SP Angel . Morning View . Monday 11 10 21
High power prices and energy shortages reducing metal production
Higher inflation expectations build a case for monetary tightening
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
IGTV: How high energy prices are pushing up metals: https://youtu.be/em4zwo2i4Cs
VOX Markets: 07/10/21: https://audioboom.com/posts/7956216-john-meyer-on-chinese-energy-issues-and-news-from-altus-strategies-bushveld-minerals-scotsgold
AfriTin* (LON:ATM) – Drilling at Uis picks up down dip extensions to the mineralisation
Kodal Minerals* (LON:KOD) –– High grade gold assays from re-split sampling of RC chips at Nielle
Rambler Metals and Mining* (LON:RMM) – Quarterly reports shows production growth, improved mine development rates and describes completion of the debt financing as its priority task
Red Rock Resources (LON:RRR) – Completion of drilling at Luanshimba copper cobalt project, DRC
China’s Zijn Mining agrees $737mn deal to acquire Neo Lithium
China’s Zijn Mining Group is to acquire Canadian Neo Lithium for $737mn.
The C$6.50 per share cash deal marks a premium of 18% to Neo’s closing price on Friday.
Zijn is traditionally a gold and copper miner but is looking to acquire lithium and alternative new energy minerals.
CATL became Neo’s 3rd largest shareholder last year.
Metals production falling as smelters and refiners are hit by rising energy prices
China metal production to fall as Liaoning province issues major Level 2 alert over power shortages
Liaoning province has warned it may see a 4.74GW shortfall in power this week despite efforts to import more coal to raise power supply (Reuters).
The alert indicates a shortage of 10-20% of total power demand.
Liaoning is the largest of China’s north-eastern steel producing provinces .
Liaoning’s daily power shortage also hit 5.4GW in the last three days of September.
Short coal stocks have been exacerbated by rising coal prices and low wind speeds for turbines.
Heavy rain has also closed around 60 coal mines with rail lines also closed due to flooding.
Coal generates 70% of Lianing’s electricity, with wind power limited to 8.2% on slow wind speeds.
China is expected to cut 12% in industrial power use in 4Q 2021 and potentially more on the back of a cold winter.
The power shortage will likely cut smelting and refining activity for copper, aluminium, zinc, steel and other metals.
Dutch aluminium maker Aldel winding down primary aluminium output at Delfzijl plant as electricity prices rise
Production will be wound down from today through to early 2022 at the earliest.
Aldel uses 200MW of electricity at maximum capacity and has demanded the Dutch government compensates it for higher energy prices, as French and German producers are.
Aldel can produce 110,000t of primary aluminium and 50,000tpa of recycled aluminium.
It estimates that electricity costs are c. €4500/t of aluminium.
Newco Ferronikeli, Kosovo’s sole ferro-nickel producer has also halted production as energy prices skyrocket.
NewCo has halted production until prices ‘normalise’.
NewCo produces 7,000t of ferro-nickel a year.
Power cuts begin in India as coal stocks critically low
India is the world’s largest consumer of coal after China.
Over half of India’s 135 coal-fired power plants, supplying 70% of the country’s electricity, have coal supply for less than 3 days.
India’s power supply deficit in the first week of October was 11.2% of the country’s total shortages this year. 21x the same period in 2020 and 4x that of 2019.
Jharkhand suffered an 18-24% power deficit and Rajasthan had reduced power of between 6%-17%.
Metals industry lobby group FIMI has predicted widespread plant closures. Steel and Aluminium producers are most at threat.
A coal ministry statement yesterday suggested the country has ample stocks to meet demand.
Scale of China property leverage causes concern beyond Evergrande as coupon deadline looms
Evergrande is due to make semi-annual payments on its April 2022,2023,2024 dollar notes today.
Modern Land Co. Ltd asked investors to push back the maturity rate on its $250mn bond this morning.
Chinese high-yield dollar debt saw heavy selling last week following Fantasia’s missed deadline.
The Hang Seng Property and Construction sub-index fell 0.4% despite a 2% rise in the HK index.
