SP Angel . Morning View . Wednesday 17 11 21
Gold prices hold firm on rising inflation data
Evolution Mining (Evolution Mining Ltd (ASX:EVN)) – Evolution agrees to purchase Glencore’s Ernest Henry mine for A$1bn
Jubilee Metals Group (Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF)) – Progress update for Zambia and South Africa projects
Rambler Metals and Mining* (Rambler Metals and Mining PLC (AIM:RMM, TSX-V:RAB)) – Ming mine infill drilling continues to intersect high copper grades
Strategic Minerals* (Strategic Minerals PLC (AIM:SML)) – Exploration results from Redmoor West and impact of current tin prices on the project economics
Versarien* (Versarien PLC (AIM:VRS, OTC:VRSRF)) – Collaboration agreement announced with Superdry to develop graphene-enhanced clothing
Gold shows strength despite strong US retail sales and climbing dollar
Gold has held above the $1,855/oz mark despite the dollar hitting a 16-month high.
Strong US sales data yesterday failed to dampen gold’s upwards trajectory despite increasing the potential for an early rate hike.
Dow Jones Industrials +0.15% at 36,142
Nikkei 225 -0.40% at 29,688
HK Hang Seng -0.41% at 25,608
Shanghai Composite +0.44% at 3,537
Economics
Inflation – We believe real Living costs have risen ahead of the official inflation rate for years while wages for many workers have remained suppressed
Those of us born in the 60s only just remember the last bouts of really worrying inflation which accompanied the 1974 and 1979 s oil shocks.
The oil shocks were also accompanied by union action and worker discontent which cut power to homes and industry driving inflation higher. Unions are also kicking up trouble today.
The past 20 years have been close to deflationary as China sold increasing volumes of manufactured products at sufficiently low prices to create millions of new jobs.
Inflation driven by the oil price run from 2001-2008 was largely offset by deflation in manufactured products such as colour TVs.
China is focussed on reducing inflation through lower input costs to help preserve margins for small and medium sized companies, though much will also depend on the US$:CNY exchange rate.
The BoC controlled USD:CNY exchange rate weakened from 2011-2020 but Covid strengthened the rate back to where it was 10 years ago. Where will it be allowed to go from here?
Strong competition across many industries also pushed manufacturers to force input prices lower, supressing inflation while labour migration also served to suppress wage growth.
Covid-19 hit when the world was slowing, when oil, gas and other energy prices were relatively depressed due to lower demand, with some of the inflation we see today simply a reaction to the recovery.
High-street retailers were collapsing under competition from new online retailers working off much lower cost bases and margins.
Along comes Covid-19 and newly-elected liberal governments in the West have the perfect excuse to splash the cash.
In the UK, CrossRail and HS2 were already underway and policymakers needed no further encouragement.
The US immediately boosted demand by handing out cheques as Biden planed for a multitude of rail, wind and solar projects alongside grid improvements.
The need to reduce carbon emissions also serves to fuel the political will to move away from oil, diversify energy sources and justify stimulus funds in new energy projects.
Question is, who will benefit most from splashing the cash?
The GFC, post 2009 saw a concentration of stimulus funds raising the prices of superyachts and private jets, indicating a somewhat uneven distribution of subprime rescue funds.
This time round, the stimulus looks more evenly spread but is also accompanied by rising inflation .
China is reaching for ‘Common Prosperity, the UK is ‘Levelling Up’ while the US is working toward a peaceful and prosperous future.
Many Central Bank policy makers see inflation as temporary – we agree - but this does not mean that a loaf of bread will revert to it’s pre-pandemic cost.
Most things will become more expensive on a permanent basis – but we feel the rate of inflation will likely revert to pre-pandemic levels and the West may need to work to avert deflation again.
Cars, new will cost more because EV are more expensive to build and chip shortages have raised unit costs.
New EV factories, higher power costs and rising raw materials prices will also need to be paid for.
But, consumers are becoming more cautious and are reported to be saving for a rainy day (potentially higher interest rates).
China’s ‘Singles’ Day’ for online consumers was restrained – and maybe Black Friday will follow suit in the West as consumers hold back.
There may also be an element of consumer fatigue – how many new colour TVs can you use?
Coal, iron ore prices in China are falling, and shipping rates have fallen 50% from their peak.
