Today's Morning View - Covid Lockdowns in China outweigh positive economic data

SP Angel . Morning View . Tuesday 15 03 22

Covid Lockdowns in China outweigh positive economic data

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MiFID II exempt information – see disclaimer below

Altus Strategies* (ALS LN) – BUY, Target 111p – Toura Ni-Co royalty secured

Beowulf Mining* (BEM LN) – Letter to Swedish Minister of Enterprise and Innovation

Sovereign Metals (SOV LN) – Drilling extends the known mineralised footprint in Malawi

URU Metals* (URU LN) – BUY - Compelling nickel and PGM grades reported in Zebediela project

SP Angel and Digbee ESG joint initiative for mining companies

https://www.uploadlibrary.com/SPAngel_JohnMeyer/DIGBEE_Press_release.pdf

• SP Angel and Digbee, a specialist ESG group, wish to announce their joint initiative in bringing ESG accreditation to mining companies in their drive to meet institutional investment and rapidly evolving ESG standards and regulatory requirements.
• We are rapidly approaching a point where a company’s ESG profile will not simply be a positive investment factor but will become a precondition to investment by many investment funds.
• The guidance and ratings process developed by Digbee is specifically designed to assist mining companies meet the new expectations and ensure directors meet their ESG compliance objectives.
• The initiative will not only quantify and score the ESG profile of qualifying companies but will also highlight ESG improvements and positive performance as companies develop.
• Importantly, the process will enable investment funds to demonstrate the positive results of their investments to their underlying investors and stakeholders which can, in turn, lead to further funding.
• It is imperative that any ESG Rating is seen to be credible. Digbee’s solution was developed to address this: it is mining specific, right sized and future looking, based on an independent assessment of a submission that is supported by evidence and approved by the company’s board of directors. It will also address investor frustration at a lack of comparable or meaningful data.
• For companies at an earlier stage of their ESG journey, recording improvements over time through the Digbee initiative is likely to prove attractive to investment funds as a demonstration of their ESG commitment permitting institutional investment at an earlier stage.
• The direction of travel is now firmly towards renewable sources of energy and a transition to environmental sensitivity. Historically, regardless of the individual facts, miners have collectively been identified as bad actors in this regard. Digbee engagement and ratings should improve the visibility of the good work being done.
• For example, installing, wind and solar generation to displace oil and gas should not only cut energy costs but also reduce carbon emissions. Sharing this energy with a local community may further reduce emissions, strengthen community engagement and lead to long-term sustainable benefits well beyond the end of the mine life. Similarly, a mine closure, thoughtfully done, can leave a positive community legacy that will stand a company in good stead when it is seeking new mining opportunities. Having a third party ESG specialist incorporate these initiatives into a rating accepted by investors will help secure the credit such initiatives deserve.

Jamie Strauss, Founder & CEO, Digbee Ltd: “We are delighted with this joint initiative with SP Angel, the number one ranked advisor to the AIM Mining sector*. SP Angel has acknowledged the importance of presenting their corporate clients to institutional investors with credible ESG disclosure as an increasing prerequisite to encourage new investment. We look forward to working together to achieve a more sustainable mining industry that is recognised for its positive actions ”

John Meyer, Mining Analyst & Partner at SP Angel “Working with Jamie Strauss and Digbee will help prepare our corporate clients for ESG-orientated investment. Mining, exploration, and development companies contribute much to local communities which combined with the potential benefits of increasingly sustainable operations is worthy of recognition. Quantifying the benefits, improvements and legacies of these operations should act a catalyst to further improvement to the benefit of all stakeholders.

Is this the end of Globalisation as we know it?

• US officials appear to believe Russia had asked China for weapons before their invasion of Ukraine. China’s response in unclear.
• But if China does decide to support Russia with armaments and technology, which we hope is unlikely, the US will likely slap new sanctions on China.
• Russia and China could be increasingly isolated from the West with significant implications for global growth.
• The West will accelerate the re-shoring of industry into the US, Europe and Japan
• Inflation will jump again due to the cost of setting up new manufacturing and much higher labour costs.

