SP Angel . Morning View . Tuesday 08 02 22
Gold continues to rise on Ukraine inflation expectations
BE Metals – exploration project seminar – Today at 15:00 GMT Click link: https://my.6ix.com/k6_fwkVn
John Wilton and team will present details on BE Metals’ exploration in Zambia today
SP Angel analysts will be on hand for supporting technical commentary. *SP Angel acts as a broker to BE Metals.
Centamin (Centamin PLC (TSX:CEE, LSE:CEY, OTC:CELTF)) – Moving to owner operation underground at Sukari
Empire Metals* (Empire Metals Ltd (AIM:EEE)) – Eclipse-Gindalbie exploration represents exciting new chapter for Empire
Eurasia Mining* (Eurasia Mining PLC (AIM:EUA)) – Reserves and Resources Update
Hummingbird Resources (Hummingbird Resources PLC (LSE:HUM)) – Dugbe Gold Project update
Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) – Reitenbach uranium property update
Rainbow Rare Earths* (Rainbow Rare Earths Ltd (LSE:RBW)) – K-Tech process offers added value products assuming elevated leach grades
IGTV: Are commodities becoming weaponised? https://www.youtube.com/watch?v=jCoPpdNPMpQ
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.
Gold continues to climb to $1,820/oz on sustained geopolitical tensions and inflation expectations despite US 10-year Treasuries at 2-year highs.
Continuing concerns over Russia’s encroachment on Ukraine as pushing investors towards the safe-haven that gold offers.
US CPI data is due on Thursday, with economists expected an annual rise of 7.3% which may prompt the Fed to tighten rates faster than previously anticipated. (Reuters)
Copper production at Las Bambas crashes on continued blockade
Las Bambas, which supplies 2% of global copper supply, has seen electricity demand fall 40% since Feb. 2nd. (COES)
MMG has warned it may have to halt production by Feb. 20th if the protests continue.
Sources have stated that there has been a ‘progressive winding down of operations’ since Jan. 27th. (Reuters)
Further disruptions will surely hinder MMG’s target of 300k-320kt of copper concentrate output from Las Bambas in 2022.
Aurubis expects 2022 profits to be hit by soaring power prices
Aurubis AG, Europe’s largest copper smelter expects the recent surge in power and gas prices to hit margins.
The company saw pre-tax profit rise 85% yoy on higher copper prices while benefitting from long-term power contracts.
Aurubis has raised premiums on its copper products indicating strong demand in 2022 due to ‘considerably’ higher costs going forward.
Dow Jones Industrials +0.00% at 35,091
Nikkei 225 +0.13% at 27,285
HK Hang Seng -0.95% at 24,346
Shanghai Composite +0.67% at 3,453
Economics
China – Caixin China service PMI pulled back to 51.4 in January vs 53.1
Composite 50.1 in January vs 53.0 in December
iron ore extend gains following holiday on strong demand expectations and easing emissions restrictions
China iron ore prices surged 3.8% past $150/t before paring gains to $147/t.
The steelmaking ingredient is now up 70% from its November lows.
The move came after Beijing set 2030 as its new peak-emissions deadline for the steelmaking sector vs the previous 2025 target.
The decision parallels China’s NDRC announcement to ramp up infrastructure construction to stimulate the slowing economy.
Analysts feel Beijing was spooked by soaring costs on its initial clampdown on carbon emissions from the steel sector and the subsequent economic knock-on effects.
Xi Jinping recognised the need to ‘ensure the normal life of the masses’ and not let climate targets damage commodity supplies for the Chinese population.
HRC up 2%, Stainless steel up 2.8%, steel rebar up 2.4%.
ASEAN - Manufacturing PMI held at 52.7
US agrees deal with Japan to roll back Trump steel tariffs
Biden will suspend the Trump-era 25% tariff on steel imports up to 1.25mt from April 1st.
The 10% tariff on aluminium will remain in place.
The tariffs were introduced by Trump in 2018 on ‘national security’ grounds to limit cheap foreign metal imports to the US.
