SP Angel . Morning View . Tuesday 05 10 21
Thermal Coal prices rise >$195/t as power crisis threatens India
Evergrande contagion fears as another Chinese property developer nears default
AEX Gold (LON:AEXG) – New exploration presentation
Altus Strategies* (LON:ALS) – Tabakorole MRE expands to +1moz
BHP (LON:BHP) – BHP looks to DRC copper in major policy shift
Castillo Copper (LON:CCZ) – Exploration summary for the Big One prospect
Thor Explorations (CVE:THX) – Commercial production at Segilola, Nigeria
Pre-IPO financing opportunity for new gold mine development in Ghana
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India power crisis looms as coal supplies hit worrying lows; steel production expected to be hit
Friday data suggests that India’s 135 thermal power plants have enough coal for 4 more days.
August plants had 13 days of supply on average. Half of those recorded on Friday have less than 3 days’ supply.
80% of India’s coal supplies come from the state-owned, inefficient Coal India Ltd.
India’s coal mining areas have been limited by heavy September rains.
Coal accounts for 66% of India’s power generation and power cuts are expected.
India’s crude steel production accounts for 102.49mt and is the world’s 2nd largest steel producer globally.
Evergrande contagion fears intensify as another Chinese property developer nears default
Fantasia has failed to meet its scheduled debt repayment of $205mn yesterday.
Country Garden’s property management unit stated that an additional $108mn in bond repayments had been missed by Fantasia yesterday and expects the company to default.
Fantasia’s shares have been suspended since Sept. 29.
Fantasia has US$1.9bn in offshore bonds vs Evergrande’s $19bn in dollar-denominated debt.
Sunshine 100, China Oceanwide and China Fortune Land have all defaulted on payments in 2021.
Although Fantasia’s market value is minute at $415mn, its default reignites fears of a sector-wide credit crunch.
Country Garden’s shares fell 4.8% today, however the company is in a better cash position than Evergrande with a comfortable cash to short-term debt ratio of 2.47x.
Evergrande and Guangzhou have critically low ratios of <1x whilst Gemdale, Agile and China SCE have debt ratios of <1.2x.
Evergrande lost a contract with the Canglian local authorities for a $15.5bn contract yesterday.
Authorities are also ordering Evergrande’s sale proceeds to be placed in escrow under management by local governments.
Evergrande projects are also being banned as collateral for mortgages and loan applications.
9 provinces have placed Evergrande housing projects under state management suggesting the start of the developer’s ‘controlled demolition’.
UK – New car registrations slump in September amid global chip shortage
New UK car registrations tumbled by 35% year-on-year in September to around 214,000 units – the weakest September number in over 23 years.
The Society of Motor Manufacturers and Traders said that the industry continued to be plagued by a global shortage of semiconductors, with IHS Markit forecasting that the shortage will lead to 700,000 few global car sales this year.
According to GlobalData, the opportunity cost to the automotive industry resulting from lost production due to the chip shortage stands at $47bn and rising.
Dow Jones Industrials -0.94% at 34,003
Nikkei 225 -2.19% at 27,822
HK Hang Seng -0.20% at 24,085
Shanghai Composite CLOSED at 3,568
Economics
The World Trade Organisation upgraded its projections for global trade growth in 2021 and 2022 to 10.8% and 4.7%, respectively, according to Bloomberg.
The 2021 recovery marks the fastest year-on-year increased since 2010.
US – The proposed $3.5tn social care and climate change package may be trimmed to $1.9-2.2tn after applying income limits for some of the programmes in an effort to get the legislation through the Congress, Bloomberg writes.
Once the bill is approved, legislators will vote on a separate $1tn infrastructure bill.
The House Speaker Nancy Pelosi is targeting 31 October House vote target for the $1tn bill that was already agreed by the Senate in August.
China – Hubei province ramped up purchases of PCR equipment in 2019, months before Beijing notified international authorities of the emergency of a new coronavirus, according to research by a cybersecurity company.
Japan – Tokyo consumer prices picked up for the first time since July 2020 on the back of energy and hospitality industry charges.
Nevertheless, inflation remains significantly subdued amid weak economic background.
Japan remains far behind the US, the UK and other economies where central banks are now considering starting to wind down pandemic-related stimulus.
