SP Angel . Morning View . Wednesday 27 10 21
China targets higher EV uptake to meet ambitious climate goals
Gold pulls back slightly ahead of ECB meeting
Ariana Resources (LON:AAU) – Drilling results from Kokkinoyia
Atalaya Mining (LON:ATYM) – Declaration of inaugural dividend
Bushveld Minerals* (LON:BMN) — Convertible loan note settlement
Castillo Copper (LON:CCZ) – Follow-up geological site visit to the Picasso lithium project
Impala Platinum (LON:IMP) – Impala Platinum in discussions in relation to the potential acquisition of Royal Bafoeking Platinum
Royal Bafokeng Platinum (JSE:RBP)
MP Materials (NYSE:MP) – Share price falls on activist short-seller report
Phoenix Copper* (LON:PXC) – Royalty acquisition
Pure Gold (LON:PUR) – Q3 production climbs as accelerated underground development helps tonnages and grades
Vulcan Energy (ASX:VUL) – Short seller accuses Vulcan of misleading investors over lithium brine project
Delta variant spreads to 11 Chinese provinces and regions, Inner Mongolia hit hardest
50 local symptomatic cases of Covid have been recorded in China.
32 of these cases were detected in Inner Mongolia.
5 cases were reported in southern province of Shandong and 4 in eastern Gansu.
3 cases identified in Beijing.
2 cases identified in Ningxia Hui.
Ejina Banner, a border town with Mongolia, has locked down 36,000 residents.
Covid complications in Inner Mongolia may add further strain to already-disrupted coal supply routes, with the region a major producer.
Contagion expected from magnesium crisis as Chinese production plants shut down
25 magnesium production plants have been shut down in Shaanxi and Shanxi provinces.
5 others are working at 50% capacity according to the EAA.
Producers are being targeted owing to their blast furnaces’ high energy consumption.
Magnesium is used to form aluminium alloy relied upon by auto makers.
Magnesium is used for steel production to remove sulphur from iron.
Prices have risen 7 times this year.
The US is less vulnerable than Europe owing to its domestic production and imports from countries other than China.
China produces 87% of global production.
Dow Jones Industrials +0.04% at 35,757
Nikkei 225 -0.03% at 29,098
HK Hang Seng -1.70% at 25,565
Shanghai Composite -1.01% at 3,561
China targets higher EV uptake to meet ambitious climate goals
Beijing is eyeing a 40% share of new energy vehicles and clean energy-powered vehicles in the country’s total vehicles by 2030, double from an earlier target of 20% by 2025.
According to a plan issued by the country’s state council yesterday, China will push the use of NEVs, gradually reduce sales of traditional fuel vehicles and promote replacement of urban public service vehicles with EVs.
China will also increase the use of heavy freight vehicles powered by electricity, hydrogen fuel and LNG.
The moves are in a bid to achieve the country’s goal of peak carbon emissions before 2030 and carbon neutrality by 2060.
China’s total NEV sales in the first nine months of this year rose 185% year-on-year to 2.16m units.
The plan also outlined plans to increase renewable energy, with combined installed capacity for wind power and solar power generation targeted at over 12bn KW by 2030
Shanghai aluminium slides on falling coal prices
Aluminium has hit a 2-month low on Shanghai, LME prices hit 7-week low.
Shanghai futures fell 3.3% today.
Aluminium prices had rallied as smelters were limited by power cuts and high coal prices.
Thermal coal hit its 10% lower trading limit this morning as the NDRC intervenes.
It remains to be seen how effective Beijing’s intervention will be in ramping up coal supply during the winter months.
UK – Protests over Cornish Tin’s Great Wheal Vor Breage drilling
Around 90 people, organised by the Protect Wheal Vor group, gathered to protest Cornish Tin’s 1st phase drilling of 33 boreholes planned for spring 2022.
The group are concerned over the drilling’s potential to disturb toxic mine waste which is specific to the Great Wheal Vor Breage site.
The group has called for an environmental assessment of Porthleven Stream before drilling starts.
They also plan to ‘formally object’ to planning permission for extractive mining.
Chile – Presidential candidate suggests opening up Codelco to private investment
One of the leading candidates in Chile’s presidential elections next month sees opening up state companies to private capital as “a viable option”.
