SP Angel . Morning View . Wednesday 05 01 22
Gold prices rise despite strong USD amid surging global Omicron cases
BlueRock Diamonds* (Bluerock Diamonds PLC (AIM:BRD)) – Kareevlei CEO appointment
Oriole Resources (Oriole Resources PLC (LSE:ORR)) – Soil sampling extends scope of Bibemi project anomaly
Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) – Quarterly update indicates strong progress across exploration portfolio
Rambler Metals and Mining* (Rambler Metals and Mining PLC (AIM:RMM, TSX-V:RAB)) – Upsurge in Newfoundland Covid19 cases curbs production ramp-up at the Ming mine
Serabi Gold (AIM:SRB, TSX:SBI)* (Serabi Gold (AIM:SRB, TSX:SBI)) – Results of step-out drilling at Palito show resource expansion potential towards the south
W Resources (W Resources PLC (AIM:WRES)) – December rains prompt reduction in production guidance for La Parilla
IGTV: IG Outlook 2022, 23/12/21:: https://youtu.be/4w7nbjRdFyk
interactive Investors: FTSE 100 favourite stock: https://youtu.be/BomNRQJt-YA
2022 outlook: https://youtu.be/SxMPiPEc_Rg
Three small-cap mining share tips for 2022: https://www.youtube.com/watch?v=9xvA_3UXXYQ&ab_channel=interactiveinvestor
VOX Markets: 08/12/21: https://audioboom.com/posts/7993202- china-economy-plus-bluejay-centamin-cornish-metals
*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 rises despite strong dollar and rising yields as investors seek safe-haven from surging Omicron variant
Gold climbed 0.8% to $1,815/oz despite the dollar index a 2-week high.
Gold has shown strength in contrast to headwinds of rising yields as the Fed looks set to end its taper and hike interest rates in March.
Analysts expect Omicron to further exacerbate disrupted supply chains, contributing to persistent inflationary pressures and encouraging investors to turn to gold.
Silver up 0.7% to $23/oz.
US sanctions on Belarus expected to have knock-on effects on global food prices as potash prices surge
Sanctions imposed on Belarus by the US on Dec. 2nd have further exacerbated soaring potash prices
Analysts point to further price rises in soybean and corn alongside other foodstuffs because of the climbing cost of fertilizers.
Biden’s administration has black-listed Belaruskali, the world’s 2nd largest potash producer.
Potash prices have risen $550/t from $245/t in Jan. 21 to $800/t in Dec. 21. (Argus)
Soaring natural gas prices have triggered surges in fertilisers such as urea and phosphate as well.
Belarus supplies 19% of Brazil’s potash imports (down 3% in 2021 on soaring prices).
Belarus supplies 32% of Canada’s potash and 29% of Russia’s.
Potash supply increases are expected in 2022, with Russia expected to add an additional 900kt. (Argus)
China’s top soy producing region Heilongjiang is looking to ramp up output by 1.3mt in response to food supply concerns. (SCMP)
Food commodity prices are currently at 10-year peaks, with the Belarus-targeted sanctions expected to contribute additional inflationary pressures to global food supplies. (Reuters)
Dow Jones Industrials +0.59% at 36,800
Nikkei 225 +0.10% at 29,332
HK Hang Seng -1.81% at 22,867
Shanghai Composite -1.02% at 3,595
Economics
Eurozone – Composite PMI 53.3 in Dec vs 55.4 in Nov
Final Eurozone Services Business Activity Index: 53.1 (Flash: 53.3, Nov Final: 55.9)
Economic growth in the euro area eased to a nine-month low in December amid a resurgence in Covid-19 infections.
Incoming new business from international clients was especially dented by the emergence of the Omicron variant and the resultant surge in COVID-19 cases in some areas.
France – Services PMI 57.0 in Dec vs 57.4 in Nov
France’s strong service sector performance was sustained in December, data showed this morning.
According to firms, the strength of the upturn in business activity was a reflection of accommodative demand conditions.