On a contrary, new PM Fumio Kishida is planning a new stimulus package to reinvigorate growth, although details on the proposal are yet to be provided, Bloomberg reports.
Tokyo CPI (%yoy): 0.3 v -0.4 in August and -0.1 est.
Tokyo CPI ex Fresh Food and Energy (%yoy): -0.1 v -0.1 in August and -0.1 est.
Eurozone
Final Markit Services PMI: 56.4 v 59.0 in August.
Final Markit Composite PMI: 56.2 v 59.0 in August.
Italy
Markit Services PMI: 55.5 v 58.0 in August and 56.5 est.
Markit Composite PMI: 56.6 v 59.1 in August and 57.5 est.
Spain
Markit Services PMI: 56.9 v 60.1 in August and 58.2 est.
Markit Composite PMI: 57.0 v 60.6 in August and 58.3 est.
Australia – Exports hit record high in August on strong commodity prices
Australian exports rose to a record in August as coal, LNG and gold revenues rose strongly, although iron ore exports fell.
Exports increased 4% form a month earlier to a record $48.5bn, leaving a trade surplus of A$15bn – the highest ever according to the ABS.
Key commodities include:
Iron ore -9.7% m/m to A$15.5bn
Coal +12.1% m/m to A$5.5bn
Natural gas +9.9% m/m to A$4.7bn
Gold +14.9%m/m to A$2.2bn
Australian goods exports to China alone stood at A$18.6bn in August, up 55% on a year earlier despite rising political tensions between Canberra and Beijing.
Trade in services remains around half of pre-pandemic levels with Australia’s borders still shut to tourists.
The Reserve Bank of Australia held rates unchanged, in line with expectations, with no revision to weekly bond purchases.
The central bank cut the pace of purchases to A$4bn from A$5bn last month and pushed out next review to mid-February to help support an economic recovery.
The RBA highlighted the temporary nature of the slump and reiterated that the economy is expected to bounce back “as vaccination rates increase further and restrictions are eased”.
Sydney is preparing to ease restrictions following a 15-week lockdown with New South Wales’ state vaccination rate approaching 70%, the first condition for easing, with further reopening at 80%.
The A$ is little changed this morning trading slightly down on the previous day (-0.1%).
RBA Cash Rate Target: 0.1% v 0.1% the previous meeting and 0.1% est.
The EU advisory committee supported the use of a third dose of the Covid-19 vaccines developed by Pfizer (NYSE:PFE) and Moderna.
Booster doses may be considered for all adults at least six months after their second vaccine and at least 28 days for people with severely weakened immune systems.
Poland – Central bank to purchase 100 tonnes of gold in 2022
The National Bank of Poland has initial plans to increase gold reserves by 100 tonnes (2.5moz) next year, according to Governor Adam Glapinski.
In April this year, Glapinski set a target of having a fifth of Poland’s foreign reserves in gold in the coming years.
Currencies
US$1.1594/eur vs 1.6020/eur yesterday. Yen 111.21/$ vs 111.15/$. SAr 15.079/$ vs 14.969/$. $1.359/gbp vs $1.355/gbp. 0.726/aud vs 0.726/aud. CNY 6.445/$ vs 6.445/$.
Commodity News
Precious metals:
Gold US$1,756/oz vs US$1,754/oz yesterday
Gold ETFs 98.9moz vs US$99.0moz yesterday
Platinum US$961/oz vs US$960/oz yesterday
Palladium US$1,906/oz vs US$1,902/oz yesterday
Silver US$22.47/oz vs US$22.48/oz yesterday
Base metals:
Copper US$ 9,165/t vs US$9,153/t yesterday
Aluminium US$ 2,907/t vs US$2,876/t yesterday
Nickel US$ 17,825/t vs US$18,055/t yesterday
Zinc US$ 3,017/t vs US$3,009/t yesterday
Lead US$ 2,144/t vs US$2,128/t yesterday
Tin US$ 34,250/t vs US$33,695/t yesterday
Energy:
Oil US$81.6/bbl vs US$78.9/bbl yesterday
Oil prices reached a seven year high in early trading today after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production
The decision to keep increasing oil output gradually sent prices sharply higher, adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic
OPEC+ agreed in July to boost output by 400,000bopd each month until at least April 2022 to phase out 5.8MMbopd of existing production cuts
Demand for coal and natural gas has exceeded pre-pandemic highs with oil closely trailing, according to the EIA
75% of global energy demand is still met by fossil fuels, with less than a fifth by non-nuclear renewables
OPEC+ has faced pressure from some countries to add back more barrels to the market as demand has recovered faster than expected in some parts of the world
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$5.884/mmbtu vs US$5.745/mmbtu yesterday
Regional natural gas markets in the US are seeing prices for this winter surge along with global record highs, suggesting that the energy bills causing headaches in Europe and Asia will hit the world's top gas producer before long
Gas prices in Europe and Asia have more than tripled this year, causing manufacturers to curtail activity from Spain to Britain and sparking power crises in China
The US has been shielded from that global crunch because it has plenty of gas supply, most of which stays in the country since US export capacity is still relatively small
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$117.0/t vs US$121.0/t
Chinese steel rebar 25mm US$899.2/t vs US$899.2/t
Thermal coal US$195/t – China unloads Australian coal despite informal ban
Australian cargoes have entered Chinese ports and a draft change has been observed, suggesting the unloading of coal.
