SP Angel . Morning View . Thursday 16 12 21
China moves to stimulate its economy as Biden’s $2bn plan stalls
Cornish Metals* (Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF)) – Results for the nine months to end October highlight strong progress at United downs and healthy cash position
Eurasia Mining* (Eurasia Mining PLC (AIM:EUA)) – CPR updates NKT JORC resource indicating $1.16-1.67bn of project value
Hummingbird Resources (Hummingbird Resources PLC (LSE:HUM)) – Kouroussa project update and infill drilling results
Kodal Minerals* (Kodal Minerals PLC (AIM:KOD)) – Interims reflect strong progress and lithium and gold assets
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.
Omicron disruption to mine supply to cut metal availability and cause prices to spike
China is ramping up power supplies and may disregard climate change targets to ensure economic growth.
We expect further stimulus in China to ensure economic stability and ongoing job creation.
Shenzhen is acting as a testing ground for new infrastructure investment for urban re-modernisation.
Quotas for >$300bn of debt have recently been released to provincial authorities indicating greater debt issuance through 2022.
Two new cities are planned for next year requiring massive investment and >150 development projects.
So far China has controlled Covid though it may find Omicron to be a more challenging foe, not that they will openly admit any failings in controlling the virus.
Western manufacturing is also likely to slow as Omicron disrupts factories and services.
Already tight commodity supply chains combined with low inventory levels could easily lead to shortages of critical raw materials, particularly, tin, copper and nickel.
If China continues to grow and mines are disrupted then metals can only go one way in our view.
China - Ferrous materials prices recover on new urban cluster projects and steel output optimism
Dalian iron ore up 3% to $105/t.
Coking coal up 5%.
Coke prices up 2%.
Analysts expect a rebound in steel output as Beijing’s yearly targets have been met, prompting mills to resume production.
Factory output up 3.8% in Nov. y-o-y - up from a 3.5% rise in October.
Crude steel output remains down 22% y-o-y.
IGO agrees to acquire Western Areas for A$1.1bn
IGO has agreed to buy nickel miner Western Areas for A$1.1bn (US$789m) for A$3.36 per share – a 36% premium to the share price on Aug 18 which was the day before its takeover interest became known.
IGO, owns the Nova nickel-copper-cobalt mine in Western Australia state, said it would fund the deal from its existing cash reserves and a new A$900 million senior-secured debt facility.
Western Areas owns the Forrestania nickel-mining operation which produced 16,200t of nickel from its Forrestania operation at a cash cost of A$4.23/lb in the 2021 fiscal year.
Western Areas's directors have recommended that shareholders vote in favour of a deal.
Graphite - China EV and battery makers struggle with graphite shortage
Major EV battery maker CATL has stated it is ‘desperate’ to source graphite to fulfil key orders.
The CATL source told Reuters ‘there’s not enough graphite in the market for domestic players to grab.’
China supplies 70% of the world’s graphite and its recent power shortages have exacerbated already tight supplies.
Analysts expect a 20kt graphite deficit in 2022. 20kt is sufficient for 250k EVs. (BMI)
Anode-grade graphite flake prices have risen 40% this year to 2018 highs.
Copper rebounds on rising supply concerns and risk appetite
Copper prices bounced 2% following a positive tone from the Fed on the US’ economic recovery.
LME copper had hit a low of $9,135/t before rebounding to $9,400/t following the FOMC meeting.
Analysts have raised their demand forecasts for the metal next year on the back of EV, renewable and electrification demand.
The Global X Copper Miners ETF saw record inflows yesterday of $196/1m, bolstering the fund 13% to an ATH of $1.68bn.
The ETF tracks copper mining equities and has recorded inflows of $1.49bn this year vs <$100m in 2020. (Bloomberg)
Las Bambas to halt production after failing to reach a deal to end community protests
One of Peru’s biggest coal mines is winding down operations after failing to reach a deal to end community protests.
Las Bambas will halt production on Saturday as it runs out of supplies due to roadblocks, owner MMG said in a statement.
The mine began halting some processing operations on Wednesday as part of a gradual shutdown.
