SP Angel . Morning View . Thursday 07 10 21
Manufacturers increasingly investing in EV supply chains
Markets climb as US lawmakers are expected to lift the debt ceiling
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
Alba Mineral Resources (LON:ALBA) – Plans for Clogau mine to focus on underground bulk sampling
Altus Strategies* (LON:ALS) – BUY, 125p – Drilling restarts at the Diba project in Mali
Aura Energy* (LON:AURA) – Tiris offtake agreement
BlueRock Diamonds (LON:BRD) – 7.1ct diamond sold for $64,826
Castillo Copper (LON:CCZ) – Initial due diligence work at Litchfield
Central Asia Metals (LON:CAML) – Robust Q3 production results
IronRidge Resources* (LON:IRR) – Application for trading on the OTCQX market
Kavango Resources (LON:KAV) – Prospecting license renewals
Sunrise Resources (LON:SRES) – Leases Nevada claims to Kinross Gold
BMW invests in lithium extraction company
BMW has formed part of Lilac Solution’s $150mn series-B financing round.
Lilac has developed and patented a technology for ion-exchange with the potential to reduce costs and improve the efficiency and sustainability of lithium extraction from brine resources.
The tech has worked on a small scale and Lilac are hoping it is scalable to an industrial level.
It can return recovered brine underground boosting environmental credentials.
General Motors looks to develop REE supply chain
General Motors and General Electric (NYSE:GE) have announced they plan to study ways they could develop a supply chain of rare earths and other minerals used to make electric vehicles and renewable energy equipment.
Both companies have signed an MoU to evaluate how they could work together to improve access to rare earths and rare earth magnets.
The companies are set on focusing on opportunities in North America as well as Europe, according to GM.
A spokesman for GE commented: "While we do not have a definitive timeframe for implementing it, working with GM gives us another tool to obtain reliable, sustainable and competitive sources of key materials,"
Copper prices rise on Peruvian supply disruptions
LME 3-month contracts rose 1.3% to $9,173/t.
Shanghai Futures inventories hit their lowest since 2009 and LME stocks fell 27% to 90,725t.
The leader of an indigenous community in Peru’s Espinar province has blocked a vital road in protest to Glencore’s Antapaccay mine.
Peru is the world’s second largest copper producer.
Brazil’s Vale has also had to limit production at its Salobo mine following a fire.
China’s week-long holiday has seen limited trading activity for the metal however pre-positioning is contributing to the price rise before markets open tomorrow.
The US Senate’s progress to averting a federal debt default has also boosted economic sentiment and thus copper’s appeal.
Global nickel output expected to rise 18% in 2022
The International Nickel Study Group forecasts nickel production to increase by 18.22% next year.
The fundamental output increase is expected to stem from Indonesia’s production recovery from its 2020 ore export ban.
The INSG expects global output to hit 3.12mt in 2022 from 2.639mt in 2021.
High pressure acid leaching in Indonesia is set to drive this growth in output.
Dow Jones Industrials +0.30% at 34,417
Nikkei 225 +0.54% at 27,678
HK Hang Seng +2.83% at 24,646
Shanghai Composite CLOSED at 3,568
Economics
UN’s world food price index climbed to the highest in decade amid input costs inflation and supply chain bottlenecks.
US – Private payrolls climbed more than forecast in September with Covid infections starting to pull back helping hiring in the services sector, according to the ADP data.
September NFPs report is due this Friday and will be closely watched by the Fed for indications of the strength of a recovery in the labour market with expectations for the central bank to start dialling back stimulus bond purchases from November.
ADP Employment Change (‘000): 568 v 340 (revised from 374) in August and 430 est.
US Senate nears temporary agreement on raising debt-ceiling
Top Republican Mitch McConnell has raised the potential of an extension of the federal debt ceiling into December.
Democrats have forecast they will not be able to meet obligations by Oct. 18.
Neither the White House nor Senate Democratic Leader Chuck Schumer have commented on a potential delay.
