SP Angel . Morning View . Friday 09 12 21
Copper gains as China stimulates construction despite fund liquidation
Galan Lithium (Galan Lithium Ltd (ASX:GLN)) – Updated PEA almost doubles HMW NPV on stronger lithium prices
Greatland Gold (Greatland Gold PLC (AIM:GGP, OTC:GRLGF)) – Latest drilling at Havieron supports resource expansion and upgrading potential
Horizonte Minerals (Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF)) – Equipment acquisition agreement for Araguaia
OreCorp (OreCorp Ltd (ASX:ORR)) – Special Mining License granted
Serabi Gold (AIM:SRB, TSX:SBI)* (Serabi Gold (AIM:SRB, TSX:SBI)) – Clarification of status of the Coringa licences
Tirupati Graphite (Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF)) – Vatomina reaches commercial production
VOX Markets: 08/12/21: https://audioboom.com/posts/7993202- china-economy-plus-bluejay-centamin-cornish-metals
IGTV: China slows down but invests heavily in renewable capacity: https://youtu.be/d6PtLxNgtPc
*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.
Gold - $1,782/oz – prices pull back as China ramps up construction
Gold prices are drifting despite Omicron uncertainty and inflation data as China moves to shore up weakening economic activity
Investors show caution as Pfizer and BioNTech suggested that trial data suggests a 3rd dose of vaccines may be required to protect against the new variant.
CPI data tomorrow and the Fed meeting next week will give clues on the bank’s interest rate and asset taper strategy going forward.
Iron ore rallies on renewed optimism over China’s construction sector
Iron ore futures up 8% this week, prices settling at $110/t.
Traders expect the PBOC’s loosening fiscal policy to stimulate the ailing construction sector.
Prices have also rallied on hopes that Chinese steel output will ramp up in the coming months.
Iron ore’s rally will be subdued by rising Brazil shipments following heavy rain.
Copper - Efforts to unblock key Las Bambas copper corridor fall flat
Talks between MMG, community protestors and Peruvian government officials to unblock MMG’s key Las Bambas corridor have fallen through.
The road has been blocked for 18 days as residents negotiate for increased employment on the mine.
MMG raised the potential of suspending production next week owing to lack of vital supplies.
Dow Jones Industrials +0.10% at 35,755
Nikkei 225 -0.47% at 28,725
HK Hang Seng +1.05% at 24,249
Shanghai Composite +0.98% at 3,673
Economics
US Legislators agree on deal to avoid debt crisis
Democrat and Republican House leaders have created a one-time law to enable the Democrats to raise the US Treasury’s borrowing limit in the Senate.
The law enables the Democrats to raise the limit with 51 votes rather than the 60 votes usually required.
China – Factory gate inflation slowed in November offering a sign that the official efforts to tame soaring commodity prices over the past few months are having an effect, Bloomberg writes.
On the other hand, consumer prices growth accelerated in November with most of the pickup drive by more expensive food.
When excluding more volatile components such as food and energy, core CPI actually dropped in November coming in at 1.2%, down from 1.3% in October.
Credit supply increased in November as seen in aggregate social financing growth as authorities are aiming to provide support for the economy.
Monthly new total social financing totalled 2.61 trillion yuan, up from October’s 1.59 trillion yuan, but slightly below the consensus estimate of 2.7 trillion yuan.
CPI (%yoy): 2.3 v 1.5 in Oct and 2.5 est.
PPI (%yoy): 12.9 v 13.5 in Oct and 12.1 est.
New Yuan Loans (CNY bn): 1,270 v 826 in Oct and 1,555 est.