Both parties hope the deal will help ‘combat China’s anti-competitive, non-market trade actions in the steel sector.’
Markit PMIs - Markit Global Copper Users PMI fell to 50.0 in January vs 51.5 in December its lowest reading since June 2020
Markit Global Steel Users PMI also pulled back to 50.1 in January vs 51.5 in December
Markit Global Aluminium Users PMI fell to 49.6 in January vs 51.6 in December but rising in Europe
Markit Global Electronics PMI rose to 56.6 vs 56.0
France - EDF cuts nuclear output forecast for 2022 adding further pressure to European electricity prices
EDF further trimmed its nuclear output to 295-315 terawatt-hours from previous forecasts of 340-370.
The company points to ‘ongoing nuclear safety controls’ as the primary reason for the cut. (Reuters)
Analysts expect further output cuts for 2023.
German 2023 power prices surged 4.3% to 146.40 euros/megawatt-hour.
March contracts jumped 5.5% and French 2023 contracts jumped 6.3%.
Germany and the UK will be particularly impacted and will be forced to further exposure to high gas and coal prices.
EV demand drives global cobalt production to record high in 2021
Global cobalt production rose 20% to 170kt in 2021. (USGS)
The DRC contributed 70% of that followed by Russia with 7.6kt and Australia with 5.6kt.
Analysts point to the low base level in 2020 from suspended operations but draw attention to a ramp up in new supply.
Cobalt prices rose 120% in 2021 and have extended gains this quarter.
EV sales more than doubled in 2021, driving cobalt demand to record levels.
Currencies
US$1.1405/eur vs 1.1432/eur yesterday. Yen 115.42/$ vs 115.21/$. SAr 15.535/$ vs 15.480/$. $1.353/gbp vs $1.354/gbp. 0.713/aud vs 0.709/aud. CNY 6.369/$ vs 6.358/$.
Commodity News
Precious metals:
Gold US$1,819/oz vs US$1,811/oz yesterday
Gold ETFs 99.2moz vs US$99.1moz yesterday
Platinum US$1,015/oz vs US$1,024/oz yesterday
Palladium US$2,220/oz vs US$2,306/oz yesterday
Silver US$22.87/oz vs US$22.75/oz yesterday
Rhodium US$16,925/oz vs US$16,850/oz yesterday
Base metals:
Copper US$ 9,752/t vs US$9,830/t yesterday
Aluminium US$ 3,191/t vs US$3,108/t yesterday
Nickel US$ 23,215/t vs US$23,130/t yesterday
Zinc US$ 3,642/t vs US$3,613/t yesterday
Lead US$ 2,203/t vs US$2,205/t yesterday
Tin US$ 42,965/t vs US$42,895/t yesterday
Energy:
Oil US$92.0/bbl vs US$92.8/bbl yesterday
Oil prices eased in early trading today ahead of the resumption of indirect talks between the US and Iran which may revive a nuclear deal that could lead to the removal of sanctions on Iranian oil sales, increasing global supplies
The US have restored sanctions waivers to Iran to allow international nuclear cooperation projects, as the talks on the 2015 international nuclear deal enter the final stretch
If the US lifts sanctions on Iran, the country could boost oil shipments, adding to global supply
Oil prices are up 20% YTD, and are likely to surpass US$100/bbl in the first half of this year
OPEC+ is struggling to meet targets despite pressure from top consumers to raise production more quickly
In the US, even though the rig count has climbed for a record 18 months in a row, oil production is still far from pre-pandemic record levels
US demand for distillates has been running ahead of pre-pandemic levels for months on strong manufacturing and trucking activity
Saudi Aramco confirmed on Saturday that the kingdom had raised prices for all crude grades it sells to Asia in March from February, in line with market expectations, reflecting firm demand in Asia and stronger margins for gasoil and jet fuel
In the US, refineries in Texas were knocked out of production on Friday by a citywide power outage, as freezing temperatures from an Arctic cold front swept the Gulf Coast, though some refineries are recovering or have since returned back to near normal operations
Natural Gas US$4.296/mmbtu vs US$4.435/mmbtu yesterday
Natural gas futures are trading down on news that the weather outlook “jumped notably to the warmer side” over the weekend, with both the American and European modelling confirming the change, according to Bespoke Weather Services