A delay to December may complicate Biden’s major infrastructure and social spending bills.
Democrats are hoping to suspend the debt limit until December 2022 when they hope to have full control of Congress following midterm elections.
A US debt default would have dire consequences for the dollar and US Treasuries.
US officials seek feedback on China tariff exclusions
The US Trade Office will take public comments on its plans to exclude 549 import product categories for its tariff programme.
Biden’s administration has accused Beijing of failing to honour Trump’s Phase 1 trade deal.
The agreement was intended to soften tensions between world’s two largest economies.
Tariffs have been criticised by US companies for driving up costs.
Public comments will be used to gauge the impact of each exclusion on employment, supply chains and general China-related policy.
The exclusions include industrial components, thermostats, medical supplies, and textiles.
China starts maintenance on key coal transport line to alleviate shortages
The China State Railway Group is working on a vital coal transport line in northern China.
It hopes this will help reduce supply limitations on coal deliveries as winter approaches.
Maintenance on the 653km line is expected to be completed on Oct. 28.
100mt of coal was transported over the line in the summer as heatwaves saw increased power demand.
The Group has pledged an increase of freight capacity on the line to ramp up coal inventories at the 363 power plants with direct rail access.
India has responded to its shortages by allowing ‘captive’ coal mines to sell 50% of output.
Captive coal mines usually produce coal for solely their own use however the coal ministry’s move is hoped to increase supply on the open market.
Japan – The Federal Reserve’s Beige Book equivalent report on the country’s regional economies shows five out of nine provinces reported deteriorating economic conditions now than three months ago.
The report suggests the central bank may cut its growth forecasts for this fiscal year at a meeting later this month.
It also suggests more monetary and fiscal stimulus is required to help the economy moving forwards.
Manufacturing challenges related to disruptions from shortages of parts and chips while a slump in consumer spending was attributed to a surge in Covid infection cases over the summer.
IMF executive board met with its Managing Director Kristalina Georgieva regarding allegations raised by WilmerHale’s investigation into the World Bank’s Doing Business 2018 report.
Georgieva is accused of pressuring World Bank staff to change ranking for the 2018 report to China’s benefit during her term as CEO at the organisation.
The Board met with the WilmerHale law firm on Monday.
The IMF could not reach a conclusion on the case and will be holding more discussions on the matter.
The US, the IMF’s largest shareholder, did not say if they support the current IMF MD and spoke in favour of the thorough investigation into the case.
Shipping rates hit $80,000/d as coal desperation intensifies
Spot rates for dry bulk cargo vessels hit $80,000 per day, reaching 2009 highs.
This period traditionally sees weaking rates on slowing demand.
The Baltic Exchange capsize rates soared 50% to $80,877 having slid following Evergrande-related concerns.
Elevated rates on the back of rampant port congestion have been exacerbated by China and India’s diminishing coal supplies.
Currencies
US$1.1569/eur vs 1.1594/eur yesterday. Yen 111.41/$ vs 111.21/$. SAr 14.929/$ vs 15.079/$. $1.360/gbp vs $1.359/gbp. 0.730/aud vs 0.726/aud. CNY 6.445/$ vs 6.445/$.
