SP Angel . Morning View . Monday 10 01 22
Base and battery metals prices rise as China pushes stimulus
Adriatic Metals (Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF)) – Financing of Vares silver project
BHP (BHP Group PLC (LSE:BHP)) – BHP to invest $100m in the Kababga Nickel project in Tanzania
Cornish Metals* (Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF)) – Cornish Lithium renews its exploration agreement
Hummingbird Resources (Hummingbird Resources PLC (LSE:HUM)) – Kouroussa update and comments on Malian ECOWAS sanctions
KEFI Gold and Copper (KEFI Gold and Copper PLC (AIM:KEFI)) – Q4 operational update
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.
2022 - We are hopeful Omicron to prove to be the effective vaccine the world needs to overcome Covid-19
Inflation to overshoot expectations driven by higher energy prices in the short term. We expect energy prices to pull back later this year .
Interests rates to rise, but not excessively as developed nations focus on maintaining growth and managing the aftermath of Covid.
Liquidity to pull back as governments tighten monetary policy, this is the greatest threat to markets particularly for the renewal of ‘Revolving Credit’ facilities – remember Glencore January 2016.
Gold prices to break through $1,800/oz on greater inflation concerns as the Fed holds back on the extent of interest rate hikes.
Base metals prices to remain firm led by copper, nickel and tin.
Battery materials prices to remain at high levels though it is difficult to say if current prices are sustainable.
Lithium, and NdPr rare earths prices continue to rise on strong Gigafactory demand.
Gold trends lower as bond yields continue to strengthen
Gold has extended its losses to trend sub-$1,800, touching $1,791/oz before bouncing back to $1,795/oz.
US 10-yr Treasury yields are closing in on a 2-year high at 1.769%.
US non-farm payroll data saw a major miss in new jobs at 199k for December, but economists pointed to a tight labour market with a falling unemployment rate and rising wages.
Two early interest rate hikes in March and June, with markets both pricing these in at a 90% likelihood, are weighing on gold’s momentum.
All eyes now turn to Wednesday’s US inflation data release.
Analysts expect December core CPI inflation to have risen 5.4% yoy vs November’s 4.9% rise. (Reuters)
Continued strong inflation data may be required for any significant upward momentum in the gold price.
Nickel prices pass 6-week high on low Shanghai stocks
Shanghai nickel prices hit their highest in over a month as Shanghai stocks near record lows.
Shanghai nickel stocks of 4,859t are nearing their record low of 4,455t in Aug. 21.
LME nickel up 0.7% to $20,875/t, Shanghai nickel up 2.5% to $24,300/t.
Strong steel demand has seen low inventories – analysts expect this to ease as the Winter Olympics nears in China.
Global chip shortage continues to disrupt automakers
The global chip shortage has left Tesla and other EV customers in China waiting months for new vehicles.
Chinese manufactures were forced to cut EV production by 1m vehicles in 2021.
Globally, the chip shortage is estimated to have resulted in 11m fewer cars being produced, according to AutoForecast Solutions.
Dow Jones Industrials -0.01% at 36,232
Nikkei 225 -0.03% at 28,479
HK Hang Seng +1.09% at 23,750
Shanghai Composite +0.39% at 3,594
Economics
China – Stimulus to be directed at supporting heavy industrial activity for government infrastructure
China appears to be preparing for a new round of stimulus with spending to be focussed on infrastructure and housing development.
Commentators do not expect to see so much focus on ‘Dual Circulation’ and support for domestic consumer consumption.
China’s obsession with the production of steel for the construction of its new economy seems to be at the top of the agenda.
New and ongoing infrastructure and city cluster development projects are likely to see the bulk of the stimulus.
The world may have to wait just a bit longer before China opens up the power of its consumers.
China is concerned that export growth may slow and is likely to ease monetary policy through the first quarter.
Major earthquake of 6.6 139km north of Xining, Qinghai
The earthquake is reported to be at a relatively shallow depth of 10km
Several tunnels were damaged on the high-speed rail line from Lanzhou, Gansu province to Xinhiang region.
Also some lines between Qinghai and Tibet were suspended pending inspection.
Iron ore prices slip as worsening China Omicron cases dampen demand outlook
Singapore iron ore futures down 2.6% on Monday, settling at $124/t.
The retreat was triggered by a reported Omicron case in Tianjin.
Iron ore had enjoyed 7/8 weekly gains, with prices nearing October highs.