24 of the 59 Chinese property developers in an ICE BofA index of Asian corporate dollar bonds had yields of over 20% on Friday. This level indicates a high risk of default.
China’s largest 100 developers saw sales fall 36% in September.
The 10 largest, including Evergrande, Country Garden and Vanke, saw sales crash 44% vs Sep. 2020.
29% of China’s GDP is contributed to by real estate and construction, with housing construction falling 13.6% in August.
Local government revenue earned through land sales fell 17.5% in August.
Outstanding property loans including mortgages and loans to developers account for 27% of China’s total $28.8tn bank loans.
Nomura estimates Chinese developers generated debts of $5.2tn in June, 46% of which was owed in bank loans.
1.6m acres of residential floor space was under construction in December 2020, equalling c. 70m flats.
The median Beijing/Shenzhen apartment costs 40x more than the median family disposable income.
China’s SRB releases fourth round of industrial metals in bid to cool prices
China released 150,000t of industrial metals from its state reserves on Saturday as it continues to try and alleviate supply issues and keep a lid on high commodity prices.
China offered 30,000t of copper, 70kt of aluminium and 50,000t of zinc via online platforms operated by state-run China Minmetals Corp and Norinco.
Following the release, the National Food and Strategic Reserves Administration said it would continue to release inventories in the near future based on market supply, demand and prices.
The sales took the total amount of metal released by China’s National Food and Strategic Reserves Administration in 2021 to 570,000 tonnes.
Vale denies near-term spin-off of base metals unit
Brazilian iron ore giant Vale belies its base metals unit needs to be ‘transformed’ but does not anticipate a near-term spin-off.
The company first considered a plan to sell the unit in 2014.
Vale values the unit at c. $25bn but states a sale would require ‘an internal transformation.’
The 2019 Brumadinho dam burst depressed the value of the company, however CEO Bartolomeo states Vale is ‘not a risky company’.
Dow Jones Industrials -0.03% at 34,746
Nikkei 225 +1.60% at 28,498
HK Hang Seng +1.79% at 25,283
Shanghai Composite -0.01% at 3,592
Economics
US – The labour data came in significantly below expectations on Friday that saw rates pulling back briefly before climbing back and finishing higher on the day.
The economy added just 194k jobs in September, falling short of the 366k in August and well below the monthly average of 561k since the start of the year.
Estimate were for a 500k reading.
10y bond yields continued to increase reaching 1.61%, the highest since early June, as markets expect the Fed to cut back on bond purchases amid high inflationary pressures.
Inflation numbers are due Wednesday with estimates for headline and core CPIs to come in at 5.3%yoy and 4.1%yoy, respectively.
Earnings season is kicking off midweek.
Investigations into the IMF head Kristalina Georgieva continue as the board of the fund discusses the issue with everybody involved.
“The board made further significant progress today in tis assessment with a view to very soon conclusion its consideration of the matter,” the IMF said following another meeting with Georgieva on Sunday.
Preliminary agreement reached over global corporate tax overhaul with 136 nations signing on, Bloomberg writes.
The current deal involves a 15% minimum global rate as well as main parameters of how much profits of the 100 or so biggest corporations would be taxed in more countries – 25% of profits over 1 10% margin.
Parties to the deal include all members of the Group 20, EU and OECD.
The Group 20 looks to approve the plans at meetings of finance officials next week and a summit at the end of the month,
The OECF that chaired the talks is planning for a multilateral convention next year and implementation in 2023.
UK – Two central bank officials reinforced calls for a rise in UK interest rates to curb inflation suggesting rates may go higher significantly higher than initially thought, Bloomberg writes.
Michael Saunders, one of the most hawkish members of the MPC, agreed with market expectations for an earlier hike.
Previously, Governor Andrew Bailey warned of a potentially “very damaging” period of inflation unless policy makers take action.
A combination of higher energy prices, supply chain disruptions and rising wages in a number of industries put pressure on the central bank to potentially bring its monetary tightening forward.