The latest 15-day forecast leaned warmer than normal overall, according to the firm
The pattern “could evolve even warmer” heading into the final week of February, “with any colder risks moving more into the western half of the US
The withdrawals over the next two EIA storage reports, estimated at a cumulative 450Bcf or more, and potential new record highs for LNG exports amid the Calcasieu Pass terminal start-up could lend support
Uranium UXC US$43.90/lb vs $43.95/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$147.4/t vs US$145.0/t
Chinese steel rebar 25mm US$772.6/t vs US$760.8/t
Thermal coal (1st year forward cif ARA) US$117.0/t vs US$117.0/t
Thermal coal swap Australia FOB US$207.0/t vs US$205.0/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$150,333/t vs US$150,214/t
Lithium carbonate 99% (China) US$57,700/t vs US$57,805/t
China Spodumene Li2O 5%min CIF US$2,710/t vs US$2,710/t
Ferro-Manganese European Mn78% min US$1,819/t vs US$1,824/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% 9.9/lb vs US$9.8/lb
Europe Ferro-Vanadium 80% 39.25/kg vs US$39.25/kg
China Ilmenite Concentrate TiO2 US$390/t vs US$391/t
Spot CO2 Emissions EUA Price US$109.4/t vs US$104.3/t
Brazil Potash CFR Granular Spot US$805/t vs US$805/t
Renewable News
Shell and Gerdau planning 260MW solar project in Brazil
Oil and gas giant Royal Dutch Shell has partnered with Brazilian steel producer Gerdau SA to develop a 260MW solar project in Minas Gerais state.
Construction on the new solar park would commence in 2023 if all permissions are granted and the companies commit to the final investment.
The solar farm will supply around 50% of its output to Gerdau's steel manufacturing units and the rest will be traded on the Brazilian free market through Shell Energy Brasil.
Shell will look to find other long-term off-takers such as car manufacturers.
Europe needs ambitious charging plan to support 130m EVs by 2035
Governments and utilities will need more ambitious plans to install vehicle chargers if Europe is to be ready for 130m EVs by 2035, a new report from EY and Eurelectric has shown.
According to the report, Europe will need 65m EV chargers – 9m public chargers and 56m residential chargers, to handle the anticipated growth in EVs.
Europe currently has 374,000 public chargers, two thirds of which are in just five countries – the Netherlands, France, Italy, Germany and the UK – some countries do not have a single charger per 100km of road.
One in 11 new cars sold in the EU in 2021 was fully electric, an increase of 63% versus 2020.
To keep up with demand, Europe will need 500,000 public chargers annually through to 2030 and 1m a year after that according to EY global energy and resources leader Serge Colle.
Rising EV sales will also push up European electricity demand 11% annually, the report says.
EU-blockchain scheme to certify sustainable output for EVs
An EU-funded certification scheme using blockchain is being developed for rare earths as automakers demand proof that materials used to make magnets for EVs are not linked to toxic pollution, Reuters reports.
The system will set a global standard and give confidence to consumers demanding sustainable products.
The scheme, known as the Circular System for Assessing Rare Earth Sustainability or CSyARES, is due to be ready in about three years, according to the Rare Earth Industry Association.
The EU is funding the project through EIT Raw Materials, an organisation implementing an EU plan drawn up in 2020 to secure critical minerals for the bloc.
The system will track rare earths using blockchain tokens, or digital passports, through the supply chain from mining to end-of-life.
The EU has targeted rare earths as a top priority because 98% of the bloc's permanent magnets, also vital for the defence sector, are imported from China.
This new initiative is likely to benefit REE developers aiming to add value along a supply chain separate from Chinese influence.