Conclusion: We see inflation as tolerable, manageable and welcome in the West on a temporary basis with policy makers holding back from raising interest rates.
Chinese inflation is perhaps more of a concern and if union action drives wages int eh West much higher then policy makers may have to act through higher interest rates.
UK – CPI inflation hit 4.2%yoy last month marking the strongest rate in almost a decade and putting pressure on the central bank to tighten monetary policy.
Inflation is now running at more than 2x the targeted BoE level and came in higher than 3.9%yoy expected.
Price increases were driven by higher transport and hospitality costs.
RPI showed even high increase coming at 6.0%yoy v 4.9% in September and 5.7 est.
The pound is trading slightly higher this morning at 1.3451 against the US$ and 1.1883 against the €.
US – Retail sales post robust gains in October ahead of potentially more challenging data this month as indicated by a drop in November consumer sentiment over accelerating inflation concerns.
Retail sales climbed the most in seven months extending the run of gains to three months.
Retail Sales (%mom): 1.7 v 0.7 (revised from 0.8) in September and 1.0 est.
Retail Sales ex Auto and Gas (%mom): 1.4 v 0.5 (revised from 0.7) in September and 0.7 est.
Biden/Xi meeting concluded yesterday without any specific outcomes, Bloomberg reports.
The two parties discussed the need for cooperation and covered a range of themes including trade, the status of Taiwan and human rights.
China looks to further boost coal and gas supplies before winter
Vice Premier Han states China will boost thermal coal and nat gas supplies in preparation for extremely cold weather.
Beijing will also continue its crack down on coal market speculation.
Financial institutions have also been told to meet ‘reasonable’ financing needs of energy-linked firms. (Reuters)
Japan – Trade pulls back more than forecast in October highlighting supply chain challenges remain a drag, Bloomberg writes.
Auto exports dropped 36.7%yoy as major producers scaled back production due to parts shortages.
Exports (%yoy): 9.4 v 13.0 in September and 10.3 est.
Imports (%yoy): 26.7 v 38.2 in September ad 31.8 est.
Chile – President Sebastian Pinera survived the impeachment motion after the Pandora Papers revealed a potential conflict of interest in his sale of a mining project.
The motion reached 24 votes in favour, short of 2/3s or 29 votes required to impeach a head of state.
The lower house of congress earlier voted in favour of the motion that he violated the constitution during an indirect stake sale in a $2.5bn iron ore project called Dominga.
The result allows President to finish his term, that ends in March.
Chileans are heading to poll stations for general elections including presidential and parliamentary vote on Sunday that is expected to lead to a second round (December 19) between right wing candidate Jose Antonio Kast and lef wing deputy Gabriel Boric.
Baltic Index hits 5-month low on decreased capesize demand
Baltic index down 6.1% to 2,591 – lowest since June 9.
Capesize index down 10% to 3,383.
Average capsize rate, used for iron ore and coal transport, down $3,054 to $28k/day.
Vale’s production cuts and weakening Chinese demand as the property sector slows have hit rates. (Reuters)
China coking coal down 9% on Tuesday – increased supply and weak coking plant demand.
South Africa faces increasing power cuts, Eskom
SA state-owned power utility firm Eskom (supplies 90% of country’s electricity) to increase power cut frequency.
Eskom cites failures at several power stations, 2 of which are new. (Reuters)
The firm is utilising limited diesel supplies for emergency turbines.
Eskom faced with unplanned losses of 14.4kMW (33% of South Africa’s total capacity).
Currencies
US$1.1304/eur vs 1.1372/eur yesterday. Yen 114.94/$ vs 114.26/$. SAr 15.497/$ vs 15.253/$. $1.344/gbp vs $1.345/gbp. 0.729/aud vs 0.734/aud. CNY 6.387/$ vs 6.379/$.