Markets are expecting the benchmark rate to reach 0.75% from current 0.10% by mid-2022.
Indonesia – Refined tin shipments rose 8.3% YoY in September to 6,039 tonnes.
On a monthly basis, shipments fell nearly 20%.
Nornickel cuts palladium output once again as chip shortage continues to hurt auto demand
Top palladium producer Norilsk Nickel has further cut its outlook for palladium, used in automobile catalysts, as automakers continue to curb production amid the chip shortage.
Nornickel now forecasts a palladium shortage of 200-300koz this year, down from a previous estimate of 400-500koz.
For next year, Nornickel estimate a deficit of 300koz compared to a previous estimate of 700koz.
Nornickel also commented that it expected to secure more long-term metal sales deals for the next year as the post-covid recovery raises consumer confidence.
Currencies
US$1.1578/eur vs 1.1549/eur last week. Yen 112.80/$ vs 111.92/$. SAr 14.916/$ vs 14.990/$. $1.366/gbp vs $1.359/gbp. 0.734/aud vs 0.729/aud. CNY 6.437/$ vs 6.449/$.
Commodity News
Precious metals:
Gold US$1,755/oz vs US$1,758/oz last week
Gold ETFs 98.8moz vs US$98.8moz last week
Platinum US$1,032/oz vs US$990/oz last week
Palladium US$2,152/oz vs US$1,979/oz last week
Silver US$22.67/oz vs US$22.49/oz last week
Rhodium US$14,200/oz vs US$14,300/oz last week
Base metals:
Copper US$ 9,442/t vs US$9,310/t last week
Aluminium US$ 3,008/t vs US$2,933/t last week
Nickel US$ 19,360/t vs US$18,870/t last week
Zinc US$ 3,172/t vs US$3,097/t last week
Lead US$ 2,236/t vs US$2,191/t last week
Tin US$ 36,490/t vs US$35,910/t last week
Energy:
Oil US$83.8/bbl vs US$83.1/bbl last week
Natural Gas US$5.747/mmbtu vs US$5.725/mmbtu last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$127.7/t vs US$117.5/t
Chinese steel rebar 25mm US$929.3/t vs US$923.9/t
Thermal coal (1st year forward cif ARA) US$135.5/t vs US$134.8/t - China coal futures surge to record high as flooding causes mining shutdowns
Heavy rain and flooding sent coal futures in China to record highs once again, as Beijing last week ordered miners to produce as much coal as possible for the winter.
Flooding has closed 60 of the 680 mines in Shanxi province, a region that has produced 30% of China’s supply of coal this year.
China has been trying to boost coal output to ensure adequate power supplies for the winter, and the State council on Friday said that it will allow higher energy prices in a mid to boost generation amid the rising costs.
Earlier this month, China’s government asked miners to spare no costs in boosting coal supplies and gave them permission to operate at full capacity even after hitting quotas.
Coal futures on the Zhengzhou Commodity Exchamnge rose 12% on Monday to close at 1,408 yuan ($219)/t- a new record for the most active contract.
Inner Mongolia mines have been authorised to increase annual capacity by 98.35mt.
Australia Newcastle thermal coal spot FOB US$196/t
China Qinhuangdao thermal coal spot FOB US$146/t
Coking coal swap Australia FOB US$368.0/t vs US$373.0/t
China Ilmenite Concentrate TiO2 US$379.9/t vs US$379.1/t
Other:
Cobalt LME 3m US$53,380/t vs US$53,380/t
NdPr Rare Earth Oxide (China) US$93,057/t vs US$92,883/t
Lithium carbonate 99% (China) US$26,876/t vs US$26,516/t
China Spodumene Li2O 5%min CIF US$1,130/t vs US$1,110/t
Ferro-Manganese European Mn78% min US$1,824/t vs US$1,796/t
China Tungsten APT 88.5% FOB US$310/t vs US$305/t
China Graphite Flake -194 FOB US$555/t vs US$555/t
Europe Vanadium Pentoxide 98% US$7.9/lb vs US$8.1/lb
Europe Ferro-Vanadium 80% US$31.25/kg vs US$31.75/kg
Spot CO2 Emissions EUA Price US$68.3/t vs US$68.1/t
Battery News
EV charging firm Pod Point plans London IPO
EV charging infrastructure provider Pod Point is planning a London IPO, hoping to tap into the demand for clean energy companies in London.
