SP Angel . Morning View . Thursday 03 02 22
EV metals hike higher despite China new year slowdown
MiFID II exempt information – see disclaimer below
Applied Graphene Materials (Applied Graphene Materials PLC (AIM:AGM, OTCQX:APGMF)) – Indian power transmission line producer to use AGM product for graphene-enhanced coating
Arkle Resources* (Arkle Resources PLC (AIM:ARK)) – Drilling resumes at Stonepark
Atalaya Mining (AIM:ATYM, TSX:AYM) (Atalaya Mining (AIM:ATYM, TSX:AYM)) – Further drilling success at Masa Valverde triggers increased exploration budget
Ivanhoe Mines (CVE:IVN) – Targeting over 300,000t of copper in its first full production year at Kamoa-Kakula
Rambler Metals and Mining* (Rambler Metals and Mining PLC (AIM:RMM, TSX-V:RAB)) – £3.8m fundraising as the Ming mine aims to double copper production in 2022
Renascor Resources (Renascor Resources Ltd (ASX:RNU)) – Australian Gov approve A$185m to fund Siviour development
PRIVATE FUNDING – We are raising funds for a Rare Earth Phosphate deposit in the US with up to 28% P2O5 in the raw ore.
REE enrichment is up to 4,200ppm, of which ~25% are high value magnet metals (Nd-Pr-Dy).
Please let us know if you wish to take part in this funding
*SP Angel’s role is limited to making introductions and interested parties should be aware that investment in a private company can present certain risks not present in listed companies (e.g. limited or no liquidity and no rules compelling disclosure of information to investors). This offer is open to professional investors only and is not offered to retail investors.
IGTV: IG Outlook 2022, China new year, winter Olympics may see metals prices soften: (12/01/2022): https://youtu.be/vNqDh74zW5I
VOX Markets: 12/01/22: https://audioboom.com/posts/8011559-john-meyer-on-china-s-factory-shut-downs-plus-news-from-bluejay-beowulf-atlantic-lithium
*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.
Commodities increasingly weaponised as Russia and China increasingly holding back on commodity exports
Russia’s ammonium nitrate export ban may be designed as much to settle its own market as to punish the west but the move highlights our dependence on Russian exports
Gazoprom exports outside the FSU fell by 41% from 1-15 January 2022 despite ramping up domestic supply and increasing sales into China, Bulgaria and Turkey.
The resulting rise in European gas prices has cut European ammonia nitrate production potentially causing a shortage of fertilizers, mining explosives and nitrogen gasses for the food industry.
Even if shortages are averted the impact on Eurozone inflation is severe with energy prices representing the largest part of the inflation index and high oil prices adding to the problem.
China is also looking to suppress local inflation by depressing copper and iron ore prices, though this is proving to be difficult even for the Chinese state.
The Chinese authorities are again moving to restrict speculation in iron ore prices and have been seen trying to suppress copper and other metals through SRB sales.
Import and Export permits are required from the Chinese state for most if not all commodities and are used to ensure scarce metals stay at home when required
Rare Earth quotas: the new quota is up 20% yoy to 100,800t - shared among the country's four main producers.
Quota for smelting and separation of rare earth also up 20% at 97,200t
Rare earth exports out of China rose 38% to 48918t in 2021 though exports fell 16% yoy in December.
Coal: China punished Australia for its refusal to accept Huawei 5G equipment by banning Australian coal. A ban that was only eased during the recent severe coal shortage
Battery metals: High prices for lithium, nickel and cobalt suggest shortages are developing and we expect a number of Gigafactory expansions may be delayed due to a lack of suitable feedstock material.
Given that China controls so much of the world’s lithium, graphite, nickel and rare earth processing western automotive manufacturers must feel hugely vulnerable to any form of dispute with China and Russia through its close association.
China is also adept at acquiring developing mining projects at an early stage further denying raw material supply to the west and consolidating China’s control on critical raw materials markets.
Mercedes-Benz CEO sees raw material scarcity as likely to delay EV adoption
Mercedes-Benz’s CEO stated, ‘the industrialization of mines and refinery capacities may not progress as quickly as demand increases.’
Mercedes have hiked the costs of their vehicles to factor in soaring raw material costs including lithium, nickel and magnesium required for EV production.