Italy – Services PMI 53.0 in Dec vs 55.9 in Nov
Italy’s service sector’s rate of expansion eased to a moderate pace amid a slower upturn in total new work and a fresh contraction in foreign demand.
The reading signalled an eighth successive monthly upturn in services output.
Japan / Australia – Countries to sign ‘historic’ defence pact during virtual leaders’ summit
Australia and Japan have announced their intensions to sign a treaty which further strengthens defence and security cooperation between the two countries.
The signing of a Reciprocal Access Agreement will underpin greater and more complex practical engagement between the Australian Defence Force and the Japanese Self-Defence Force, according to Scott Morrison.
The move is likely to inflame tensions with China, who have seen relations with both countries sour significantly over the last 18 months.
Germany – Health minister says tighter covid restrictions are unavoidable
Germany is set to sharpen contact curbs to tackle an expected surge in Covid-19 infections in the coming weeks.
Health Minister Karl Lauterbach told media outlets yesterday “A tightening will unfortunately be needed to face the powerful wave that is bearing down on us”
Lauterbach said he’ll propose additional measures that will be discussed at Friday’s talks with regional leaders led by Chancellor Scholz.
Hong Kong – Passenger flights banned from US, UK and Australia
Hong Kong is to ban passenger flights from eight countries including the US, UK and Australia as part of a range of measures to tackle the spread of the Omicron variant.
Carrie Lam, Hong Kong’s chief executive, said on Wednesday that passenger flights from the US, UK, Australia, Canada, France, India, Pakistan and the Philippines will be banned for two weeks from Saturday.
Kazakhstan – Government resigns on violent fuel price protests
The Kazakh President Tokayev has accepted his government’s resignation this morning.
Violent protests over fuel prices and the soaring cost of goods have continued today, with over 100 police injured.
Gas prices have doubled in Kazakhstan.
Tokayev has ordered the reinstatement of price controls on LPG, Gasoline, Diesel and other consumer goods.
The protests challenge Kazakhstan’s image as a stable investment jurisdiction for the oil and metals sectors.
Kazakhstan is central Asia’s largest economy and a major copper and alumina exporter to China.
WHO rebuts suggestions that Sinovac and Sinopharm are ineffective against Omicron
A WHO official has accepted that China’s Sinovac and Sinopharm produce fewer protective antibodies against the Omicron variant. (SCMP)
The official did, however, suggest that the vaccines offer some protection against severe illness, hospitalisation and death.
Researchers at Yale, Hong Kong University of Science and Technology and Melbourne have all questioned the effectiveness of the Chinese vaccines against Omicron.
Currencies
US$1.1304/eur vs 1.1298/eur yesterday. Yen 115.99/$ vs 115.77/$. SAr 16.053/$ vs 15.895/$. $1.355/gbp vs $1.350/gbp. 0.723/aud vs 0.721/aud. CNY 6.372/$ vs 6.375/$.
Commodity News
Copper retreats from 6-week high as dollar strengthens and supply concerns persist
Copper hit a high of $9,812/t on Tuesday before retreating slightly to $9,723/t.
Copper’s gains were capped by the dollar’s strength, which hit a 5-year high against the Japanese yen and a 2-week index high.
Supply concerns from Chile remain, with Codelco contributing to a 0.6% yoy production decline in November to 481,800t.
Indonesia to review coal export ban following surge in prices
Indonesia’s government is set to meet with coal miners today to review a ban on January coal exports initiated on Saturday.
Indonesia’s state power company PLN has secured an additional 7.5mt of coal and is looking to further boost stockpiles.
Analysts have pointed to China’s need to utilise to Australian coal despite its informal ban as an alternative if Indonesia retains the ban.
China thermal coal prices soared on the news and coking coal prices jumped 5%.
Iron ore hit its highest level since Dec. 27th at $123/t.