Covid – cases in China rise to 3,500 causing lockdowns in Shenzhen and Jilin province

• Around 35m people are Locked down – 12,5m in Shenzhen and 25m in Jilin province in the Northeast of China
• This is the first time China has restricted an entire province since the lockdown of Wuhan in 2020.
• A regional container port hub is operating without restriction in Shenzhen. The Shenzhen port is the world’s third largest container port.

Iron ore and steel futures slide on China pessimism as Covid cases surge

• China steel prices hit 2-week lows, steel rebar down 4.1%, HRC down 3.5%, stainless steel up 0.3%.
• Dalian iron ore down 7%, Singapore iron ore down 8.8%.
• Coking coal down 9.8%, coke down 7.7%.
• Metals have slid on a new wave of the transmissible Omicron variant, with Beijing locking down Shenzhen, whilst Shanghai placed under severe restrictions.

Gold pares gains on rising Treasury yields despite ETF holdings climbing to one-year highs

• Gold slid to $1,928/oz, as momentum buyers trimmed their positions going into the FOMC meeting tomorrow.
• Long term holders have continued to add to their positions via bullion-backed ETFs, with total holdings hitting a one-year high.
• US Treasury yields have soared to 2019 levels on expectations Powell will push through with an aggressive rate hike cycle, despite geopolitical tensions and elevated oil prices.
• Traders have ramped up bets on a minimum 1.75% interest rate by the end of 2022.
• Higher Treasury yields reduce gold’s appeal to investors.

Base metals weaken on demand concerns and improving supply outlook on ceasefire talks

• Aluminium down 3% to $3,380/t.
• Copper down 2.9% to $9,850/t.
• Zinc down 0.6%, lead down 2.6%, tin down 0.9%.
• Reports of improving discussions between Russia and Ukraine regarding a ceasefire have reduced investor concerns over a supply glut in base metals from major supplier Russia.
• China’s rising covid infections are adding to concerns over their dominant demand of market supply, with the slowing property sector an additional weight on prices.
• The prospect of more aggressive interest rates, supporting a stronger dollar, is also providing a headwind to base metals.

LME nickel set to resume trading tomorrow as Big Shot and Tsingshan reach deal with financiers

• The LME nickel market is set to resume trading tomorrow after 6 days of suspended trading.
• Tsingshan is reported to have reached a deal with its hedge bank creditors, inc. JP Morgan, on a standstill agreement allowing the metals giant to trim short positions ‘in a fair and orderly manner.’ (Bloomberg)
• $3.9bn worth of transactions from last Thursday have been cancelled by the LME.
• Every base metal excluding nickel will face a 15% trading limit to protect against ‘extreme moves’, ‘particularly given the geopolitical backdrop.’
• The exchange will allow prices to move ‘at least 5%’ in either direction on any given day but will continue to monitor price limits.
• The exchange is introducing measures for increased transparency between brokers and the LME.
• It is also threatening a formal investigation into potentially ‘abusive activity by one or more participants.’

Dow Jones Industrials +0.00% at 32,945

Nikkei 225 +0.15% at 25,346

HK Hang Seng -5.61% at 18,435

Shanghai Composite -4.95% at 3,064

Economics

China – Better than expected economic data in February justifies the central bank decision to keep rates unchanged, although, the latest Covid outbreak may lead to more monetary policy easing.

• Expectations for the central bank to cut interest rates and reduce the reserve requirement ratio are building up.
• Inflation came in at 0.9%yoy in February suggesting there is a lot of room for manoeuvre for monetary authorities to provide new stimulus unlike in the EU and the US.
• Industrial Production (YTD %yoy): 7.5 v 9.6 in January and 4.0 est.
• FAI ex Rural (YTD %yoy): 12.2 v 4.9 in January and 5.0 est.
• Retail Sales (YTD %yoy): 6.7 v 12.5 in January and 3.0 est.