Right wing candidate Jose Antonio Kast’s economic advisor Mario Marchese said such a move would allow citizens to participate in, and provide funding for state companies, speaking at a mining conference on Tuesday.
Marchese also called for a broader role for state copper refiner Enami, with closer ties to education and research institutions, saying small miners in Chile have been left behind in some aspects.
Marchese called for stricter controls for waste disposal and pollution – saying local communities often pay the price of mining without seeing enough of the benefits.
Left-wing candidate Gabriel Boric intends to keep Codelco in state hands if elected, and said he would increase its state funding.
US$1.1612/eur vs 1.1683/eur yesterday. Yen 113.99/$ vs 114.00/$. SAr 14.860/$ vs 14.484/$. $1.377/gbp vs $1.379/gbp. 0.753/aud vs 0.748/aud. CNY 6.383/$ vs 6.401/$.
Gold US$1,788/oz vs US$1,804/oz yesterday
Gold ETFs 98.2moz vs US$98.2moz yesterday
Platinum US$1,026/oz vs US$1,055/oz yesterday
Palladium US$2,014/oz vs US$2,045/oz yesterday
Silver US$24.05/oz vs US$24.38/oz yesterday
Rhodium US$14,100/oz vs US$14,100/oz yesterday
Copper US$ 9,674/t vs US$9,803/t yesterday
Aluminium US$ 2,757/t vs US$2,861/t yesterday
Nickel US$ 19,960/t vs US$20,335/t yesterday
Zinc US$ 3,373/t vs US$3,407/t yesterday
Lead US$ 2,407/t vs US$2,424/t yesterday
Tin US$ 37,000/t vs US$37,200/t yesterday
Oil US$85.5/bbl vs US$85.9/bbl yesterday
Natural Gas US$5.850/mmbtu vs US6.053/mmbtu yesterday
Uranium UXC US$48.5/lb vs $48.9/lb yesterday
Iron ore 62% Fe spot (cfr Tianjin) US$120.8/t vs US$120.2/t – Botswana completes first Chinese iron ore shipments
Botswana’s Ikongwe mine has produced and shipped its first iron ore export to China.
The country is looking to diversify away from diamond mining which contributed c. 20% to GDP in 2020.
Diamonds account for 70% of foreign currency revenues in Botswana.
Ikongwe is owned by Vision Ridge Investments, a unit of India’s Yashomann Industries.
A director for the unit stated the mine has an order of ‘50,000t per month from a state-owned steel manufacturing company’ in China.
It hopes Ikongwe will produce 1mt of iron ore pa for the next decade with 65% Fe grades.
Chinese steel rebar 25mm US$850.8/t vs US$856.6/t
Thermal coal (1st year forward cif ARA) US$121.0/t vs US$124.0/t – China physical coal price evidence of continuing energy crisis
China still faces concerns over soaring thermal coal prices despite the 35% slump in futures.
Domestic thermal coal futures on the Zhengzhou Commodity Exchange (ZCE) fell from $310/t to $204.45/t on Monday.
The front-month contract remains up 192% from Feb 2021 lows of $70/t.
However, the ZCE reflects Chinese domestic investment sentiment rather than current coal market realities.
Spot prices suggest a different story, with delivery prices at Qinhuangdao port up 266% from 2021 lows at $329/t and double 2020’s winter peak prices of $162.62/t.
Beijing is looking to cap thermal coal prices between the range of $83- $91/t, with current spot prices 4x that target.
China coal output remains low, with September output standing at 334mt, down from 335mt in August.
China coal output hit a record December 2020 of 351.89mt.
Thermal coal swap Australia FOB US$202.0/t vs US$197.0/t
Coking coal swap Australia FOB US$360.0/t vs US$355.0/t
Cobalt LME 3m US$56,545/t vs US$56,545/t
NdPr Rare Earth Oxide (China) US$104,963/t vs US$104,176/t
Lithium carbonate 99% (China) US$27,494/t vs US$27,493/t
China Spodumene Li2O 5%min CIF US$1,360/t vs US$1,330/t
Ferro-Manganese European Mn78% min US$2,247/t vs US$2,245/t
China Tungsten APT 88.5% FOB US$314/t vs US$314/t
China Graphite Flake -194 FOB US$585/t vs US$585/t
Europe Vanadium Pentoxide 98% 8.0/lb vs US$8.0/lb
Europe Ferro-Vanadium 80% 32.75/kg vs US$32.45/kg
China Ilmenite Concentrate TiO2 US$388/t vs US$386/t
Spot CO2 Emissions EUA Price US$69.4/t vs US$67.3/t
BYD to raise battery prices amid raw material costs
A report in The Securities Times cites an internal letter from BYD outlining plans to increase the price of its battery cells to correlate with growing prices for raw materials used in lithium batteries.
