SP Angel . Morning View . Monday 14 02 22
Markets correct on potential invasion of Ukraine
MiFID II exempt information – see disclaimer below
PRIVATE - Pre-IPO financing for advanced copper exploration in Zambia
We are raising funds for a copper exploration company with three prospective license areas in Zambia - all near producing mines or active exploration programs by majors.
The company has a joint venture with one major mining company and is working in cooperation with another major copper miner.
Assays close to a historic copper mine show 15.8% copper and 0.57g/t gold in an artisanal pit.
Copper and nickel mineralisation has been identified on one license through historic drilling. The company plan to IPO later this year
*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.
Altus Strategies* (Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF)) – La Mancha loan refinancing
Aura Energy* (Aura Energy Ltd (ASX:AEE, AIM:AURA)) – Inclusion in the Global X Uranium ETF
KEFI Gold and Copper* (KEFI Gold and Copper PLC (AIM:KEFI)) – Tulu Kapi project update
Kodal Minerals* (Kodal Minerals PLC (AIM:KOD)) – Kodal prepares for development at Bougouni
Metals Exploration (Metals Exploration PLC (AIM:MTL)) – Mineral resources estimate confirms a minimum 5 years mine life at Runruno
Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) – Initial drilling complete at Haneti
Sibanye-Stillwater (JSE:SSW) – Sibanye Gold workers vote to strike until wage demands met
Shanta Gold (Shanta Gold Limited (AIM:SHG, OTC:SAAGF)) – Singida construction 45% complete with first production reiterated for Q1/23
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: 10/02/22: https://audioboom.com/posts/8028992-john-meyer-talks-about-copper-gold-plus-atlantic-lithium-bluejay-empire-metals-rainbow-rare
*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 prices hit 3-month peak on escalating Russia-Ukraine (WWIII) tension and inflationary pressures
Gold prices climbed to $1,865/oz, their highest since Nov. 19th, before retracing to $1,855/oz.
Tensions on the Ukrainian border have mounted to the point that the White House announced a Russian invasion could ‘begin at any time.’
100,000 troops have massed on the border, driving investors to protect their assets in safe-havens such as gold.
Gold’s momentum was capped by strong US 10-year Treasury yields and a climbing dollar.
Inflationary concerns are also rising, with oil nearing $100/barrel on the geopolitical tensions set to add further price pressures.
Cutting off Russia for a length of time might lead to diesel shortages in the UK
Iron ore weakens as Chinese regulators look to further action against price speculation
Crude steel production reportedly fell -5.8% yoy to 2.79mtpd in January (CISA)
Dalian iron ore down 8% on Beijing regulators warnings against jumping prices.
The NDRC is sending investigation teams to ports and exchanges to police spot and futures market trading.
Iron ore prices have surged 20% in recent weeks, with claims of spoofing and other violations of ‘business ethics’ according to the China Iron and Steel Association.
LME scrap metals volumes rise as commodity rally continues
S&P Global Platts scrap contracts up in both price and volume.
Scrap futures volumes on the LME hit their highest level since October.
China rare earth index climbs 4% to new record high
An index of rare earth element prices compiled by the Association of China Rare Earth Industry hit a record high of 420 on Monday.
The index has climbed 4% from last week.
Dow Jones Industrials -1.43% at 34,738
Nikkei 225 -2.23% at 27,080
HK Hang Seng -1.38% at 24,564
Shanghai Composite -0.98% at 3,429
Economics
US – Consumer sentiment surprisingly pulled back significantly more than expected in February hitting a fresh decade low on intensifying inflation concerns.
Two thirds of respondents to the University of Michigan survey expressed weak financial outlook over the next five years representing the lowest long term outlook in the past decade.
The report also showed that the recent volatility in the stock market also weighing on sentiment.
UoM Sentiment: 61.7 v 67.2 in January and 67.0 est.
UoM Current Conditions: 68.5 v 72.0 in January and 72.1 est.