Pod point is backed by France’s EDF Energy, who will retain a majority stake as around 25% of Pod Point’s stock will be available for trading.
Pod Point has installed 89,000 home charge points, more than 13,000 commercial units and 5,200 public charging bays in the UK.
The European Commission has outlined plans to cut pollution from transport and have at least 30m EVs on the roads by 2030 – requiring fast expansion of vehicle-charging infrastructure.
Gogoro launch first battery swapping stations in China
Five months after signing deals with two of China’s largest two-wheel vehicle manufacturers, Yadea and Dachangjiang Group (DCG), Gogoro have opened 45 battery swapping stations in Hangzhou.
The battery swapping system has been released under the Huan Huan brand, a joint venture between the three companies.
The company are targeting 80 swapping stations by the end of 2021.
Yadea and DCJ have been developing vehicles that utilise Gogoro’s battery swapping technology – Yadea have launched two models, in Hangzhou, that use the technology.
The two companies are expecting consumer demand to increase, driven by government regulations for two-wheel EVs.
An estimated 270m vehicles that don’t meet the new regulations will be retired by 2025.
Gogoro make their own high-end two-wheelers but have also signed deals with other manufacturers to produce vehicles that use their battery swap system including Yamaha, Suzuki and AeonMotor.
The company also signed a deal earlier this year with Hero MotoCorp, the market leader for two-wheel vehicles in India.
First Tesla’s from Berlin factory expected soon
The first vehicles to roll off the production line at the new Tesla factory in Berlin should be expected as early as next month said CEO Elon Musk.
Musk hopes to get the green light to begin production at the site in the coming weeks.
The latest consultation regarding public concerns towards the sites ends on 14th October after which a decision will be made by the Environment Ministry.
Musk was cautious about the scale of production saying, "Starting production is nice, but volume production is the hard part. It will take longer to reach volume production than it took to build the factory."
Volume production would amount to 5,000 or "hopefully 10,000" vehicles per day, and battery cells would be made there in volume by the end of next year.
Tesla has also submitted plans to invest also €5bn in a battery plant with 50 GWh capacity next to the site – larger than Volkswagen’s planned 40GWh site.
Eneos to buy Japan Renewable Energy for $1.8bn
Japan’s largest refiner, Eneos Holdings, has announced plans to buy Japan Renewable Energy (JRE) as it looks to expand its low-carbon business.
Eneos, which are aiming for net-zero emissions by 2040, will buy JRE from Goldman Sachs (NYSE:GS) and Singaporean sovereign wealth fund, GIC.
The deal will mark the first big purchase of a renewables firm by a top Japanese oil company.
The acquisition would also help the company meet its target of 1000MW of renewables in Japan and abroad – JRE assets include 419MW of onshore wind and biomass capacity in operation, with 410MW under construction.
Company News
AfriTin* (LON:ATM) – 4.7p, Mkt cap £52m – Drilling at Uis picks up down dip extensions to the mineralisation
AfriTin reports that results from the final five holes of its extensional drilling programme at the Uis mine in Namibia show the continuity of pegmatite-hosted tin and lithium mineralisation down dip towards the west.
CEO, Anthony Viljoen said that the results show “the extension of the V1/V2 pegmatite at depth, the consistent tin grades and the substantial lithium grades, which serve to further validate the planned expansions of the Phase 1 pilot processing plant”.
Completion of the drilling programme “had been postponed due to the COVID-19 pandemic”.
Mr. Viljoen said that further drilling “aimed at aligning the lithium and tantalum resource confidence intervals with the current confidence interval for tin within the current Mineral Resource Estimate” is expected to start during the current quarter.