It is the second Peruvian mine to suspend production this week after the Cerro Lindo Zinc operation was halted due to local protests.
A noticeable rise in Peruvian nationalism comes at a time of elevated copper prices in the world’s No.2 producer, with people living along transport routes seeking a greater share of the profits.
Some 70 communities live along the 450km road from Las Bambas to the port with communities looking for compensation for dust affecting farmland along the route and contracts in the logistical chain.
Las Bambas has the capacity to produce around 400,000tpa of copper, and accounted for almost 2% of the world’s mined copper before the pandemic.
Flood at illegal coal mine in Shanxi province leaves 22 miners trapped
A flood at an illegal coal mine has trapped 22 people just days after officials in the province penalized a company for disregarding safety to boost production.
The flood occurred late Wednesday night in the city of Xiaoyi, and local emergency officials begun rescue efforts immediately.
Soaring coal prices beginning last winter made some companies prioritise output over safety, with production rising even further following Beijing’s comments to secure supplies “at all costs” in September amid an energy shortage.
UK – Industry are begging the government to help as large numbers of workers go sick
This is a tough time of the year in the UK, with dark mornings and little if any sunshine.
Omicron is ripping through the population at an extraordinarily fast pace.
Chris Whitty, the government’s chief medical advisor, spoke of a high level of natural immunity built up in South Africa helping to reduce mortality rates.
Hopefully the UK, may also have a relatively high level of natural and vaccinated immunity.
But, despite all this immunity people still feel unwell and need sick leave to recover. Lorry drivers can’t drive when unwell and isolation is required to slow the spread of the virus.
We face the prospect that our hospitals will soon be full, ambulances will be full of sick covid patients and people will be dying on trolleys in makeshift car park shelters.
From a business perspective the disruption to be caused by the spread of Omicron could be very difficult to manage though it might serve to reduce unemployment in the short term.
Dow Jones Industrials +1.08% at 35,927
Nikkei 225 +2.13% at 29,066
HK Hang Seng +0.35% at 23,503
Shanghai Composite +0.75% at 3,675
Economics
China - Chinese creditors move to sue Evergrande for $13bn worth of claims
367 cases with claims worth $13.2bn have been assigned by a Chinese court for overdue payments owed by Evergrande.
The claims have been submitted since Aug. 24th, well before the default declaration.
An Evergrande spokesman stated, ‘there is no way we can repay so many creditors with our limited resources.’(FT)
Biden’s $2tn spending bill stalls on key Democrat Manchin’s opposition
Biden has failed to win the support of Senator Manchin in an attempt to pass his Build Back Better $2tn spending bill.
Manchin believes an extension to child tax credit would add $1.4tn to the bill supposedly costing $2tn in total.
All 50 Democrat Senators are required to support the bill to pass it.
US – The Fed guided for a faster scale down in monthly asset purchases with projections pointing to an accelerated pace of interest rate hikes through 2022-23.
The Fed will be doubling the pace of reductions in its monthly bond purchases from $15bn to $30bn (ie the pace will go down from $90bn pm in December to $60bn pm in January).
Additionally, published FOMC members’ fed funds rate projections point to three increases next year (0.875%) and three times in 2023 (1.625%).
This compares to median estimates for 0.25% in 2022 and 1.00% in 2023 as per the previous set of forecasts in Sep/21.
The decision reflects the Fed acknowledgment of recent gains in the labour market and above expected inflation rate.
The Fed will end its Covid stimulus asset purchases by March rather than June.
This will open the door to raising rates, with Powell stating, ‘the risk of higher inflation becoming entrenched has increased.’
Commenting on the timing of the first rate increase, Fed Chairman Powell said that “the economy is so much stronger, so much close to full employment, inflation is running well above target and growth is well above potential… there wouldn’t be the need for [a] long delay”.
Gold slid on the news to $1757.39/oz before recovering well to $1,786/oz suggesting the Fed’s hawkish shift had already been priced in by the market.
The unexpected move also shows heightened investor concern over inflation.