Mkango Resources* is currently progressing its feasibility study for the Songwe Hill Rare Earths project in Malawi, along with its Pulawy Separation plant in Poland, which is targeting 2,000tpa of high value NdPr oxides along with 50tpa Dy and Tb oxides.
Rainbow Rare Earths* is advancing its Phalaborwa REE tailings project in South Africa and its Gakara project in Burundi.
*SP Angel acts as nomad/financial advisor and broker to the companies listed above
Company News
Centamin (Centamin PLC (TSX:CEE, LSE:CEY, OTC:CELTF)) 92.7p, Mkt Cap £1,079m – Moving to owner operation underground at Sukari
Centamin has announced that it will be moving towards owner operations of its underground mining at the Sukari mine in Egypt.
The transition, which is starting immediately, is expected to deliver “long-term cost savings of an average US$19 million per annum from 2023 onwards compared to the 2021 cost base”.
Apart from the cost savings, Centamin says that the decision reflects the increased ore-reserve base of the mine which was announced in December and provides a solid eight-years underground mine life “with identified near-term growth targets to extend beyond a ten-year life of mine”.
Centamin also explains that it has strengthened the underground mining expertise of its team and that the move to control its own operations will provide “increased investment in the development of the national workforce”.
As part of the transition, Centamin is exercising its right to purchase the underground mining equipment fleet from its contractor adding US$10.5m to its previously announced capital cost guidance of US$215m.
The company confirms, however, that it does not envisage changes to its existing production and cost guidance for 2022 which we recall is in the range 430-460,000oz with cash costs expected in the range US$900-1,000/oz and all-in-sustaining costs of US$1,275-1,425/oz.
Longer-term, however, annual cost savings of US$19mpa on production at current guidance levels of gold production would seem to represent cost savings of around US$40/oz of gold.
In our opinion, as well as delivering the cost savings and advancement opportunities for the local workforce described the transition to owner operations is likely to spark changes in the operational and management culture at Sukari by providing an opportunity to move focus away from a contract management approach to identifying and delivering operating synergies and efficiencies by a directly accountable workforce.
CEO, Martin Horgan, explained that the “decision to transition the underground to owner mining reflects extensive planning and evaluation to determine the most effective operating model as we continue to grow and maximise the value of the Sukari orebody. Following a 200% increase in underground reserves with further identified growth opportunities and an underground expansion study underway, we believe this move best places us to extract the maximum value safely, efficiently and cost-effectively from the expanding underground operations”.
Centamin also reports the award of a five-year contract to Geodrill (TSX:GEO) Limited for the provision of underground drilling services “including a minimum of 90,000 metres of drilling per annum and introducing reverse circulation ("RC") drilling to the underground “ mine which we assume will, in part at least, include the investigation of the additional underground mineral resource expansion targets.
Conclusion: We view the decision to take on its own underground mining as a tangible sign of management’s confidence in the long-term future of underground mining at Sukari and the mine’s ability to sustain long-term production and offer career opportunities to its workforce while delivering meaningful cost savings.
Empire Metals* (Empire Metals Ltd (AIM:EEE)) 0.98p, Mkt Cap £3.1m – Eclipse-Gindalbie exploration represents exciting new chapter for Empire
Empire reports that it is to commence drilling at the Eclipse Gold Project in conjunction with an initial drilling campaign at the new Gindalbie Gold Project – located next to Eclipse.
A substantial strategic drilling campaign has been designed for Eclipse, in conjunction with an initial drilling campaign within the adjacent Gindalbie project area.
The Gindalbie project area increases Empire's mineralised footprint around its flagship Eclipse Project by over 200% to a total of 943ha and covers several historic high-grade gold prospects.
Empire aims to prove that mineralisation at Gindalbie together with the Eclipse and Jack’s Dream prospects represent multiple structures within one large gold system.
Drilling at Eclipse will utilise goth RC and DD rigs in order to gather further geological and structural information around the Eclipse shaft and Jack's Dream shaft.