UoM Expectations: 57.4 v 64.1 in January and 64.5 est.
US energy department progresses with $6bn nuclear plant program
The US Department of Energy is advancing with efforts to boost ailing nuclear power plants.
The department will provide the plants with $6bn worth of credits following the bipartisan infrastructure bill was passed last year.
Biden has committed to integrating US nuclear power plants into his carbon-free electricity agenda.
Biden administration to invest $3bn to shore up US battery and energy storage supply chain
The US Department of Energy announced plans to spend $2.91bn on boosting production and advancement of batteries for EVs and energy storage.
Battery material refining and production plants, battery cell and pack manufacturing facilities and recycling centres will all be funded alongside research centres.
Funding is expected to become available in Q2.
The administration has not committed to new extraction or mining of critical minerals.
China – New loan financing at CNY3.98tn
Aggregate Social Financing rose CNY1tn yoy to CNY6.17tn.
China suffers not just from catastrophic flooding but also a significant lack of water in many areas
Stimulus: As a result five authorities are to invest CNY218bn in water conservation vs CNY144bn last year
Municipal debt issuance CNY699bn in January including CNY484bn special purpose debt with another CNY6tn expected this year according to the quota system.
Property: PBOC to ask banks to lend more at lower rates particularly to first-time buyers. The PBOC is also due to relax restrictions on funding low-cost rental projects
Chengdu city investing CNY150bn on 300,000 low-cost rental apartments by 2025 with 60,000 apartments due this year.
Dual Circulation: China’s State council to push for further subsidies to stimulate buying of consumer items with particular focus on rural areas
Russia - Central bank raises rate to 9.5% from 8.5% almost as if they don’t expect to invade the Ukraine
Mexico – Interest rates raised to 6% from 5.5% on Friday
German Chancellor Olaf Scholz is visiting Ukraine today and is expected to visit Russia tomorrow as diplomatic efforts build up amid increasing risks of Russia invading Ukraine.
Earlier US officials warned a Russian attack appeared to be imminent with a number of countries advising its diplomatic staff to leave Kiev.
President Joe Biden held talks with President Zelensky on Sunday assuring his Ukrainian counterpart that Washington would respond “swiftly and aggressively” to any Russian military action.
Oil prices was trading up nearly 2% this morning while nickel and aluminium prices posted strong gains as well on risk of potential sanctions on Russia.
German CPI rose 0.4% in January vs 0.5% in December and 4.9% yoy in January vs 5.3% yoy in December
Peru – All parties agree initial truce at Las Bambas
Peru’s government and local communities have agreed to a 45-day truce to lift blockades at the copper mine.
The Prime Minister and representatives from local communities agreed that the government should mediate between parties and revisit previous decisions made on the mine.
One of the key demands is that the High Court revise a decision that reclassified roads near where the protestors live.
An accord between the parties would see the community groups lift blockades that have impeded transport of copper concentrate from Las bambas to ports.
Social programmes, economic aid and an environmental impact study are also part of the demands to be addressed.
Las Bambas, when fully operational, accounts for about 2% of the world’s mined copper.
Canada - Canadian trucker protest sees automakers cut production targets
Toyota, Ford, and GM have all pointed to the Canadian border protests causing production cuts at their Michigan, Ohia, West Virginia, Alabama and Ontario plants.
Ford has hat to halt production at an assembly plant in Ohio in a parts shortage.
The semiconductor shortage has also contributed to the cuts.
The protestors against vaccine mandates for truckers have blocked a bridge crucial to North America’s busiest international land border crossing vital to Detroit. (Reuters)
Currencies
US$1.1337/eur vs 1.1378/eur last week. Yen 115.26/$ vs 115.92/$. SAr 15.174/$ vs 15.120/$. $1.352/gbp vs $1.352/gbp. 0.712/aud vs 0.713/aud. CNY 6.359/$ vs 6.362/$.
