SP Angel . Morning View . Monday 10 10 22
Robust US labour data helps US$ higher weighing on gold prices
MiFID II exempt information – see disclaimer below
Private Equity / joint venture opportunity
We are looking for investors / jv partners for an exploration opportunity on a newly discovered copper / moly porphyry system with two adjacent non-porphyry gold and silver deposits over 6km in South-East Asia
- 2,000m in 8 holes already drilled with intersections of visible chalcopyrite and molybdenite both disseminated and in B-veins
- Positive indications of grade at shallow depths. Total funding $2.34m to date. Current implied valuation $4.4m. Best drill result:
- 60m grading 0.4% copper, 0.2% gold plus molybdenum from 24m eg. below the leached cap
- 3m grading 0.51% copper, 9.2g/t gold, and 49g/t silver from 64m down hole
- 2m grading 0.3% copper, 6% zinc and 9g/t gold, 40 g/t silver from 33m down hole related to a massive pyrite-magnetite-sphalerite-chalcopyrite vein
*SP Angel’s role is limited to making introductions. No due diligence or verification of information supplied by the company has been performed. 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.
Anglo American PLC (LSE:AAL) – Strike action by Transnet triggers declaration of force majeure by Kumba Iron
BlueJay Mining PLC (AIM:JAY, OTCQB:BLLYF)* – Disko field program highlights multiple novel targets with coincident geophysical anomalies close to high-grade boulder
Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)* – Mustang Energy PLC (LSE:MUST) notify market on cancellation of backstop convertible
Central Asia Metals PLC (AIM:CAML, OTC:CAMLF) – Stable production in Q3/22 with guidance reiterated
Culpeo Minerals Ltd (ASX:CPO) – Positive surface sampling at Quelon Project
Oriole Resources PLC (AIM:ORR) - Oriole Resources reports maiden JORC Exploration Target at Bibemi, Cameroon
Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR)– Drilling underway in the eastern Pilbara
Base Metals soften on prospect for another strong US rate hike
- The US is asserting itself as the world’s leading reserve currency as money flows into US dollars
- Fed interest rates at 3-3.25% are still below that of many countries. China recently lowered its rate by 0.1% to 3.7%. India is at 6.80-7.65%. Mexico is at 8.5%.
- The creation of such strong monetary flows, shifting currencies demonstrates the popularity of the US dollar and its command over the global economy.
- Many Asian nations now more competitive than China on cost due to currency depreciation enhancing fund flows out of China for the development of manufacturing.
Copper steadies following last week’s rally, inventories remain low but China restocking weaker than forecasts
- Copper fell over 5% last week, below $7,450/t but has since climbed to settle around $7,500/t.
- Copper inventories have continued to rise, up almost 20% from September lows but still over 50% lower than the seasonal average from the past 5 years.
- Chinese inventories grew 16,500t last week to 82,700 over the Golden Week holiday, however this was lower than forecast.
- The weaker restocking data from China, during its peak construction season, points to the impact had on metals demand by both the slumping property sector and uncertainty triggered by the Zero-Covid policies from Beijing.
- It also points to a limited availability of physical copper in current markets, with spot prices at their highest levels vs futures since April.
Gold weakens as yields and dollar climb on strong US economic data and Fed’s commitment to higher rates
- Gold prices are down 2.5% from their recent highs over $1,725/oz.
- The move tracks a 7% jump in US 10-year Treasury yields, which in turn has helped lift the dollar to a 10-day high.
- 10-year yields, one of gold’s major headwinds at the moment, were lifted by strong US jobs data on Friday.
- 2-year Treasuries hit 4.3%, with traditional safe haven-seekers shunning gold for the more attractive, essentially risk-free, yield.
- US payrolls data showed little signs of US economic slowdown, encouraging traders to ramp up bets on the continuation of the Fed’s current aggressive rate hike cycle.
- Chinese and Indian buyers have been taking advantage of gold’s weak prices, with over 527t of gold leaving NY and Ldn vaults, whilst shipments to Asian buyers have hit 4-year highs this year.