The increase in price would affect its new LFP battery packs that Tesla has shown interest in purchasing.
The report indicates that the battery manufacturer intends to raise prices by at least 20% at the start of November.
The report has yet to be confirmed by BYD.
Panasonic develops prototype battery with 5x Tesla’s storage capacity
Panasonic hopes to deepen business ties with Tesla following the unveiling of its new advanced prototype battery.
The battery is 5 times the size of Tesla’s current batteries. It uses nickel-cobalt-aluminium technology.
Panasonic have ruled out making the cheaper Lithium Iron Phosphate (LFP) batteries.
Tesla is sourcing LFPs from CATL for its more affordable Model 3 and Model Ys.
Panasonic’s Tadanobu stated they developed the battery ‘because of the strong desire of the other party’, referencing Tesla.
Tesla requires a supply of cobalt-free LFPs for its lower-range EVs.
Apple is also exploring LPF battery suppliers and has had discussions with CATL and BYD with some difficulty.
Andrew Forrest plots green energy route for Fortescue
Forrest hopes Fortescue will produce 15mtpy of Hydrogen by 2030, 50% more than the EU’s target.
He hopes this will be sold to Asia as green hydrogen or green ammonia currently used in fertiliser.
He raised the potential for ‘green iron’ used to make carbon-neutral steel as well as running Fortescue’s operations on hydrogen fuel cell vehicles.
The company plans to build a 1GW solar PV factory by 2024 at low cost.
Forrest plans to incorporate HyET’s Powerfoil technology for its PV factory, spending $350mn.
Fortescue has committed 10% of its annual profits for a green transition.
Honeywell to start testing long-duration flow battery storage prototype
Honeywell has announced a new long-duration battery storage technology that it will deploy for pilot deployments next year.
The company has developed a new flow battery, which they claim can store and discharge electricity for up to 12 hours.
The new battery technology will be tested by major utility company Duke Energy in a 400kWh system in 2022 – Honeywell want to scale up the pilot project to 60MWh in 2023.
The company is not willing to reveal publicly details of the exact battery chemistry at this stage, but Honeywell Vice President, Ben Owens, confirmed that the electrolyte will be a “non-rare earth element,” and the product is designed to be recyclable, made using easy to source, non-toxic materials.
Honeywell are not revealing the battery chemistry at this stage – eg will it be a vanadium electrolyte?
Oops! – Rotor hub and blades dropped into sea at Ormonde Offshore Wind Farm
Three 61-metre blades, and a blade clamping tool have fallen into the sea during major component exchange at the Ormonde offshore wind farm in the UK.
Along with the three turbine blades weighing 126 tonnes and the blade clamping tool weighing around 3 tonnes, a hub containing three pitch motors, batteries, four electrical cabinets, grease pumps and other components was also dropped.
See the incident here: https://youtu.be/HF5w2eWcKjI
Ariana Resources (LON:AAU) 4.7p, Mkt Cap GBP51m – Drilling results from Kokkinoyia
Ariana Resources has reported additional results from its drilling at the Kokkinoyia prospect in Cyprus which forms part of its Magellan project with Venus Minerals.
The project is owned by Venus Minerals and Ariana expects to complete its earn-in as a result of its exploration expenditures giving it a 50% interest by the end of October in line with the previously indicated timetable of early Q4 2021.
Today’s announcement says that recent drilling has identified “a potentially economically significant metal zonation within the Kokkinoyia deposit” which has resulted in “several important revisions … to the geological model”.
The drilling has identified an association between gold and zinc in the upper part of the deposit which Managing Director, Dr. Kerim Sener, said “suggests that the eventual economics of the Kokkinoyia mining opportunity will be influenced significantly for the better”.