Eurozone – Regional growth dropped to a nine-month low in December as Covid-19 wave hit service sector, although, price pressures eased on improved supply chain.
““The eurozone economy is being dealt yet another blow from COVID-19, with rising infection levels dampening growth in the service sector in particular to result in a disappointing end to 2021… Germany is being especially hard hit, seeing the economy stall for the first time in a year-and-a-half, but the growth slowdown is broad based across the region,” Markit wrote.
Markit Manufacturing PMI: 58.0 v 58.4 in Nov and 57.8 est.
Markit Services PMI: 53.3 v 55.9 in Nov and 54.3 est.
Markit Composite PMI: 53.4 v 55.4 in Nov and 54.4 est.
Germany
Markit Manufacturing PMI: 57.9 v 57.4 in Nov and 56.9 est.
Markit Services PMI: 48.4 v 52.7 in Nov and 51.0 est.
Markit Composite PMI: 50.0 v 52.2 in Nov and 51.1 est.
France
Markit Manufacturing PMI: 54.9 v 55.9 in Nov and 55.4 est.
Markit Services PMI: 57.1 v 57.4 in Nov and 56.0 est.
Markit Composite PMI: 55.6 v 56.1 in Nov and 55.0 est.
France bans travel to and from the UK without “compelling reasons” on the back of a rise in Omicron cases.
French nationals and their spouses are exempt from new rules.
UK – Markit composite PMI slows to a 10-month low in December in response to tighter pandemic restrictions and renewed business uncertainty.
The slowdown was driven by the service sector with increasing number of new cases weighing on the sentiment.
Inflation rate pulled back slightly from survey-record high in November, although, continued strong during the month.
“With COVID-19 infections set to rise further in coming weeks due to the spread of the Omicron variant, and more restrictions being introduced, the pace of economic growth looks likely to continue to weaken as we head into 2022,” Markit commented on the data.
Markit Manufacturing PMI: 57.6 v 58.1 in Nov and 57.6 est.
Markit Services PMI: 53.2 v 58.5 in Nov and 57.1 est.
Markit Composite PMI: 53.2 v 57.6 in Nov and 56.3 est.
Container imports at California ports fall as rates continue decline
Los Angeles and Long Beach ports recorded 765,963 inbound containers in Nov. – lowest level since June 2020.
Import volume down 9.6% for the month y-o-y and down 10.1% vs Oct.
Neighbouring ports on track for record import volumes.
Backlog of ships hit a record 101 on Monday. (Marine Exchange of Southern California)
Port operators have raised concerns over shortages of workers and trucking equipment.
US container rates have slid 15% since August.
Qingdao Port’s average container price fell 23% Sept. – Nov.
Currencies
US$1.1305/eur vs 1.1273/eur yesterday. Yen 114.12/$ vs 113.74/$. SAr 15.975/$ vs 16.137/$. $1.328/gbp vs $1.327/gbp. 0.718/aud vs 0.713/aud. CNY 6.367/$ vs 6.364/$.