Dow Jones Industrials -2.11% at 29,297
Nikkei 225 -0.71% at 27,116
HK Hang Seng -2.99% at 17,210
Shanghai Composite -1.66% at 2,974
Economics
US – Robust jobs report released Friday afternoon sent equities lower weighing on investors’ hops that the US Fed would soon ease the pace of interest rate hikes.
- The report increased chances of a fourth consecutive 75bp rate hike during the November FOMC meeting.
- S&P 500 closed down 2.8% while the technology heave Nasdaq dropped 3.8%.
- The US$ index continued to strengthen this morning building on momentum from good labour number.
- NFPs (‘000): 263 September v 315 August and 255 est.
- Av Hourly Earnings (%yoy): 5.0 September v 5.2 August and 5.0 est.
- Unemployment Rate: 3.5% September v 3.7% August and 3.7% est.
- Labour Force Participation Rate: 62.3% September v 62.4% August and 62.4% est.
Mississippi barge back-up eases in relief to US supply chain
- The 2,000 barge and boat logjam on the Mississippi river, triggered by low waters, is being cleared following the reopening yesterday.
- The bottleneck had threatened to impact the US’s key harvesting period, however the uptick in domestic wheat and corn prices this morning suggest imports will be able to ramp up as previously expected.
- $70bn worth of goods was moved from Minneapolis to the mouth of the Mississippi in 2020.
China – Caixin General Manufacturing PMI unexpectedly fell to 48.1 in September vs 49.5 in August as manufacturing and services underperformed expectations
- Services PMI dropped significantly into a contraction zone as companies are struggling with sluggish demand and rising costs.
- "The current pandemic situation is still severe and complex, and the negative impact of COVID controls on the economy is still pronounced," Caixin said.
- “At present, the major challenges in the economy are low employment, sluggish demand, and unstable expectations… In view of this, policy implementation should focus on promoting employment, granting subsidies, as well as boosting demand and market confidence by sending policy signals.”
- That was the first sub 50 reading for Composite PMI in four months.
- Caixin Services PMI: 49.3 September v 55.0 August and 54.4 est.
- Caixin Composite PMI: 48.5 September v 53.0 August.
- Employment fell for ninth consecutive month
- Property initiatives: Land sales to top 50 developers reported to have risen 130% yoy to RMB 339bn ytd (CIC data)
- Cities cutting deposits for housing fund loans for second homes. Housing fund loans can also be used from direct relatives expanding the funds available for property investment. Zhengzhou city ‘guaranteed delivery’ initiative saw 145 out of 147 restarted with only one project going bust.
- Beijing Marathon on Nov 6th plans to host 30,000 runners but is limited to residents only.
- Hangzhou, Taiyuan, and Xi'an will all host marathons in November
- Lockdown news:
- Capital of Xinjiang province halts all public transport with number of flights reduced
- Haikou city, in Hainan reported a temporary lockdown on two covid cases
- The CPC National Congress starting on Sunday 16th October.
South Korea - Samsung Electronics (KRX:005930) earnings fall as demand for smartphones and semiconductors fall
Germany - Industrial production fell 0.8% in August vs 0.8% in July
- 49.7% of companies report they cannot secure sufficient enough skilled workers, up from 30% in 2019.
UK - Bank of England boosts GILT support as UK investor confidence wanes
- The BoE has introduced additional measures to shore up the UK bond market, including doubling the size of its GILT purchases to £10bn/day until 14th Oct.
- The Bank will also introduce a temporary Repo facility, to boost liquidity in order to soothe pressures on LDI funds, the instruments that caused Bailey to intervene initially.
- It will also accept additional collateral including index-linked gilts and corporate bonds. This should allow pension funds to meet margin calls required from the recent spike in bond yields.
- Only 12% of the £40bn auction capacity has been reached.
- Halifax house prices down 0.1% in September vs +0.3% in August but still 9.9% higher yoy in September vs 11.4% yoy in July
Ukraine – Crimea bridge bomb demonstrates ability to hit key infrastructure connecting Russia over the Kerch Strait to the Crimean peninsula,
- The huge bomb which damaged rail and road infrastructure on the bridge from Russian into Ukraine will help disrupt the flow of military vehicles and munitions.
- The detonation of a probably truck bomb underneath a section of bridge carrying an oil train was a genius move to disable such a large bridge.