Chinese equity rout continues as Hong Kong benchmark slides to 6-year low

• Covid-19 restrictions on major cities including Shenzhen, China’s tech hub, has triggered a major sell-off in China’s equities.
• The benchmark Hang Seng index is down 6% to its lowest since March 2016.
• The Hang Seng tech index is down 11%, marking its sharpest fall on record.
• Analysts have slashed growth forecasts for China on a rapidly deteriorating Covid situation.
• The threat of multiple stock delistings from US markets on a lack of audit papers, alongside a credit crisis in China’s property sector, has created a perfect storm for the current market battering.

Russia – Marina Ovsyannikova, an editor at Channel One, showed a sign saying:

“No War. Stop the War. Don’t believe the propaganda. They’re lying to you here. Russians against war” during live broadcast.

• Ms Ovsyannikova was taken into custody by the security with her lawyers telling media they could not find her.
• News media are prohibited to refer to the Russia/Ukraine war by anything other than a “special military operation”.
• Alternative views may be deemed as deliberate misinformation on the course of the military operation that involves fines or jail terms for up to 15 years.

‘Putin’s hollow regime could quickly collapse’ William Hague writing in The Times

Europe - Investors sold a record amount of European equity funds last week as the Russia/Ukraine war continues.

• Downward revisions to growth outlook and inflationary pressures in the region including high energy costs.

Iran – ready to free Nazanin Zaghari-Ratcliffe according to her lawyer

If Iran does free Nazanin Zaghari-Ratcliffe this may potentially indicate Iran siding with the west, on a temporary basis.

Currencies

US$1.1007/eur vs 1.0942/eur yesterday. Yen 118.01/$ vs 117.72/$. SAr 15.113/$ vs 15.061/$. $1.303/gbp vs $1.305/gbp. 0.719/aud vs 0.725/aud. CNY 6.379/$ vs 6.361/$.

Commodity News

Precious metals:

Gold US$1,928/oz vs US$1,968/oz yesterday

Gold ETFs 103.5moz vs US$103.4moz yesterday

Platinum US$1,022/oz vs US$1,053/oz yesterday

Palladium US$2,409/oz vs US$2,597/oz yesterday

Silver US$24.72/oz vs US$25.55/oz yesterday

Rhodium US$18,500/oz vs US$18,500/oz yesterday

Base metals:

Copper US$ 9,858/t vs US$9,972/t yesterday

Aluminium US$ 3,296/t vs US$3,411/t yesterday

Nickel US$ 48,002/t vs US$48,033/t yesterday All LME contracts SUSPENDED and 50% of SHFE contracts SUSPENDED

Zinc US$ 3,768/t vs US$3,813/t yesterday

Lead US$ 2,261/t vs US$2,288/t yesterday

Tin US$ 42,040/t vs US$43,175/t yesterday

Energy:

Oil US$101.0/bbl vs US$108.8/bbl yesterday

Natural Gas US$4.571/mmbtu vs US$4.624/mmbtu yesterday

Uranium UXC US$57.45/lb vs $60.00/lb yesterday

Bulk:

Iron ore 62% Fe spot (cfr Tianjin) US$147.3/t vs US$157.2/t

Chinese steel rebar 25mm US$763.3/t vs US$770.8/t - Latest EU sanctions include bans of steel products from Russia

• The European Union has formally approved a barrage of new sanctions against Russia on Tuesday morning, including bans on imports of steel products from Russia.
• Other bans include investments in the Russian energy sector and luxury good exports.
• The ban on Russian steel imports is estimated to affect €3.3bn worth of products, according to the EU commission.
• EU companies will also be no longer allowed to export any luxury goods worth more than €300, including jewellery.
• Exports of cars costing more than €50,000 will also be banned.