Commodity News
Precious metals:
Gold US$1,861/oz vs US$1,865/oz yesterday
Gold ETFs 97.9moz vs US$98.0moz yesterday
Platinum US$1,071/oz vs US$1,093/oz yesterday
Palladium US$2,162/oz vs US$2,153/oz yesterday
Silver US$25.04/oz vs US$25.08/oz yesterday
Rhodium US$14,350/oz vs US$14,350/oz yesterday
Base metals:
Copper US$ 9,542/t vs US$9,651/t yesterday
Aluminium US$ 2,593/t vs US$2,620/t yesterday
Nickel US$ 19,440/t vs US$19,595/t yesterday
Zinc US$ 3,215/t vs US$3,194/t yesterday
Lead US$ 2,278/t vs US$2,322/t yesterday
Tin US$ 37,610/t vs US$37,600/t yesterday
Energy:
Oil US$82.1/bbl vs US$82.7/bbl yesterday
Oil prices settled mixed on Tuesday, as prospects of tight inventories worldwide were offset by forecasts of a production increase in coming months and concerns over rising coronavirus cases in Europe
Oil output from Texas' Permian basin was forecast to reach a record 4.95MMbopd in December
US crude stocks were expected to have risen for a fourth straight week, with analysts in a Reuters poll forecasting a build of c.1.4MMbbls last week
However, the International Energy Agency (IEA) has forecast that the oil market rally may ease as high prices could provide a strong incentive to boost production, particularly in the US
Elsewhere, worries persist with regards to demand destruction due to the pandemic weighed
Europe has again become the epicentre of the pandemic, prompting some governments to consider re-imposing lockdowns, while China is battling the spread of its biggest outbreak caused by the Delta variant
OPEC cut its world oil demand forecast for the fourth quarter by 330,000bopd from last month's forecast, as high energy prices hampered economic recovery from COVID-19
Fears of declining demand come as supplies are expected to rise
US shale production in December is expected to reach pre-pandemic levels of 8.68MMbopd, according to Rystad Energy
Natural Gas US$5.020/mmbtu vs US$5.110/mmbtu yesterday
European gas prices surged yesterday as German regulators suspended certification proceedings for a controversial natural-gas pipeline from Russia, adding to concerns Europe will run low on fuel this winter
Prices for the heating and power-generation fuel shot higher around the world in response
Futures gained more than 15% in Europe
US prices added 3.2%
The EIA expects Henry Hub prices will decrease after the first quarter of 2022, as production growth outpaces growth in LNG exports, and will average US$4.01/mmbtu for the year
US exports of LNG are establishing a record high this year, a new record high anticipated for next year
The EIA expects LNG exports to average 9.7Bcf/d this year (3.2Bcf/d more than the 2020 record high of 6.5Bcf/d) and to exceed annual pipeline exports of natural gas for the first time
The year-on-year increase in LNG exports coincides with slight growth in US natural gas production
US dry natural gas production is expected to average 92.6Bcf/d this year, which is 1.1Bcf/d more than in 2020 but 0.3Bcf/d less than in 2019
Uranium UXC US$48.1/lb vs $48.15/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$88.4/t vs US$88.2/t
Chinese steel rebar 25mm US$731.6/t vs US$734.3/t
Thermal coal (1st year forward cif ARA) US$111.5/t vs US$104.5/t - US coal prices hit 12-year high
Central Appalachian coal up $10 to $90/t this week – highest since 2009.
Power companies warning customers of $11/month increase for winter power bills.
Coal prices expected to increase 22% y-o-y – first increase since 2014.
Soaring nat gas prices pushing demand for alternatives, including coal.
Thermal coal swap Australia FOB US$151.5/t vs US$145.5/t
Coking coal swap Australia FOB US$333.0/t vs US$333.0/t
Other:
Cobalt LME 3m US$61,500/t vs US$59,500/t
NdPr Rare Earth Oxide (China) US$122,541/t vs US$123,448/t
Lithium carbonate 99% (China) US$28,267/t vs US$27,982/t
China Spodumene Li2O 5%min CIF US$2,010/t vs US$1,960/t
Ferro-Manganese European Mn78% min US$2,052/t vs US$2,098/t
China Tungsten APT 88.5% FOB US$313/t vs US$313/t
China Graphite Flake -194 FOB US$655/t vs US$655/t
Europe Vanadium Pentoxide 98% 7.5/lb vs US$7.5/lb
Europe Ferro-Vanadium 80% 31.75/kg vs US$31.75/kg
China Ilmenite Concentrate TiO2 US$388/t vs US$388/t
Spot CO2 Emissions EUA Price US$74.6/t vs US$72.6/kt
Battery News
Equinor plans 3GW floating offshore wind in South Korea
Equinor and Korea East-West Power (EWP) have signed an MoU to build 3GW of floating offshore wind projects in South Korea.