- Russian engineers were busy repairing the infrastructure overnight though the structure of the bridge must have been severely impaired.
- One section of roadway collapsed with the second severely damaged. The overhead rail line was also damaged.
- Russia shelled a number of cities at rush hour on Monday morning with missiles reported landing in the centre of Kyiv as well as Lviv, Ternopil and Zhytomyr.
- 75 missiles are reported to have been launched with 41 of them having been intercepted, according to Defence of Ukraine.
- Separately, in the south eastern region of Ukraine, Russian shelling overnight destroyed another apartment building in the city of Zaporozhzhia.
- Putin called the bridge bomb “an act of terrorism aimed at destroying critically important civilian infrastructure”.
- Besides an important part of infrastructure, the bridge also serves as an important symbol of Russia’s control of Crimea that was annexed in 2014.
Belarus – President Lukashenko criticised its ministers for failing to control prices and ordered businesses to freeze current price levels.
- “From today, price increases are prohibited… prices are exorbitant today… they hit the ceiling… prices cannot be raised anywhere… there is no need for that… yet there may be exceptions,” Lukashenko said last week.
- President said he wanted to bring inflation rate to between 7-8% next year, down from an official rate of 17.9% in August.
- It seems, Belarus will need to start preparing for a deficit in goods that will be subject to price ceiling directive.
Mexico - CPI rose 0.6% in September vs 0.7% in July and held steady at 8.7% yoy in September.
Currencies
US$0.9727/eur vs 0.9906/eur last week. Yen 145.26/$ vs 144.66/$. SAr 18.132/$ vs 17.775/$. $1.110/gbp vs $1.134/gbp. 0.632/aud vs 0.651/aud. CNY 7.118/$ vs 7.116/$.
Dollar Index 112.86 / +0.98% on week
Commodity News
Zimbabwe says new mining royalty will commence this month
- Zimbabwe’s President Emmerson Mnangagwa said a new policy where miners have to pay half of their royalties in commodities and half in cash will start from this month as the company attempts to build stockpiles for the first time.
- The country will hold reserves of gold, diamonds, platinum and lithium, Mnangagwa said.
Chile permanently closes mining areas connected to giant sinkhole
- Chile’s Mining Minister Marcela Hernando has announced closure of mining activity in proximity to a sinkhole in the Copiapo region of Northern Chile
- This follows charges implemented by Chile’s environmental regulator against Lundin Mining for the sinkhole.
- According to Reuters, the fine could be more than $13m.
- SMA filed a charge labelled as "very serious" for "irreparable environmental damage" to the aquifer, in addition to a "serious" charge for overextraction and two minor ones related to transporting minerals.
Precious metals:
Gold US$1,688/oz vs US$1,712/oz last week
Gold ETFs 96.8moz vs US$97.0moz last week
Platinum US$912/oz vs US$929/oz last week
Palladium US$2,184/oz vs US$2,260/oz last week
Silver US$19.84/oz vs US$20.75/oz last week
Rhodium US$14,000/oz vs US$14,000/oz last week
Base metals:
Copper US$ 7,520/t vs US$7,567/t last week
Aluminium US$ 2,272/t vs US$2,337/t last week
Nickel US$ 22,170/t vs US$22,665/t last week
Zinc US$ 2,987/t vs US$3,066/t last week
Lead US$ 2,029/t vs US$2,045/t last week
Tin US$ 19,965/t vs US$19,975/t last week
Energy:
Oil US$97.5/bbl vs US$94.6/bbl last week
Crude oil prices started the week in negative territory following last week’s 16% surge was tempered by a services report over the weekend that pointed to slowing economic activity in China.
European energy prices fell following positive gas storage and strong LNG import data, as well as forecasts for warmer weather this week than previously forecast.