Steel production jumped 11% towards the end of December. (CISA)
Demand has been boosted by steel mills restocking before Jan 31st Lunar New Year.
China’s renewed fiscal stimulus to encourage growth has also provided tailwinds to the iron ore price.
HRC and rebar prices both fell this morning.
Italy - Unemployment Rate pulls back to 9.2% in November vs 9.4% in October
India - inflation expected to have hit 6-month high in December
Economists expect Indian inflation to have hit a 6-month high in Dec. on higher telecommunications charges and food prices.
Inflation is expected to have risen to 5.8% in Dec. vs 4.91% in Nov. (Reuters)
The Reserve Bank of India has a medium-term target of 4%.
Serbia – government may suspend Rio Tinto’s Jadar license
Indonesia - government to make decision on coal export ban ‘in the coming days’
Indonesia’s government is facing mounting pressure to lift an export ban on thermal coal initiated 10 days ago.
The country’s energy minister stated that Indonesia has ‘done stocktaking’ and hopes ‘there will be more clarity so we can have coal security and resume exports’ over the next few days.
Japan, the Philippines and South Korea have all called on Indonesia to lift the ban.
Indonesian tin exports rise 26% in December
Indonesia’s Trade Ministry has reported exports rose to 8kt in December.
This marks an increase of 26% from November’s 6.3kt exports.
Full year Indonesian tin exports for 2021 expected at 75kt.
Kazakhstan – More than 164 people killed in unrest
8,000 people have been detained in the state of emergency.
Russian troops have been sent to Kazakhstan as part of the CSTO ‘peacekeeping’ forces.
63% of people in Kazakhstan are mainly Muslim, ethnic Kazaks,
24% are ethnic Russians,
The rest are Germans, Tatars, Ughurs, Ukranians and Uzbeks.
Russia shares a hugely long 4,750 mile border with Kazakhstan.
Russia is hugely concerned that the balance of power in Kazakhstan might shift away from Russian national interests.
The trouble in Kazakhstan may prove to be a useful distraction from the presence of Russian troops close to Ukraine.
We do not expect the unrest to impact uranium supplies for now.
Peru – Las Bambas agreement at risk
Certain communities are rejecting the recent agreement that has allowed the giant Las Bambas copper mine to reopen.
Members of the Chumbivilcas community are demanding that the president should meet with their leaders.
Mali – West African countries will close their borders with Mali, sever diplomatic relations and impose tough economic sanctions in response to “unacceptable” delay to general elections, Reuters reports.
The news follows the current Malian administration to postpone elections following a 2020 military coup to December 2025 instead of this February as was originally agreed.
The fresh measures from the Economic Community of West African States (ECOWAS) represent a significant hardening of its stance towards Mali.
The timing "simply means that an illegitimate military transition government will take the Malian people hostage", ECOWAS said.
Sanctions coming into effect immediately include the closure of members’ land and air borders with Mali, the suspension of non-essential financial transactions, the freezing of Malian state assets in ECOWAS commercial banks and recalling their ambassadors form Bamako.
Regional monetary union UEMOA instructed all financial institutions under its umbrella to suspend Mali with immediate effect, limiting the nation’s access to regional financial markets.
Currencies
US$1.1324/eur vs 1.1306/eur last week. Yen 115.76/$ vs 115.91/$. SAr 15.657/$ vs 15.707/$. $1.358/gbp vs $1.354/gbp. 0.719/aud vs 0.715/aud. CNY 6.374/$ vs 6.374/$.
Commodity News
Precious metals:
Gold US$1,793/oz vs US$1,789/oz last week
Gold ETFs 98.0moz vs US$98.1moz last week
Platinum US$957/oz vs US$963/oz last week
Palladium US$1,925/oz vs US$1,868/oz last week
Silver US$22.27/oz vs US$22.09/oz last week
Base metals:
Copper US$ 9,658/t vs US$9,572/t last week
Aluminium US$ 2,943/t vs US$2,964/t last week
Nickel US$ 20,890/t vs US$20,650/t last week
Zinc US$ 3,543/t vs US$3,581/t last week
Lead US$ 2,282/t vs US$2,316/t last week
Tin US$ 39,895/t vs US$39,495/t last week
Energy:
Oil US$82.1/bbl vs US$82.2/bbl last week
Oil prices edged further in early trading today as supply disruptions in Kazakhstan and Libya offset worries stemming from the rapid global rise in Omicron infections
After days of unrest in Kazakhstan, during which the government declared a state of emergency, Russia has sent in paratroopers to quash the uprising
The protests began in Kazakhstan's oil-rich western regions after state price caps on butane and propane were removed on New Year's Day
OPEC's output in December rose by 70,000bopd from the previous month, versus the 253,000bopd increase allowed under the OPEC+ supply deal which restored output slashed in 2020 when demand collapsed under COVID-19 lockdowns
US energy firms kicked off the new year by continuing to add oil and natural gas rigs after increasing the rig count in 2021 after two years of declines.