China trade surplus pulled back to $71.7bn in November vs $84.5bn in October
Trade surplus with the US fell to $37bn in November vs $41bn in October
Overall exports rose 22% in November vs 27.1% in October
Overall imports rose 31.7% in November vs 20.6% in October
Unwrought copper imports fell 9.1% yoy to 510,402t but were 24.3% higher month-on-month in November
Copper concentrate imports rose 21.9% to a record 2.19mt
Iron ore imports rose 14.6% mom to 104.96mt
Coal imports jumped 200% yoy
Crude oil imports rose 80.1% yoy
Evergrande defaults on its dollar debt as crisis intensifies as Kaisa suspends shares
Fitch Ratings has cut Evergrande to restricted default following the developer’s missed deadline payment on Dec. 6th.
Kaisa, another, highly indebted property developer, has also suspended its shares after failing to meet a $400m bond maturation which may lead to a technical default on nearly $12bn worth of offshore bonds..
Sources have told Bloomberg Evergrande is set to include all of its offshore dollar bonds and private debt obligations in the planned restructuring. (Bloomberg)
Another developer Kaisa has had its long-term foreign-currency issuer default rating slashed to restricted default after failing to repay interest on a $400m bond.
Kaisa issues the 3rd largest amount of dollar notes in value and currently has $11.6bn in outstanding coupons.
The PBOC’s Governor Yi Gang announced that the market will deal with the crisis but ‘the rights and interests of creditors and shareholders will be fully respected’.
Chinese megacities raise concerns over water shortages as drought continues
Guangzhou and Shenzhen warn of severe water shortages through to spring 2022 as the East River suffers its worst drought in decades.
The East River Basin is 50-60% below normal levels - expected to continue through to next year.
Cities including Hong Kong rely on the river for much of their water. (Reuters)
Japan - Leading economic indicators 102.1 in October vs 100.2 September
UK – Government advises the nation to work from home to slow spread of Omicron virus
So far Omicron appears to be less deadly that previous strains, though this is not yet fully proven.
Baltic index jumps as shipping rates hit 1-month high
Capesize and supramax rates hit their highest level since Nov. 1st as supply tightness for vessels transporting iron ore and coal intensifies.
Capesize index up 4.1% today with average earnings jumping $1,706 to $43,030.
96 container ships are queuing off Los Angeles and Long Beach ports with 732,263 TEU container capacity – Christmas is coming late for some retailers
Currencies
US$1.1324/eur vs 1.1290/eur yesterday. Yen 113.42/$ vs 113.45/$. SAr 15.708/$ vs 15.827/$. $1.320/gbp vs $1.325/gbp. 0.717/aud vs 0.713/aud. CNY 6.344/$ vs 6.355/$.
Commodity News
Precious metals:
Gold US$1,782/oz vs US$1,788/oz yesterday
Gold ETFs 98.2moz vs US$98.3moz yesterday
Platinum US$957/oz vs US$968/oz yesterday
Palladium US$1,859/oz vs US$1,871/oz yesterday
Silver US$22.34/oz vs US$22.44/oz yesterday
Rhodium US$14,000/oz vs US$14,000/oz yesterday
Base metals:
Copper US$ 9,604/t vs US$9,590/t yesterday
Aluminium US$ 2,620/t vs US$2,630/t yesterday
Nickel US$ 19,825/t vs US$20,230/t yesterday
Zinc US$ 3,309/t vs US$3,241/t yesterday
Lead US$ 2,274/t vs US$2,208/t yesterday
Tin US$ 39,215/t vs US$38,925/t yesterday
Energy:
Oil US$75.9/bbl vs US$75.0/bbl yesterday
Natural Gas US$3.806/mmbtu vs US$3.806/mmbtu yesterday
Uranium UXC US$45.85/lb vs $46.35/lb last week - Chinese scientists make breakthrough in extracting uranium from seawater
Scientists at the Chinese Academy of Sciences are hoping to use a membrane saturated in amidoxime to extract uranium from seawater.
The membrane has an absorption capacity 20x higher than previously used materials. (SCMP)
Oceans are estimated to hold more than 4.5bt of uranium – 1000x more than land.
China has ramped up its nuclear energy output, with 50GW capacity in 2020 and 18.5GW under construction.
The CCP hopes to have 120GW of capacity by 2030.