Natural Gas US$6.693/mmbtu vs US$6.748/mmbtu last week
Uranium UXC US$48.60/lb vs US$49.15/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$94.2/t vs US$94.4/t
Chinese steel rebar 25mm US$585.8/t vs US$581.4/t
Mysteel report a 20,000t fall in weekly production of rebar steel to 3mt as inventories rise to meet new property project ‘guaranteed delivery’ initiative
Thermal coal (1st year forward cif ARA) US$230.0/t vs US$278.0/t
Thermal coal swap Australia FOB US$382.5/t vs US$406.0/t
Coking coal swap Australia FOB US$283.0/t vs US$281.0/t
Other:
Cobalt LME 3m US$51,955/t vs US$51,955/t
NdPr Rare Earth Oxide (China) US$94,150/t vs US$94,155/t
Lithium carbonate 99% (China) US$70,472/t vs US$69,492/t
China Spodumene Li2O 5%min CIF US$5,590/t vs US$5,590/t
Ferro-Manganese European Mn78% min US$1,201/t vs US$1,224/t
China Tungsten APT 88.5% FOB US$32.3/kg vs US$32.3/kg
China Graphite Flake -194 FOB US$845/t vs US$835/t
Europe Vanadium Pentoxide 98% 7.2/lb vs US$7.2/lb
Europe Ferro-Vanadium 80% 30.75/kg vs US$30.75/kg
China Ilmenite Concentrate TiO2 US$320/t vs US$320/t
Spot CO2 Emissions EUA Price US$66.4/t vs US$65.0/t
Brazil Potash CFR Granular Spot US$650.0/t vs US$670.0/t
Battery News
Stellantis signed Non-binding MoU with GME Resources for nickel & cobalt
- The two companies report that they have signed a MoU for the future sale of quantities of battery grade nickel and sulphate products from the NiWest Nickel-Cobaltv Project in Western Australia.
- Stellantis is owner of the brands Jeep, Peugeot, Fiat, Citroen, Maserati and Opel.
- The project is currently in the development stage, and is expected to produce around 90,000tpa of battery grade nickel and cobalt.
- A DFS for the project is due to commence this month.
Chinese EV company shares sell off as concerns mount over sector’s growth outlook
- Major Chinese EV makers saw major share price declines this morning, with Li Auto falling 15% followed by Nio and Xpeng, both down over 6%.
- Analysts expect EV sales to cool following a rapid rise in demand over the past 2 years.
- Bloomberg reports weaker-than-expected holiday orders for EV makers over the past two weeks.
- Rampant EV demand from China has been a strong catalyst for skyrocketing lithium prices in recent years, with a demand decline potentially weighing on prices.
Indonesia to commence vehicle subsidies from 2023 to spur sales
- Indonesia is to begin subsidising EVs next year as it aspires to have 2.5m of the vehicles on the road by 2025.
- The government is reportedly yet to decide on the magnitude of subsidies, the country’s transport minister said the new ruling would be a “game changer” for the domestic industry.
- Earlier this year, the government ordered all state offices to shift to EVs and installed charging stations in a bid to reach a target of 2m electric motorcycles and 500,000 EVs in less than four years.
Company News
Anglo American PLC (LSE:AAL) 2,772.5p, Mkt Cap £37bn – Strike action by Transnet triggers declaration of force majeure by Kumba Iron
- Anglo American reports that Kumba Iron Ore has received a notice of force majeure concerning strike action by Transnet’s unions which is disrupting rail and port facilities used in the shipment of Kumba’s iron ore.
- Anglo American says that, although Kumba has implemented contingency plans, the impact of the disruption “on production is approximately 50,000 tonnes per day for the first seven days and thereafter, approximately 90,000 tonnes per day. Export sales will be impacted by approximately 120,000 tonnes per day”.
- In a separate announcement today, Anglo American reports the appointment of Al Cook as CEO of De Beers following “Bruce Cleaver's decision to step back after six years to a non-executive role”.
- Mr. Cook is described as having “more than 25 years of international leadership experience, gained predominantly at BP and Equinor, most recently leading Equinor's multi-billion dollar global E&P business across Africa, the Americas and Europe”.
- Bruce Cleaver will continue as co-Chairman of De Beers alongside Mr. Cook to aid business continuity. Describing his tenure at the helm of De Beers as a “tremendous privilege” he acknowledged the support of his colleagues as well as “the representatives of our partner governments, the De Beers Sightholder community and countless others within and outside the diamond trade”.