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$4.124/mmbtu vs US$3.865/mmbtu last week
US natural gas futures edged higher on Friday as the market appear to have ignored the previous day’s inventory report and focused instead on robust heating demand, as well as weather forecasts calling for additional blasts of freezing temperatures later in the month
Europe is facing continued volatility in its wholesale gas markets, prompting concerns across the region that an energy crisis could be about to get even worse
The front-month gas price at the Dutch TTF hub, a European benchmark for natural gas trading, was around 5% higher yesterday, with the price reaching €93.3/MWh
Contracts for March and April delivery were also up by 5% on Wednesday, according to New York’s Intercontinental Exchange
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$46.35/lb vs $47.00/lb last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$126.7/t vs US$126.8/t
Chinese steel rebar 25mm US$740.7/t vs US$739.6/t
Thermal coal (1st year forward cif ARA) US$101.0/t vs US$98.0/t
Thermal coal swap Australia FOB US$177.0/t vs US$183.0/t
Coking coal swap Australia FOB US$389.0/t vs US$360.0/t
Other:
Cobalt LME 3m US$70,500/t vs US$70,500/t
NdPr Rare Earth Oxide (China) US$138,852/t vs US$137,274/t
Lithium carbonate 99% (China) US$45,578/t vs US$44,320/t
China Spodumene Li2O 5%min CIF US$2,640/t vs US$2,610/t
Ferro-Manganese European Mn78% min US$1,806/t vs US$1,803/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% 8.8/lb vs US$8.7/lb
Europe Ferro-Vanadium 80% 32.85/kg vs US$32.85/kg
China Ilmenite Concentrate TiO2 US$385/t vs US$385/t
Spot CO2 Emissions EUA Price US$97.6/t vs US$97.5/t
Potash CFR Granular (Brazil) $810/t vs $830/t - Fertiliser maker stops buying Belarussian potash following sanctions
Fertiliser maker Yara will begin to reduce potash purchases from Belarus following international sanctions.
Yara buys 10-15% of state-owned Belaruskali’s potash output. (Reuters)
Analysts expect strong potash prices going forward following the US’s most recent round of sanctions on Belarus.
Battery News
EV charging points to more then double to >10m by 2030
EV charging points are going to be big business over the next 20 years.
Not only will the number of charging points quadruple according to projections but the share of fast chargers should also continue to rise.
Charging points use allot of copper, not just for connecting the cars to the chargers but particularly in connecting the chargers to the grid.
Installing all these chargers is estimated to cost >$200bn with China, the EU and UK accounting for around 2/3rds of this investment..
LG Energy Solution expects global market share to overtake CATL
The South Korean battery maker expects its global market share to overtake that of rival CATL, due to a more diverse client base.
“We have a wider range of customers not only limited in China, but also in the United States as well as in Europe, while CATL’s growth has been mostly backed by Chinese automakers,” LGES Chief Executive Officer Kwon Young Soo told reporters during a news conference on Monday.
LGES supplies batteries for Tesla, GM and Volkswagen as well as other global automakers.
In the same announcement, Kwon said the company has plans to develop LFP batteries for EVs, but did not elaborate on a timeline.
In October, LGES announced plans to supply LFP batteries for energy storage systems.
LGES' planned IPO this month could take the company's value to $58.47bn and make it South Korea's third-biggest listing after Samsung Electronics (KRX:005930) Co. Ltd and SK Hynix Inc.
Company News
Adriatic Metals (Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF)) 130p, Mkt cap £346m – Financing of Vares silver project
Adriatic Metals confirms the completion of its previously announced US$142.5m debt financing package with Orion Resource Partners.
The financing, originally announced in October 2021, completes the “US$244.5 million Vares Silver Project financing package… following the execution of the Orion Debt Financing, together with the institutional equity raise of US$102 million that closed on 13 October 2021”.
