SP Angel . Morning View . Wednesday 16 02 22
Risk sentiment improves as Russia postpones invasion of Ukraine
Lithium supply crunch looms as prices extend rally and EV demand grows
MiFID II exempt information – see disclaimer below
PRIVATE – financing for advanced copper exploration in Zambia
We are raising funds for a copper exploration company with three advanced 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. 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.
Aura Energy* (Aura Energy Ltd (ASX:AEE, AIM:AURA)) – Vanadium resource defined at the Tiris project
First Quantum Minerals (TSX:FQM) (CVE:FM) – Q4 results show record copper production in 2021
Ivanhoe Mines Ltd. (TSX:IVN, OTCQX:IVPAF)(CVE:IVN) - Ivanhoe and Gécamines strike deal for $382m DRC zinc redevelopment
Liontown Resources (ASX:LTR) (Liontown Resources (ASX:LTR)) – 5-year lithium supply deal signed with Tesla
Shanta Gold (Shanta Gold Limited (AIM:SHG, OTC:SAAGF)) – West Kenya continues to deliver good infill drilling result
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.
Lithium supply crunch looms as prices extend rally and EV demand grows
Spot prices for battery-grade lithium carbonate up 47% ytd – 8x higher than Jan. 2021.
Demand has skyrocketed, with 26kt of LCE deployed to new vehicles in December 2021 alone – up 68% yoy and 31% mom. (Adamas)
LFP batteries have heightened stretched supply by democratising EVs, reflected in a hiked price premium for carbonate over hydroxide.
China has driven the demand ramp up, with new EV sales up 157.5% in 2021. (Reuters)
Automakers have warned of the concerns that ‘the industrialization of mines and refinery capacities may not progress as quickly as demand increases.’ (Mercedes CEO Kaellenius)
Analysts do not expect a price bust as seen in 2018-2020 following Australia’s ramp up in hard-rock spodumene production.
Disruption from eco protestors, Australian struggles with Covid-19 labour shortages and regime change in LatAm are all expected to exacerbate already stretched supply in the coming years.
Benchmark estimate the lithium deficit to rise to 26,000t this year.
Copper climbs on Russia-Ukraine resolution optimism
Copper up 1.3% to $10,024/t.
The metal has been boosted by reports of Russian troops returning to base from their ‘training operations’ in the Crimea.
The move comes despite MMG announcing plans to ramp up Las Bambas copper output following a 45-day truce with the local protesting community.
China Jan. copper cathode output down 7.5% from smelters month on month following a slowdown due to the Lunar New Year. (Antaike)
Gold corrects as tensions ease between Russia and Ukraine, focus turns to Fed minutes
Gold has eased from its 8-month high but remains strong at $1,855/oz.
The metal had seen surge in volume on fears of an imminent Russian invasion of Ukraine, sending it to $1,870/oz.
US 10-year Treasury yields and a strong dollar have pressured gold, with yields rising above 2% a headwind for the non-interest bearing metal.
Focus now turns to today’s Fed minutes release from January which should give further clues to the March rate hike.
Dow Jones Industrials +1.22% at 34,989
Nikkei 225 +2.22% at 27,460
HK Hang Seng +1.36% at 24,686
Shanghai Composite +0.57% at 3,466
Economics
US - President Biden said there was still “room for diplomacy” to resolve the Ukraine crisis, the FT writes.
Comments together with reports yesterday that Russia is withdrawing troops from military drills on the border with Ukraine help the market sentiment this morning.
At the same time, Nato refuted Russian claims of troops withdrawal saying it had seen no signs of it so far.
“We have not seen any de-escalation… we see they have increased the number of troop and more troops are on their way.. we are prepared for the worst,” Jens Stoltenberg, Nato’s secretary-general, said.
US PPI rose 1% in January vs 0.4% in December and 9.7% yoy in January vs 9.8% yoy in December
Core PPI rose 0.8% vs 0.8% in December and 8.3% yoy
NY Empire State manufacturing index hit 3.1 in February vs -0.7 in January
China – Unlike signs of rapidly accelerating inflation in Europe and the US, growth in prices in China eased in January amid weakening food and energy bills.
Both factory gate prices and consumer prices growth rates pulled back in January coming in less than estimated by markets.
Weaker inflation pressures offers the central bank room to ease more helping to soften the blow of Covid restrictions and property market debt woes on the economy.
PPI (%yoy): 9.1 v 10.3 in December and 9.5 est.
CPI (%yoy): 0.9 v 1.5 in December and 1.0 est.