Commodity News
Precious metals:
Gold US$1,786/oz vs US$1,769/oz yesterday
Gold ETFs 98.1moz vs US$98.2moz yesterday
Platinum US$927/oz vs US$919/oz yesterday
Palladium US$1,646/oz vs US$1,616/oz yesterday
Silver US$22.18/oz vs US$21.94/oz yesterday
Rhodium US$14,000/oz vs US$14,000/oz yesterday
Base metals:
Copper US$ 9,404/t vs US$9,342/t yesterday
Aluminium US$ 2,621/t vs US$2,609/t yesterday
Nickel US$ 19,330/t vs US$19,350/t yesterday
Zinc US$ 3,303/t vs US$3,241/t yesterday
Lead US$ 2,311/t vs US$2,256/t yesterday
Tin US$ 38,135/t vs US$38,520/t yesterday
Energy:
Oil US$74.6/bbl vs US$73.2/bbl yesterday
Oil prices have received a welcome boost supported by record US implied demand and falling crude stockpiles, even as the spread of the Omicron coronavirus variant threatens consumption globally
Crude and other risk assets such as equities also got a boost after the US Federal Reserve gave an upbeat economic outlook
US data showing producer prices at 11-year highs reinforced market expectations of faster stimulus tapering by the Federal Reserve, which meets this week
This supported the dollar and weighed on oil, which typically move inversely
The dollar stayed near one-week highs on Tuesday versus a basket of major currencies, bolstered by the producer prices data
The WHO has confirmed that the Omicron variant was spreading at an "unprecedented" rate, prompting overall markets to edge lower
Governments around the world, including most recently UK and Norway, have tightened restrictions to stop the spread of the variant
The IEA lowered its forecast for oil demand this year and the next by 100,000bopd each, mostly because of the expected dent to jet fuel use from new travel curbs
Natural Gas US$3.913/mmbtu vs US$3.817/mmbtu yesterday
US natural gas futures are up 2% on forecasts for colder weather over the next two weeks than previously expected
That price gain came despite near record US output, a decline in US LNG exports this week, a 4% slide in European gas prices and forecasts for less US demand next week than previously expected
A combination of Russia's inactive Nord Stream 2 pipeline and cooler weather forecast through the end of December has led to another rally in European natural gas futures
German power prices have increased to a record high while French power prices jumped to a decade high
Concerns that Nord Stream 2 pipeline will not operate this winter season comes as the new German chancellor Olof Scholz said his government would do everything possible to make sure natgas flows continue through Ukraine and not the latest Russian to German undersea pipeline
Last month, German energy regulators suspended Nord Stream 2's certification process
The US has also sanctioned companies affiliated with the pipeline's construction
On top of the geopolitical uncertainties, mixed with tight natgas supplies across Europe, some of the lowest in a decade, a new 14-day weather forecast shows cooler than average weather, which will boost natgas demand
Uranium UXC US$44.05/lb vs $44.95/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$113.0/t vs US$114.2/t
Chinese steel rebar 25mm US$760.0/t vs US$758.0/t
Thermal coal (1st year forward cif ARA) US$124.3/t vs US$124.3/t
Thermal coal swap Australia FOB US$169.0/t vs US$169.5/t
Coking coal swap Australia FOB US$336.0/t vs US$328.0/t
Other:
Cobalt LME 3m US$69,815/t vs US$69,815/t
NdPr Rare Earth Oxide (China) US$133,575/t vs US$133,948/t
Lithium carbonate 99% (China) US$33,060/t vs US$32,917/t
China Spodumene Li2O 5%min CIF US$2,360/t vs US$2,360/t
Ferro-Manganese European Mn78% min US$1,871/t vs US$1,866/t
China Tungsten APT 88.5% FOB US$314/t vs US$313/t
China Graphite Flake -194 FOB US$765/t vs US$765/t
Europe Vanadium Pentoxide 98% 8.7/lb vs US$8.6/lb
Europe Ferro-Vanadium 80% 32.75/kg vs US$32.55/kg
China Ilmenite Concentrate TiO2 US$381/t vs US$381/t
Spot CO2 Emissions EUA Price US$89.9/t vs US$92.7/t
Renewable News
ITM Power project update shows demand for electrolysers
The energy storage and clean fuel company has seen backlogged projects increase by 61%, to 499MW, in the period between September 2021 and December 1st2021.
Contracted work: 62MW, up from 43MW in September
In negotiation: 339MW, up from 169MW in September
Preferred supplier: 98MW unchanged from September
The tender pipeline of 909MW compared to 1011MW in September reflects on tenders moving into the negotiation stage.
The company also secured a number of contracts and grants:
The Refhyne II consortium was awarded a €32.4m grant for the development of a 100MW electrolyser at Shell’s Energy and Chemicals Park in Rhineland.
UK Government investment was secured for Phase 1 of ScottishPower’s 20MW Whitelee Windfarm hydrogen production and storage facility.
ITM also secured a 1.5GW site for its second UK electrolyser, which will serve as a template for a 2.5GW international facility, bringing the company’s electrolyser capacity to 5GW a year by 2024.