Commodity News
Precious metals:
Gold US$1,763/oz vs US$1,749/oz yesterday
Gold ETFs 98.9moz vs US$98.9moz yesterday
Platinum US$987/oz vs US$952/oz yesterday
Palladium US$1,912/oz vs US$1,895/oz yesterday
Silver US$22.73/oz vs US$22.38/oz yesterday
Base metals:
Copper US$ 9,173/t vs US$9,061/t yesterday
Aluminium US$ 2,909/t vs US$2,913/t yesterday
Nickel US$ 18,125/t vs US$18,080/t yesterday
Zinc US$ 3,021/t vs US$3,048/t yesterday
Lead US$ 2,147/t vs US$2,155/t yesterday
Tin US$ 35,300/t vs US$35,200/t yesterday
Energy:
Oil US$81.0/bbl vs US$83.3/bbl yesterday
Oil prices have dipped from yesterday’s fresh highs as Saudi Arabia reduced its oil prices for its main buyers, a day after OPEC+ sent crude futures surging by sticking to a plan for slow and steady supply increases
Saudi Aramco’s cuts for customers in Asia, Europe and the US have taken some of the sting out of that jump for refiners at a time when a global gas shortage is pushing up demand for crude among power producers
OPEC+ opted to raise daily output in November by 400,000bopd, less than some traders and analysts had anticipated
Aramco lowered its key Arab Light grade for Asian customers in November by 40 cents to US$1.30/bbl above the benchmark
The world’s largest oil company also cut prices for all other grades headed for Asia, as well as the Mediterranean and Northwest Europe regions
Prices for most US bound shipments were reduced.
The cut in the official selling price for Arab Light to the smallest premium since March was in line with market expectations
Saudi Arabia sends more than 60% of its crude exports to Asia, with China, South Korea, Japan and India the biggest buyers
Since the start of this year, Brent crude has jumped 60% as major economies recover and as OPEC+ maintains supply restrictions
The 23-nation grouping cut output by around 10MMbopd at the start of the pandemic and is still withholding roughly half that amount from global markets
Natural Gas US$5.712/mmbtu vs US$6.421/mmbtu yesterday
European gas prices surged again yesterday, bringing their gains over just two days to 60%, as the impact of soaring energy costs rippled through equity and bond markets and the European Union ramped up
Dutch and UK gas futures continue to hit fresh records along with rising power prices
Surging energy costs are stoking inflationary pressures and fuelling concern that economic growth will slow, prompting a slump in European stocks
Global gas and coal markets have tightened just as the heating season starts in the northern hemisphere, with limited supply failing to catch up with recovering demand
Colder weather is forecast for Europe next week, with temperatures across the mainland set to drop below normal levels
Several European countries including France and Spain have called on the EU to take urgent action to cushion the blow of sky-high gas prices
The bloc’s energy chief, Kadri Simson, has pledged a revision to market rules by the end of the year to prevent surging costs from stifling the economic recovery
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$117.6/t vs US$117.3/t
Chinese steel rebar 25mm US$899.2/t vs US$899.2/t
Thermal coal (1st year forward cif ARA) US$145.0/t vs US$190.0/t
Thermal coal: Australia Newcastle thermal coal spot FOB US$196/t - Coal prices four times higher than usual for Indian steel mills
A coal shortage in India has led to soaring costs for steel producers, according to VR Sharma, managing director of Jindal Steel and Power.
Despite the huge increase in costs, there has been no impact on production at most primary steel producers so far, according to reports out of India.
Inventories are currently low at an average of four days’ worth, down from 13 days at the start of August at power plants in India.
India relies on coal for about 70% of its electricity generation, however is currently experiencing unprecedented shortages due to a squeeze on domestic mine output and surging prices of seaborne supply.
Market participants are hopeful that supply worries should ease, with the end of monsoon season approaching and miner Coal India intending to boost output.
Thermal coal : China Qinhuangdao thermal coal spot FOB US$146/t
Coking coal swap Australia FOB US$364.0/t vs US$361.0/t
China Ilmenite Concentrate TiO2 US$379.38/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 - GM and General Electric to investigate a supply chain for rare earths
The two US companies have signed a memorandum of understanding to study supply chains for rare earths and other minerals crucial to EVs and renewable energy equipment.
They are looking to increase access to rare earth magnets, minerals, copper, and steel.
The companies will focus on North American and European opportunities.
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$1,799/t vs US$1,800/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$72.9/t
Battery News
Northvolt to invest $750m expanding lab facility
Northvolt is planning to invest $750m on expanding its laboratory facility in Sweden to meet rising demands for lithium-ion batteries.