The battery metal price rises have added to carmakers’ woes in overcoming a semiconductor chip shortage which has been hitting production volumes
Euro continues to rally as inflation expected to force ECB to look to rate hikes
Both the ECB and the BoE are expected to meet today as the Eurozone inflation rate hit 5.1%, its record high and over double the ECB’s 2% target.
Christine Lagarde, ECB president, is expected to offer a more hawkish tone but restrain from hiking rates this year in continuation of its previous guidance.
The BoE is expected by the market to hike rates by 25 bp to 0.5% today.
Gold steady as dollar climbs on central bankers’ hawkishness
Gold eased off its weekly high of $1,810/oz to settle around $1,803/oz this morning.
Gold has been supported by Fed policymakers warning against an overly aggressive rate hike cycle.
The metal has been protected by real rates turning increasingly negative despite expectations of multiple rate hikes.
Analysts point to a significant buyer keeping the price afloat despite bearish signals such as the rising dollar and falling ETF holdings.
Suggestions that a sovereign buyer accumulating significant gold holdings are possible given China’s accumulation of 53m ounces between 2009 and 2015 without reporting a change in holdings. (Bloomberg)
Dow Jones Industrials +0.63% at 35,629
Nikkei 225 -1.06% at 27,241
HK Hang Seng CLOSED at 23,802
Shanghai Composite CLOSED at 3,361
Economics
Bulk shipping rates plunge 75% since October on sinking Chinese demand
A slowdown in China’s steel production towards the end of last year and low levels of production this year prior to the Winter Games has curbed demand for bulk ships to transport iron ore.
Capesize rates from Brazil to China (used to ship iron ore) have fallen 60% from October, while the global Dry Index has fallen 75% in the past four months.
Turkey – Inflation spiked to 48.7%yoy in January marking the highest rate in decades and following a series rate cuts.
President Erdogan argued for loose monetary policy pressuring the central bank to cut rates four times last year despite warnings it could see inflationary expectations spiral out of control.
President Erdogan fired thee central bank governors over the course of two and a half years since Jul/19.
Recently, President let the head of the state statistics agency go after data showed inflation rate in 2021 hit a 19-year high of 36.1%.
The lira is down 0.5pp this morning trading
Portugal – Lithium licensing process ramps up following definitive general election results announced earlier this week, Reuters reports.
An auction for lithium mining licenses originally planned for 2018 is planned to proceed within two months after an environmental assessment approved six areas.
The environment ministry considered eight lithium rich areas in central and northern Portugal and concluded “to move forward in six of them (within 60 dyas)”.
Portugal’s lithium industry, the largest in Europe, is currently restricted to ceramic-based production.
However, there are plans to ramp up production for EV batteries.
The environmental regulator has previously granted preliminary approval to an environmental study by Savannah Resources (SAV LN) focused on development of the Mina de Barroso hard rock spodumene lithium project.
The news follows plans to establish lithium refining capacities in Portugal (Galp/Northvolt and RAM/Bondalti) potentially sourcing feedstock locally to supply lithium chemical precursors in one of the world’s largest EV batteries markets.
Mexico – PM: “Lithium belongs to the people and the nation of Mexico”
Mexico’s President Andres Manuel Lopez Obrador (AMLO) is ramping up the nationalistic rhetoric over the country’s lithium deposits, signalling private capital isn’t welcome in the industry.
AMLO says that lithium is a strategic mineral and has to be treated differently to gold and silver.
Mexico has not yet produced lithium commercially, while previous governments granted permits to Bacanora Lithium which was recently acquired by Ganfeng.
AMLO called for an investigation into how the concessions were awarded and also announced plans to create a state lithium company.
Currencies
US$1.1293/eur vs 1.1285/eur yesterday. Yen 114.68/$ vs 114.60/$. SAr 15.360/$ vs 15.219/$. $1.355/gbp vs $1.354/gbp. 0.713/aud vs 0.714/aud. CNY 6.361/$ vs 6.361/$.
Commodity News
First physically backed electric vehicle metals ETC launched
Global Palladium Fund have announced a physical exchange-traded commodities (ETC) with $10mn of initial seed capital to track EV metals.