Evergrande - $157m worth of assets frozen by China courts on missed payments
Shanghai Construction, a state-owned firm, has sued a Evergrande for overdue payments on building works.
A Guangzhou court has frozen Evergrande assets including real estate and bank deposits in relation to the state.
Evergrande is facing numerous legal cases for missed/late payments as it struggles with $300bn of liabilities.
Construction firms and suppliers have had to issue profit warnings and write off assets as Beijing’s property crackdown continues to leave sector-wide scars.
China’s 100 top developers saw sales fall by 40% yoy.
Real estate investment directly contributes 14-15% per cent of GDP (SCMP)
Residential property development is estimated to account for around 25% of GDP
Housing activity accounts for 29% of GDP far above the 10%-20% typical of most developed nations (The Guardian).
China’s January battery installation rises 86.9% yoy to 16.2GWh
China's January power battery installations rose 86.9% yoy to 16.2GWh, but fell 38.3% from December, according to data released by the China Automotive Battery Innovation Alliance.
Of the 16.2GWh:
7.3GWh were ternary batteries – up 35.2% YOY, but down 34% from December.
8.9GWh were LFP batteries – up 172.7% YOY, but down 41% from December.
January was the 7th consecutive month where LFP batteries led ternary batteries in China in terms of installed capacity.
Overall battery production in January was 29.7GWh, up 146.2% yoy and down 6.2% from December.
Japan - Industrial Production YoY Final 2.7% in December
UK – Inflation beats estimates in January climbing to the highest since early 1990s that may persuade the central bank to accelerate monetary tightening.
The headline reading came in at 5.5% driven by clothing and footwear.
Both markets and the central bank expected it to remain unchanged at 5.4%.
The central bank expects inflation to peak at 7.25% in April when a 54% increase in power bills and a hike in taxes is due to take place.
CPI (%mom): -0.1 v 0.5 in December and -0.2 et.
CPI (%yoy): 5.5 v 5.4 in December and 5.4 est.
Core CPI (%yoy): 4.4 v 4.2 in December and 4.3 est.
EU – Economic sentiment fell to 48.6 in January from 49.4 in December
Germany - New car registrations rose 8.5% yoy in January vs -26.8% yoy in December
ZEW economic sentiment index rose 54.3 (51.7)
Saudi Arabia - CPI rose 0.2% in January vs -0.1% in December and 1.2% yoy
Venezuela gold reserves fall to 50-year low
Gold reserves at the Venezuelan central bank shed 7t in 2021 to hit a 50-year low.
Authorities have been using the country’s gold reserves to prop up the national finances amid major currency debasement and economic crisis.
Venezuela started using gold as collateral for loans with international banks in 2015.
Chile begins new Constitution discussion as miners wait with bated breath
Chile’s constituent assembly began discussions for a new Constitution yesterday.
Lawmakers are looking to replace Pinochet’s market-focused Constitution with a more socialist-rooted one.
Potential alterations include nationalising the mining sector, increased protection for indigenous territories and radically changing the country’s water rights laws.
A nationwide referendum is planned for September on the referendum.
Iron ore continues to tumble on further threats against price manipulators
Iron ore fell another 7% to $137.5/t, its weakest level since Jan. 18th.
Iron ore prices hit a 6-month high at $152.50/t last week.
China’s state planner has called domestic and foreign iron ore traders to a meeting tomorrow to ‘ensure market stability.’ (Reuters)
The Dalian exchange is also imposing higher transaction fees on futures contracts to help cool prices.
Construction steel rebar down 2.8%, HRC down 2.7%, stainless steel up 1.4%.
Currencies
US$1.1377/eur vs 1.1336/eur yesterday. Yen 115.64/$ vs 115.58/$. SAr 15.087/$ vs 15.033/$. $1.356/gbp vs $1.356/gbp. 0.717/aud vs 0.714/aud. CNY 6.336/$ vs 6.350/$.