At Gindalbie, RC drilling aims to extend the mineralised trend a further 2km to the southeast of Eclipse but also to understand the extent and origin of what the Company believes to be a much larger gold system.
The larger, newly combined Eclipse-Gindalbie project provides the company with an exciting, advanced gold exploration opportunity, and as a result the Company has decided not to take up the Option over the Central Menzies Gold Project.
Empire remains well funded and capable of executing a substantial amount of exploration over the coming months with over £2.1 million in current cash reserves.
Shaun Bunn, Managing Director, said: "This next strategic round of drilling at the Eclipse and Jack's Dream lodes will test for both high grade gold mineralisation at depth and continuity of the mineralisation between the previous high grade RC drilling intercepts. We are focusing on obtaining diamond core samples from which we expect to gather important geological and structural data which will enable Empire to build upon and improve the geological model at Eclipse."
*SP Angel acts as Nomad and Broker to Empire Metals
Eurasia Mining* (Eurasia Mining PLC (AIM:EUA)) 22.5p, Mkt Cap £642m – Reserves and Resources Update
The Company released resources and reserves on the Monchetundra Project (Loipishnune and West Nittis deposits), the NKT area as well as areas covered by the agreement with Rosgeo.
The data is reported under the Russian reserves/resources categories and is provided in the form of total contained metal without offering details on ore tonnages or grades on the underlying deposits.
Reserves are estimated at ~293kt Cu, 388kt Ni, 14kt Co, 4.8moz Pd, 1.5moz Pt, 2.2moz Ag and 0.3moz Au.
Resources are estimated at ~1,807kt Cu, 1,859kt Ni, 115kt Co, 34.7moz Pd, 8.9moz Pt, 12.7moz Ag and 2.4moz Au.
Reserves are based on B, C1 and C2 categories under the Russian mining code.
Resources include P1 and P2 categories and exclude P3.
In total, reserves and resources are estimated at >184moz PtEq.
In terms of value contribution, at commodity spot prices, the estimate is ~50% Pd, ~30% Ni, ~10% Cu with other metals accounting for the balance.
Separately, the Company is working with Wardell Armstrong, well respected mining consultants, on a JORC MRE for the project.
*SP Angel act as Nomad and Broker to Eurasia Mining
Hummingbird Resources (Hummingbird Resources PLC (LSE:HUM)) 13.8p, Mkt Cap £54m – Dugbe Gold Project update
Pasofino Gold that is earning into the Dugbe Gold Project in Liberia released an update yesterday.
The Feasibility Study work is ongoing and expected to be completed in Apr/22.
The Study is 70% complete.
Processing options considered are direct CIL or flotation with CIL yielding 85% and 91% recoveries, respectively.
Among improvements highlighted and to be incorporated into the study are lower mining dilution, lower energy costs and a change in mine layout allowing for steeper pit slopes reducing potential waste tonnages given positive on-site geotechnical work completed.
ESIA scope approved by the Liberian Environmental Protection Agency.
Pasofino is on track to earn its initial 49% interest in the Dugbe Project post completion of the Feasibility Study and is planning to exercise its option in the Earn-IN Agreement to consolidate 100% interest in the project by exchanging the Hummingbird’s 51% project level interest for a 51% controlling interest in Pasofino.
The Company released Dugbe PEA in Jun/21 showing a potential for a standard 5mtpa CIL operation for production of ~190kozpa at under $900/oz AISC and generating $627m and 31% in NPV5% (post tax) and IRR (post tax) using $1,600/oz gold price.
Development capex was estimated at $391m.
The project hosts 75.2mt at 1.37g/t for 3.3moz in the Measured and Indicated category and 14.9mt at 1.23g/t for 0.6moz in the Inferred Resoure (0.5g/t COG) on the latest MRE released in Nov/21.
Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) 1.35p, Mkt cap £19m – Reitenbach uranium property update
Power Metal provides a summary of the historical data compilation undertaken at the Reitenbach Uranium Property which is part of the larger uranium portfolio which includes seven 100% owned interests covering an area of 417km2 surrounding the Athabasca Basin in northern Saskatchewan, Canada.