The ETC will be listed on Borsa Italiana and will move to LSE and Deutsche Borse and SIX imminently.
The ETC will track the Solactive GPF EV Index which tracks metals used for BEV, HEV, PHEV and FCEV vehicle segments.
The Solactive index is weighted copper 40%, Palladium 28.13%, nickel 18.65%, cobalt 11.45% and platinum 1.77%.
The index will be rebalanced annually as the metals’ uses evolve.
Precious metals:
Gold US$1,803/oz vs US$1,798/oz yesterday
Gold ETFs 99.3moz vs US$99.3moz yesterday
Platinum US$1,038/oz vs US$1,030/oz yesterday
Palladium US$2,380/oz vs US$2,372/oz yesterday
Silver US$22.54/oz vs US$22.68/oz yesterday
Rhodium US$16,850/oz vs US$16,850/oz yesterday
Base metals:
Copper US$ 9,822/t vs US$9,760/t yesterday
Aluminium US$ 3,005/t vs US$3,051/t yesterday
Nickel US$ 22,745/t vs US$22,675/t yesterday
Zinc US$ 3,611/t vs US$3,588/t yesterday
Lead US$ 2,232/t vs US$2,226/t yesterday
Tin US$ 43,150/t vs US$42,560/t yesterday
Energy:
Oil US$89.3/bbl vs US$89.3/bbl yesterday
Natural Gas US$5.228/mmbtu vs US$4.934/mmbtu yesterday
Uranium UXC US$43.80/lb vs $43.90/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$139.4/t vs US$137.8/t
Chinese steel rebar 25mm US$751.3/t vs US$751.3/t
Thermal coal (1st year forward cif ARA) US$114.5/t vs US$113.0/t
Thermal coal swap Australia FOB US$194.0/t vs US$196.0/t
Coking coal swap Australia FOB US$408.0/t vs US$408.0/t
Other:
Cobalt LME 3m US$71,000/t vs US$71,000/t
NdPr Rare Earth Oxide (China) US$150,129/t vs US$150,129/t
Lithium carbonate 99% (China) US$56,986/t vs US$56,986/t
China Spodumene Li2O 5%min CIF US$2,710/t vs US$2,710/t
Ferro-Manganese European Mn78% min US$1,801/t vs US$1,800/t
China Tungsten APT 88.5% FOB US$320/t vs US$320/t
China Graphite Flake -194 FOB US$805/t vs US$805/t
Europe Vanadium Pentoxide 98% 9.7/lb vs US$9.7/lb
Europe Ferro-Vanadium 80% 39.25/kg vs US$39.25/kg
China Ilmenite Concentrate TiO2 US$391/t vs US$391/t
Spot CO2 Emissions EUA Price US$103.0/t vs US$100.2/kg
Brazil Potash CFR Granular Spot US$805/t vs US$805/t
Battery News
Britishvolt and Glencore to develop UK battery recycling plant
Mining giant Glencore and battery start-up Britishvolt will jointly develop a UK battery recycling plant that will extract key raw materials like cobalt and lithium from lithium-ion batteries.
The recycling facility will be able to process at least 10,000t of li-ion batteries per year.
The plant will be built on the site of a Glencore operation in Northfleet and is set to be operational in 2023.
BHP building off-grid solar-battery storage systems for mining operations
BHP, who supply Tesla with nickel, have announced that construction of one of the world’s largest off-grid mining solar and battery energy storage systems has begun.
The Australian mining giant is working with Canadian clean energy provider TransAlta to help ship mining operations from fossil fuels to renewable energy.
TransAlta will power BHP’s Nickel West assets, specifically the Mt. Keith and Leinster operations, with the Northern Goldfields Solar Project.
The project, announced in 2021, includes a 27.4MW solar farm at Mt. Keith, plus a 10.7MW solar farm and a 10.1MW battery at Leinster.
The solar and battery will be integrated into TransAlta’s Northern Goldfields remote power grid, replacing power currently supplied by diesel and gas.
The project will help BHP reduce emissions in its Mt. Keith and Leinster operations by 12% - an estimated reduction of 54,000t of CO2e per year.