Northvolt is looking to set up “the first R&D campus covering the entire battery ecosystem” – the plans would see the company build new offices in Vasteras, Sweden, increasing its employees from 400 to at least 1000, and create a centre for customers to experiment with new battery technology.
Production at the Northvolt’s gigafactory, in Skelleftea, Sweden, is expected to start this year.
China currently produces around 80% of li-ion cell batteries, but capacity in Europe is expanding quickly – Northvolt are targeting 25% market share in Europe by 2030.
Repsol targeting 20GW of renewables by 2030
The Spanish Oil & Gas company are looking to increase clean energy investments to €19.3bn, by 2025, as they look to accelerate its energy transition to become net zero emissions by 2050.
Repsol will try to increase renewable energy generation in its portfolio by 60% to reach an installed capacity of 20GW by 2030 – an increase on the previous target of 6GW by 2025.
Company News
Alba Mineral Resources (LON:ALBA) 0.2p, Mkt cap £12.5m – Plans for Clogau mine to focus on underground bulk sampling
Alba Mineral Resources has confirmed that, following its drilling over the last year at the historic Clogau St David’s gold mine in North Wales, it has identified the Llechfraith payshoot and the Main Lode Extension as its principal near term priorities.
Drilling beneath the Llechfraith Adit has demonstrated the continuity of the vein “up to ~122 m below existing workings” and the company now plans to rehabilitate and extend “the existing shaft” or develop “a new inclined shaft from the Llechfraith Level, with a current preference for a new inclined shaft” as the next phase of its work.
Alba Minerals also says that it will need to dewater flooded mine workings and that “an assessment of the underground conditions alongside mapping and sampling of key areas will be the first stage in a wider-scale plan to expand operations”.
The company says that as a result of identifying “the New Branch Lode in between the 7-10 and Jack Williams Lodes in the MLS-EX, a ~48 m crosscut can be driven from the Llechfraith Level to reach both the New Branch and Jack Williams Lodes … [and that it will then] … be able to gain on-reef exposure of the target veins, allowing for gold grades to be better quantified by bulk sampling”.
The company provides an insight into its rationale for bulk sampling by explaining that “the nature of the orebody at Clogau-St David's, in particular its nugget effect, is such that drilling can only be used for defining structure not grade. The only feasible way to assess gold grade is to undertake continuous exposure of the unworked veins by means of underground development. Such development is still, therefore, in the nature of exploratory work, albeit that it will now be much more focused on specific target zones which have been defined by the drilling campaigns”.
Executive Chairman, George Frangeskides said that “we are now focused on putting the detailed plans in place to undertake continuous exposure of those new structures by underground development. This is the most effective method to assess economic gold content in a project of this type”.
Altus Strategies* (LON:ALS) 68p, Mkt Cap £55m – Drilling restarts at the Diba project in Mali
BUY – 125p
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Altus Strategies restarted the drilling programme at the 100% owned Diba gold project in western Mali following the end of the rainy season.
The programme includes 11,300m of combined RC and DD drilling as well as up to 7,500m of AC drilling.
The programme is designed to grow and infill the existing Diba deposit as well as define a maiden resource at the 900m long Diba NW discovery.
The AC drilling will test a number of satellite targets adjacent to the Diba deposit.
The 2020 Diba MRE currently stands at 10.3mt at 1.22g/t for 403koz (>50% in the Indicated category).
The plan is to update the existing MRE and PEA following the completion of the programme.
*SP Angel acts as Nomad and Broker to Altus Strategies
Aura Energy* (LON:AURA) 12.25p, Mkt Cap £61.9m – Tiris offtake agreement
Aura Energy has agreed a US$10m offtake financing agreement with a London-based commodity partnership, Curzon Uranium Trading, to deliver up to 15% of the planned U3O8 production from its Tiris uranium project in Mauritania.
The funds are to be “used for working capital for late stage project construction, and production commencement” and Curzon has the opportunity to provide an additional US$10m facility ats its sole discretion.
The facility attracts interest at 10%pa and the “costs for both parties are borne by the borrower”.