Commodity News
Precious metals:
Gold US$1,855/oz vs US$1,826/oz last week
Gold ETFs 99.6moz vs US$99.4moz last week
Platinum US$1,034/oz vs US$1,024/oz last week
Palladium US$2,338/oz vs US$2,227/oz last week
Silver US$23.68/oz vs US$22.98/oz last week
Rhodium US$18,350/oz vs US$18,350/oz last week
Base metals:
Copper US$ 9,829/t vs US$9,975/t last week
Aluminium US$ 3,170/t vs US$3,179/t last week
Nickel US$ 23,465/t vs US$23,120/t last week
Zinc US$ 3,612/t vs US$3,667/t last week
Lead US$ 2,268/t vs US$2,253/t last week
Tin US$ 43,650/t vs US$43,455/t last week
Energy:
Oil US$95.0/bbl vs US$91.2/bbl last week
Oil prices ended 3% higher on Friday at fresh seven-year highs as escalating fears of an invasion of Ukraine by Russia added to concerns over tight global crude supplies
Russia has massed enough troops near Ukraine to launch a major invasion as the US urged its citizens to leave the country within 48 hours
The UK has also advised its nationals to leave Ukraine as Boris Johnson impressed the need for NATO allies to make it clear that there will be a heavy package of economic sanctions “ready to go”, should Russia invade Ukraine
Elsewhere, the US and Iran are currently in discussions to revive a nuclear deal, which resumed this week after a 10-day break
A deal could see the lifting of sanctions on Iranian oil and ease global supply tightness
Tight supply was seen in US crude oil stockpiles which unexpectedly fell 4.8MMbbls in the week to 4 February to 410.4MMbbls as overall refined product demand reached an all-time record
This compares with a consensus forecast of a 369kbbl rise
OPEC has forecasted that world oil demand might rise even more steeply this year
The group has forecast an increase of 4.15MMbopd this year, as the global economy posts a strong recovery from the pandemic
Natural Gas US$4.109/mmbtu vs US$3.954/mmbtu last week
UK Natural Gas prices have risen to 3.3% to £1.87/therm, after weeks of stagnation, while the Dutch TTF Futures benchmark has increased a similar 3% to €78.50/MwH
Prices spiked after data from German network operator Gascade showed that flows on the Yamal-Europe pipeline were suspended
Flows had moved eastwards towards Russia since 21 December, piling further pressure on European supplies
While flows have now stopped moving away from Europe, the pause has dashed last night’s hopes of more exports into the continent
Gazprom booked transit capacity for eight hours on Tuesday evening, and the pipeline even recorded an hour of western flows, before coming to a standstill in both directions
Uranium UXC US$43.95/lb vs $43.60/lb last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$150.1/t vs US$153.0/t
Chinese steel rebar 25mm US$782.6/t vs US$783.6/t
Thermal coal (1st year forward cif ARA) US$118.3/t vs US$117.8/t
Thermal coal swap Australia FOB US$220.0/t vs US$214.0/t
Coking coal swap Australia FOB US$394.0/t vs US$398.0/t
Other:
Cobalt LME 3m US$71,000/t vs US$71,000/t
NdPr Rare Earth Oxide (China) US$162,754/t vs US$156,405/t
Lithium carbonate 99% (China) US$61,721/t vs US$60,911/t
China Spodumene Li2O 5%min CIF US$2,710/t vs US$2,710/t
Ferro-Manganese European Mn78% min US$1,808/t vs US$1,815/t
China Tungsten APT 88.5% FOB US$330/t vs US$325/t
China Graphite Flake -194 FOB US$805/t vs US$805/t
Europe Vanadium Pentoxide 98% 10.4/lb vs US$10.3/lb
Europe Ferro-Vanadium 80% 40.25/kg vs US$39.75/kg
China Ilmenite Concentrate TiO2 US$391/t vs US$391/t
Spot CO2 Emissions EUA Price US$103.0/t vs US$102.2/t
Brazil Potash CFR Granular Spot US$815/t vs US$805/t
Battery News
Tesla Shanghai gigafactory to reach 1m capacity in 2022
The manufacturing capacity at Tesla’s Shanghai gigafactory is expected to exceed 1m vehicles in 2022, according to reports.