China crude steel output slides 10% in weak start to 2022

• Crude steel output from China for Jan/Feb down to 158mt vs 175mt for the period in 2021.
• Daily output down to 2.68mt for the period vs 2.78mt in December.
• Analysts point to Winter Olympics-linked environmental curbs hitting steelmakers
• Production curbs have been expected to stay in place until mid-March.
• Steel rebar futures are up 11% and HRC up 13% ytd but have started to slide.

Thermal coal (1st year forward cif ARA) US$187.0/t vs US$251.0/t

Thermal coal swap Australia FOB US$340.0/t vs US$365.0/t

Coking coal swap Australia FOB US$630.7/t vs US$630.7/t

Other:

Cobalt LME 3m US$82,000/t vs US$82,000/t

NdPr Rare Earth Oxide (China) US$163,819/t vs US$165,849/t

Lithium carbonate 99% (China) US$74,071/t vs US$73,492/t

China Spodumene Li2O 5%min CIF US$2,740/t vs US$2,740/t

Ferro-Manganese European Mn78% min US$2,273/t vs US$2,259/t

China Tungsten APT 88.5% FOB US$340/t vs US$340/t

China Graphite Flake -194 FOB US$805/t vs US$805/t

Europe Vanadium Pentoxide 98% 12.3/lb vs US$12.2/lb

Europe Ferro-Vanadium 80% 60.25/kg vs US$58.75/kg

China Ilmenite Concentrate TiO2 US$396/t vs US$397/t

Spot CO2 Emissions EUA Price US$85.2/t vs US$80.9/kg

Brazil Potash CFR Granular Spot US$1100/t vs US$820/t

Battery News

EU governments set to endorse levy on imported emissions

• EU governments are set to back a plan which would impose import levies on iron, steel, cement and aluminium produced in countries with lower environmental standards.
• The carbon border adjustment mechanism would impose a penalty for brining into the bloc emissions embedded in goods.
• The levy will be based on costs domestic producers already face in the EU carbon market.
• The price would be linked to the EU Emissions Trading System, EU ETS, with the price calculated from the average closing prices at government auctions per week.
• The planned measure is to align the EU economy with stricter emissions-reduction targets for 2030.
• The EU wants to provide a level playing field for its businesses and encourage more climate action from countries outside the bloc.

Northvolt to build third battery gigafactory in Germany

• Northvolt has announced plans to build its third li-ion battery gigafactory in northern Germany, Northvolt Drei.
• The new plant will have an annual production capacity of 60GWh and is expected to produce its first cells by the end of 2025.
• Northvolt’s first gigafactory produced its first battery cell in December
• With the news of the new plant, Northvolt’s pipeline of manufacturing capacity under development will sit at over 170GWh.
• Alongside battery production, Northvolt Drei will target an on-site battery recycling plant which will ensure efficient reuse of by-products from the production process," Northvolt said in their statement.

Ford EV unit to expand EV projects in Europe

• Ford’s new EV unit, Model e, is aiming to roll out seven new EV models in Europe by 2024 and increase annual production to 600,000 vehicles by 2026.
• Ford recently separated their EV ventures from the ICE business to enable focus on EV expansion.
• “Ford is all-in and moving fast to meet the demand in Europe and around the globe,” Ford CEO Jim Farley said in a statement. “This is why we have created Ford Model e – allowing us to move at the speed of a start-up to build electric vehicles.”
• Ford have recently increased investment on EVs in Europe – investment the new Electrification Centre in Cologne is expected to be over $2bn with plans to include a battery assembly facility on site.
• Ford have also recently signed an MoU for a JV with SK On and Koç Holdings to build high-nickel content Nickel-Managnese-Cobalt cells in Turkey.
• The JV will also takeover the Craiova plant in Romania with Ford introducing an electric version of its best-selling European vehicle, the Puma.