The Reitenbach Property covers a total of 14,646-hectares (c. 146km2) located in northeastern Saskatchewan, Canada.
The property is centred around seven uranium occurrences and covers a highly anomalous lake-sediment sample of 130ppm Uranium – the 11th highest lake uranium assay in the Geological Survey of Saskatchewan lake sediment analysis database.
The Property is prospective for both porphyry-style (incl. thorium-molybdenum-rare-earth element) and metasedimentary-hosted uranium mineralisation.
The Company is reviewing multiple strategic outcomes for the Property, including the potential outright sale of the asset.
*SP Angel acts as Nomad and Broker to Power Metal Resources
Rainbow Rare Earths* (Rainbow Rare Earths Ltd (LSE:RBW)) 17.38p, Mkt cap £90m – K-Tech process offers added value products assuming elevated leach grades
BUY – 46p
Click link for full research note: CLICK FOR PDF
(Rainbow hold 70% of Phalaborwa with 30% to be held by Bosveld Phosphates)
(Neodymium Nd, Praesidium Pr, Terbium Tb, Dysprosium Dy. Rainbow holds 100% of the Gakara mine and associated licenses in Burundi)
Rainbow Rare Earths have updated the market on their process flow sheet and test work indicating robust fundamentals from development work.
Test work is being done with ANSTO Minerals in Australia and K-Technologies Inc based the US.
The aim is to develop an economic rare earths extraction flowsheet for the Feasibility Study ahead of financing and development.
Further optimisation work should also enable Rainbow to continue to reduce operating and capital costs on the Project.
Recoveries: Test work confirms that a simple acid leaching process an average 66% REE leach recovery.
K-Tech forecast good purity levels for the oxide products in the range of 99.5 to 99.9% from the leach solution.
“The K-Tech purification and separation desktop study has confirmed the ability to deliver separated rare earths with over 99% purity oxides from the leach solution.”
Recovery of neodymium/praseodymium, NdPr, dysprosium Dy and terbium Tb oxide should enable a 47% increase in revenues over a mixed rare earth carbonate product.
Increasing the leach solution grade by recycling the leach solution will significantly reduce both operating and capital costs.
Nano filtration will recycle over 60% of the sulphuric acid used in leaching
Phased development could be used to cut initial capital costs giving flexibility on the financing of the full-scale project.
Warming the sulphuric acid to 40oc can cut leach times to 12-hours from 24 hours saving on capital.
ESG: Water neutralisation confirms the ability to treat water in and on the stacks reducing legacy pollution and freshwater intake while the use of sulphuric acid is generally beneficial over other acids.
“Very low levels of radioactivity have been confirmed within the gypsum extracted, significantly below the International Atomic Energy Agency (“IAEA”) guidelines, therefore exempting the Project from regulation pertaining to radioactivity.”
RIL ‘Resin in leach’ does not appear to work on a practical and economic basis in the test work
Pre- and post-leach filtration steps will be included.
Fluoride removal and or control needs to be considered due to significant fluoride levels in the leach from dissolution of the rare earth rich calcium aluminium fluoride.
K-Tech rare earth continuous ion exchange and continuous ion chromatography, for purification and separation of REEs at Phalaborwa is already underway at K-Tech.
The process is shown to purify and separate into separated oxides or to make a NDPr, DY, Tb oxide mixed rare earth concentrate or a low cerium Nd,Pr,Dy,Tb product with oxide products in the range of 99.5 to 99.9%.
See company press release for further technical details
Conclusion: The K-Tech process creates rare earth products of additional value to normal mixed rare earth carbonate concentrate and Rainbow’s test work demonstrates the ability of their process to feed the required grades for a feasible leach solution. These grades are currently being optimised through the recycling and upgrading of the leach solution thereby improving operating and capital costs.
*SP Angel acts as financial advisor and broker to Rainbow Rare Earths
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