VW to have capacity to build 1m EVs a year in China by 2023
Volkswagen will be able to build 1m EVs a year in China in 2023, CEO of the Volkswagen Passenger Cars brand Ralf Brandstaetter told Nikkei.
Production will be boosted by a new plant in Anhui province - the plant, a JV with China’s JAC, was first announced in 2019 and is set to produce 300,000 electric cars a year, with production starting in 2023.
Louisiana to target 5GW offshore wind by 2035
The state of Louisiana has set a target of 5GW of installed offshore wind capacity by 2035 as part of its first ever Climate Action Plan.
Louisiana’s Climate Action Plan contains 28 strategies and 84 specific actions to reduce greenhouse gas emissions across the state economy, while positioning the state to tap into the job growth and economic opportunities brought by the energy transition.
Louisiana’s announcement comes as the US Bureau of Ocean Energy Management announced it would be preparing a draft environmental assessment for offshore wind in federal waters of the Gulf of Mexico.
Company News
Applied Graphene Materials (Applied Graphene Materials PLC (AIM:AGM, OTCQX:APGMF)) 25.6p, Mkt. Cap £16.73m – Indian power transmission line producer to use AGM product for graphene-enhanced coating
Applied Graphene Materials’ Genable dispersed graphene materials will be utilised in Stanvac-Superon Group’s industrial power transmission equipment.
Stanvac-Superon’s conductive coating uses the AGM’s A-GNP35 nanoplatelet graphene dispersions product to limit contact resistance in coated copper and aluminium electrical cable joints.
The company reports a 30-50% reduction in contact power loss when using AGM’s graphene-based 8079 (A) Power-Plus coating.
Stanvac-Superon Group hopes to use AGM’s graphene-based product for electrical distribution and power transmission alongside railway lines.
It hopes to reach approval on the first customer application imminently.
The group also hopes to offer the product to high energy consumers including steel mills, refineries, and smelters.
Arkle Resources* (Arkle Resources PLC (AIM:ARK)) 0.75p, Mkt Cap £2.3m – Drilling resumes at Stonepark
Yesterday, Arkle Resources confirmed that the previously announced resumption of drilling at its 23.44% owned Stonepark zinc project in Limerick has now started.
A programme of 6 holes is planned for a total of 2,300m with a “hole at Carrickittle North … [having] … a target depth of 750 metres and is a 250 metre step out from previous drilling. The target is in the unexplored southern margin of the Limerick Volcanic Complex which, it is believed has the potential to target zinc mineralisation similar to the large nearby Glencore Pallas Green zinc lead deposit”.
Arkle’s partner, Group Eleven Resources, which is managing the drilling project explains in their announcement that the drilling at Carrickittle North is “targeting similar structure and geology to Glencore’s Pallas Green zinc deposit, located less than 10 kilometres along trend to the north.”
When the planned resumption was first announced in late January, Arkle Resources’ Chairman, John Teeling, explained that the drilling, aims to “find a mirror image of the large Glencore owned Pallas Green zinc deposit adjacent to Stonepark”.
Mr. Teeling also said that the would “take up to three months to complete”.
Conclusion: We look forward to news of progress from the new drilling at Stonepark.
*SP Angel are Nomad and broker to Arkle Resources
Atalaya Mining (Atalaya Mining (AIM:ATYM, TSX:AYM)) 425p, Mkt Cap £596m – Further drilling success at Masa Valverde triggers increased exploration budget
Atalaya Mining reports that its drilling campaign at Masa Valverde, which was extended in October 2021 following the intersection of wide zones of copper mineralisation in the initial 8 drillholes, has returned an intersection of 125m at an average grade of 1.19% copper from a depth of 529m in hole MJ43.
The intersection, described as “the best copper intercept to date at Proyecto Masa Valverde” included high grade intervals of 12m at 2.29% Cu from 556m depth and 19m at 2.56% Cu from 578m as well as 15m at 2.27% Cu from 637m.
The drilling is intended to “confirm, improve and expand the historical NI 43-101 compliant inferred resource of 66Mt at 0.67% Cu, 1.92% Zn, 0.90% Pb, 0.63 g/t Au and 34 g/t Ag” and to assess the Majadales property which “was discovered in 2019 and was not included in any previous resource estimates” as well as following up targets defined by geophysics.