Equinor have already announced its intent to use its new floating wind technology, Wind Semi, designed specifically for Korean waters and local conditions.
The Wind Semi foundation will also be used for Equinor’s planned projects in Scotland should it be awarded development rights in the ScotWind leasing round.
Equinor and EWP, together with Korea National Oil Corporation (KNOC), are already developing the 200 MW Donghae 1 floating offshore wind project in South Korea.
Plans for 6GW of floating offshore wind, costing 36tr Korean won, were announced earlier this year by the government.
The South Korean government has set out an ambition to grow renewables capacity to 60GW by 2034, of which 12GW is targeted for offshore wind by 2030.
Volkswagen preparing to take on Tesla in EV power infrastructure
VW are planning to increase its efforts in its charging and energy division, doubling staff numbers and rolling out new payment technology as it looks to take on Tesla in EV power infrastructure. (Reuters)
VW is the global leader, by far, in investment plans for EVs and batteries by 2030, and it is planning to spend €35bn on battery EVs by 2025.
When it comes to charging infrastructure, VW are lagging behind – Tesla currently has a global network of 30,000 fast-chargers and expect this to triple in the next 2 years.
VW expect its network of chargers to quadruple to 45,000 by 2025.
In an announcement earlier this year, VW said it plans to spend €400mn to expand its charging network to meet that target.
Tesla Megapack batteries to power two new 50MW renewable projects in the UK
Tesla will supply Megapacks to two new 50MW battery storage projects in the UK for Australian clean energy producer Tag Energy.
Tag Energy entered a JV with British renewables and battery storage developer, Harmony Energy, to invest in the projects.
Tag acquired a 60% stake in the two projects through a combined investment of nearly £60m.
Company News
Evolution Mining (Evolution Mining Ltd (ASX:EVN)) A$4, Mkt cap A$7.4bn - Evolution agrees to purchase Glencore’s Ernest Henry mine for A$1bn
Evolution and Glencore have reached an agreement over the Ernest Henry copper-gold mine in Queensland, Australia.
The acquisition will double Evolution’s annual copper production to 34,000- 38,000tpa.
Evolution has agreed to pay $800m upfront and a further $200m in 12-months’ time.
The deal also includes an offtake agreement that sees Glencore secure 100% of the supply of copper produced at the mine.
Jubilee Metals Group (Jubilee Metals Group PLC (AIM:JLP, JSE:JBL, OTC:JUBPF)) – 16.75p, Mkt cap £400m – Progress update for Zambia and South Africa projects
Jubilee this morning provides an update for its Project Roan copper project in Zambia and its Inyoni PGM project in South Africa.
Project Roan: Jubilee’s 10,000tpa processing plant is nearing completion with commissioning activities targeted to commence during December CY2021, slightly ahead of schedule.
Jubilee expect to start delivering copper concentrate to the upgraded Sable Refinery during Q1 CY2022.
The company is targeting the construction of two further copper concentrating facilities as part of its Northern Zambian refining strategy, which aims to deliver in excess of 25,000tpa of copper by the end of CY2023.
Inyoni: Jubilee has completed the US$21m construction and commissioning at Inyoni, which has enhanced the plant’s processing capability by providing the flexibility to process a wide variety of third party PGM feed.
The programme was undertaken over an 11-month period and included a chrome recovery circuit together with a new feed blending and classification circuit with a significantly expanded PGM recovery circuit.
The new plant will have the capability to process up to 75 000 tonnes per month of chrome and PGM rich material.
Jubilee's PGM operational target for the current financial period remains at 50 000 PGM oz.
In Cyprus, Jubilee has reached an agreement with Caerus Mineral Resources to extend its Option Agreement for a further 18 months at the Troulli Copper Project, with both parties working towards a possible joint venture during Q1 CY2022.
Rambler Metals and Mining* (Rambler Metals and Mining PLC (AIM:RMM, TSX-V:RAB)) 44.75p, Mkt cap £57m – Ming mine infill drilling continues to intersect high copper grades
(Rambler owns 100% of the Ming Copper-Gold Mine)
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Rambler Metals and Mining has provided further details of its continuing infill underground drilling programme at the Ming mine where it has now completed 14,978m (97%) of its planned 15,200m 2021 campaign.