Precious metals:
Gold US$1,815/oz vs US$1,805/oz yesterday
Gold ETFs 98.0moz vs US$97.9moz yesterday
Platinum US$974/oz vs US$959/oz yesterday
Palladium US$1,878/oz vs US$1,835/oz yesterday
Silver US$22.94/oz vs US$22.85/oz yesterday
Rhodium US$14,750/oz vs US$14,250/oz yesterday
Base metals:
Copper US$ 9,738/t vs US$9,646/t yesterday
Aluminium US$ 2,865/t vs US$2,827/t yesterday
Nickel US$ 20,640/t vs US$20,760/t yesterday
Zinc US$ 3,592/t vs US$3,542/t yesterday
Lead US$ 2,296/t vs US$2,289/t yesterday
Tin US$ 39,085/t vs US$38,460/t yesterday
Energy:
Oil US$80.1/bbl vs US$79.0/bbl yesterday
Brent reached US$80/bbl yesterday, its highest since November, as OPEC+ agreed to stick with its planned increase for February based on indications that the Omicron coronavirus variant would have only a mild impact on demand
The decision to stick to a 400kbopd increase next month reflects easing concerns over a big surplus in the first quarter, as well as a wish to provide consistent guidance to the market
Crude stockpiles in the US, the world's top consumer, are forecast to have dropped for a sixth consecutive week
The US have welcomed the decision by OPEC+ to continue increases in production which will help facilitate economic recovery
In the UK, people being hospitalised with COVID-19 were generally showing less severe symptoms than previously
While in France, the finance minister said some sectors were being disrupted by the surge of the fast-spreading Omicron variant, but there was no risk of "paralysing" the economy and stuck to a forecast of 4% GDP growth in 2022
Global manufacturing activity remained strong in December, suggesting Omicron's impact on output had been subdued
Nevertheless, OPEC+ may have to change tack if tensions between the West and Russia over Ukraine flares up and hits fuel supplies, or if Iran's nuclear talks with major powers make progress, which would lead to an end to oil sanctions on Tehran
The US State Department said talks with Iran have shown modest progress and that there are hopes to build on that this week
Libyan output is likely to be about 500,000-600,000bopd lower in the coming weeks, more than offsetting the planned monthly increase in OPEC+ production
Natural Gas US$3.759/mmbtu vs US$3.846/mmbtu yesterday
US natural gas prices gained continue to hold up after output fell during the New Year's weekend as cold weather froze some production wells in Texas, New Mexico and Colorado, reminding the market of what can happen when temperatures drop
Last February, a winter storm (Uri) killed more than 100 people and left c.4.5m Texas homes and businesses without power and heat after gas pipes and power plants froze
Natural gas prices have soared in Europe in the past year, adding to inflationary pressure and threatening to dent consumer confidence
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$43.70/lb vs $43.65/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$123.3/t vs US$120.1/t
Chinese steel rebar 25mm US$739.5/t vs US$739.0/t
Thermal coal (1st year forward cif ARA) US$92.8/t vs US$123.0/t
Thermal coal swap Australia FOB US$139.0/t vs US$136.0/t
Coking coal swap Australia FOB US$352.0/t vs US$352.0/t
Other:
Cobalt LME 3m US$70,500/t vs US$70,500/t
NdPr Rare Earth Oxide (China) US$133,832/t vs US$132,584/t
Lithium carbonate 99% (China) US$41,982/t vs US$41,489/t
China Spodumene Li2O 5%min CIF US$2,560/t vs US$2,560/t
Ferro-Manganese European Mn78% min US$1,803/t vs US$1,802/t
China Tungsten APT 88.5% FOB US$315/t vs US$315/t
China Graphite Flake -194 FOB US$805/t vs US$805/t
Europe Vanadium Pentoxide 98% 8.7/lb vs US$8.7/lb
Europe Ferro-Vanadium 80% 32.75/kg vs US$32.75/kg
China Ilmenite Concentrate TiO2 US$385/t vs US$384/t
Spot CO2 Emissions EUA Price US$95.4/t vs US$89.7/t
Battery News
US start up delivers 750-mile range EV battery
Our Next Energy (ONE) announced on Wednesday that it had tested a prototype of its new battery, achieving a 752-mile range, in a Tesla Model S, on a single charge.