The company says that each of the five holes its reports today “encountered broad intervals of massive, semi-massive and stockwork-type sulphide mineralisation at anticipated target depths” and that with holes MJ43 and MJ45 returning “the deposit's best continuous copper intercepts to date in terms of grade / thickness factor … Atalaya expects these intercepts will contribute to an increase in the average copper grade of the upcoming NI 43-101 resource estimate, which is planned for release by the end of March 2022”.
Drilling is continuing on the Masa Valverde project with 2 rigs infill and step-out drilling at Majadales and a third “testing one of the recently defined fixed loop electromagnetic (FLEM) anomalies located west of the Masa Valverde deposit”.
CEO, Alberto Lavandeira, said that the results had exceeded the company’s expectations and confirmed “our belief that Proyecto Masa Valverde is one of the best undeveloped polymetallic projects in the Iberian Pyrite Belt and also in Europe”.
He commented that the “High copper grades over significant true thicknesses bodes well for the NI 43-101 compliant resource statement scheduled for late Q1 2022 and also opens the possibility to consider large scale underground mining scenarios for future project development”.
The project at Masa Valverde is located around 28km south of Atalaya Mining’s Riotinto plant and the company says that its higher grade mineralisation “has the potential to displace ore from the Cerro Colorado pit, allowing the Company to increase its copper production while maintaining current processing rates”.
Based on the success of exploration so far, Mr. Lavandeira said that “we have increased Atalaya's exploration budget to €10 million for 2022 will allow the Company to continue to advance PMV together with initial exploration works at Proyecto Riotinto East and the recently acquired Proyecto Ossa Morena”.
Conclusion: Further encouraging results from the drilling at Masa Valverde/Majadales bodes well for the new mineral resources estimate which is expected later in the current quarter. Higher grades from the project may allow Atalaya to increase its copper production by displacing lower grade mill feed from Cerro Colorado as mill feed at its Riotinto plant. We look forward to the forthcoming mineral resources update for Masa Valverde and the associated deposits.
Ivanhoe Mines (CVE:IVN) C$11.19, Mkt Cap C$13.5bn – Targeting over 300,000t of copper in its first full production year at Kamoa-Kakula
Ivanhoe Mines’ production guidance for the 39.6% owned Kamoa-Kakula mine in the DRC is for production of between 290-340,000t of copper in concentrate at a cash cost of between US$1.02-1.40/lb in 2022.
The guidance comes only six months after the mine achieved commercial production on 1st July 2021 and after the production of 105,884t of copper in concentrate during its first six months of operation, exceeding initial, upgraded, guidance in the range of 92,500-100,000t.
The mine is expecting its second, phase 2, 3.8mtpa capacity concentrator to start commissioning during Q2 this year and is indicating that it expects to release a PFS for the phase 3 concentrator, during Q3 this year “at a larger nameplate milling capacity per stream than the 3.8-Mtpa capacity of the Phase 1 and 2 concentrators” and that it expects initial production from the Phase 3 plant by late 2024.
Completion of the Phase 2 concentrator gives Kamoa-Kakula justification for its claim that “doubling our annualized copper production to more than 400,000 tonnes starting early in Q2 2022 … [propels]… Kamoa Copper into the ranks of the world’s ten largest copper mines … [based on]… an initial mining rate of 3.8 Mtpa at an estimated, average feed grade of more than 6.0% copper over the first five years of operations, and 5.9% copper over the initial 10 years of operations” which would also make it “the world’s highest-grade major copper complex”.
Rambler Metals and Mining* (Rambler Metals and Mining PLC (AIM:RMM, TSX-V:RAB)) 27.75p, Mkt cap £46m – £3.8m fundraising as the Ming mine aims to double copper production in 2022
(Rambler owns 100% of the Ming Copper-Gold Mine)
Rambler Metals & Mining reports that it has raised £3.8m by placing approximately 14.7m additional shares, representing around 9% of the enlarged capital of the company, at 26.5p/share.
The new funds will “be used to underwrite ongoing underground development (£2.4 million, or approximately US$3.2 million) and for working capital (£1.4 million, or approximately US$2.0 million). This Placing is in support of mining production expansion to a sustained 1,350 tpd at 2% copper and has positioned the Company to reach full mill production by the end of the first quarter of 2022”.
