9.21% and the projects are no longer considered material from an AIM reporting perspective”. Managing Director, Tim Livesey, explained that “Whilst we will no longer be reporting regularly on the exploration results for TSD, we do believe that the ongoing exploration programmes are continuing to grow the value of the projects significantly”.
Conclusion: AMED’s investment in TSD has diluted Oriole Resources’ interest below 10% but has progressed the exploration of targets at Assaleyta and Hesdaba with encouraging assays from drilling and further results expected during Q4.
Scotgold Resources* (LON:SGZ) 87p, Mkt Cap £52m – Production ramps up at Cononish
BUY
Mining operations continued uninterrupted in September with the third of four planned cuts established in the stope improving mining flexibility at the high grade Cononish gold/silver underground mine.
The Company is using vertical cut and fill stoping method as the ore grade continuity appears to be better vertically as opposed to long hole open stoping envisaged previously.
The method allows for a more grade consistency fed into the plant and is a temporary measure during the ramp up stage of the operation.
Gold concentrate production climbed 24%mom to 62t (~580oz) from 50t (>450oz) in August on improved processing plant availability.
The team reports September was the second consecutive month that Cononish demonstrated positive operating profit.
Tailings filter is now performing consistently while the gravity circuit is expected to be optimised this month producing gold for Scotgold’s partners in the jewellery industry.
The team is monitoring plant operations regarding higher wear on certain parts from processing of the quartz material in mined ores and is planning to establish a maintenance schedule to allow for the plant to achieve targeted throughput levels.
The second DUX truck arrived on site in September with the team increasingly focused on critical parts and necessary spares to reach target mining equipment and processing plant availability.
The Company completed a cost base optimisation programme focused on removing inefficiencies bringing in external contractors and reducing fixed costs.
Operational team has been expanded bringing new employees to support 24-hour operation for the mine and process plant.
Conclusion: Cononish operations are ramping up with the team progressively debottlenecking the mine and processing facilities with monthly production rate up 24%mom in September and the mine reporting an operating profit for the second consecutive month.
*SP Angel act as Nomad and broker to Scotgold Resources. A number of SP Angel analysts have visited the Cononish gold mine
Tirupati Graphite (LON:TGR) 99p Mkt Cap £85m – Graphene research agreement signed with Monash University
Triupati reports that it has entered into a research agreement with Monash University, Australia to develop commercial applications for a range of graphene products.
Research will involve analysing the following range of commercial products:
Graphene Dispersions: To achieve stable dispersion of Graphene Oxide and Reduced Graphene Oxide ('GO' and 'rGO') in liquids for use in a suite of applications like concrete, acoustics and composites
Conductive / High Strength Polymers: Optimising use of GO and rGO in polymers to enhance strength, thermal, electrical and other mechanical properties to manufacture new age plastics with potential use in acoustics, aerospace, defence, automotive, charge insulation and other applications
Graphene - Plastic Railway Sleepers: Development of a graphene-polymer composite using recycled plastic and GO for potential use in railway sleepers with Monash Institute of Railway Technology joining this activity
Smart Skin & Performance Coatings: Development of a smart skin (protecting and self-healing coating) and performance coatings using GO and rGO for use as anti-corrosive coatings on structural steel, marine, defence applications and more
Recyclability: Assessment of recyclability cycles of these graphene-polymer composites for ability to utilise recycled polymers
Tirupati will own all the intellectual property outcome from the collaboration with Monash retaining use for academic publication and further research.
Recent Interviews:
IGTV: Stock picks in the small-cap mining space:
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
Rob Rees – Rob.Rees@spangel.co.uk - 0203 470 0535
Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
SP Angel
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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