ONE is developing a hybrid cell-to-pack system composed of two batteries: the Aries, a nickel and cobalt-free battery; and a battery range extender called the Gemini, to achieve the 750-mile range on a single charge.
The use of an LFP battery is significant as LFPs are an older, cheaper formula that’s conventionally viewed as less energy-dense than more powerful nickel-based battery chemistries.
ONE says its Aries battery pack has managed to increase range and reduce cost, all while avoiding the pitfalls of nickel-based batteries — namely, the reliance on scarce raw materials like nickel and cobalt.
Sony (NYSE:SNE) to explore EV market with new company
Japan's Sony Group have plans to launch a company in the spring of this year to investigate the EV market.
Sony Mobility Inc., comes as Sony are "exploring a commercial launch" of EVs, said Sony chairman and President Kenichiro Yoshida.
"With our imaging and sensing, cloud, 5G and entertainment technologies combined with our contents mastery, we believe Sony is well positioned as a creative entertainment company to redefine mobility," Yoshida continued.
Sony has developed an array of sophisticated technology in areas such as sensors critical to autonomous driving.
The company unveiled a new prototype SUV at CES, the Vision-S 02 - the vehicle makes use of Sony's sensor expertise using CMOS imaging and LiDAR sensors for its driver assistance system.
Company News
BlueRock Diamonds* (Bluerock Diamonds PLC (AIM:BRD)) – 29.5p, Mkt cap £4.2m – Kareevlei CEO appointment
BlueRock reports the appointment of Meiring Burger as CEO of Kareevlei Mining to replace the present incumbent and Chief Operating Officer of BlueRock Diamonds, Gus Simbanegave, who is stepping down in order to pursue other interests.
Mr. Burger is described as “an internationally experienced mining industry professional with more than 25 years' technical and managerial experience” whose previous roles have included “senior positions at various companies including mining contractor, African Mining Solutions and First Quantum Minerals (TSX:FQM) Ltd, where amongst other roles, he focused on turning around the open pit Sentinel Copper Mine in Zambia”.
He has “worked alongside Mr. Simbanegavi since May 2021”and has “a good understanding of Kareevlei and brings strong leadership qualities at a crucial time as the team faces the ongoing and uncertain challenges of Covid alongside the move to ramp up production at the new processing facility during the wet season”.
Welcoming the appointment BlueRock Diamonds’ Chairman, Mike Houston, also took the opportunity to confirm that “the mine reopened on 3 January 2022 as expected with almost all of our staff returning to work”.
*SP Angel act as nomad and broker to BlueRock Diamonds
Oriole Resources (Oriole Resources PLC (LSE:ORR)) – 0.35p, Mkt cap £6.9m – Soil sampling extends scope of Bibemi project anomaly
Oriole Resources reports that a recent soil sampling programme at its 90% owned Bibemi gold project in Cameroon has extended the continuity of the Bakassi Zone 1 soil anomaly by around 3km towards the southwest and linked up the Lawa West prospect.
Director of Exploration and Business Development, Claire Bay, confirmed that the “gold system at Bibemi is now confirmed over a strike length of almost 12km at surface” and that Oriole Resources would now plan a trenching programme “over the strongest anomalies at Lawa West and Lawa East, to help identify potential drilling targets to follow the pilot campaign completed last year.”
Recent drilling at Bakassi Zone 1 intersected a northwest trending fault which “appears to have shifted the mineralised structure c.200m to the west. The soil geochemistry reported today suggests a further westward offset of c. 600m just to the north of Lawa West and the team is now planning trenching to assess the change in structural controls”.
Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) 1.53p, Mkt Cap £22m – Quarterly update indicates strong progress across exploration portfolio
Power Metal has released a comprehensive update across its suite of exploration projects for Q4 2020.
Highlights for the company over period include the completion of a 1,092m RC drill programme at the Tati project in Botswana – following up on P1 and P2 results which highlighted kilometre-scale gold, arsenic and nickel geochemical anomalies.