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$112.4/t vs US$114.5/t
Chinese steel rebar 25mm US$759.3/t vs US$759.1/t
Thermal coal (1st year forward cif ARA) US$106.5/t vs US$106.5/t
Thermal coal swap Australia FOB US$154.5/t vs US$152.1/t
Coking coal swap Australia FOB US$322.0/t vs US$303.0/t
Other:
Cobalt LME 3m US$69,815/t vs US$69,815/t - Cobalt rallies on South African port disruption
LME cobalt closes in on $70k/t having almost doubled this year.
Strong demand from the EV sector paralleled by Covid supply chain disruptions has seen the battery ingredient surge in price.
South Africa ships the majority of major supplier DRC’s cobalt.
Soaring Omicron cases are placing further pressure on already disrupted SA ports.
NdPr Rare Earth Oxide (China) US$135,171/t vs US$135,327/t
Lithium carbonate 99% (China) US$31,290/t vs US$30,606/t
China Spodumene Li2O 5%min CIF US$2,310/t vs US$2,310/t
Ferro-Manganese European Mn78% min US$1,897/t vs US$1,891/t
China Tungsten APT 88.5% FOB US$313/t vs US$313/t
China Graphite Flake -194 FOB US$695/t vs US$695/t
Europe Vanadium Pentoxide 98% 8.4/lb vs US$8.3/lb
Europe Ferro-Vanadium 80% 32.55/kg vs US$32.55/kg
China Ilmenite Concentrate TiO2 US$382/t vs US$382/t
Spot CO2 Emissions EUA Price US$98.9/t vs US$97.3/t
Battery News
VW announces key partnerships for battery materials supply
VW has announced a number of key partnerships to secure the raw materials it will need to realise its ambitious EV strategy.
The three agreements are part of VW’s €30bn plan to build 6 large battery plants and secure material supply chains in Europe.
One of the partnerships is a JV with Belgian chemicals company, Umicore – the venture will look to supply cathode materials to the VW’s planned European battery plants.
The companies hope to start production in 2025 with 20GWh annual production and reach an annual production of 160GWh by 2030 – enough for 2.2m EVs.
The automaker has also struck an initial 5-year agreement with lithium developer Vulcan Energy Resources (ASX:VUL) for lithium extracted in the Upper Rhine Valley of German by geothermal energy.
The third key agreement is with battery start-up 24M, with the aim to scale up 24M’s semi-solid li-ion battery process.
Company News
Galan Lithium (Galan Lithium Ltd (ASX:GLN)) A$1.5, Mkt Cap A$447m – Updated PEA almost doubles HMW NPV on stronger lithium prices
The Company released an update of the Dec/20 PEA for its 100% owned high grade and low in impurities Hombre Muerto West (HMW) lithium project located in Catamarca Province, Argentina.
New PEA assumes stronger lithium carbonate prices as well as takes into account recent changes to the local tax legislation.
Remaining operational and cost parameters remained unchanged.
Lithium carbonate battery grade price was revised to US$18,594/t (long term real average over 2025-2040), in line with the price used in the Nov/21 Candelas PEA and up on $11,687/t used previously.
This compares to Roskill 2021 estimates for lithium carbonate prices to remain near to or above US$25,000/t over the 2025-2040 period.
Current spot lithium carbonate battery grade prices are close to $30,000/t.
The project is estimated to generate US$1,338m and 33.1% in NPV8% (post-tax) and IRR (post-tax), respectively, up on US$684m and 19.1% previously.
The PEA used new corporate and dividend payment withholding tax rates of 35% and 7%, compared to 25% and 10% previously.
The project is still expected to cost US$439m to build and run at 20kt LCE at US$3,518/t in opex over 40 year life of mine.
HMW hosts 450mln m3 at 946mg/l Li for ~2.3mt LCE in mineral resources, which is higher than most of brine projects located in the Lithium Triangle in South America.