Braemer ACM Shipbroking’s lead dry cargo analyst estimates that 450,000t of Australian coal had been discharged last month.
It is possible but unlikely that this coal was sold on to other countries.
Australian coal exports to China dropped to zero following November 2020 from 50mt in 2019.
Analysts see it as a ‘sign of policy loosening’ rather than a major policy reversal.
Chinese provinces have ramped up coal shipments from Indonesia, Russia and Mongolia as well as Kazakhstan and the US.
Chinese creditors have been ordered by the banking regulator to provide funding to the coal and power sectors.
27 coal mines were shut yesterday as heavy rain hits the Shanxi province.
Coking coal swap Australia FOB US$361.0/t vs US$361.0/t
China Ilmenite Concentrate TiO2 US$379.38/t vs US$379.4/t
Uranium UXC $43/lb - Japan looks to restart nuclear plants and expand renewables to reach 2030 target
Japan has set a 2030 target to cut 46% in greenhouse gas emissions from 2013 levels.
Minister Hagiuda stated the need for ‘thorough energy conservation and the restart of nuclear power plants.’
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 - Sigma Lithium signs supply deal with battery-maker LG Energy
LG Energy Solution have agreed to buy as much as 100,000tpa of 6% battery-grade lithium concentrate as part of a six-year agreement.
LG will buy 60,000t in 2023 before the annual amount rises to 100,000tpa from 2024 to 2027.
The purchase price of the concentrate will be linked to market prices for the high purity lithium hydroxide during the term of the Offtake.
Both parties have also agreed to an optional additional offtake volume of up to 50,000tpa of material.
Sigma has the largest hard rock lithium deposits in the Americas, at its wholly owned Grota do Cirilo Project in Brazil.
China Spodumene Li2O 5%min CIF US$1,110/t vs US$1,110/t
Ferro-Manganese European Mn78% min US$1,803/t vs US$1,804/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$73.1/t vs US$72.9/t
Battery News
Siemens Gamesa ‘mega-turbines’ taking shape
Siemens Gamesa’s SG 14-222 DD turbine, with a 14MW capacity and 15MW ‘Power Boost’ feature, will be the most powerful wind turbine in operation when the first prototype is completed later this year.
The SG 14-222 DD will surpass the 13MW capacity of the GE Haliade-X at the Dogger Bank A & B wind farms, although a Haliade-X 14MW is expected for installation at Dogger Bank C.
The new Siemens Gamesa model has a rotor with a diameter of 222m, 108m blades and a swept area of 39,000sqm.
According to Siemens, the turbine prototype will be completed in 2021 with the model available commercially in 2024.
One of the new turbines can supply enough energy to power 18,000 European households each year.
RWE (ETR:RWE) placed the first definitive order for the SG 14-222 DD from Siemens Gamesa, in March of this year, for a 1.4 GW Sofia wind farm off the coast of the United Kingdom.
Skill gap could slow progression of EV battery development
LGES, SK On and Samsung SDI, South Korea’s 3 largest battery makers, have stated their concerns over a lack of research and engineering specialists to meet demand.
The three manufacturers control 30% of the global battery market and are facing growing demands from automakers, but there has been difficulty finding enough technicians with the training needed to keep advancing cutting-edge technology.