Commodity News
Precious metals:
Gold US$1,856/oz vs US$1,870/oz yesterday
Gold ETFs 99.5moz vs US$99.5moz yesterday
Platinum US$1,029/oz vs US$1,032/oz yesterday
Palladium US$2,281/oz vs US$2,313/oz yesterday
Silver US$23.45/oz vs US$23.69/oz yesterday
Rhodium US$18,100/oz vs US$18,350/oz yesterday
Base metals:
Copper US$ 10,024/t vs US$9,893/t yesterday
Aluminium US$ 3,209/t vs US$3,173/t yesterday
Nickel US$ 23,435/t vs US$23,050/t yesterday - Eramet plans to raise exports of nickel ores by ~50% this year to 6mt
Zinc US$ 3,594/t vs US$3,572/t yesterday
Lead US$ 2,318/t vs US$2,302/t yesterday
Tin US$ 43,600/t vs US$43,655/t yesterday
Energy:
Oil US$93.8/bbl vs US$95.6/bbl yesterday
Oil prices recouped yesterday’s losses in early trading today after losing over 3%, on the impact of easing Russia/Ukraine in light of tight global supplies and recovering fuel demand
Russia’s confirmation of a partial pullback in troops from Ukraine's borders was met with scepticism, as US President Joe Biden warned that more than 150,000 Russian troops were still massed near the borders
While the Ukraine crisis simmered, the US Labour Department reported producer prices increased by the most in eight months in January, a reminder that high inflation could persist through much of this year
The market awaits weekly US oil inventories data from the Energy Information Administration later today
US crude and distillates inventories are expected to have fallen by 1.5MMbbls-1.6MMbbls last week according to consensus estimates
Data from the American Petroleum Institute showed a drop in crude, gasoline and distillate stocks last week
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$4.492/mmbtu vs US$4.367/mmbtu yesterday
US Natural gas futures were volatile during trading yesterday, trending higher early on the increasing potential for cold weather to linger into early March, but then retreated significantly as part of a broader commodities sell-off amid easing political tensions
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$44.05/lb vs $44.00/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$137.5/t vs US$147.3/t
Chinese steel rebar 25mm US$774.8/t vs US$778.8/t
Thermal coal (1st year forward cif ARA) US$115.0/t vs US$118.3/t
Thermal coal swap Australia FOB US$215.0/t vs US$220.0/t
Coking coal swap Australia FOB US$388.0/t vs US$394.0/t
Other:
Cobalt LME 3m US$71,000/t vs US$71,000/t
NdPr Rare Earth Oxide (China) US$173,513/t vs US$171,662/t
Lithium carbonate 99% (China) US$64,436/t vs US$62,601/t
China Spodumene Li2O 5%min CIF US$2,710/t vs US$2,710/t
Ferro-Manganese European Mn78% min US$1,815/t vs US$1,808/t
China Tungsten APT 88.5% FOB US$333/t vs US$330/t
China Graphite Flake -194 FOB US$805/t vs US$805/t
Europe Vanadium Pentoxide 98% 10.5/lb vs US$10.5/lb
Europe Ferro-Vanadium 80% 41.25/kg vs US$40.75/kg
China Ilmenite Concentrate TiO2 US$394/t vs US$393/t
Spot CO2 Emissions EUA Price US$103.4/t vs US$104.6/t
Brazil Potash CFR Granular Spot US$815/t vs US$815/t
Battery News
Tesla opens Supercharger to other EVs network in Netherlands after successful pilot scheme
All Tesla Supercharger rapid-charging locations in the Netherlands can now be used by drivers of other brands' electric cars – making it the first country in the world where the network has been opened to non-Tesla owners.
The decision come after the conclusion of a pilot project that began in mid-2021 across 10 of the brand's 54 locations in the Netherlands.
Tesla recently extended the pilot scheme to Norway, France, Germany and Belgium, with the full opening of the network in those countries likely to follow in due course.
US DOE to offer $3bn to boost battery production and recycling
The Department of Energy (DOE) announced plans to provide almost $3bn to boost domestic production of advanced batteries for electric vehicles and energy storage.
The Department intends to use the money to fund battery materials refining and production plants, battery cell and pack manufacturing facilities, and recycling facilities that create clean energy jobs.
With the global lithium-ion battery market expected to grow rapidly over the next decade, DOE is preparing the US for market demand. Responsible and sustainable domestic sourcing of the critical materials used to make lithium-ion batteries — such as lithium, cobalt, nickel, and graphite — will help close the gap in supply chain disruptions and accelerate battery production in America.
“As electric cars and trucks continue to grow in popularity within the United States and around the world, we must seize the chance to make advanced batteries — the heart of this growing industry — right here at home,” said U.S. Secretary of Energy Jennifer M. Granholm.
CATL contributes 50.24% of China’s January battery installations
Of the 16.2GWh installed in January, CATL were responsible for 8.13GWh, 50.24%.
CATL’s installed ternary base was 4.17GWh, 57.17% of the market share.