The programme aims to improve the confidence in resources to be mined over the next 18 months and has the following four main targets:
The Lower Footwall Zone (LFZ) on the 510-535 levels of the mine; and
Deeper LFZ mineralisation on the 735-760 levels; and
The Ming North Zone (MNZ) on the 785 level; and
The Upper Footwall Zone (UFZ) below the 790 level.
Drilling of the first three targets has now been completed with drilling of the final target, the UFZ below the 790 level, “scheduled in Q4 2021”.
Among the new results highlighted in today’s announcement are:
A 9.45m intersection of the Ming North ‘Icing Zone’ averaging 3.54% copper from a depth of 19.5m in hole R21-620-16 which also intersected 12m of the LFZ from 219m depth below the 735 level averaging 2.41% copper including 3.45m averaging 5.83% copper; and
An intersection of 3.94m of the ‘icing Zone’ at an average grade of 3.54% copper from a depth of 18.67m in hole R21-620-15 which also intersected 15.82m of the LFZ averaging 1.87% copper including 5.82m at an average grade of 2.48% copper; and
18.10m of the LFZ from 151.90m depth in hole R21-620-04; and
An intersection of 29m of the LFZ at an average grade of 1.75% copper from 172m in hole R21-620-06 which also included a 12m wide intersection also from the LFZ and also averaging 1.75% copper from 251mm depth; and
An 11.90m wide intersection of the LFZ zone at an average grade of 1.78% copper, including 7.50m at an average grade of 2.02% copper in hole R21-620-07
Highlighted results from the drilling of the Ming North Zone below the 785 level include:
12.45m of the ’Icing Zone’ at an average grade of 2.62% copper in hole R21-785-05; as well as
4.61m, also of the ‘Icing Zone’ at an average grade of 3.75% copper in hole R21-785-06; and
11.69m of the MNZ one at an average grade of 1.38% copper in hole R21-785-05; and
Multiple intersection of the MNZ in hole R21-785-16 including 7.20m, from 143m depth at an average grade of 7.01% copper, 4.71m, from 154.29m depth averaging 2.57% copper and 3.48m from 194m depth at an average grade of 7.85% copper
Plans for the drilling of the UFZ below the 790m level will “follow up on several high-grade intersections reported on 4 November 2019, including:
R19-695-03 – 10.9 m (downhole) of 5.92% copper with 0.60 g/t gold and 8.56 g/t silver; and
R19-695-11 – 9.07 m (downhole) of 4.14% copper with 0.45 g/t gold and 4.99 g/t silver.”
Geological cross-sections accompanying today’s announcement indicate a central core to the Lower Footwall Zone of mineralisation grading over 2.5% copper within a wider zone of mineralisation grading over 2% copper.
Commenting on the results and the continuing drilling programme, President and CEO, Toby Bradbury, said that the results “received in the program so far provide confidence in our near-term production outlook, having confirmed the earlier block model based on wider-spaced drilling in the target areas. In addition, the new, high-grade intersections through the recently discovered “Icing Zone” further enlarges the Icing Zone in an area near current underground infrastructure. This has created an opportunity for additional near-term high-grade production”.
He also explained that delays in the receipt of “backlogged copper assay samples from our drilling” resulted in a pause in the “drilling during October and are resuming drilling in November now that additional assays have been received and new interpretations to guide the positioning of the next holes have been completed.”
Conclusion: The drilling programme at the Ming Mine continues to intersect wide zones of copper mineralisation, including grades which are substantially in excess of the targeted 2% copper and up to 7% , which improve the understanding of the geometry and grade characteristics of ore to be mined over the next 18 months which should enhance mine-planning and reduce risk as the Ming Mine presses ahead to its initial goal of a sustainable, long-term 1,350tpd processing rate. The company has previously indicated that the drilling results will underpin an updated resources estimate which is expected towards the end of his year and a revised mine plan in H1 next year.
*SP Angel act as Nomad and broker to Rambler Metals & Mining
Strategic Minerals* (Strategic Minerals PLC (AIM:SML)) 0.38p, Mkt Cap £7.6m – Exploration results from Redmoor West and impact of current tin prices on the project economics
Strategic Minerals has reported results from the excavation of two test pits within its Redmoor West area in Cornwall.