The agreement builds on an earlier, 2019, offtake agreement with Curzon and “extends its term to include an anticipated production start date during calendar 2024”.
“The January 2019 Offtake Agreement is over a seven-year period starting from the commencement of production” and envisages a mixture of fixed prices and market related pricing “with the average price above US$44 per pound U3O8”.
The company explains that “With the original production estimate of approximately 1 million pounds of U3O8 pa, the fixed pricing volumes of the original 2019 Offtake Agreement account 150,000 pounds of U3O8 pa … [which] … gives the ability for Aura Energy to undertake further offtake finance agreements and be exposed to potentially higher uranium prices”.
The announcement confirms that, in addition to the agreement with Curzon, Aura Energy has “the ability … to undertake further offtake finance agreements and be exposed to potentially higher uranium prices”.
Chairman, Martin Rogers, welcomed the agreement which he said, “perfectly positions Aura Energy with a low capex and low operating cost project, financing agreement and offtake agreement to rapidly progress Tiris Uranium into production”.
Pointing to shifting perceptions of uranium and nuclear power and a “potential doubling in electricity demand over the next three decades, along with pressure to decarbonise our power sector” Mr. Rogers said that following its recently updated estimate “Aura has a current and accurate capital estimate, providing a clear path to near term production with known costs and overheads, as we fast track the Tiris Uranium Project towards first cashflow”.
Welcoming the agreement with Aura Energy, the Head of Uranium at Curzon, Bram Vanderelst, described the Tiris project as “a compelling low-cost and low-CAPEX project in an attractive mining continent and region, hence Curzon decided to extend pre-export finance coupled with the existing 2019 offtake arrangement … [and added that] …We look forward to seeing the Project progress towards production in the near-term”
The Tiris project 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 work aiming to deliver additional capital and operating cost reductions.
Conclusion: Securing the financial and offtake support of Curzon Uranium Trading provides a platform to press ahead with the Tiris development which is now anticipated to start production during calendar 2024
*SP Angel are Nomad and Broker to Aura Energy
BlueRock Diamonds (LON:BRD) - 45p, Mkt cap £6.3m – 7.1ct diamond sold for $64,826
BlueRock Diamonds report the sale of a 7.1ct diamond for $64,826.
The recovery of this stone was not previously reported.
The unit price of $9,100/ct is an indication of the buoyancy of the rough diamond market.
The price also reflects the quality of the gem quality stones recovered from the Kareevlei diamond mines in South Africa..
This is the 9th large stone recovered and sold this year bringing the total revenue from larger stones to US$1.583m.
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BlueRock also raised a further $1m from the sale of its smaller run-of-mine diamonds in the August auction.
Management are busy commissioning the new process recovery plant with commissioning expected in the next few weeks.
Management expect to produce some 24,000-28,000cts this year grading rising to 40,000-43,000cts in 2022.
Grades are expected to be in the range 4.0-4.5cpht this year and 4.0-4.3cpht for 2022.
Conclusion: BlueRock should start to recover increasing numbers of larger stones as it ramps up production this month. The increasing incidence and value of these larger stones has the potential to raise the overall value of diamonds sold beyond management’s $400-440/ct range.
*SP Angel act as nomad and broker to BlueRock Diamonds
Castillo Copper (LON:CCZ) 1.63p, Mkt Cap £21.1m – Initial due diligence work at Litchfield
Castillo Copper has described positive results from its initial due diligence at the Litchfield lithium project in the Northern Territory, Australia.
A site visit and satellite imagery has confirmed the presence of a “significant pegmatite outcropping along the western boundary” of the property which borders “Core Lithium's … Finnis Lithium Projectwhich has JORC compliant ore reserves (7.4Mt @ 1.3% Li2O)”.
Assay results from 657 samples taken during the site visit are awaited “to determine the potential for contiguous mineralisation”.
Due diligence on both the Litchfield and Picasso lithium projects, where Castillo Copper has a 90day option to acquire the projects, is continuing.