The Company is planning to deliver DFS in Q3/22 while continuing with infill drilling and construction of the pilot plant.
Greatland Gold (Greatland Gold PLC (AIM:GGP, OTC:GRLGF)) 13.5p, Mkt Cap £538m – Latest drilling at Havieron supports resource expansion and upgrading potential
Greatland Gold draws attention to the ASX release by its partner, Newcrest Mining, of Newcrest’s Exploration Update which includes details of infill and expansion at the Havieron project in the Paterson Province of WA.
Reporting on 20 infill and 4 holes in the ‘Growth Drilling’ programme, Greatland Gold says that there are currently 8 drill rigs in operation and that the “Havieron joint venture has now completed a total of 219,561m of drilling from 266 holes“ and that “Significant mineralisation was reported in 19 of the new holes”.
Highlighting that the new results “support the continuity of the high grade South East Crescent Zone” Greatland Gold explains that the infill drilling is intended to “support the potential upgrade of a significant portion of the Inferred Mineral Resource to an Indicated Mineral Resource” and that the ‘Growth Drilling’ aims to extend “the South East Crescent Zone at depth below the current Mineral Resource, where increasing mineralisation grade and thickness was observed from recent drilling”.
The company says that in addition to the results reported today, assay results are awaited from a further ten completed holes and that results are also awaited for initial drilling of additional nearby targets at a magnetic anomaly at the Havieron North target located 2 km north of Havieron and on a gravity anomaly at the Zipa target 1km west of Havieron North.
Among the results of the infill drilling programme announced today are:
A 119.5m long intersection at an average grade of 1.2g/t gold and 0.49% copper from a depth of 1,041.4m in hole HAD-053W5: and
A 164.3m intersection averaging 1.8g/t gold and 0.53% copper from 1,065m depth in hole HAD-053W6 including 14.3m at the upper part of the intersection averaging 9.7g/t gold and 0.78% copper from 1065.7m; and
A 144.7m long intersection averaging 1.6g/t gold and 0.14% copper from 856.3m depth in Hole HAD-061W1; and
An intersection of 89.3m averaging 1.3g/t gold and 0.05% copper from a depth of 807.8m in hole HAD-148W1; and
A 35.4m wide intersection averaging 4.4g/t gold and 0.25% copper from 938.1m depth in hole HAD-148W2; and
A 45.1m wide intersection averaging 6.7g/t gold and 0.06% copper from a depth of 919.5m in Hole HAD-149W2; and
A 140m long intersection averaging 2.9g/t gold and 0.07% copper from 909m depth in hole HAD-150W1; and
An intersection of 113.8m from 996.2m depth in hole HAD-150W2 which averages 3.4g/t gold and 0.1% copper and includes a higher grade portion averaging 20g/t gold and 0.14% copper from 1,035.8m depth
Results from ‘Growth Drilling’ within the South East Crescent zone nclude:
A 48m long intersection averaging 2.2g/t gold and 0.15% copper from 1,525m depth in hole HAD-086W3 and including 26.9m averaging 3.7g/t gold and 0.26% copper from 1,538.1m; and
An intersection of 102.3m from 1,404.3m depth at an average grade of 1.5g/t gold and 0.17% copper; and
A 69.8m wide intersection at an average grade of 2.0g/t gold and 0.32% copper from a depth of 1,329.2m in Hole HAD-133W4: and
A 110.4m long intersection from 1,418.6m depth in Hole HAD-133W5 which averaged 2.2g/t gold and 0.21% copper and included a 62.8m long section averaging 3.0g/t gold and 0.16% copper from a depth of 1,460.5m
CEO, Shaun Day, commented that the recent drilling “demonstrates continuity within the South East Crescent and together with significant assay intercepts running into the broader mineralized zonation. In addition, we have intercepts over 250 meters below the existing South East Crescent Mineral Resource which demonstrates the opportunity to further expand the ore body”.