The debt package consists of US$120m senior secured debt and a US$22.5m copper stream.
Adriatic Metals August 2021 DPF for the Vares project indicated a Post-tax NPV8of $1.06bn, with highlights:
Post-tax IRR of 134%
project payback of 0.7 years and initial capital costs of $168m
Adriatic expect 7.3mt mined to plant over a 10-year mine life
TCC of $7.0AgEq per oz
AISC of $7.3 AgEq per oz
Average annual EBITDA in years 1-5 of $281m
Underground mining costs (mined) of $24.1/t
Underground mining costs (milled) of $30.0/t
Processing costs of $30.3/t
Refining and freight costs of $35.7/t
~48% of revenues are set to come from payable silver and gold, with other metals including zinc, lead, copper and antimony
Paul Cronin, CEO, commented that following the financing “Adriatic Metals has entered a new phase with the Vares Silver Project fully funded through to production. This significantly de-risks the Company and puts us in a strong position to become Europe's next miner, providing the continent with locally sourced, strategic metals”.
Orion Resource Partners’ Portfolio Manager, Michael Barton, said that “Since we were first introduced to the Project in 2018, we have been impressed by the Project's potential. We very much look forward to developing our working relationship with the Company and assisting in realising that potential as Adriatic evolves.”
*An SP Angel mining analyst has visited Adriatic Metals operations in Bosnia
BHP (BHP Group PLC (LSE:BHP)) 2,290p, Mkt cap £116bn – BHP to invest $100m in the Kababga Nickel project in Tanzania
The investment is by way of an initial $50m with a further $50m of agreed investment.
Kabanga Nickel contains an in-situ equivalent nickel grade of 3.44%.
Management anticipate first production in 2025 targeting 65,000tpa of nickel equivalent production including 4,000tpa of cobalt.
The planned hydrometallurgical process should use 80% less power and produces 80% less emissions than conventional smelting
The Government of Tanzania will hold a 16% interest..
The deal:
US$40m investment from BHP, to accelerate development
A further US$10m investment to progress Lifezone’s technology
A second tranche of US$50m subject to certain conditions
The right for BHP to make further investment subject to achieving certain agreed milestones.
Cornish Metals* (Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF)) – 26.5p, Mkt cap £75.3m – Cornish Lithium renews its exploration agreement
Cornish Metals reports that Cornish Lithium (Cello Health PLC (AIM:CLL)) has renewed its option to explore the company’s mineral rights for lithium bearing brine.
The renewal, for a further 12 months, will result in the issue of £100,000 of shares in Cornish Lithium to Cornish Metals resulting in an overall holding of approximately 6.7m shares in Cornish Lithium.
Similar annual renewal provisions are in place “up to and including January 2026,” with post-January 2026 renewals subject to “a rising option fee”.
Under the agreement, first agreed in January 2017, Cornish Metals “will have a 25% free carried interest in CLL's first project on the Company's mineral rights which has a Bankable Feasibility Study completed on it”. Cornish Metals will be required to either contribute or dilute its interest in post-feasibility development expenditure.
Cornish Metals will have a 10% free carried interest in subsequent CLL projects on its mineral rights holdings as well as a “2% Gross Revenue Royalty” on production of both “minerals from brines” and on “any geothermal energy produced by CLL and sold to the National Grid or other system from its mineral rights”.
CEO, Richard Williams, welcomed CLL’s option renewal and said that the decision “reaffirms the exploration potential for lithium in a variety of geological environments in Cornwall”.
We comment that results from Cornish Lithium’s drilling at United Downs, where hole GWDD-002 encountered 14.69m averaging 8.45% copper, 1.19% tin and 0.15% zinc from a depth of 90.6m, is being followed up in Cornish Metals’ current drilling campaign which is encountering multiple mineralised structures including significant grades of copper, tin, and silver both at depth down-dip and laterally along strike.
* SP Angel acts as broker and financial advisor to Cornish Metals. One of our Analysts holds shares in Cornish Metals.
Hummingbird Resources (Hummingbird Resources PLC (LSE:HUM)) 13.7p, Mkt Cap £54m – Kouroussa update and comments on Malian ECOWAS sanctions
The Company released further assay results from the 2021 infill drilling programme at the high grade Kouroussa Gold Mine in Guinea.