Among the results highlighted in today’s announcement are:
A 51.8m wide intersection averaging 0.96g/t gold, 0.51% copper and 0.28% zinc from a depth of 48.2m in hole VMD001 with a 5.9m section at the top of the intersection which averaged 1.60% zinc, with 4.55g/t gold and 0.53% copper; and
A 13m wide intersection averaging 2.21g/t gold, 1.22% copper and 0.78% zinc from a depth of 128m in hole VMD002 which also contained 25m, from 116m depth at an average grade of 0.47% zinc, 1.16g/t gold and 0.67% copper; and
A 42.2m wide intersection at an average grade of 0.55g/t gold, 0.09% copper and 0.27% zinc from a depth of 90m in hole VMD004; and
A 47m wide intersection at an average grade of 0.36% zinc, 0.28g/t gold and 0.20% copper from a depth of 54m in hole VMD010.
The company says that “Zinc shows a generally weak association with copper and appears to primarily form in association with gold in its own zone at the upper limits of the deposit, forming an enriched “cap”, with only partial overlap across lower-grade copper mineralisation which occurs directly below”.
Ariana Resources also clarifies that “it appears that there is a local enrichment of gold towards the base of the zinc-rich zones, particularly in the vicinity of underground development, suggesting that these areas may have been mined in the past, specifically for gold”.
The results are interpreted to show “that each of the metal zones were likely to have been deposited at slightly different times or under slightly different geochemical conditions” which may prove to be an important insight to guide future exploration.
Ariana’s 2021 drilling has concentrated on the relatively shallower Kokkinoyia West area of the deposit rather than Kokkinoyia East which “is separated from … [the as yet undrilled] … Kokkinoyia West by a major SE-NW normal fault, dissecting and compartmentalising the two areas”.
“Generally, the Kokkinoyia East area is more structurally complex and contains higher grades of mineralisation. Furthermore, Kokkinoyia West is estimated to contain 23% more resource tonnage than Kokkinoyia East. Future exploration and resource infill drilling at Kokkinoyia will also test the Kokkinoyia East area”.
Previous drilling and sampling had concentrated on copper and Dr. Sener said that “Further work will now need to be undertaken on the metallurgy of these zones of mineralisation to determine the optimal route for economic extraction of copper, gold and zinc, in particular the potential to recover the metals via hydrometallurgical processing routes”.
Conclusion: Drilling at Kokkinoyia has provided improved insights into the mineralisation, including an association between gold and zinc which may help guide future exploration. To date, the recent drilling has concentrated on Kokkinoyia West but future work will include drilling at the more geologically complex but larger Kokkinoyia East deposit. We await further news as the exploration proceeds.
Atalaya Mining (LON:ATYM) 407.5p, Mkt Cap GBP539m – Declaration of inaugural dividend
Atalaya Mining reports that following its successful expansion of Proyecto Riotinto in Andalucia to 15mtpa capacity “Atalaya is now in a position to reward its shareholders by initiating a sustainable dividend policy” with an inaugural dividend of US$0.395/share (approximately 29p/share) payable on 1st December 2021.
The longer term dividend policy envisages the payment of between 30-50% of free cash flow payable in twice yearly increments and to be “announced in conjunction with future interim and full year results”.
CEO, Alberto Lavandeira, said that the declaration of an inaugural dividend and the announcement of a policy for future distributions “represents a major milestone for the Company and validates the strength and sustainability of our business. Atalaya’s shareholders will be rewarded for having consistently supported the Company as it restarted Proyecto Riotinto and expanded it into a world class operation”.
Conclusion: Since declaring commercial production at Proyecto Riotinto in February 2016, Atalaya Mining has subsequently upgraded capacity to 15mtpa in a series of staged expansions and is now in a position to ensure a flow of dividends to its shareholders based on a policy of distributing between 30-50% of free cash flow. Continuing expansion through exploration of nearby deposits in Andalucia and progressing the Touro project in Galicia should maintain momentum
Bushveld Minerals* (LON:BMN) – 9.92p, Mkt cap GBP119m – Convertible loan note settlement
BUY – Valuation 33p
(Bushveld Energy holds an indirect interest of 25.25 per cent in Enerox. Bushveld is invested in Enerox alongside a <3% in Invinity Energy Systems.)
CLICK FOR PDF
Bushveld Minerals has settled the final $11.5m of convertible loan notes held by Duferco.
Duferco has agreed to convert $9m worth of loan notes into new ordinary shares of Bushveld at a 5% discount to the 10-day VWAP.