Company News

Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF)* 55p, Mkt Cap £64m – Toura Ni-Co royalty secured

BUY – 111p

• The Company sold a 100% interest in the Toura nickel-cobalt license application to Firering Strategic Minerals.
• Altus will received a Gross Revenue Royalty of up to 1.0% on future nickel and cobalt sales from the Project and a one off €15k payment.
• The Project comprises an application for a nickel cobalt mineral prospective license over 168km2 in western Cote d’Ivoire.
• The license is located close to several known deposits, including the Sipilou, Foungouesso and Moyango projects (located 0-35 km north-west of Toura) owned by Nickel de l’Ouest Côte d’Ivoire and the Samapleu and Grata projects (located 35 km west of Toura) owned by Sama Resources.

Conclusion: The deal secures the royalty over early exploration stage project in Cote d’Ivoire adding potential nickel/cobalt exposure to the portfolio of existing royalties mostly focused on gold and copper.

*SP Angel acts as nomad and broker to Altus Strategies

Beowulf Mining PLC (AIM:BEM)* 12.75p, Mkt Cap £134m – Letter to Swedish Minister of Enterprise and Innovation

• Beowulf has sent a letter from its CEO, Kurt Budge, to Sweden's Minister of Enterprise and Innovation, Karl-Petter Thorwaldsson regarding the company’s application for an exploitation concession at Kallak.
• Mr Thorwaldsson was announced as Minister of Trade and Industry in December 2021 and called for better dialogue between politics and business about what needs exist and how these should be prioritized.
• Mr Budge reiterates the Swedish ownership of the company, commenting: “the Company has been listed on the Spotlight Stockmarket in Stockholm since 2008 and is now over 75 per cent owned by investors trading in Sweden. In December 2020, the Company completed a Capital Raising of SEK 83 million, approximately 81 per cent of which was raised through the Company's listing on Spotlight”
• Concerning the Kallak Deposit, Mr Budge comments: “Not only has the Company defined iron mineralisation in the Kallak area of approximately 389 million tonnes and developed a mining project which could play a key part in the sustainable, diversified, and secure supply of high-quality iron ore to Norrbotten's fossil-free steel sector for decades to come, but the Company has gained significant traction in the Swedish capital markets.”
• We recommend reading the company’s submission to the Minister in full, found here: https://polaris.brighterir.com/public/beowulf_mining_plc/news/rns/story/rg8p60w

*SP Angel acts as Nomad and Broker to Beowulf Mining

Sovereign Metals SOV LN 26p, Mkt Cap £108m – Drilling extends the known mineralised footprint in Malawi

• Sovereign Metals reports that recent core and auger drilling in Malawi at its Kasiya and Nsaru rutile deposits has shown the two deposits link together into a single deposit thereby increasing the known area of mineralisation by 28% to 165km2.
• The company says that the drilling has returned the highest grade rutile encountered so far at Nsaru and has also “at a new extension east of Kasiya”.
• Among the results highlighted in today’s announcement are:
• A 7m wide intersection of material grading 1.84% rutile, including 4m at an average grade of 2.71%; and
• An 8m wide intersection of 1.36% rutile which includes 2m averaging 2.06%; and
• An 11m wide intersection of 1.34% rutile, including 2m averaging 3.00%; and
• Two separate 12m wide intersections averaging 1.27% and 1.46% respectively, each containing narrower, higher-grade portions of 2.16% over 3m and of 4m averging 2.42%; as well as
• A 13m wide intersection averaging 1.48% and including 5m averaging 2.23% rutile.
• The company says that it has identified “numerous extensions and new blocks of mineralisation … [which are] … expected to add substantially … [to the ] … upcoming Mineral Resource Estimate update”.
• Describing the results as surpassing the company’s expectations, Managing Director, Dr. Julian Stephens, said that “Not only did we encounter the highest rutile grades to date, but the coalescing of the Kasiya and Nsaru deposits supports our belief that we have the single largest rutile deposit in the world on our hands. We are looking forward to announcing the updated Mineral Resource Estimate in the coming weeks”.
• The company also confirms that a scoping study is underway, “focused on incorporating the growing resource base”.
• Sovereign Metals’ website (www.sovereignmetals.com.ai) shows a resource estimate for Kasiya of 605mt at an average grade of 0.98% rutile “including a high-grade component of 137Mt @ 1.41% rutile” and comments that the deposit exhibits “Exceptionally low” levels of the radioactive contaminants, uranium and thorium as well as of chromium and zirconium.
• The website also says that “over 98%” of the rutile can be recovered and that the material has a favourable grain size distribution. The resource contains 304mt at an average grade of 1.02% rutile of classified as ‘Indicated’ with the balance defined as ‘Inferred’.