Tesla began a major expansion of its gigafactory in Shanghai last year. Currently, the plant has the capacity to build 450,000 cars a year.
When the expansion project is completed, Tesla said it would achieve capacity increases by increasing work hours, increasing the number of employees, and increasing the frequency of material turnover – it expects to add 4,000 more employees, bringing the total workforce at the Shanghai factory to 19,000.
There have also been reports that BYD will supply Tesla with around 10GWh of its LFP Blade batteries a year – enough for 200,000 cars.
The standard range Model 3 and Model Y currently manufactured in the Shanghai factory use LFP batteries manufactured by CATL.
Tesla has also indicated that LFP batteries will be used in the standard and long-range versions of the Model 3 and Model Y manufactured in the US and Europe will use LFP batteries.
Latest EPA efficiency values show most efficient EV models available in the US
The most efficient model on the list was the Hyundai IONIQ Electric which runs on around 253Wh/mi
The Tesla Model 3 (with LFP battery) is the second most efficient model at 255Wh/mi – though less efficient than its predecessor the Tesla Model 3 Standard Range Plus that used NCA batteries and was previously the most efficient EV available (237Wh/mi).
The switch to the heavier and less energy-dense LFP battery has seen EPA efficiency decrease by around 8%, but has improved affordability.
The most efficient crossover/SUV, according to the EPA, is the 2022 Tesla Model Y Long Range AWD at 276 Wh/mi.
SDG&E to add three new battery storage facilities to California state grid
The California Public Utilities Commission has given authorisation to San Diego Gas & Electric (SDG&E) to build three new energy storage facilities, totalling 161MW/664MWh, to provide the state with greater capacity to meet high energy demand.
The new projects will be able to provide enough capacity to meet the energy demands of more than 100,000 homes for up to four hours.
The facilities will also be connected to the state energy market which means that they can be despatched to balance demand and supply on the grid at any time.
The new storage facilities are the latest of a series of SDG&E battery storage projects, following a 30MW/120MWh li-ion battery system completed in June 2021.
SDG&E expect to have two other facilities operational by the by year end 2022, totalling 145MW of SDG&E-owned storage connected to the regional grid.
SDG&E have led the way with battery storage in the US and globally – in 2017 they installed the world’s biggest lithium-ion battery storage system at the time, a 30MW/120MWh system.
The 2017 system comprised of over 400,000 li-ion battery cells.
Company News
Altus Strategies* (Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF)) 58p, Mkt Cap £68m – La Mancha loan refinancing
BUY – 111p
La Mancha agreed to extend the repayment date on the Caserones royalty acquisition related loan of $29m from 17 February 2022 to 30 June 2022.
The interest has been increased to LIBOR+10%, up 1pp on the previous rate, with all other terms remaining unchanged.
La Mancha is the largest shareholder in the Company holding a 35.1% interest.
Commenting on the announcement, Altus highlighted that new arrangement provides a flexibility in securing refinancing as the team is assessing a number of further potential royalty and other opportunities.
The Company reported that it received a number of attractive proposals from other parties looking to refinance the facility in the past.
*SP Angel acts as Nomad and Broker to Altus Strategies
Aura Energy* (Aura Energy Ltd (ASX:AEE, AIM:AURA)) 16p, Mkt Cap £69.8m – Inclusion in the Global X Uranium ETF
Aura Energy has announced its inclusion in the Solactive Global Uranium and Nuclear Components Total Return Index (SOLURANT Index), tracked by the The Global X Uranium ETF (Global X ETFs (NYSE:URA)).