The recent work lies to the west of the main Redmoor area where the company has already defined an inferred mineral resource of 11.7mt averaging a tin equivalent grade of 1.17% within a sheeted vein system.
Today’s announcement discloses a 2.6m wide intersection averaging 0.46% tin with 0.04% copper and 0.04% tungsten within pit CRT04 and a 1m wide interval averaging 0.17% tin, 0.04% copper and 0.01% tungsten in pit CRT05.
The intersection in CRT04 includes a single metre assaying 0.68% tin with 0.03% copper and 0.05% tungsten.
In September, Strategic Minerals announced that a trench, CRT01 excavated in the Redmoor West area had identified a 20m wide zone of tin mineralisation including a peak assay of 0.38% tin over a 2m wide interval and a separate 4m wide intersection averaging 0.32% tin within the broader zone.
With near surface mineralisation identified at Redmoor West the company “is currently evaluating a potential 2022 exploration program to test this highly prospective target’s depth … [and] … to verify the projected westward continuation of the Redmoor Sheeted Vein System (SVS) orebody. If confirmed, this has the potential to increase the proportion of tin, and total tonnage of a future resource”.
Strategic Minerals confirms that it “is currently in discussions with parties about asset level funding of future exploration and this is the preferred approach”.
The company also takes the opportunity to report the impact of current metal prices on its internal, October 2020, economic projection for Redmoor. Using a tin price of US$37,660/t (previously US$22,000/t), tungsten at $313/mtu (previously US$330/mtu) and copper at US$9,748/t (previously US$7,000/t) Strategic Minerals estimates an NPV8% of US$163m (previously US$128m) and IRR of 33.1% (previously 28.6%).
Conclusion: Strategic Minerals’ exploration to the west of its mineral resource at Redmoor has identified near surface tin mineralisation which it plans to follow up with further exploration in 2022 to establish whether there is continuity of mineralisation west of the current mineral resource area. The company has also disclosed that updating its October 2020 economic study which was based on a tin price of US$22,000/t to current levels of US$37,660/t lifts the forecast NPV8% by US$35m to US$163m.
*SP Angel acts as Nomad and Broker to Strategic Minerals
Versarien* (Versarien PLC (AIM:VRS, OTC:VRSRF)) 35p, Mkt cap £68m – Collaboration agreement announced with Superdry to develop graphene-enhanced clothing
Versarien reports that it has launched a commercial collaboration agreement with DKH Retail Limited, the worldwide wholesale distribution subsidiary of Superdry PLC (LSE:SDRY).
The collaboration will see Superdry using Versarien's GRAPHENE-WEARTM technology, with a view to importing graphene's thermal and moisture management properties into its garments.
Versarien’s graphene technology is expected to result in product lines with improved performance and extended product lifespan, lower environmental impacts, whilst also reducing the need to add any virgin material during recycling.
Versarien have also agreed to give Superdry access Versarien's scientists and laboratories in Manchester and Cambridge in order to develop garments specific to their needs.
Properties of GRAPHENE-WEARTM include control over thermal transmittance in order to allow the body to manage its temperature and the strength of the garment.
Commenting, Neill Ricketts, CEO of Versarien, said: "We are delighted that Superdry has publicly announced our collaboration. Since we started working with Superdry we have developed a number of sample garments and its decision to announce the collaboration and the future launch of the products we are developing together is, I believe, testament to the benefits they see in utilising Versarien's graphene technology.”
*SP Angel acts as nomad and broker to Versarien
Recent Interviews:
VOX Markets: 10/11/21: https://audioboom.com/posts/7977163-john-meyer-on-ev-investment-china-bluerock-diamonds-kodal-minerals-rainbow-rare-earths
IGTV: Cornish Metals*, Mkango *, Kodal * - Fed to consider potential China slowdown when looking at rates https://youtu.be/FjIMHHXKzXg
*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
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Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486
Sales
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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
Sources of commodity prices
Gold, Platinum, Palladium, Silver
BGNL (Bloomberg Generic Composite rate, London)
Gold ETFs, Steel
Bloomberg
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt
LME
Oil Brent
ICE
Natural Gas, Uranium, Iron Ore
NYMEX
Thermal Coal
Bloomberg OTC Composite
Coking Coal
SSY
RRE
Steelhome
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite
Asian Metal