Among the results highlighted in today’s announcement are:
An intersection of 101.05m at an average grade of 0.164% tin, 78ppm tantalum and 0.52% Li2O from a depth of 230.95m in hole V1V2021; and
164.09m at an average grade of 0.169% tin, 57ppm tantalum and 1.04% Li2O from a depth of 194.95m in hole V1V2022; and
169.02m at an average grade of 0.171% tin, 62ppm tantalum and 0.81% Li2O from a depth of 231.18m in hole V1V2025
The company says that as well as demonstrating the continuity of the mineralisation at depth, the results show potential to “upgrade to resources at depth and support the lithium and tantalum by-product initiatives currently underway”.
*SP Angel act for Bushveld Minerals which holds around 9.5% of AfriTin
Kodal Minerals* (LON:KOD) – 0.36p, Mkt cap £57m – High grade gold assays from re-split sampling of RC chips at Nielle
Bougouni Lithium project: Kodal continue to monitor progress on its Mining Licence application
The Bougouni Lithium project license is with the office of the Prime Minister awaiting final signature.
Nielle (100%): Kodal Minerals report high-grade gold assays from re-split sampling of RC chips taken from their Nielle project in the Ivory Coast.
The re-split samples show grades up to 38.5g/t gold, including:
One metre re-split sampling was done on the initial three metre composite sampling to provide confirmation of the initial results and constrain the controls on the gold mineralisation.
The results appear to confirm the reliability of the initial test work while allowing closer definition of the width as well as the grade of the zones returning individual high grade samples.
“This initial RC drilling programme has successfully confirmed and extended the previous gold mineralised zones defined by the former joint venture partner Resolute Mining Limited (ASX:RSG, LSE:RSG).”
Kodal subsequently reacquired the Nielle gold project from Resolute Mining joint venture where Resolute spent a minimum $05.m on 28 RC drill holes for 3,135m of drilling and 1,722 composite samples.
The drilling was done on 100m spaced sections with 50m between drill holes to show a strike length of 1,100m with drill intersections based on 2m composite sampling.
13m at 5.07g/t from 12m (inc. 3m at 16.33g/t from 13m)
12m at 3.14g/t from 21m (inc. 2m at 10.79g/t from 27m)
5m at 15.42g/t from 7m (inc. 2m at 31.54g/t from 8m)
9m at 4.33g/t from 86m (inc. 2m at 16.88g/t from 88m)
The gold is associated with quartz-carbonate-sulphide mineralisation and remains open along strike and at depth.
This extends the main mineralised zone with new parallel mineralised zones identified
Conclusion: Nielle is a very promising gold project. It is sits in the Tongon-Banfora greenstone belt which hosts Randgold’s Tongon Gold mine and Teranga’s Banfora gold deposit.
The prospective zone at Nielle looks like a classic West African, shear hosted, carbonate alteration mineralised system. Future work should start to better define the project from an economic perspective.
*SP Angel acts as Financial Advisor and Broker to Kodal Minerals
Rambler Metals and Mining* (LON:RMM) 17.5p, Mkt cap £23.7m – Quarterly reports shows production growth, improved mine development rates and describes completion of the debt financing as its priority task
(Rambler owns 100% of the Ming Copper-Gold Mine)
On Friday afternoon, Rambler Metals issued its quarterly report for the three months ending 30th September showing a 17% increase in metal concentrate production during the quarter (2,502t during the 3months to 30th June) and a 16% rise in contained copper to 778t (Q2 2021 – 673t).
The result reflects higher treated tonnage of 60,381t (Q2 2021 -51,514t) at a stable grade of 1.43% (Q2 2021 – 1.44%) as the initiative to increase underground development, and hence the availability of more production areas at the Ming mine, gained momentum with the planned deployment of contractors leading to 974m of development, an increase of 48% compared to the preceding quarter.
President & CEO, Toby Bradbury explained that “If we are able to continue this momentum, we would have access to 2 stopes in November and 4 stopes by the end of December 2021. Rambler has generally only had access to one stope since inception, and this reflects the transformation in operating philosophy which bodes well for future production and Rambler’s focus to be able to sustain production at the mill of 1,350 tpd with a targeted copper grade of 2.0%.”