At Silver Peak in Canada, drilling completed as part of the P1 programme achieved high-grade silver in 10 out of 19 holes, with follow up overlimit assays confirming high-grade copper, antimony and lead results increasing the average silver equivalent grade by 18.8%.
At Tait Hill in Canada, rock sampling returned high-grade assay results up to 38,600ppm (3.86%) uranium.
Power Metal’s spin-out vehicle, Golden Metal Resources, acquired the Pilot Mountain Project which hosts a substantial JORC compliant Mineral Resource in Nevada, USA, into Golden Metal which is seeking a listing in London.
Financing conducted in November raising £1.05m in a placing conducted at the then mid-market price of 1.75p.
Operational working capital comprising cash and listed investments at 31/12/2021 amounted to £2.91M and unaudited total assets at 30/11/2021 of £10.1M.
Power Metal provides an operations update for each project in the Company’s portfolio, found here: https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/xqoj9kr
*SP Angel acts as nomad and broker to Power Metal Resources
Rambler Metals and Mining* (Rambler Metals and Mining PLC (AIM:RMM, TSX-V:RAB)) 35.25p, Mkt cap £59m – Upsurge in Newfoundland Covid19 cases curbs production ramp-up at the Ming mine
(Rambler owns 100% of the Ming Copper-Gold Mine)
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Rambler Metals & Mining reported yesterday afternoon that following a rise of Covid19 cases in Newfoundland, some of the contract operators required to aid the 1,350tpd production target at its Ming mine are currently in preventative isolation for up to 14 days.
While the company emphasises that “no cases of Covid-19 have been recorded for any employees or contractors that have attended the mine site” Rambler Metals confirms that “the mine cannot develop at target rates until the isolation period is over or replacement contractors arrive. Therefore, the time required to develop sufficiently to sustain the Company’s production target of 1,350 tonnes ore per day will be impacted and accordingly, production guidance is now expected to be delayed further into Q1 2022 than previously announced on 21 December 2021”.
Rambler Metals also confirms that its virus containment measures, include “mandatory full vaccination against Covid-19 for all persons coming to the mine site” and that its measures exceed the requirements in force in Newfoundland which it describes as “some of the strongest protocols for protection against Covid-19”.
*SP Angel act as Nomad and broker to Rambler Metals & Mining.
Serabi Gold* (Serabi Gold (AIM:SRB, TSX:SBI)) 57p, Mkt Cap £42.8m – Results of step-out drilling at Palito show resource expansion potential towards the south
Serabi Gold reports results from the first 3 months of its continuing step-out surface and underground drilling programme which is aimed at the strike extensions, mainly towards the south, of the Ipe and Mongo vein, which runs parallel to the Mongo vein located 50m to the east of it, within the Chico da Santa area on the eastern edge of its Palito gold mine.
The company says that its “programme has been extended to include the adjacent veins in the CDS sector, including the Jatoba vein to the west, and the neighbouring veins of the newly identified Pele sector to the east, namely Bebeto, Romario and Pele veins”.
Among the results of the underground drilling programe highlighted in today’s announcement are:
A 1.05m wide intersection of the Ipe vein in hole PUD-0726 which averaged 68.09g/t gold; and
A 1.50m wide intersection, also of the Ipe vein, in hole PUD-0727 which averaged 76.09g/t gold; and
A 1.05m wide intersection of the Ipe vein in hole PUD-0726 which averaged 68.09g/t gold; and
A 0.60m wide intersection of the Mongo vein in hole PUD-0704 which averaged 7.84g/t gold; and
A 0.50m wide intersection, also of the Mongo vein, in hole PUD-0722 which averaged 8.43g/t gold; and
A 0.50m wide intersection of the Bebeto vein in hole PUD-0740 which averaged 12.64g/t gold; and
A 2.75m wide intersection of the Jatobo vein, which has been mined previously but does not form part of the recent mine plans and is located west of the Mongo and Ipe veins, in hole PUD-0686 which averaged 2.04g/t gold; and
Results from the surface drilling programme include:
A 0.36m wide intersection of the Ipe vein in hole PDD-0594 which averaged 9.49g/t gold from a depth of 315.97m and also included a 0.35m wide intersection of the Bebeto vein at an average grade of 4.39g/t from a depth of 136.46m; and
A 1.40m wide intersection of the Pele Vein (approximately 200m east of the mongo vein) from a depth of 106.40m in hole PDD-0607 which averaged 14.39g/t gold; and
Intersections of the Jatoba vein, averaging 24.70g/t over 0.82m from a depth of 57.38m in hole PDD-0415 and 33.76g/t over 2.00m from a depth of 76.75m in hole PDD-0558
The company explains that the “Ipe and Mogno veins have been worked top down from level 178mRL to current development levels -60mRL, with current production on levels -20mRL and -40mRL. The drill results reported in this press release comprise step out drilling, targeting strike extension of these veins principally to the south of the current mine limits, as well as holes drilled to depth, below the lowest level, -60mRL”.