Conclusion: Encouraging initial results from the due diligence at Litchfield will need to be confirmed by assay. The company cites the proximity of the Finnis lithium project in support of the general prospectivity of the Litchfield project, however, we point out that Litchfield must be justified on its own merits and we look forward to the assays and the continuing due-dilgence to verify its attractions.
Central Asia Metals (LON:CAML) 227p, Mkt Cap £401m – Robust Q3 production results
Kounrad copper tailings retreatment operations produced 4.1kt Cu (Q2/21: 3.3kt Cu) in Q3/21 with 9M output coming in at 10.4kt Cu (9M 2020: 10.5kt Cu).
Copper production is expected to reach top end of the 2021 output guidance of 12.5-13.5kt.
Sasa underground polymetallic mine produced 5.7kt Zn and 6.9kt Pb (Q2/21: 5.5kt Zn and 6.8kt Pb) in Q3/21 bringing 9M output to 17.0kt Zn and 20.7kt Pb (9M 2020: 18.0kt Zn and 22.3kt Pb).
Zinc is forecast to come in at the lower end of the guided 23.0-25.0kt Zn range while lead production is likely to be 5% below the 30.0-32.0kt Pb guidance.
Robust production and strong commodity prices see the Company repaying its outstanding corporate debt completely by August 2022.
The team is actively looking at potential value accretive acquisitions supported by strong FCF generation of existing operations.
IronRidge Resources* (LON:IRR) 18.6p, Mkt cap £10+m – Application for trading on the OTCQX market
IronRidge reports that it has filed an application for the Company to trade on the OTC Market's OTCQX Best Market in the USA, making shares more widely available to North American investors.
Trading on the OTC QX market will have no impact on the trading of IronRidge 's existing ordinary shares on AIM and no new ordinary shares will be issued as part of the cross-trade facility.
IronRidge will trade under the ticker symbol IRRLF on the OTCQX.
*SP Angel acts as Nomad to IronRidge Resources
Kavango Resources (LON:KAV) 5.6p, Mkt cap £23m – Prospecting license renewals
Kavango reports that it has been awarded the renewal of five prospecting licenses at the Company’s Kalahari Suture Zone (KSZ) Project.
The renewed licenses are: PL363/2018, PL364/2018, PL365/2018, PL163/2012, PL164/2012.
Each license runs for an additional two years and due to expire on 30th September 2023.
Kavango commenced drilling at the KSZ in July 2021, aiming to retrieve core samples from the bottom of the "Norilsk style keel" which could result in a proof-of-concept that the Karoo-age gabbros in the KSZ have the potential to host magmatic sulphide ore bodies, in accordance with the company’s Magnetic 3D Model.
The company is currently analyzing drill samples from holes that make up the wider planned initial six-hole programme, with analysis including assay testing and whole rock analysis.
Sunrise Resources (LON:SRES) 0.23p Mkt Cap £8.5m – Leases Nevada claims to Kinross Gold
Sunrise Resources reports that it has agreed to lease 25 mining claims at Jackson’s Wash, Nevada to Kinross Gold although Sunrise will retain the right to mine perlite.
Kinross Gold, which has a purchase right to acquire the claims for US$0.5m during the course of the 9-years option, will pay US$5,000pa for the first 3 years, US$10,000pa for the next three years and US$15,000pa for years 7-9 of the agreement.
Kinross will also pay a US$10,000 signing bonus and reimburse Sunrise Resources US$4,437 of claim filing fees.
The Jackson’s Wash “Claims are located adjacent to the historic Montezuma silver, gold and mercury mining centre”.
Confirming that Sunrise Resources retains the right to produce perlite from the claims, Executive Chairman, Patrick Cheetham, said that the agreement with Kinross Gold “follows the recent sale of the Garfield and Stonewall projects in Nevada to Power Metal Resources”**.
**SP Angel acts as Nomad and Broker to Power Metal Resources
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