Bushveld will repay the balance of $2.5m in cash along with ~$0.5m in interest to Duferco.
Bushveld will also pay $2.2m in South African rand to Duferco Vanadium Alloys Proprietary Limited and Duferco Vanadium Proprietary Limited.
*SP Angel act as nomad and broker to Bushveld
Castillo Copper (LON:CCZ) 2.13p, Mkt Cap GBP27.9m – Follow-up geological site visit to the Picasso lithium project
Castillo Copper has announced that its geological team is to undertake a site visit to the Picasso lithium project in Western Australia to assess the pegmatite hosted lithium potential and conclude Castillo’s due diligence process.
The visit is expected to focus in particular on the eastern boundary of the project area where “most of the 69 government mapped pegmatites” are located and where there are “historical lithium occurrences at surface”.
The team’s activities are expected to include a drone survey to identify and define the scale of pegmatite occurrences followed by on-site inspection, mapping and sampling of “newly identified pegmatites >1m wide”.
Impala Platinum (LON:OS2J) US$14.5, Mkt cap ZAR168bn – Impala Platinum in discussions in relation to the potential acquisition of Royal Bafoeking Platinum
Royal Bafokeng Platinum (JSE:RBP) ZAR11,1754, Mkt cap ZAR33bn –
Impala Platinum and Royal Bafokeng Platinum have issued a joint cautionary announcement in relation to discussions which may lead to a proposal whereby Impala may acquire 100% of Royal Bafokeng Platinum.
Shareholders are advised to exercise caution, though they may be forgiven for a little exuberance this morning.
The deal should not come as a complete surprise to the market given common boundaries and substantial potential synergies between the mines of the two groups.
Implats already mine some ground held by Royal Bafokeng Platinum from Impala’s shafts in cases where it is not economic for Royal Bafokeng Platinum to access this ground.
Impala acquired North American Palladium in late 2019 for C$1bn and we suspect the group will continue to acquire other related mining businesses.
Royal Bafokeng Platinum was created from the restructuring of the JV between Royal Bafokeng Holdings and Amplats.
MP Materials (NYSE:MP) $33.48, Mkt cap $5.9bn – Share price falls on activist short-seller report
Activist short seller Grizzly Research has published a report that predicts MP Materials is “far too reliant on the Chinese government” and declares the stock has a 60% downside risk.
MP Materials went public though a SPAC reverse merger backed by Chamath Palihapitiya.
The report suggests that MP’s mine generates nowhere near the economic essence needed to support the current valuation due to the fact that MP mostly mines less valuable rare earth, namely Cerium and Lanthanum.
The company is not set to participate in the favourable trend in rare earth prices the same way competitors do, given the low quantities of neodymium and praseodymium.
The full report can be read here: https://grizzlyreports.com/Research/MP%20Materials%20Corp.pdf
Phoenix Copper* (LON:PXC) 71p, Mkt Cap GBP82m – Royalty acquisition
(Phoenix holds 80% of the Empire mining property in Idaho)
Phoenix Copper reports that it has already paid US$550,000 for the first stage of a US$1.3m partial acquisition of royalties covering its Empire project area in Idaho.
The balance of the consideration is payable in three equal tranches, each of US$250,000, due on 31st December 2021,2022 and 2023.
The acquisition includes 1.25% of the 2.5% royalty held by Honolulu Copper Corporation as well as “Honolulu’s underlying patented and unpatented mining claims” plus 1% of the 2.5% royalty held by Mackay LLC.
The company explains that, as a result of the transaction, its 80% owned local operating subsidiary, Konnex Resources, “will pay a 1.25% royalty to Honolulu plus a 1.25% royalty to Phoenix, or a 1.5% royalty to Mackay plus a 1% royalty to Phoenix, based on the order in which the respective claim blocks are mined”.
Phoenix Copper also clarifies that the patented and unpatented mining claims acquired from Honolulu “will be owned by Phoenix’s 100% owned Idaho registered subsidiary, Lost River Resources Inc (“Lost River”)”.
“As a result, the Mining Lease with Honolulu has been terminated and will be replaced by a new mining agreement between Konnex and Lost River with substantially the same terms as the prior Mining Lease with Honolulu. Konnex’s existing rights and obligations with regard to the Empire Mine will therefore remain unchanged. The terms of the Mining Lease with Mackay will also remain unchanged”.