Company News
Cornish Metals* (Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF)) – 27p, Mkt cap £75.6m – Results for the nine months to end October highlight strong progress at United downs and healthy cash position
Cornish Metals report results for the nine months to end October 2021.
The group recorded total operating expenses of C$2.40m vs C$1.45m for the year to end October 2020.
A loss of C$2.05 was recorded vs C$1.49m a year earlier.
Costs of C$1.59m for exploration at United Downes are capitalised.
Cash stands at C$7.89m at end October 2021. The company raised C$14.2m (£8.2m) as part of its AIM listing.
“Management believes that, subject to drilling success, the proceeds from the AIM listing will result in the Company being fully funded to the completion of a maiden JORC resource at the United Downs exploration project.”
The company closed its Vancouver office in April 2021 serving to partially offset the cost of listing on the London AIM market.
The company recorded a C$0.73m gain on the value on its stake in Cornish Lithium.
Remember, Cornish Lithium drilled the hole at United Downes which intersected high-grade copper and tin. The licenses for tin and copper are held by Cornish Metals.
Cornish Metals have continued to drill and discover further high-grade copper and tin intersections in the United Downes license area.
Management intend to continue with the 9,100m drill program at United Downs to advance the project to JORC Compliant Inferred Mineral Resource definition. 3,927m drilled so far.
The team will plan to drill test three lodes with a 1,000m of strike to a depth of 500m.
There may be seven further mineralized lode structures at United Downes hosting between 4-10m tonnes of mineralised resource.
We expect management to start in-fill drilling in the second half as part of feasibility study work.
Management also plan to evaluate other near-surface, high potential, exploration targets within trucking distance of the planned process plant site.
Longer-term the team are also looking to reopen and redevelop the South Crofty tin mine which contains substantial resources of tin.
* SP Angel acts as broker and financial advisor to Cornish Metals. One of our Analysts holds shares in Cornish Metals.
Eurasia Mining* (Eurasia Mining PLC (AIM:EUA)) 21.94p, Mkt Cap £626m – CPR updates NKT JORC resource indicating $1.16-1.67bn of project value
(NKT is held within TGK, Eurasia’s 80% owned subsidiary operating in Kola, Russia)
Eurasia Mining have updated the JORC resource on the NKT ‘Nittis-Kumuzhya-Travyanaya’ license in Russia.
The published CPR, ‘Competent Persons Report’ supports the verification and publication of the JORC2012 resource on the NKT project in Kola, Russia.
The 107mt inferred resource grades 0.43g/t palladium, 0.09g/t platinum, 0.01g/t gold, 0.37g/t silver, 0.13% copper and 0.28% nickel.
The inferred resource contains 1,6moz palladium, 0.35moz platinum, 0.52moz gold, 1.4moz silver, 142,760t copper and 304,468t of nickel.
Previously the deposit was estimated to hold 1.94moz palladium, 0.65moz platinum, 0.27moz gold, 6.5moz silver, 229,000t copper and 298,000t of nickel as of 4th December 2019.
NKT is considered as and open pit and underground mining opportunity with the estimate using a block cut-off grade of $46/t for the underground mining area.
Verification of grade and metallurgical results done by Norilsk were was done through samples of drill core taken by Rosgeo.
Wardell Armstrong calculate and estimate NPV@8.33% of US$1,162m and an IRR of 31% based on estimated metals prices with a four-year payback.
The NPV@8.33% rises to US$1,665m and an IRR of 39% based on spot metals prices with a three-year payback.
“Most of the revenue of the Project is generated from the production of Ni (50%) and Pd (33%), followed by Cu (13%) value.”
Assumed recovery rates are 98% palladium, 76% platinum, 91% gold, 94% copper and 86% nickel with $145/t for concentrate transport costs.
Assumed operating costs are $13.4/t for underground ore mining and $7.7/t for processing with total OPEX of $25.11/t
Total initial Capital costs are $739,940m rising to $980,610m when adding in total sustaining capital over the life of the project.
Wardell Armstrong have incorporated 9,011 samples from ~75,623m of drilling from 251 drill holes into their Datamine software.