Development metres are now almost 3x those achieved during Q3 2020 (356m) and 48% above those of the previous (Q2 2021) quarter
The company says that following the intersection of the Upper Footwall zone during September “we have seen improved copper mill feed grades driven by development ore coming from the Upper Footwall Zone (“UFZ”) headings in Block 6, which have now intersected the expected high grades previously identified in drilling”.
Daily statistics for ore tonnage and grades milled in the two weeks from 23rd September, presented in the announcement show milled tonnages averaging over 800tpd (and peaking at 939t) while grades averaged 2.29% copper and 0.18g/t gold over the same period.
Dr. Bradbury explained however, that as a result of delays to its planned financing with Newgen, which he described as the “biggest issue now facing Rambler … [the company] … is withdrawing its guidance for 2021 and will not provide an updated guidance until such time as funds are received and an updated work programme has been thoroughly re-developed and reviewed. Notwithstanding, it is anticipated that the full copper forward sale contract for 2021 will be delivered into this year”.
Despite the financing delay and the impact of Covid19 locally, “the mine is significantly further developed now than it has ever been, the delay has moderately impacted the continuity of supplies and services needed to maintain the redevelopment plan. Our progress is ongoing, and we believe that we are much closer to the desired endpoint than we were nine months ago.”
Continuing work on the delineation drilling programme is assisting “in production stope design and mining method selection” while the exploration drilling programme which stared during the quarter has completed 5 holes (1,300m) completed and a further 15 holes (6,000m) planned for the current quarter.
Delineation drilling consisted of 6,796m drilled in30 holes with 14 (4,094m) drilled into the Lower Footwall Zone and the balance directed at the massive sulphide mineralisation.
Conclusion: Rambler Metals has achieved higher production rates during the quarter as it starts to access higher grade ore and opens up more production areas as a result of its drive to increase underground mine development. The company describes its overriding priority as completing its financing with Newgen and we look forward to positive news as Rambler Mines build momentum for its turn-around plan.
*SP Angel act as Nomad and broker to Rambler Metals & Mining
Red Rock Resources (LON:RRR) 0.53p, Mkt cap £6m – Completion of drilling at Luanshimba copper cobalt project, DRC.
Red Rock Resources reports that it has completed 2,469m of reverse-circulation drilling (RC) at its 80% owned Luanshimba copper/cobalt project in the Haut Katanga province of the DRC.
Results from the latter holes of the programme, which covered the Kilembwe South, Kilembwe East and Bukulu prospects are still awaited, however, the company says that drilling has demonstrated “a typical Lower Roan assemblage with prominent cobalt accompanied by copper in oxides near surface underlain by sulphide-bearing rocks with indications of vertically zoned copper minerals”.
The drilling was part of follow-up exploration after a programme of mapping and termite mound sampling conducted in 2018 identified “a 2km long anomaly up to 500m wide striking ENE, with anomalous metal assays with peak values of 519ppm Cu and 425ppm Co… and partly coincident with above average contents of pathfinder elements Bi and V. Given the regionally low background, these results were considered indicative of likely Cu-Co mineralisation at depth” and results of a ground magnetic survey undertaken in 2020..
Chairman, Andrew Bell, explained that the “limited penetration of the RC rig used in this initial programme means that the sulphide-bearing strata were in many holes not reached, but the drill campaign has achieved its primary objective in evidencing that potentially significant mineralisation, both hypogene and supergene, has taken place within the license area”.
Mr. Bell also said that “It is too soon to speak of a discovery or of economic potential, as we await the full results from the laboratory and will then have to assess both the grades, the volume of data from the relevant strata, and the continuity between holes … [but he commented that] … we can already feel encouraged by the many positive indications from this small maiden drill programme.”
Conclusion: Initial drilling at Luanshimba confirms the area to be underlain by rocks which host Copperbelt style mineralisation and shows the presence of some copper mineralisation – full assay results are awaited.
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.
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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
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