He also said that the results continue “to support a significant upgrade of the Inferred Mineral Resource to an Indicated Mineral Resource” which in late 2020 amounted to an initial inferred resource estimate of 52mt at an average grade of 2.0g/t gold (3.4moz) and 0.31% copper with 18mt at an average grade of 3.8g/t gold (2.2m0z) and 0.61% copper within the Crescent Zone plus an additional 34mt at an average grade of 1.1g/t gold (1.2moz) and 0.15% copper in the adjacent Breccia Zone.
Conclusion: Havieron drilling is continuing to improve prospects to upgrade the existing South East Crescent Zone resources and expand them at depth while early stage drilling at the nearby Havieron North and Zipa targets could expand the overall resource envelope in the wider Havieron project area. We look forward to the recent results being incorporated in a future mineral resource revision.
Horizonte Minerals (Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF)) 6.28p, Mkt Cap £105m – Equipment acquisition agreement for Araguaia
Horizonte Minerals reports that it has reached agreement with a Vorantim company, Companhia Brasileira de Alumínio (CBA) to acquire “certain new and unused ferronickel processing equipment …[comprising] … the key components of a conventional rotary kiln electric furnace plant ("RKEF"), excluding the furnace” for its Araguaia ferronickel project in Brazil.
The company explains that the equipment “is designed and manufactured by leading international vendors with similar capacity and technical specifications to Araguaia and is already located in Brazil at CBA's Niquelândia Operations”.
Horizonte Minerals explains that the equipment “was originally commissioned by Votorantim …[described as] …one of the largest industrial and financial investment holding companies in Latin America… in 2006, as part of a proposed ~US$250 million ferronickel development at Niquelândia in Goiás State, Brazil. The project was expected to have an initial mine life of 20 years, with a capacity of approximately 42 ktpa of ferronickel (~10 ktpa of contained nickel) however, construction was halted due to the fall in nickel prices in 2009. The project was placed on care and maintenance during construction and ultimately never completed”.
At an acquisition cost of US$7m, payable in a series of staged payments, the CBA equipment offers “significant savings on our planned development costs given the low cost acquisition of this high quality equipment relative to the original purchase cost of approximately US$60 million”
It also offers potential savings on the lead-time to acquire equipment from a specialist manufacturer and provides Horizonte Minerals with an opportunity to “fast-track the development of a second RKEF line at Araguaia, to reach 28,000 tonnes of nickel per year, and at a lower development cost”.
Conclusion: The acquisition of key, unused, equipment from another operation in Brazil not only provides potential cost savings for the Araguaia ferronickel project it also offers security of equipment delivery at a time when disruption to supply chains is slowing the manufacture and restricting the availability of specialised mineral processing equipment.
OreCorp (OreCorp Ltd (ASX:ORR)) A$0.8, Mkt Cap A$308m – Special Mining License granted
The Company will issued the Special Mining License (SML) following approval by the Tanzanian Cabinet of Ministers earlier in the year with the signing ceremony targeted for 13 December 2021.
The Special Mining License (SML) will be issued to the new JV (Sotta Mining Corporation) that will be owned by OreCorp and the government holding 84% and 16%, respectively.
The government will hold 16% free carried interest in line with the current mining code.
The SML will be issued for an initial term of 15 years.
The team is currently working on the DFS for the holly owned high grade Nyanzaga Gold Project in Tanzania.
Nyanzaga hosts 3.1moz at 4.03g/t with 2017 PFS having envisaged a 4mtpa open pit/underground operation delivering 213kozpa over 12 years at US$838/oz AISC (using $1,250/oz gold price).
DFS is expected to be completed in Q2/22 delivering Nyanzaga maiden mineral reserve and paving the way for project funding and the start of the resettlement programme.
Serabi Gold* (Serabi Gold (AIM:SRB, TSX:SBI)) 61p, Mkt Cap £50.7m – Clarification of status of the Coringa licences
Serabi Gold has issued clarification on its licences at Coringa where it is developing a mine expected to double its current gold production to around 80,000oz pa.