URU Metals Ltd (AIM:URU) - 365p, Mkt cap £6m – Compelling nickel and PGM grades reported in Zebediela project

BUY

(URU Holds a 74.82% stake in Zeb Nickel (TSX-V:ZBNI) Corp which holds the Zebediela Nickel project in South Africa – URU remains as the technical operator of the Zebediela Project)

• ZEB Nickel Corp (ZBNI CVE) reports assay results from recent drilling on the Zebediela project in the Bushveld, South Africa
• The assays show up to 1.7% nickel in intersections in the Critical Zone and adjacent areas in drilling.
• Geological interpretation shows the Zebediela project to host the up-dip extension of Ivanplat’s, Platreef geology.
• Ivanhoe secured $300m in streaming finance alone for the Platreef project in December highlighting the value of the contained metals.
• The $300m streaming arrangement was comprised of $200m for gold and $100m for platinum and palladium metal streams.
• Assays:
• 0.71 g/t 3PGE+Au (58% pd) and 1.7 % nickel at a depth of 260 m below surface;
• 6.4 g/t 3PGE+Au (89% pd) and 0.39% nickel at a depth of 72 m below surface;
• 2.13 g/t 3PGE+Au (61% pd) and 0.47% nickel at a depth of 214 m below surface;
• 1.27 g/t 3PGE+Au (45% pd) and 0.69% nickel at a depth of 320 m below surface;
• Drilling shows Critical Zone geology in all assays below the historical 1.5bnt, 43-101-resource (contains an estimated 3.96mt of in-situ nickel).
• Initial estimates using a 0.31% Ni cut-off grade indicates a potential 76% increase in grade over the 485mt resource grading 0.245% as used in the PEA ‘Preliminary Economic Assessment’.
• This suggests a very preliminary and potential grade of 0.431% nickel on the results shown today.
• This existing historical resource consists of an ‘indicated’ resource of 485.4 million tonnes averaging 0.245% Ni and an ‘inferred resource of 1,115mt at 0.248% Ni using a cut-off grade of 0.1% Ni.
• Ivanhoe Mines Platreef project and AmPlats’ Mogalakwena mines are mining Platreef-style mineralization which is in the same geological horizon as Zebediela’s Critical Zone.
• Platreef are mining at an average depth of ~800m.
• URU has now drilled 4,901m in 14 holes with five drill hole assays outstanding and has identified a strike length of >3 km of Critical Zone rocks. The holes are drilled at an approximate 50 degree inclination.
• URU Metals recently listed its affiliate Zeb Nickel Corp on the US OTCQB market alongside its Canadian listing.
• Management have also recently submitted all the required documentation to the South African Department of Mineral Resources for the Mining Right for the Zebediela Project.
• Valuation: The combined PGM, nickel, copper and gold grades look compelling in the assays shown today.
• Further assay results, resource definition and evaluation could show good economic potential indicating URU shares to be substantially undervalued at this time.
• We are hugely encouraged by the assays and await results and analysis from the next five drill holes before committing to a valuation on the project.
• We rate the stock a BUY on our anticipation of further positive drill results and a potential uplift in the grade and scale of the resource along with an implied uplift in potential economic value.

Conclusion: Strong demand for nickel for Electric Vehicles has raised prices following a 10.6% rise in stainless steel output last year driving the hunt for new nickel mines. The Bushveld region of South Africa is a good location for mining with access to an expert workforce, significant contractor services and a well-trodden route through permitting.

*SP Angel acts as Nomad and Broker to URU Metals

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.

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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

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