The company says that the “Global X Uranium ETF provides investors access to a broad range of companies involved in uranium mining and the production of nuclear components, including those in extraction, refining, exploration, or manufacturing of equipment for the uranium and nuclear industries”.
Acting CEO, Dr. Will Goddard, explained that “We expect that the inclusion will raise awareness for the Company in the global investment community. Aura continues to build a presence as a developer in the uranium sector and we expect that this inclusion will lead to introductions to new investors and possible partners for the Company and our projects”.
*SP Angel acts as Nomad and Broker to Aura Energy
KEFI Gold and Copper* (KEFI Gold and Copper PLC (AIM:KEFI)) 0.72p, Mkt Cap £21m – Tulu Kapi project update
The Ethiopian Ministry of Mines moved the deadline to securing project funding to 8 July 2022.
“We look forward to monthly progress reports from TKGM and to getting Tulu Kapi into production… developing the world class minerals potential of Ethiopia is one of our country's priorities,” Ministry commented on development progress at the Tulu Kapi.
The Ethiopian state of emergency has been lifted while the civil war is reported to have abated since peaking at the end of Dec/21.
The Company will restart project development activities that were suspended in 2021 with an appropriate security system being installed to support construction operations.
Immediate development activities will focus on preparation of new host lands for resettling households and accommodation for construction personnel.
*SP Angel act as Nomad and Broker to KEFI Gold and Copper
Kodal Minerals* (Kodal Minerals PLC (AIM:KOD)) – 0.30p, Mkt cap £47m – Kodal prepares for development at Bougouni
Kodal Minerals report on the completion of site visits by their technical team in preparation for development activity.
Management met recently with the local Governor, officials and local Chiefs on the proposed Bougouni project development.
The team are to run a LIDAR survey for use in final development planning this month .
Fatou Gold Project: Kodal report on the reverse circulation drilling at Fatou
Assays show broad intersections and grade up to 7.09g/t gold from the 11 drill hole (1,242m) RC campaign.
Intersections include: 23m at 1.63g/t gold from 82m - including 6m at 3.88g/t gold from 94m &
11m at 1.37g/t gold from 111m &
4m at 1.93g/t gold from130m to end of hole in drillhole FNRC001
6m at 1.49g/t gold from 40m - including 1m at 4.18g/t gold from 40m &
3m at 1.43g/t gold from 80m in drillhole FNRC007
Conclusion: Kodal’s technical team are working hard to prepare for the development of the Bougouni spodumene lithium project.
Spodumene (6%) prices have risen to $2,710/t from under $900/t a year ago increasing margins for spodumene miners very substantially.
We believe all the undeveloped lithium spodumene miners and project companies we are aware of are seeing approaches for their offtake and we expect a number of significant deals will be struck with processors and end users this year.
*SP Angel acts as Financial Advisor and Broker to Kodal Minerals
Metals Exploration (Metals Exploration PLC (AIM:MTL)) 1.3p, Mkt Cap £27m – Mineral resources estimate confirms a minimum 5 years mine life at Runruno
Record gold production in FY21 seeing net debt down ~$21m to ~$99m
Metals Exploration reports that independent mineral resources estimate for its Runruno project “indicates a mine life of at least five years with possible extensions through further drilling”.
The new estimate, in conjunction with the company’s review of its life-of-mine plan for the mine, reports a total measured and indicated resource of 21.4mt at an average grade of 1.57g/t gold (1.08moz) and an additional inferred tonnage of 5.1mt at a grade of 1.14g/t (0.19moz).
The measured resource totals 12.1mt at an average grade of 1.66g/t representing 0.65moz of contained gold.
The revised resource estimate, which incorporates new drilling showing generally “lower grades on the Western extensions of the Runruno ore body” shows increased tonnages of 8% and 33% respectively compared with the earlier, 2011 resources estimate, but at a 12% lower grade resulting in 4% fewer measured oz and 12% fewer indicated ounces of gold. The company says that “The net result is an overall increase of 30,000 Measured and Indicated Resource ounces”.