With LFP, CATL’s installed base was 3.96GWh, a market share of 44.6%.
Close competitor BYD installed 3.39GWh of battery capacity, 20.93% of the market share.
Company News
Aura Energy* (Aura Energy Ltd (ASX:AEE, AIM:AURA)) 16p, Mkt Cap £67.7m – Vanadium resource defined at the Tiris project
Aura Energy has reported a JORC compliant mineral resource estimate for the vanadium content of its Tiris uranium project in Mauritania.
Applying a 100g/t U3O8 cut-off, the estimate details a total resource of 102.1mt at an average grade of 82.9g/t vanadium pentoxide and 253g/t U3O8 for a total content of 18.4m lbs of vanadium pentoxide and 56.9m lbs of U3O8.
The company explains that the mineralisation is contained within the “uranium vanadium potassium oxide mineral” carnotite “which is the primary host of uranium”.
Thirty-four percent of the estimate (39.2mt at an average grade of 226g/t U3O8 and 73g/t vanadium pentoxide is within the JORC ‘Measured and Indicated’ classification with the balance classified as inferred (62.9mt at an average grade of 270g/t U3O8 and 87g/t vanadium pentoxide).
The overall resources estimate covers individual deposits at Hippolyte, Hippolyte South and Hippolyte West, Lazare North and South and Sadi as well as inferred resources at Ferkik East and West.
The largest of the individual deposits is at Hippolyte with a total of 19.6mt (across all resource classifications) at an average grade of 243g/t U3O8 and 79g/t V2O5, while the highest grades are seen at the inferred 11.9mt Ferkik West deposit which averages 330g/t U3O8 and 107g/t V2O5.
Acting CEO, Dr. Will Goddard, explained that the “inclusion of vanadium in the resource estimates for Tiris gives Aura a wonderful opportunity to explore further operating cost reductions through addition of vanadium pentoxide (V2O5) as a by-product to uranium”.
Dr. Goddard also explained that “Test work on leaching of the uranium bearing mineral at Tiris through the DFS has shown that vanadium is recovered with uranium in the proposed Tiris leaching circuit. Additional test work is currently underway with ANSTO Minerals to recover leached vanadium to a V2O5 product. This work will aim to demonstrate that vanadium by-product could be produced with only minor additions to the existing Tiris process circuit”. Today’s announcement indicates that “about 55% to 58% of vanadium was also leached during the alkaline leach.”
In a separate announcement issued today, Aura Energy draws attention to its new corporate presentation http://www.rns-pdf.londonstockexchange.com/rns/8507B_1-2022-2-16.pdf
The presentation describes the company’s transformation “from an explorer to a producer at the low capex and low operating cost Tiris Uranium Project” and the project’s role in helping to meet “the increasing demand for uranium, as the world shifts towards a decarbonised global energy system”.
The presentation describes the project’s low capital and operating cost characteristics, short lead-time to production and straightforward mining requirements as well as its resource expansion potential against the background of EU, US, and Chinese initiatives to expand their nuclear power generation capacity as a means to drive carbon neutrality.
Aura Energy’s presentation also describes its Häggån vanadium project in Sweden and its Mauritanian gold exploration projects held in Archaean Greenstone Gold.
Conclusion: The vanadium mineral resources estimate for the Tiris project underlines the cost saving potential of by-product vanadium production from the primary uranium output and draws attention to the potential for further resource expansion with some of the highest grades seen at the Ferkik deposits, still only classified as inferred. We also commend the company’s presentation to potentially interested parties as it provides a helpful review of Aura Energy’s project portfolio and of the company’s opportunity to participate in global efforts to mitigate carbon emissions.
*SP Angel acts as Nomad and Broker to Aura Energy
First Quantum Minerals (CVE:FM) C$35.2, Mkt cap C$24.3bn – Q4 results show record copper production in 2021
First Quantum has released its Q4 21 and full-year 2021 results.
In the fourth quarter of 2021, the company produced 201,823 tonnes of copper, down 3% from the previous quarter.
Total production rose 5% YoY to reach 816,435t, the highest annual production in the company's history.
For the full year, the Company reported net earnings of $832m ($1.21 per share) and cash flows from operating activities of $2.89bn ($4.19 per share).
Copper C1 cash costs averaged $1.39/lb in Q4, while the company’s net debt was reduced by $249m to $6.1bn.
FQM says that plans to hit its $2bn debt reduction target in the first half of 2022 were progressing.
The Company has declared a final dividend of C$0.005 per share in respect to the financial year-ended December 31st, 2021.