BlueJay Mining PLC (AIM:JAY, OTCQB:BLLYF)* 5.31p, Mkt cap £56m – Disko field program highlights multiple novel targets with coincident geophysical anomalies close to high-grade boulder
- Bluejay Mining report the identification of targets and geophysical anomalies in their 2022 field program at the Disco exploration site in Greenland with KoBold Metals
- The team identified the presence of a 600m EM anomaly along strike of the previous discovery of a 28-ton boulder nickel-sulphide at Igdlukunguak which assayed 6.9% Ni, 3.7% Cu, 0.6% Co and 2g/t PGM.
- The KoBold team’s ability to rapidly process the technical data and the survey work has enabled the team to maximised work done within the June-September field season.
- The team switched from a helicopter-based to ground-based EM dramatically improving the ability to see through the conductive cover.
- Survey work:
- Field activities targeted numerous areas for massive nickel, copper, cobalt and PGMs
- 3,030km of Falcon Airborne Gravity, Gradiometer and Magnetics surveys
- 2,115 line km of high resolution UAV Magnetics
- 699 SAMSON deep-penetrating ground ElectroMagnetic ('EM') Stations
- 1,068 line km of HeliSAM airborne Electro-Magnetics
- 3,572 geochemical samples (outcrop, soil, stream sediment samples)
- 45 km2 bathymetric survey / photogrammetric survey of key mobilisation locations
- The SAMSON ground programme shows a 600m encouragingly strong, continuous late time EM anomaly with slow decay in an anomaly coincident with historic geophysical anomalies and proximal to known mineralisation.
- Bluejay is earning an expenditure-related fee for running the field operations under the direction of the Kobold Metals team
- Dundas: We continue to wait on news of the optimisation of the Dundas ilmenite mine project in Greenland where we expect to see significant and innovative progress in the engineering design of the mine and power supply.
Conclusion: KoBold has identified many novel targets in what they ‘think could be the most significant nickel and cobalt discoveries in 100 years. The KoBold team will now process the collected data and process using their in-house geological expertise and AI modelling to work up a series of drill targets for 2023.
*SP Angel acts as nomad and broker to Bluejay Mining. The analyst holds shares in Bluejay Mining
Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF)* – 5.35p, Mkt cap £68m – Mustang Energy Plc notify market on cancellation of backstop convertible
Valuation 23p
- Bushveld Minerals report news from Mustang Energy in relation to Mustang’s investment into VRFB Holdings Limited, a jv partner in Enerox Enerox Holdings.
- We refer investors to the original announcement by Mustang Energy
*SP Angel act as nomad and broker to Bushveld
Central Asia Metals PLC (AIM:CAML, OTC:CAMLF) 219p, Mkt Cap £398m – Stable production in Q3/22 with guidance reiterated
- At Kounrad, copper production totalled 4.1kt taking 9M output to 10.7kt (9M/21: 10.4kt).
- At Sasa, steady zinc and lead production is reported.
- Zinc in concentrate output amounted to 5.7kt in Q3/22 and 16.2kt in 9M (9M/21: 17.0kt).
- Lead in concentrate production was 6.9kt in Q3/22 and 20.7kt in 9M (9M/21: 20.7kt).
- 2022 production guidance reiterated at:
- 13.5-14.0kt copper;
- 20.0-22.0kt zinc in concentrate;
- 27.0-29.0 lead in concentrate.
Culpeo Minerals Ltd (ASX:CPO) A$0.14, Mkt cap A$8.3m – Positive surface sampling at Quelon Project
- Culpeo has received assays from rock chip sampling programs at the Anico Prospect, where results have defined an 800m x 1,000m zone displaying elevated copper and gold geochemistry with up to 1.88% Cu and 4.10 g/t Au.
- The programme consisted of infill follow-up sampling from a broad spaced sampling program completed in July 2022.
- Culpeo comments that the Anico prospect has significant prospectively for IOCG or porphyry style mineralisation due to the elevated chargeability anomalies following mapping.
- Positive surface samples are adjacent to the previously defined IP target, which is approx. 140m below surface.
- The company intends to follow up with a shallow drilling programme to test the target in due course.