The team received results on 30 RC and three DD holes at the KoeKoe deposit, delivering ~3,200m out of the Company’s ~24,000m infill drilling programme
Selected results included:
24m at 5.33 g/t from 28m (KRC1873)
3m at 16.06 g/t from 118m (KRC1890)
3m at 11.64 g/t from 55m (KRC1803)
4m at 10.31 g/t from 89m (KRC1858)
4m at 9.09 g/t from 49m (KRC1858)
4m at 9.76 g/t from 146m (KRCD1878)
2m at 8.48 g/t from 25m (KRC1824)
8m at 7.77 g/t from 95m (KRC1864)
4m at 6.17 g/t from 99m (KRC1890)
4m at 4.28 g/t from 35m (KRC1854)
8m at 3.22 g/t from 56m (KRC1874)
To date, the Company has received ~10,500m of assay from the 2021 programme reflecting an industry wide backlog of drilling results from laboratories.
More results expected in Q1/22 ahead of the group wide MRE update in Q2/22.
Kouroussa construction has commenced after the mobilisation of equipment and personnel in Dec/21.
Ground clearing works for key infrastructure, mine camp and processing plant started.
Long lead item purchases are being finalised including SAG mill and jaw crusher among other items.
Process plant civil works are scheduled to commence in February once more ground clearing works are completed.
Separately, the Company commented on the news of sanctions imposed by ECOWAS (Economic Community of West African States) on Mali in response to the government postponing general elections to 2025.
The sanctions pertain to restrictions on the movement of cash, people and goods, across borders, into and out of Mali from the wider ECOWAS region.
The team is assessing the immediate risks to Yanfolila supply chain saying that it is too early to say how imposed sanctions may potentially affect operations.
KEFI Gold and Copper (KEFI Gold and Copper PLC (AIM:KEFI)) 0.8p, Mkt Cap £21m – Q4 operational update
In Ethiopia, the team kept together project finance syndicate amid a temporary suspension of preparations for the start of the Tulu Kapi project development due to local security issues.
Military hostilities are reported to have abated by the end of Q4/21 with the focus currently on peaceful resolution.
The government announced the formation of a national dialogue commission to seek long lasting solution.
The team now expects to launch the Tulu Kapi project in early 2022 subject to improvement in the security situation and finalising financing.
In Saudi Arabia, the Company completed Phase 4 drilling at the Hawiah polymetallic deposit that combined with Phase 3 accounted for a 29,800m programme.
The team released an updated MRE in early January delivering ~30% increase in tonnage on the previous 2020 estimate.
Updated Hawiah MRE currently stands at 24.9mt at 0.90% Cu, 0.85% Zn, 0.62g/t Au and 9.81g/t Ag, up from 19.3mt at 0.87% Cu, 0.81% Zn, 0.56g/t Au and 10.25g/t Ag.
The Hawiah PFS is targeted for 2022 with the study to consider both open pit and underground operations that is expected to lower initial development capital requirements.
Two new exploration licenses next to Hawiah were secured that host a direct geological analogue to the Hawiah deposit as suggested by reconnaissance exploration to date.
Additionally, informal indications from the Saudi Arabian Ministry of Mineral Resources were provided that the long standing application for a Mining License for the Jibal Qutman gold project (28mt at 0.80g/t for ~730koz in MRE) would progress in 2022.
The Company closed a £6.4m placing (subject to shareholder approval on 13 Jan/22) as announced on 21 December with the proceeds used to cover £5.7m worth of outstanding liabilities as well as £0.5m in net cash raised for working capital requirements.
The team highlights strong rerating potential valuing KEFI portfolio of assets (70% in Tulu Kapi and ~30% in Saudi Arabian assets) at 12p per share at current metal prices and exchange rates (£348 million divided by 2,939 million shares).
Conclusion: The start of development works at Tulu Kapi was delayed by local security events in Ethiopia with the team hoping to launch the project as early as possible in 2022 after hostilities reported to have abated by the end of Q4/21. In Saudi Arabia, the team expanded the Hawiah MRE by 30% with project PFS targeted for later this year. A fundraising completed in Dec/21 greatly improved KEFI balance sheet as the Company is working towards closing Tulu Kapi project financing.
*SP Angel act as Nomad and Broker to KEFI Gold and Copper
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
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BGNL (Bloomberg Generic Composite rate, London)
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LME
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ICE
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NYMEX
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Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite
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