The ‘exponential’ growth of the South Korean battery sector is lacking 3,000 graduate degree-level positions in key areas.
The global battery sector is forecast to triple to $90bn by 2025.
The EU’s battery industry needs 800,000 new workers by 2025 according to the EU’s European Battery Alliance planning group.
LGES plans to launch a new “battery-smart factory department” at the prestigious Korea University next spring with guaranteed jobs for graduates.
Skills gap threatens battery giants and EV progress
South Korea’s major battery manufacturers, LG Energy Solution (LGES), SK On and Samsung SDI are all experiencing a shortage of research and engineering specialists as the demand for technology continues grow.
The three manufacturers control 30% of the global battery market and are facing growing demands from automakers, but there has been difficulty finding enough technicians with the training needed to keep advancing cutting-edge technology.
According to the Korea Battery Industry Association, South Korea is short of almost 3,000 graduate degree-level positions in areas such as research and design.
The problem is not limited to Korea, the EU’s European Battery Alliance planning group says “re-/up-skilling” is needed in the bloc because its battery industry needs 800,000 new workers by 2025.
LGES plans to launch a new “battery-smart factory department” at the prestigious Korea University next spring with guaranteed jobs for graduates.
Company News
AEX Gold (LON:AEXG) 25.6p, Mkt Cap £45m – New exploration presentation
AEX reports this morning that it has released a new corporate presentation focusing on the Company’s exploration licenses in Greenland.
The Company aims to use innovative technology to explore in Greenland, including mineral system modelling, ionic geochemistry and machine learning/ prospectively modelling.
At AEX’s most advanced stage project, Nalunaq, the company’s next objective is to drill in order to secure resource development, improve geological confidence and refine geological models.
The company has two other gold projects in advanced exploration, the Nanulaq extensions and Vagar Ridge, with drilling and airborne geophysics set to be finalised next month.
The full presentation can be found here: https://www.aexgold.com/investors/presentations/
Altus Strategies* (LON:ALS) 71p, Mkt Cap £57m – Tabakorole MRE expands to +1moz
BUY – 125p
CLICK FOR PDF
The Company released an updated MRE for the Tabakorole Gold Project being developed along with Marvel Gold in southern Mali.
Updated Tabakorole MRE includes a 24% increase in the Indicated category and 7% rise in the Inferred resource.
Indicated resource amounted to 9.2mt at 1.22g/t for 360koz (50koz in oxide and 310koz in sulphide ores);
Inferred resource amounted to 17.3mt at 1.20g/t for 665koz (55koz in oxide and 610koz in sulphide ores);
Total MRE totalled 26.5mt at 1.20g/t for 1,025koz.
This compares to the 2020 estimate for 23.9mt at 1.18g/t for 910koz.
70% of the resource is hosted within 150m of surface with preliminary metallurgical tests having showed that sulphide material is amenable to standard leaching with ~97% recoveries.
Updater MRE includes ~10,000m of drilling funded by Marvel Gold, the JV partner, during the 2020-21 field season.
The estimate includes two new shallow, higher grade zones of mineralisation discovered NW of the main deposit as well as next to the central part of the main mineralisation.
The project remains open down-dip and along strike offering good potential to add more ounces to the mineral inventory.
Altus holds 49% interest in the project with Marvel currently earning a 70% interest through the completion of the third phase of exploration.
Conclusion: Updated mineral resource expanded 13% to 1,025koz at the Tabakorole Gold Project in southern Mali following a JV funded 10,000m drilling programme. While the updated MRE came in short of our expectations for 1.2-1.3moz, the mineralisation remains open at depth and along strike with exploration ongoing as Marvel continues to earn into the project. The JV has also recently secured new exploration permits adjacent to the Tabakorole property as the team aims to further expand the scale of the project.
*SP Angel acts as Nomad and Broker to Altus Strategies
BHP (LON:BHP) 1,845, £97bn – BHP looks to DRC copper in major policy shift
BHP is currently in discussions with Friedland’s Ivanhoe Mines for the purchase of the West Foreland region in the DRC (Bloomberg).
The report sent Ivanhoe’s shares up 10% on the news.
An investment in the Congo marks a shift from BHP’s policy to avoid geopolitically risky jurisdictions.