Oriole Resources PLC (AIM:ORR) 0.17p, Mkt cap £3.6m - Oriole Resources reports maiden JORC Exploration Target at Bibemi, Cameroon
- Oriole has published the JORC-compliant exploration target for its 90%-owned orogenic gold project Bibemi in Cameroon.
- The maiden Exploration Target for the Bakassi Zone 1 in question reveals potential grades from 1.5g/t to 1.7g/t for between 290,000-440,000oz of gold. The tonnage range for the target is between 6-8mt.
- Bakassi Zone 1 is one of 4 prospects on the Bibemi license held by Oriole.
- The Target was generated from 28 diamond drill holes across 3,840m of drilling.
- The Target was modelled over a 1.2km strike length, with drill holes spaced between 35-115m to a depth of 200m below surface.
- The Target uses a cut-off grade of 0.3g/t Au and a top-cut of 20g/t Au.
- Mineralised zones in the model include a true width of up to 36m.
- Oriole’s next step towards defining the Mineral Resource Estimate for the project involves data verification and pit optimisation to outline blocks viable for economic extraction.
- The Bakassi Zone 1 target remains open along strike to the NE as well as at depth.
- Oriole’s management is ‘keen to expand [the] resource base’ at Bibemi and at Oriole’s CLP license areas where multiple targets with similar geology and gold anomalies to Bibemi are visible.
- The Target area will require infill Diamond/RC drilling for the delivery of a Mineral Resource.
Conclusion: The success of the Oriole team in delivering a JORC-compliant exploration target at the Bibemi prospect is a testament to its management and an exciting development for Cameroonian gold, one of Africa’s least-explored jurisdictions. We look forward with anticipation to the team’s upcoming efforts to expand the resource base and extend the mineralisation at Bibemi, with today’s target only one of four prospective areas.
Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) 0.5p, Mkt Cap £10.1m – Drilling underway in the eastern Pilbara
- Thor Mining reports the commencement of a 2,000m reverse-circulation (RC) drilling programme at the wholly-owned Kelly’s prospect in the Ragged Range project in the eastern Pilbara, WA.
- The drilling is investigating a sheared geological contact between basalts and porphyry in an area where rock chip sampling returned assays of up to 15.5g/t gold and 535g/t silver and where an historic diamond drillhole, completed in 1969 by Hawkstone, intersected 1.5m at ana average grade of 22.97g/t gold.
- The drilling is also testing an area of historic copper mining at Copper Hillwhich mined grades as high as 13% copper between 1952-1963 and at Kelly’s where grades of up to 19% were mined between 1955-70.
- It is expected that the latest phase of drilling will improve Thor Mining’s “understanding of the structural controls of the Prospect and follow up on our rock chip sampling, which took place earlier in 2022”.
- The historic drillhole also intersected “a combination of either quartz veining, silicified zones, disseminated sulphide and veinlets over an approximate 27m zone down hole at the basalt-porphyry contact” which is reported to form a “silicified ridge extending over 1 km“.
- The area of historic copper production extends along a NNW trend extending for “over 600 metres” and the drilling is “designed to test beneath these historic high-grade workings to provide a representative sample of mineralisation, rock types, and alteration. The holes will extend through the volcanic porphyries into the basalt testing the contact at depth for primary sulphide copper mineralisation”.
Conclusion: Thor Mining is following up promising gold rock chip sampling and revisiting previously known areas of copper mining in the eastern Pilbara with a limited RC drilling programme. We await the results as exploration advances.
No.1 in Copper: “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”
No1. In Gold: “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”
The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020
Analysts
John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490
Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474
Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486
Sales
Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472
Abigail Wayne – Abigail.Wayne@spangel.co.uk - 0203 470 0534
Rob Rees – Rob.Rees@spangel.co.uk - 0203 470 0535
Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
SP Angel
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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
Sources of commodity prices
Gold, Platinum, Palladium, Silver - BGNL (Bloomberg Generic Composite rate, London)
Gold ETFs, Steel - Bloomberg
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt - LME
Oil Brent - ICE
Natural Gas, Uranium, Iron Ore - NYMEX
Thermal Coal - Bloomberg OTC Composite
Coking Coal - SSY
RRE - Steelhome
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite - Asian Metal
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