The final dividend together with the interim dividend of C$0.005 per share is a total of C$0.01 per share for the 2021 financial year.
Guidance: Copper production is forecast to grow to 850- 910kt and nickel to 40- 50kt by 2024.
Cobre Panama is expected to produce 330- 360kt Cu and 135- 150koz Au in 2022.
Kansanshi is expected to produce 190- 210kt Cu and 120- 130koz Au in 2022.
Sentinel is expected to produce 260- 280kt Cu in 2022.
2022 copper guidance from other sites is expected to be 30,000t.
C1 cash costs guidance remains unchanged over the 2022- 2023 period remains unchanged at $1.30 -$1.50/lb and reflects recent inflationary and commodity price pressures as well as movement in foreign exchange rates.
Guidance on 2022 to 2024 capital expenditures remains unchanged, with the total project capital expenditure guidance of $2.2bn.
Ivanhoe Mines Ltd. (CVE:IVN) C$11.27 Mkt Cap C$13.43bn - Ivanhoe and Gécamines strike deal for $382m DRC zinc redevelopment
Ivanhoe Mines has formed a JV with Gécamines to redevelop the Kipushi zinc mine for commercial production.
Economic and political factors have seen the underground project mothballed since 1993.
The two firms will allocate $382m for the pre-production capital cost on the project.
They estimate construction will take two years and the feasibility study projects a 14-year LOM.
Kipushi is the highest-grade major zinc mine in the world at an average grade of 36.4% over the initial five years of production. (Ivanhoe)
The project yielded 6.6mt of zinc and 4mt of copper from 60mt of ore grading 11% zinc and c.7% copper from 1924-1993.
Ivanhoe began production of copper concentrate at the DRC’s Kamoa-Kakula project in May 2021.
Liontown Resources (Liontown Resources (ASX:LTR)) A$1.6, Mkt Cap A$3.6bn – 5-year lithium supply deal signed with Tesla
Liontown will supply Tesla with lithium spodumene concentrate from the company’s Kathleen Valley Lithium Project in Western Australia.
Tesla will purchase 100,000dmt of lithium in the first year of the deal and increase the order by 150,000 DMT per year in the following years.
The agreement is conditional on when the Australian company starts commercial production at Kathleen Valley, with Liontown aiming to be in commercial production by 2025.
The two parties are set to complete negotiations and aim to execute a detailed agreement by May 30th 2022.
Last year, Liontown raised A$450m in equity to fund the project and expects to start major construction in Q4 this year.
The deal is the second offtake agreement Liontown has struck this year, after agreeing a similar deal with LG Energy.
Shanta Gold (Shanta Gold Limited (AIM:SHG, OTC:SAAGF)) 8.6p, Mkt Cap £90m – West Kenya continues to deliver good infill drilling result
Drilling results form the Phase 2 infill programme at Isulu-Bushiangala as well as assays from regional targets drilling were released this morning.
Results from ~3,700m over 9 holes completed at the Isulu and Bushiangala deposits conrinued to return high grade intersections including:
1.4m at 150.0g/t from 190m (Isulu)
7.4m at 20.7g/t from 599m including 0.7m at 184.0g/t (Isulu)
2.8m at 17.4g/t from 573m including 0.6m at 66.9g/t (Isulu)
2.0m at 14.4g/t from 356m including 0.5m at 55.7g/t (Isulu)
4.3m at 5.5g/t from 278m (Bushiangala)
0.9m at 4.4g/t from 171m (Bushiangala)
2.5m at 2.4g/t from 227m including 0.5m at 7.4g/t (Bushiangala)
Drilling at regional targeting comprised of exploration at the historical Ramula prospect (40km WSW from Isulu-Bushiangala) and new neghbouring Anomaly 22 target with ~1,800m and 400m completed, respectively.
Ramula drilling mostly focused on infill of a number of modelled zones returned a series of good intersections including:
4.8 m @ 23.40 g/t from 48m
9 m @ 18.90 g/t from 55m
9.3 m @ 6.35 g/t from 163m
8 m @ 4.12 g/t from 131m
4 m @ 13.90 g/t from 41m
10.7 m @ 3.44 g/t from 164m
One hole completed at Anomaly 22 that was recently delineated using geological/geophysical/geochemical sata returned some high grade intersections but at narrow widths.
The Company is planning to release an upgraded MRE at Isulu and Bushiangala in coming weeks as well as maiden MRE at Ramula and a remodelled MRE at Bumbo.
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.
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