The data was desurveyed using the HOLES3D process and subsequently verified.
The resource was Wireframe modelled by Eurasia Mining and reviewed by Wardell Armstrong using a cut-off grade 0.8g/t palladium equivalent.
Conclusion: The Wardell Armstrong CPR is a meaningful update on the Monchetundra Update as published on 4 December 2019.
The verification, evaluation and calculation of the new JORC2012 resource gives a significantly greater degree of confidence in the project and should allow planning to proceed on a more certain basis.
*SP Angel act as Nomad and Broker to Eurasia Mining
Hummingbird Resources (Hummingbird Resources PLC (LSE:HUM)) 14.2p, Mkt Cap £51m – Kouroussa project update and infill drilling results
Mobilisation of equipment and personnel commenced ahead of construction start in Jan/22 and on course for first gold pour by the end of Q2/23.
Detailed engineering on structural, mechanical and electrical requirements has started.
The Company received initial advance of ~$40m from Coris Bank as part of $100m development funding facility
The team also released drilling results from the second assay batch on 40 RC and 7 DD holes at the high grade KoeKoe deposit covering ~4,560m of the ongoing 24,000m drilling programme.
Selected results include:
55m at 35.72 g/t from 77m including 20.75m at 91.98 g/t (KRCD1729A)
5.9m at 12.72 g/t from 94m (KRCD1880)
10.2m at 5.68 g/t from 34m (KRCD1884)
9.8m at 5.82 g/t from 3m (KRC1821)
49m at 5.50 g/t from 70m (KRC1866)
The 2021 24,000m infill drilling programme is nearing completion with less than 1,500m of drilling remaining.
Drilling results will be included in the 2022 mineral reserves and resources update targeted for Q2/22.
The Kouroussa currently hosts 409koz at 4.38g/t in reserves and ~1.2moz at 3.08g/t in total resources.
The $115m project is estimated to run at ~100kozpa at $900-1,000/oz over 7y LOM generating $210m and 71% in NPV10% and IRR both after tax (using $1,750/oz gold price).
Kodal Minerals* (Kodal Minerals PLC (AIM:KOD)) – 0.29p, Mkt cap £43m – Interims reflect strong progress and lithium and gold assets
Kodal reported a loss of £373k over the six months ended 30 September 2021 vs £255k last year.
Administrative expenses rose during the period rose to £226k vs £171k last year.
Cash balances as at 30 September 2021 were £3.08m compared to £870k at 30 September 2020 and £2.43m at 31 March 2021.
Mali: Kodal made strong progress at its Bougouni Lithium Project over the period, and was granted a mining license in November 2021 covering the proposed open-pit mining and processing operation at Bougouni.
The Bougouni project is now fully permitted for development and construction.
Kodal commenced a programme of work in November 2021 to update the Feasibility Study announced in January 2020 ahead of securing funding for mine development and construction.
Work will include met testing, geotechnical and hydrogeological reviews, cost estimates and community engagement.
At the Fatou project in Mali, Initial RC drilling programme consisting of 11 RC drill holes for 1,242m was completed, with results are expected in January 2022.
Cȏte d'Ivoire: an RC drilling programme consisting of a total of 12 drill holes for 1,285m was completed at the Nielle Project, confirming the extent and high-grade nature of the mineralisation at Nielle.
Final assay results confirm high grade mineralised zones with grades up to 38.5g/t gold, and intersections include:
13m at 5.07g/t gold from 12m in drill hole NLRC035
12m at 3.14g/t gold from 21m in drill hole NLRC038
5m at 15.42g/t gold from 7m in drill hole NLRC032
9m at 4.33g/t gold from 86m in drill hole NLRC038
*SP Angel acts as Financial Advisor and Broker to Kodal Minerals
No.1 in Copper: “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”
No1. In Gold: “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”
The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020
Analysts
John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490
Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474
Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486
Sales
Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472
Abigail Wayne – Abigail.Wayne@spangel.co.uk - 0203 470 0534
Rob Rees – Rob.Rees@spangel.co.uk - 0203 470 0535
Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
SP Angel
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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