CFO, Richard Wilkins, commented that the royalty savings resulting from the transaction “represent significant additional revenue to Phoenix … and is intended to contribute additional funds to the corporate dividend policy which we plan to adopt for the benefit of our shareholders”.
Mr. Wilkins also pointed out that “As some of the mining claims cover portions of the potential Red Star silver – lead deposit, Phoenix will also benefit from the royalty otherwise payable to Honolulu or Mackay on Red Star, as well as on the deeper underground sulphide copper deposit, as and when those projects start to generate revenue”.
Conclusion: The partial acquisition of the royalties in Idaho should simplify the structure and ensure that, once in production, funds which would have been paid to the royalty holders will be available for potential distribution as dividends to shareholders.
Pure Gold (LON:PUR) 56p, Mkt Cap GBP246m – Q3 production climbs as accelerated underground development helps tonnages and grades
Q3/21 production amounted to 9.3koz, up 54%qoq, driven by improved plant throughput and grades.
Upgrades at the processing plant allowed to expand the milling capacity with the Company achieving 1,000tpd, up 25% on previous nameplate 800tpd, for a number of days.
Permitting required for increase in annual ore production limit from 292ktpa (800tpd) to 360ktpa (1,000tpd) is on track to secure approvals ahead of the current limit becoming a constraint n production.
Daily plant throughput averaged 685tpd, up 35%qoq, on increased stope access and mill upgrades.
Average mill head grade was 4.8g/t, up 15%qoq.
Main Ramp development average 4.7m a day during the quarter reaching a depth of 420m as of Sep/21 and is expected to hit 490m by the end of the year.
Main Ramp is critical to accessing higher grade 8-Zone
East Ramp development averaged 2.7m a day during the quarter with the first stopes mined from the second ramp early in the third quarter.
Throughput and grades are expected to improve through the end of 2021 and into 2022 driven by ongoing development and definition drilling programmes providing access to new mine faces in both the East Ramp and Main Ramp.
An updated MRE including satellite deposits Wedge, Russet South and Fork is expected to be completed in Q4/21 with an updated Mineral Reserves statement targeted for H1/22.
Maryse Belanger, a Director of the Company, has stepped into the role of Mine General Manager at the Company effective today and will be based in Madsen on a full time basis.
Her previous roles include President & CEO of Augusta Gold and President, Director & COO of Atlantic Gold, where she successfully guided the company in taking its Touquoy Mine in Nova Scotia from construction to commissioning, ramp-up and full production, through to its eventual acquisition by St. Barbara for $722M; she also served as CEO & Managing Director of Mirabela Nickel Ltd; from 2009 to 2014, Maryse was a senior executive with Goldcorp where she was ultimately appointed Senior Vice President, Technical Services.
Q4/21 production guided at 600-700tpd at an average grade of 5.5-6.5g/t (implying ~11koz at the mid range for throughput and processed grades).
1,000tpd steady state production rate is expected to be reached by mid-2022.
Vulcan Energy (ASX:VUL) A$14.99, Mkt cap A$1.86bn – Short seller accuses Vulcan of misleading investors over lithium brine project
Vulcan Energy has been accused of misleading investors with a positive pre-feasibility study report (Mining.com).
Short selling group J Capital has accused Vulcan Energy of misleading investors and has labelled its flagship lithium extraction project in Germany a “non-starter” (AFR.com).
“In effect, management is low-balling the costs and overstating the quality of its resource,” J Capital alleged.
“They have pushed down discount rates to make the project look profitable. Vulcan has also declined to reveal key information about the direct lithium extraction technology critical to removing the lithium from the brine at reasonable cost.”
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
John Meyer – [email protected] – 0203 470 0490
Simon Beardsmore – [email protected] – 0203 470 0484
Sergey Raevskiy [email protected] – 0203 470 0474
Joe Rowbottom – [email protected] – 0203 470 0486
Richard Parlons [email protected] – 0203 470 0472
Abigail Wayne – [email protected] – 0203 470 0534
Rob Rees – [email protected] – 0203 470 0535
Grant Barker – [email protected] – 0203 470 0471
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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
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt
Natural Gas, Uranium, Iron Ore
Bloomberg OTC Composite
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite