SP Angel . Morning View . Wednesday 12 01 22
Lithium hits new high as miners struggles to keep pace with Gigafactory growth
Nickel prices rally on weak US$ and Indonesia export tax proposal
Alien Metals (Alien Metals Ltd (AIM:UFO, OTC:ASLRF)) –– Hancock project drilling results
Beowulf Mining* (Beowulf Mining PLC (AIM:BEM)) – Beowulf shares rise as market digests significant of Grafintec jv and MoU for new battery anode site in Finland
Botswana Diamonds (Botswana Diamonds PLC (AIM:BOD)) – Indications that Thorny River may be more extensive than first thought
Bushveld Minerals* (Bushveld Minerals Ltd (AIM:BMN, OTC:BSHVF)) – Bushveld in negotiation with Mustang Energy over restructuring of deal to invest in Enerox
Phoenix Copper* (Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF)) – Mineralisation encountered in all seven recently drilled RC holes at Red Star
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.
Lithium prices spike to US$48,159/t as supply squeeze hits already tight market
Lithium Lithium carbonate 99% China prices hit US$48,159/t this morning vs US$46,846/t yesterday up >400% on last year
Mine supply is struggling to keep pace with new Gigafactory expansion and has also been hit by a plant maintenance and output limits in China alongside labour shortages in Australia.
Total EV sales globally rose to ~5.6m vehicles last year from 3m in 2020 and may expand to around 8m new EVs this year depending on semiconductor and battery availability.
Plants in China’s Shandong and Hebei provinces are limiting output following government anti-pollution restrictions. (Shanghai Metals Market)
Buyers are stocking up before China’s Lunar New Year, which is normally good for vehicle sales adding to the supply-demand imbalance.
Nickel climbs to a decade high on low stocks and strong demand
Shanghai nickel prices hit their highest on record today, up 4.1% to $25,584/t.
LME nickel up 0.7% to $21,945 having touched their Feb. 2012 high.
LME nickel stocks at 99,744t – lowest level since Dec. 2019.
Shanghai nickel stocks near their Aug. 2021 record low of 4,455t.
Analysts expect a market supply deficit of 30kt in 2022, more than double previous forecasts.
Copper rises on weak dollar following Powell’s comments
Copper rose 1% to $9,800/t on LME, with Shanghai copper up 2% to $11,133/t.
The rise followed the dollar hitting its lowest level since Nov. 30th.
The dollar has weakened on Powell’s comments that inflation is a ‘serious threat’.
China slowdown may soften metals prices as the nation heads into extended new year and Olympic break
We feel cautiously cautious about metals prices in the run up to the Chinese New year and the Winter Olympics and Paralympics.
China has a significant break / holiday for its Spring Festival from 1st – 15th February this year running concurrently with the Winter Olympics which run from 4th – 20th February
The annual shutdown for the Spring Festival along with China’s Olympic Blue / Blue Skies policies will curb emissions and metals production around Beijing for an extended period.
The average concentration of particulates in the Beijing area has already fallen by 13% yoy and by 63% from 2013 levels (WSJ).
The winter Olympics are being held in three zones Beijing, Yanqing, and Zhangjiakou in Hebei province which is a major metals producer.
We also suspect China will extend its Blue Skies policy further afield to ensure pollution does not drift in from neighbouring provinces.
The Paralympics end on 13th March and it seems unlikely that China will restart many polluting industries till the end of the games as it would be bad PR to have paralympic athletes struggling with air quality issues.
Stimulus, lending and inflation:
We are also increasingly cautions over Chinese stimulus as China withdraws financing from Africa and potentially other overseas areas.
China banks lent US$3.1tn (US$177bn) of loans last year with new bank lending hitting a record high level. M2 money supply grew 9.0% yoy.
Inflation is easing in China allowing the authorities more room for economic stimulus and support.
Capital inflows into China appear to be helping to support Chinese economic activity without significant government support.
China’s ‘Zero-Covid’ policy continues to damage supply chains
A mass testing directive in Tianjin has hit operations at Toyota’s JV factory.
Tianjin contributes 1.7% of China’s total exports. (WSJ)
VW have also closed a plant in the city having recently shut its Ningbo plant following an outbreak.
Consultants estimate 1 week of delays at Ningbo will affect c. $4bn worth of trade. (Russell Group)
Beijing’s covid restrictions are exacerbating the chip shortage, with Samsung struggling with labour shortages in Xi’an following an extended lockdown.
Micron has also had to reduce output owing to a reduced workforce.
Gold extends gains as Powell moves to calm concerns over decades-high inflation
Gold hit $1,823/oz before correcting to $1,818/oz as Powell expressed concerns over inflation to Congress.
Powell stated the Fed won’t ‘hesitate to act’ to cool inflation but reinforced the idea that supply-chain disruption and labour shortages will ease naturally.
Gold’s rally suggests the market was less convinced by Powell’s confidence.
Today’s inflation data will provide a further catalyst to gold, with economists forecasting a 7% rise in December yoy – up from November’s decades-high reading of 6.8%. (Bloomberg)
Dow Jones Industrials +0.51% at 36,252
Nikkei 225 +1.92% at 28,766
HK Hang Seng +2.67% at 24,372
Shanghai Composite +0.84% at 3,597
Economics
China – Inflation data came in lower than expected in December offering more room for monetary authorities to potentially easing the policy further.
Some commentators suggest the central bank may cut its policy rate for the first time since Apr/20 as early as next week.
China’s central bank fuelled speculation it will ease monetary policy sooner rather than later with its vow in December to take “proactive” action, Bloomberg writes.
The economy struggles amid repeated virus outbreaks and ongoing property market woes.
A separate report on Chinese local governments’ land sales showed a significant drop in 2021.
13 of China’s 31 provinces reported a drop of >20% with another 10 showing a decline of <20%. li="">
Only six provinces showed revenue from land sales grow.
PPI (%yoy): 10.3 v 12.9 in November and 11.3 est.
CPI (%yoy): 1.5 v 2.3 in November and 1.7 est.
Eurozone – High energy prices may knock up to 1% off GDP growth with the impact peaking in Q1/22, Bloomberg estimates.
Energy prices climbed since mid-2021 as economies reopened and demand recovered.
Crude is now trading well above its pre-pandemic level while European gas prices
Natural gas prices are currently four times higher than might have been expected earlier in 2021 amid cold weather, low stocks and Russia’s unwilling to increase supply via its two key pipelines ahead of the Russia-NATO council.
UK – Around 3m peopled were on sick leave in the first week of January (03.01-09.01), according to an analysis of workplace attendance data carried out for Bloomberg.
An estimated ~0.6m employees were off work in the UK’s health and life sciences sector implying increasing pressure on medics and staff at hospitals.
The administration is considering reducing coronavirus-linked isolation times from seven to five days helping the staff shortage.
Russia – The NATO-Russia council is to be held today after top US and Russian diplomats agreed to keep talking as a first round of security discussions offered little results.
Russia asked that NATO should guarantee it will never accept Ukraine or other ex-Soviet states such as Georgia as its members, calling it an issue of national security.
The US argued that its up to every nation to decide on its alliances highlighting that Russian troops continue to threaten an invasion of Ukraine.
Argentina – heatwave raises temperatures to >40OC
Temperatures have hit 45OC in Argentina this week making the nation the hottest country in the world.
Searing heat has caused power grids to fail in and around Buenos Aires
Currencies
US$1.1365/eur vs 1.1346/eur yesterday. Yen 115.41/$ vs 115.25/$. SAr 15.479/$ vs 15.584/$. $1.364/gbp vs $1.361/gbp. 0.721/aud vs 0.719/aud. CNY 6.364/$ vs 6.372/$.
Commodity News
Precious metals:
Gold US$1,818/oz vs US$1,810/oz yesterday
Gold ETFs 97.9moz vs US$98.0moz yesterday
Platinum US$970/oz vs US$951/oz yesterday
Palladium US$1,905/oz vs US$1,930/oz yesterday
Silver US$22.74/oz vs US$22.65/oz yesterday
Rhodium US$16,900/oz vs US$17,500/oz yesterday
Base metals:
Copper US$ 9,876/t vs US$9,635/t yesterday
Aluminium US$ 2,978/t vs US$2,941/t yesterday
Nickel US$ 22,040/t vs US$21,385/t yesterday
Zinc US$ 3,563/t vs US$3,500/t yesterday
Lead US$ 2,325/t vs US$2,287/t yesterday
Tin US$ 41,300/t vs US$40,200/t yesterday
Energy:
Oil US$83.8/bbl vs US$81.5/bbl yesterday
Oil prices steadied in early trading today after rising in the previous session on expectations that fuel demand will continue to strengthen as the US Federal Reserve is likely to raise interest rates more slowly than expected
Brent and US crude oil futures are trading at their highest since the highly contagious Omicron COVID-19 variant emerged in late November has not impacted fuel demand the way previous variants did
Federal Reserve Chairman Jerome Powell said the economy of the US, the world's biggest oil consumer, should weather the current COVID-19 surge with only "short-lived" impacts and was ready for the start of tighter monetary policy
Data from the American Petroleum Institute (API), however painted a weaker picture on fuel demand, with a smaller decline in crude stockpiles than expected and bigger builds than expected in gasoline and distillate inventories
Crude stocks fell by 1.1MMbbls for the week ended 7 January
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
Natural Gas US$4.371/mmbtu vs US$4.027/mmbtu yesterday
A flotilla of liquefied natural gas (LNG) from the US has finally arrived in Europe, increasing LNG imports on the fuel-starved continent to a two-year high
The fresh injection of natural gas is helping to offset declining Russian shipments.
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$46.50/lb vs $46.50/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$128.1/t vs US$125.5/t
Chinese steel rebar 25mm US$741.8/t vs US$740.3/t
Thermal coal (1st year forward cif ARA) US$93.0/t vs US$101.0/t
Thermal coal swap Australia FOB US$176.3/t vs US$178.3/t
Coking coal swap Australia FOB US$392.0/t vs US$389.0/t
Other:
Cobalt LME 3m US$70,500/t vs US$70,500/t
NdPr Rare Earth Oxide (China) US$139,843/t vs US$139,674/t
Lithium carbonate 99% (China) US$48,159/t vs US$46,846/t
China Spodumene Li2O 5%min CIF US$2,660/t vs US$2,640/t
Ferro-Manganese European Mn78% min US$1,813/t vs US$1,810/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$8.8/lb
Europe Ferro-Vanadium 80% 32.95/kg vs US$32.95/kg
China Ilmenite Concentrate TiO2 US$389/t vs US$385/t
Spot CO2 Emissions EUA Price US$90.5/t vs US$97.8/t
Brazil Potash CFR Granular Spot US$810.0/t vs US$810/t
Battery News
Tesla sell record number of China-made vehicles
Tesla sold a record 70,847 China-made vehicles in December according to the China Passenger Car Association.
This is the highest monthly rate since the company started manufacturing vehicles in Shanghai in 2019.
Tesla’s December sales, including 245 vehicles for export was almost three times for the same month yoy and almost 34% higher than November sales.
Tesla's total sales of China-made cars for last year to at least 473,078, according to Reuters' calculations, using CPCA data – approx. 50% of the company’s global sales.
Australia announces A$100m grant for battery storage projects
The Australian Renewable Energy Agency (ARENA) has set aside A$100 million to fund commercial scale batteries equipped with advanced inverter technology.
At least three projects will be supported by the funding, according to ARENA, with a maximum of A$35 million available for each project.
The inclusion of advanced inverters allows for more refined monitoring and communication of grid status, enabling grid-scale batteries to provide system stability services.
Battery projects applying for the grant will need to have at least 70MW capacity.
Company News
Alien Metals (Alien Metals Ltd (AIM:UFO, OTC:ASLRF)) – 0.7p, Mkt cap £26m – Hancock project drilling results
Alien Metals reports that, following the completion of 46 reverse circulation drillholes in its Phase 3 evaluation of its Hamersley iron-ore project in western Australia, it has identified “Extensions to existing Inferred Resources “ of 10.4mt at an average grade of 60.4% iron.
Western Australia is one of the world’s largest centres for iron ore production so to put the scale of Alien Metals’ inferred resource into context, Rio Tinto’s W Australian iron ore resources amount to almost 25bn tonnes and Q3 production exceeded 83mt while BHP produced almost 250mt of iron ore in the twelve months ending 30th June 2021.
The company confirms that its 7-hole, 650m, programme of diamond drilling aimed at retrieving material for “metallurgical and comminution testing”, started on 10th January.
The company also reports that rock chip sampling results (which are an early-stage exploration technique) “returned a significant new 800m long high grade anomaly on the part of Ridge H samples”.
Beowulf Mining* (Beowulf Mining PLC (AIM:BEM)) 12.9p, Mkt Cap £109m – Beowulf shares rise as market digests significant of Grafintec jv and MoU for new battery anode site in Finland
(Beowulf holds 100% of Grafintec)
The hard graft by Beowulf management along with loyal shareholder support is starting to pay off.
Sweden appointed a new, ‘pro-mining’ minister of mines improving the opportunity for the potential development of the Kallak magnetite iron ore project in Norrbotten, Sweden.
Then the Grafintec and Epsilon Advanced Materials jv agreed to establish an anode materials production facility close to Freyr Battery’s proposed battery cell plant in Finland.
Beowulf also increased its holding in Vadar to 49.4% through further ongoing investment into Vadar’s exploration properties in in Kosovo. While Vadar awaits the renewal of its permit applications in Kosovo it is still able to prepare access roads and drill pads ensuring the program is not overly delayed.
Conclusion: Shareholders can now look forward to progress on three fronts in Sweden, Finland and Kosovo covering iron ore, graphite anodes and copper, zinc and gold exploration.
*SP Angel acts as Nomad and Broker to Beowulf Mining
Botswana Diamonds (Botswana Diamonds PLC (AIM:BOD)) 1.13p, Mkt Cap £7.9m – Indications that Thorny River may be more extensive than first thought
The completion of a preliminary assessment of the kimberlite potential of Botswana Diamonds’ Thorny River project in South Africa has estimated a sizeable increase in the potential tonnage available and prompted the company to initiate an economic study of the mining options including the possibility of developing a central processing hub at the ‘River Blow’ fed by several production sites.
Botswana Diamonds says that the “projected volume of kimberlitic material in the River, River Extension and in the immediate area exceeds previous estimates and is now believed to be circa 2 million tonnes” and explains that this is around double the volume of the 1mt mined by De Beers/SouthernEra at the nearby Marsfontein deposit.
Welcoming the results of the kimberlite study Chairman, John Teeling, confirmed that the company had “identified other small potential blows which could further increase the kimberlite volume”.
The company explained that its analysis of kimberlite volumes “considered all available drill-hole data, in addition to ground gravity, electromagnetic and magnetic data, and used an industry standard process of forward modelling and inversion. This technique allows all the available data to be used to create the best fit geological model and is particularly useful where there is complex geology, such as the Thorny River area”.
Conclusion: The promising results from the kimberlite assessment shed light on the potential of Thorny River but will need to be verified by drilling and a formal resource and reserve assessment to determine the tonnages and grades available for any future mining project. We await further results as the exploration proceeds.
Bushveld Minerals* (Bushveld Minerals Ltd (AIM:BMN, OTC:BSHVF)) – 9.17p, Mkt cap £116m – Bushveld in negotiation with Mustang Energy over restructuring of deal to invest in Enerox
BUY - Valuation
(Bushveld Energy holds an indirect interest of 25.25 per cent in Enerox. Bushveld is invested in Enerox. Bushveld Minerals holds 74% of Bushveld Energy. Bushveld Energy holds a 50.5% interest in VRFB-H)
CLICK FOR PDF
Bushveld Minerals reports amended terms to an agreement with Mustang Energy PLC (LSE:MUST).
Mustang was to invest in VRFB-H to acquire a 11.05% indirect interest in Enerox GmbH
Enerox is a VRFB ‘Vanadium Redox Flow Battery’ manufacturer providing grid scale and micro-grid energy storage solutions.
Mustang invested ~$7.5m for a 22.10% stake in VRFB-H through Enerox Holdings Limited with Mustang funding its investment by way of an issue of US$8 million unsecured convertible loan notes bearing a 10%.
Unfortunately Garnet Commerce Limited, an effective shareholder in Enerox has issued a claim in the UK High Court of Justice against VRFB and Enerox Holdings Limited alleging breaches of the jv agreement in relation to Enerox Holding Limited. The trial starts on 19 January 2022.
This means that Mustang is unable to start its capital raise as its investment will constitute a reverse takeover under FCA Listing Rules requiring the publication of a prospectus.
Mustang is not able to readmit its share to trading on the Standard List of the London Stock Exchange.
A condition of the convertible notes is that if readmission had not occurred by end December that Mustang can require Bushveld to issue each Noteholder with Bushveld shares at a price equal to the 20-day volume weighted average price of a Bushveld shares. In return Mustang will transferring all of the Mustang Subscription Shares and payment of a backstop fee to Bushveld Energy Limited,
The parties are nearing an agreement to extend the Maturity Date to allow some visibility as to the potential outcome of the litigation.
Bushveld and the Mustang have also agreed to extend the Notice Date from 5 Business Days to 9 Business Days.
Bushveld will update the market accordingly when an agreement is finalised between the parties or if those discussions are terminated without agreement being reached.
Conclusion: Essenntially the only new news in this is the extension of the notice date from 5 to 9 business days to allow more time to reach an agreement and to allow some visibility as to the potential outcome of the VRFB-H litigation. Please see the company announcement for further details
*SP Angel act as nomad and broker to Bushveld
Phoenix Copper* (Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF)) 49p, Mkt Cap £57m – Mineralisation encountered in all seven recently drilled RC holes at Red Star
(Phoenix holds 80% of the Empire mining property in Idaho)
CLICK FOR PDF
Phoenix Copper has reported results of a 7-hole programme of reverse-circulation (RC) drilling totalling 876.3m at the Red Star silver/lead deposit adjacent to its Empire mine open-pit project in Idaho.
All of the holes “encountered further mineralisation” and the drilling resulted from the short-term availability of a suitable rig during October and does not form part of the previously announced 3,000m programme of diamond core-drilling which is planned to start during Q2 2022.
The RC programme confirmed the “continuity of magnetite related mineralization along northerly trending structures” identified by the 2021 ground magnetic survey over an area of nearly 46 acres (approximately 19 hectares) located “east-southeast of the Red Star discovery outcrop”.
Among the results highlighted in today’s announcement are:
A 27.4m long intersection averaging 0.69% copper, 0.8g/t gold and 14.9g/t silver from a depth of 38.1m in hole RS21-01 which included a 7.6m wide higher-grade zone averaging 1.61% copper, 2.3g/t gold and 38.6g/t solver from 50.3m; and
A 36.6m wide intersection at an average grade of 0.52% copper, 0.5g/t gold, 24g/t silver, 0.28% lead and 0.64% zinc from a depth of 82.3m in hole RS21-02 and including 13.7m averaging 23.9g/t silver and 1.46% zinc from a depth of 82.3m with narrower and higher-grade sections; and
A 7.6m wide intersection at an average grade of 0.20% copper, 0.3g/t gold and 17.4g/t silver from 35.1m in hole RS21-05 and including a higher-grade section of 3m at an average of 0.29% copper, 0.7g/t gold and 28.9g/t silver from 39.6m.
In our opinion, the results of the RC drilling should help Phoenix Copper to refine and optimise the forthcoming diamond-drilling programme.
CEO, Ryan McDermott, said that the RC “drilling confirms that the surface geology and geochemistry, as well as the magnetic anomalies identified in the ground magnetics survey reported on 20 October 2021, are reliable and provide prospective drill targets for a planned 3,000 m core drilling program in 2022”.
He explained that the drilling “targeted specific areas within those 46 acres … [which trend towards the Horseshoe / White Knob prospects ] … for the purpose of providing subsurface exploratory information for future drilling programs. These latest drilling results have accomplished that purpose, and the Phoenix team is excited to apply what we have learned to our next phase of Red Star drilling
The results verify the polymetallic nature of the mineralisation at Empire and illustrate the potential extent of the mineralisation at Red Star appearing as “discrete zones plunging steeply to the east along the structures mapped in the geophysical survey, similar to the well understood magnetite zones encountered in the Empire Open-Pit deposit.”
Mr. Mc Dermott also confirmed that “In addition to our ongoing exploration programs, we continue to focus our efforts on the Empire Open-Pit copper oxide feasibility study, scheduled for completion in Q2 of this year, and with the ongoing permitting of the Empire copper-oxide open pit” as well as explaining that the “evaluation of the Navarre Creek gold project, ahead of an anticipated exploratory drilling program in 2022, is also in progress, as is the planned reporting of the results of the Navarre Creek ground magnetics survey and geophysical program in the coming weeks”.
Conclusion: The additional RC drilling at Red Star has confirmed the continuity of magnetite mineralisation at Red Star into areas identified in last year’s geophysical survey and should assist in refining the targeting of the forthcoming 3,000m diamond drilling programme scheduled for Q2 2022.
*SP Angel acts as nomad to Phoenix 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
Prince Frederick House
35-39 Maddox Street London
W1S 2PP
*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