CEO, Mike Hodgson, explained that production from the high-grade Ipe and Mongo veins was “the cornerstone of the Palito Complex production during 2021” and commented that “It is therefore exciting to see these intercepts which extend the veins well beyond the current mine limits, both along strike and at depth. The results suggest a possibility of improving grades and payability with depth, which bodes well for the future”.
Commenting on the results from the Jatoba vein, Mr. Hodgson said that although it had been mined around 3 years ago, there had been “insufficient geological data to support further development. These new holes have cut the Jatoba vein well to the south of the original mine workings … clearly suggesting great strike potential to add resources”.
He also explained that the “Underground drilling to the east of Ipe/Mogno has resulted in identifying the Pele sector, another new area at Palito. The Pele sector hosts the veins Bebeto, Romario and the Pele vein itself and the early results again highlight this is a sector of excellent potential. This drilling is now being supplemented by surface exploration”.
Conclusion: Serabi Gold’s extension drilling at Palito confirms strike extensions of the mainstay Mongo and Ipe veins and identified additional mineralised veins which offer potential additional future resource potential to the south of the current mine.
*An SP Angel analyst has visited Serabi’s gold mining operations in Brazil
W Resources (W Resources PLC (AIM:WRES)) 4.85p, Mkt Cap £6.3m – December rains prompt reduction in production guidance for La Parilla
W Resources has announced that heavy rainfall during December caused production delays and limited access to higher ore grades at its La Parilla tungsten mine in Extremadura, Spain.
As a result, “the Company now has to adjust full year guidance to 520t of tungsten and tin concentrate compared to previous full year production guidance of between 650t and 750t of concentrate”.
Chairman, Michael Masterman, confirmed that “A number of challenges encountered towards the end of 2021 have resulted in a much lower performance than we had envisaged … [but he said that] … the management team at La Parrilla have overcome these challenges and as we start to mine and process higher-grade ore we are seeing increased levels of production, higher recovery rates and increasing utilisation rates”.
Acknowledging that the “Lower than expected production levels have put some stress on the Company's cash flow” Mr. Masterman said that its offtake partner, ICD, has invested “£778,227 … at a 26.3% premium to the Company's share price as at 31 December 2021”.
ICD’s President, Steve Conlin, described La Parilla as “one of the brightest and most attractive conflict free tungsten and tin mines in production today” and explained that ICD appreciated “the time it takes to bring a mine into full production and after a number of issues with both plant and access to ore we believe the Company is now at a stage to step up its production”.
The investment by ICD is “in addition to a further £55,106 investment by Symmall Pty Limited, as trustee of the Masterman Superannuation Fund of which Mr Michael Masterman (Chairman of the Company) is both a beneficiary and trustee, which has subscribed for 918,434 Ordinary Shares on the same terms as ICD.”
We estimate that “the 13,888,889 Ordinary Shares being issued in connection with the Placing” represent approximately 9.5% of the enlarged share capital.
Conclusion: Despite production setbacks as a result of bad weather at La Parilla during December W Resources’ offtake partner, ICD’s investment at a premium shows confidence in the company’s capacity to rectify the operational challenges while securing supply for ICD.
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
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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.
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