Welcoming the support received from shareholders, CEO, Toby Bradbury, explained that the mine is now “poised to make positive steps forward in 2022”.
He explained that now the second egress to the Lower Footwall Zone (LFZ) was in place (ahead of schedule), “production activities have re-commenced in earnest in the highest-grade areas of the underground mine and we anticipate that we will be doubling our payable copper metal output to 7,000 tonnes Cu in 2022 from 3,418 tonnes in 2021”.
He explained that “we now have 4 mining horizons from which to draw material to feed the mill, which is what we have been working toward through 2021” and that with a production drill rig now operating on the initial stoping of the LFZ between the 735 and 760 levels of the mine, “we are seeing good grades coming out of that area”.
Today’s announcement also provides further statistics on the accelerating progress of mine development during January where 436m was completed, compared with 1,093m during the full 3 months to 31st December 2021 delivering 24, 487t of ore to mill compared with 66,651t for the full preceding quarter.
Although copper head grades declined in January to 1.55% compared to 1.75% in Q4 2021, we suspect that this may, at least in part be a result of processing some development ore, saleable copper output of 355t in January is in line with the average 363tpm of Q4’s 1,090t quarterly output while copper recovery rates of 97.5% in January (Q4 2021 – 97.2%) evidence continuing operational improvements at the Nugget Pond mill.
Explaining that the company expects 2022 capital expenditure in the range of US$10-15m, Rambler Metals says that, as of yesterday, it has cash balances of approximately US$2.1m and a net debt level of approximately US$21.2m.
Describing the operational status of the Ming mine, the company says that it is now at a stage where “full production through the processing plant is imminent … [and that it] … is set to produce at least 7,000 tonnes of payable copper in 2022, essentially doubling the amount delivered in 2021 (3,418 tonnes payable copper)”.
Describing the progress made on resource definition as a result of the recent 15,000m drill programme, the company says that it expects to publish an updated mineral resources estimate “before the end of Q1 2022” and that it intends to continue drilling to guide mine planning as a routine part of its operations.
As announced in January, the drilling has already delivered the discovery of a new zone of mineralisation called the LP Zone in an area adjacent to existing mine infrastructure “that could enable its mining with minimal development”.
Rambler Metals explains that the “LP Zone is open across strike and vertically up as well as down. The Ming Mine has had limited traditional exploration drilling and the discovery of high-grade material adjacent to existing development is a testament to the undiscovered potential of the deposit”.
Conclusion: The injection of additional funds for additional underground development and working capital sets the Ming mine on a course to double copper output in 2022 based on 4 operating ore sources. Infill mineral resource drilling is to continue as a routine of the operation and the company expects to publish an updated resource estimate, based on the 15,000m completed last year, by the end of the current quarter.
*SP Angel act as Nomad and broker to Rambler Metals & Mining.
Renascor Resources (Renascor Resources Ltd (ASX:RNU)) A$0.27p, Mkt Cap A$500m – Australian Gov approve A$185m to fund Siviour development
Renascor reports that the Australian Government, through Export finance Australia, has conditionally approved an A$185m loan facility to support the development of the Siviour Graphite Project in South Australia.
The loan was approved under the Australian Government’s $2bn critical minerals facility, established in September 2021 to assist the development of Australian critical minerals projects.
In September 2021, the project was awarded ‘major project status’ - a recognition of the strategic significance of the Siviour Project in contributing to Australia’s Critical Mineral Strategy 2019 and the Resource Technology and Critical Mineral Processing National Manufacturing Priority Roadmap.
Recent purity testing undertaken by German independent battery mineral consultancy group Dorfner ANZAPLAN have validated Renascor’s purification process and offered increased operational efficiencies for Renascor’s planned Purified Spherical Graphite (PSG) manufacturing facility in South Australia
The recently completed locked cycle program exceeded lithium-ion battery anode purity specifications, with results of up to 99.99% Carbon vs anode industry standard of 99.95% C.
This recent funding form the Australian government allows Rensacor to develop the processing facility at Siviour, which the company estimates has a capex of A$204m.
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