Inferred tonnage and gold contents are 32% and 46% lower respectively compared to the 2011 estimate.
Remaining probable ore-reserves are reported as 9.94mt at an average grade of 1.35g/t gold representing 0.43moz of gold.
Metals Exploration has “an ongoing resource drilling programme that will provide the basis for the next updated project Ore Reserve Estimate and an exploration program to develop extensions to the existing pit and available Ore Reserves”.
Expressing confidence that the five-years mine life of the new reserves can be extended as a result of the drilling programme, CEO, Darren Bowden, said that the reserves and resources report “shows we have an excellent project and that we have built a solid foundation from which to grow”.
Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) 1.4p, Mkt cap £20m – Initial drilling complete at Haneti
(The Haneti Project is currently held under a JV with Katoro Gold, who hold 65%, and Power Metal, who hold the remaining 35%)
Power Metal reports that it has completed the inaugural drilling programme at the Ni-Cu-Co-PGM Haneti project in Tanzania.
The programme consisted of a total of 900m completed across three drill holes as planned.
Core logging and sampling is now underway, with samples also being prepared for thin section petrographic analysis and laboratory assay testing at SGS Tanzania.
Large intersections of serpentinite and gabbroic rocks were identified in the Mwaka drill holes, with indications of peridotitic sequences, which is to be confirmed through thin section analysis.
Peridotitic sequences relate to Peridotite rock – dense, coarse-grained ultramafic igneous rock often a constituent in the layered igneous complexes that can host PGMs and nickel.
The Mihanza drill hole intersected massive serpentinite from surface and serpentinised meta-gabbroic rocks at depth.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC (AIM:POW) commented: “We are cautious with early interpretations until the core logging and testing is complete. What we can say is that we have seen thick sections of ultramafic rocks and have postulated that the anticipated geological model has been demonstrated from the core recovered.”
“We are encouraged by the technical and geological success so far and look forward to providing further updates as and when they become available.”
*SP Angel acts as Nomad and Broker to Power Metal Resources
Sibanye-Stillwater (JSE:SSW) SAR6,175, Mkt cap SAR173bn – Sibanye Gold workers vote to strike until wage demands met
Sibanye Stillwater’s biggest mining unions have voted to strike at the Company’s gold operations until their wage demands are met, the unions report.
Members of four unions met on Sunday to discuss pay negotiations.
The members rejected Sibanye’s offer to increase monthly wages by 700 rand ($46) in each of the next three years, and are demanding 1,000 rand for the same period.
A spokesman for the unions said that the start of the strike hasn’t been decided, but will occur after notice is served on Monday.
Sibanye comment that unions have not yet issued a formal notice to strike and have asked to engage this week.
Shanta Gold (Shanta Gold Limited (AIM:SHG, OTC:SAAGF)) 7.9p, Mkt Cap £83m – Singida construction 45% complete with first production reiterated for Q1/23
Construction is now 45% complete with first production guided withing next 12 months (ie Q1/23).
Singida capex spend this year is guided at $25m funded from NLGM cash flows and outstanding cash/available liquidity (~$16m as of Dec/21).
Taking into account the spend incurred last year that would cover most of previously guided $36m Singida project capex.
Metso crushing circuit delivered to site in Dec/21 with assembly to start in Mar/22.,
The grinding and gravity circuit manufacturing is complete with shipment from South Africa planned for Mar/22 .
TSF and waste rock dump construction started after all permits were secured last year.
Grade control drilling at the Gold Tree deposit (~50% of all current Singida MRE) returned +5% reconciliation versus the reserve model de-risking the initial 12 months of production.
The project is expected to average ~30kozpa at $870/oz AISC diversifying production base of the Group and taking Shanta total gold production to +100koz.
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