The company refutes “reports of a suspension on the issue of future licences for its Coringa gold project” and says that “management and its legal advisers are of the view that the current project development plans at Coringa are not affected and are continuing and that this will not affect the current expected timeline for the award of the Installation License for Coringa”.
Explaining the background which relates to allegations made in a civil lawsuit that inadequate consultation took place with indigenous peoples during the permitting process Serabi Gold confirms that “The court and judge who presided over a hearing on 26 April 2018, denied the … [Federal Prosecutor’s Office known as the MPF] any action against … [the state environmental agency SEMAS] … The court and judge who presided over a hearing on 26 April 2018, denied the MPF any action against SEMAS, the National Mining Agency (“ANM”) and Chapleau … [Serabi’s wholly owned subsidiary] …, and also denied any right to appeal the decision”.
The company says that “On 11 November 2020, a further decision was rendered by the judge presiding over the case denying all of the requests filed by the MPF. Nonetheless the MPF filed a further appeal on 10 December 2020”.
Serabi Gold states that “it has, since acquiring Coringa in December 2017, been in regular dialogue with and secured support for the project from FUNAI, the national agency established for managing the interest of indigenous people, and that the indigenous populations were present and spoke at the Public Hearing regarding Coringa held on 6 February 2020. In addition, the Company advises that it is already in the process of preparing a consultation and impact report for SEMAS regarding the indigenous communities that are located in the regions around the project”.
“On 6 December 2021, the reporting judge of the appeal rendered a sole decision determining that ANM and SEMAS should refrain from granting Chapleau any future licenses/titles, regarding the Coringa project, until it’s proven that the project does not represent any harm to the indigenous tribes, or until a consultation with the indigenous tribes has been made”.
Serabi Gold says that its “legal advisers consider that certain proper legal processes have not been followed by the courts and are in the process of filing the necessary legal papers for the judge’s decision of 6 December 2021 to be reconsidered”.
Conclusion: Serabi Gold confirms its view that its development plans at Coringa are proceeding and remain on schedule and are unaffected by civil challenges, previously dismissed by a Court, to its licences. The company confirms that it is filing legal papers to overturn a ruling on 6th December 2021 seeking to prevent any further licences being granted on the grounds that the correct legal procedures were not observed.
*An SP Angel analyst has visited Serabi’s gold mining operations in Brazil
Tirupati Graphite (Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF)) 78p Mkt Cap £77m – Vatomina reaches commercial production
Tirupati Graphite report the attainment of commercial production at their Vatomina graphite project in Madagascar.
The mine and process plant has capacity for 9,000t;a of flake graphite with a target grade of 96%.
The production basket is targeting >70% jumbo and large flake size product.
Recoveries are said to be >90% vs the 85% previously targetted.
Management are targeting sales of 4,000t from the Sahamamy and Vatomina projects for the second half to end March 2022 and 20,000t by end March 2023.
Total primary flake production capacity is now reported to be 12,000tpa and is expected to rise to a run rate of 30,000tpa by mid 2022.
Total production could rise by another 54,000tpa through the addition of a further three 18,000tpa production modules.
Suni Resources acquisition: the acquisition of Suni Resources is expected to add production capacity for a further 150,000t of flake graphite.
Pricing of graphite sales depends hugely on the purity and flake size of the graphite produced.
Prices for UHP graphite electrode fell by around US$158/t to $3,308-3,386/t in China earlier this week on rising inventories and weakened demand (Asian Metals)
Nine flake graphite producers stopped operating in China in October idling production capacity of around 450,000t or 19,000t in the month.
The company is also redeveloping the Sahamamy hydropower plant to a 100-kilo watt capacity.
Madagascar suffers from a lack of distributed power at just 500MW installed and just 15% of the population having access to grid power and and only 4% in rural areas.
Most power generated through diesel power plants and hydropower.
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%”
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The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020
Analysts
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Sales
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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
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MiFID II - Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.
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SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return of less than 15%