The Company is looking to secure more copper mine developments as a bet on the red metal’s role in the decarbonization of society.
Ivanhoe’s neighbouring Kamoa-Kakula mine offers one of the highest grades in the world.
Castillo Copper (LON:CCZ) 1.78p, Mkt Cap £18.5m – Exploration summary for the Big One prospect
Castillo Copper has issued results from its recent second phase of drilling on the Big One deposit in Queensland and provided a summary of the project status after the completion of two phases of drilling.
The recent programme consisted of 20 reverse circulation (RC) drillholes totalling 2,632m and drilled on a nominal 100m spaced grid and an RC hole (BO334DD) comprising a diamond cored ‘tail’ from a depth of 68.85m for a further 32.31m.
The company explains that the first four holes of the campaign “extended known mineralisation” associated with a “dacite dyke, with the best intercepts comprising”-
An intersection of 9m at an average grade of 1.42% copper from a depth of 88m in hole BO-317RC and including higher grade sections of 4m averaging 3.06% copper from 92m depth and a single metre assaying 9.19% copper at a depth of 92m; and
An intersection of 5m at an average grade of 1.06% copper from a depth of 141m in hole BO-316RC; and
An intersection of 16m at an average grade of 0.59% copper from a depth of 166m in hole BO-318RC; and
An intersection of 3m at an average grade of 1.22% copper from a depth of 65m in hole BO-315RC
The company comments that these results are consistent “with results from the first drilling campaign completed in late 2020”which included:
An intersection of 40m at an average grade of 1.64% copper from surface in hole BO-303RC; and
An intersection of 44m at an average grade of 1.19% copper also from surface in hole BO-301RC
The company says that the “drill-holes that targeted the halo, south of the dacite dyke, verified the known system runs for only circa 400m along the strike extent then intersects at a sharp angle with a major regional fault”. Highlighted results from this area include:
An intersection of 4m at an average grade of 0.56% copper from a depth of 100m in hole BO-326RC, including a single metre averaging 1.58% copper at 100m depth; and
An intersection of 5m at an average grade of 0.77% copper from a depth of 93m in hole BO-327RC, including 2m averaging 1.57% copper
Castillo Copper’s third drilling campaign at Big One is expected to consist of “at least 22 drill-holes … [which] … will target several prime areas including the sizeable bedrock conductor on the north side of the dacite dyke” where “the geophysical characteristics of the northern bedrock conductor are identical to the known system prevalent along the line of lode”.
Managing Director, Simon Paull, said that the results from the second phase of drilling had extended the zone of high grade mineralisation and that “the third drilling campaign at Big One Deposit will hit priority targets north of the line of lode, which includes a sizeable bedrock conductor”.
Castillo Copper has also completed sampling on 12 stockpiles generated by mining during the 1990s and determined that they “comprise 7,407t @ 1.17% Cu” with individual assays ranging “up to 3.32% Cu reconfirming the high-grade nature of the underlying system”.
Drilling at the Arya prospect, which is part of the wider ‘Big One’ area is due to start in the coming weeks
Conclusion: Two phases of drilling at the Big One prospect in Queensland’s Mt Isa Belt has provided sufficient encouragement that the company is now planning to drill at least 22 more holes to test a similar geophysical northern conductor to that investigated so far on the southern side of a dacite dyke.
Thor Explorations (CVE:THX) C$0.25, Mkt Cap C$156m – Commercial production at Segilola, Nigeria
Thor Explorations has declared commercial production at its Segilola gold mine in Nigeria following initial gold production in July.
The company reports that the processing plant is “consistently operating in-line with its design throughput capacity of 715,000 tonnes per annum” and that “two ore zones have been prepared for commencement of higher-grade direct tip operation in October”.
The company explains that “During the ramp-up, a number of minor faults were identified including a faulty heat exchanger at the mill and a faulty valve which was found to be limiting the performance of the gravity circuit. There were also a number of supply chain issues relating to the supply of good quality activated carbon. All faults have been rectified by the EPC contractor and supply chain issues have been resolved”.
Confirming that “the mine is running smoothly at design throughput capacity”, President & CEO, Segun Lawson said that the successful commissioning “marks the start of an exciting growth phase for the Company through the combination of stable high grade gold production and exploration potential in the region around Segilola and progress on our Douta project in Senegal.”.
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
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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