SP Angel – Morning View – Monday 23 09 19

Eurozone growth stalls as German manufacturing PMI collapses

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MiFID II exempt information – see disclaimer below

 

Amur Minerals* (AMC LN) – Russian TEO study update

Caledonia Mining (CMCL LN) – Non-executive director appointment

First Quantum Minerals (FQML CN) – Takeover speculation

Greatland Gold (GGP LN) – Drilling results from the Black Hills project

KEFI Minerals* (KEFI LN) – Update

Mkango Resources* (MKA LN) – Investment proposal for rare-earth magnet recycling

Power Metal Resources (POW LN) – Power Metals highlights potential for nickel sulphide discoveries

Premier African Minerals* (PREM LN) – Interim Chairman steps aside

Strategic Minerals* (SML LN) – Cobre Arbitration

 

Brazalian authorities to bring criminal charges against Vale and German TUVSUD accusing the compaies of fraud for the presentation of fake documents backing the stability of the Corrego do Feijao dam

 

En+ calls on LME to introduce new disclosure rules on emissions (FT)

  • The executive chairman of En+ Greg Barker has called on the LME to force aluminium producers that use the exchange to reveal the carbon footprint of their metal.
  • Aluminium has been identified by the UN as a metal where moves to reduce emissions are crucial, as it is one of the seven “hard to abate sectors”- because the costs of cutting emissions are high and progress to reduce emissions has been slow.
  • “As a first step to meaningful carbon reduction, every company needs to be far more transparent in disclosing the carbon content of the aluminium it produces,” wrote Lord Barker, a former UK energy and climate change minister.
  • This call adds further pressure to the LME as it is seeing increasing calls to ensure the metals traded on it are responsibly sourced.
  • The LME earlier this year announced rules requiring all metals on the exchange to be responsibly sourced from 2022, however this announcement focused more on socially responsible sourcing such as the use of child labour, rather than setting stringent environmental standards.

 

121 Mining Investment Conference – 20-21 November - London

 

Dow Jones Industrials

 

-0.59%

at

  26,935

Nikkei 225

 

+0.16%

at

  22,079

HK Hang Seng

 

-0.61%

at

  26,274

Shanghai Composite

 

-0.98%

at

   2,977

FTSE 350 Mining

 

-0.91%

at

  18,374

AIM Basic Resources

 

+0.90%

at

   2,151

 

Economics

Eurozone Flash PMI at 50.5 in September indicating that the region is stalling (IHS Markit)

  • The figure indicates a deepening manufacturing recession combined with slowing service sector growth.

 

German PMI falls to 49.1, a 7-year low following further deterioration in manufacturing (IHS Markit)

  • The PMI fared even worse falling to 41.4 in September, down from 43.5 the previous month.
  • According to the principal economist at IHS Markit trade war uncertainty, Brexit and the current outlook for the car industry are to blame for Germany’s manufacturing downturn.
  • The overall composite PMI fell to 49.1 from 51.7, indicating economic contraction as it fell below the 50 mark which separates expansion from contraction. 
  • Germany is being hit by a double whammy of increasing competition from China, collapsing vehicle sales and Brexit concerns.
  • A hard Brexit is likely to hit German exports further as the UK has long been a major buyer of German vehicles and other products.

Conclusion: Germany is heading into recession and may to drag the rest of the Eurozone into recession with it unless there is further stimulus to come from the ECB and from governments within the Union.

 

France Flash PMI of 51.3 in September shows increasing slowdown in growth driven by a better service sector (IHS Markit)

 

UK Labour party to vote for first time on Brexit stance

 

Currencies

US$1.0947/eur vs 1.1050/eur yesterday.  Yen 107.55/$ vs 107.95/$.  SAr 14.909/$ vs 14.801/$.  $1.243/gbp vs $1.254/gbp.  0.677/aud vs 0.679/aud.  CNY 7.122/$ vs 7.088/$.

Euro collapses below 1.10 against the US dollar on poor German PMIs

  • German private sector shrinks in September for first time in six years (Reuters).

 

Precious metals:

Gold US$1,518/oz vs US$1,505/oz yesterday

   Gold ETFs 79.7moz vs US$79.3moz yesterday

Platinum US$954/oz vs US$947/oz yesterday

Palladium US$1,663/oz vs US$1,648/oz yesterday

Silver US$18.32/oz vs US$17.91/oz yesterday

 

Base metals:   

Copper US$ 5,776/t vs.US$5,823/t yesterday

Aluminium US$ 1,788/t vs.US$1,797/t yesterday

Nickel US$ 17,550/t vs.US$17,880/t yesterday - Nickel prices climb as stainless steel producers buy amid future uncertainty (9Finance)

  • Prices increased ahead of a Chinese holiday and an Indonesian nickel ore export ban that could create shortages.
  • Indonesia’s plan to ban exports of nickel ore has been brought forward by two years to January 2020, and the Philippines could suspend five mining companies at the end of this year.
  • Benchmark nickel on the London Metal Exchange opened at $US17,725/t on Friday a 2.6% increase and nickel stocks in warehouses monitored by the Shanghai Futures Exchange slid 13.6%.

 

Zinc US$ 2,300/t vs.US$2,314/t yesterday

Lead US$ 2,115/t vs.US$2,110/t yesterday

Tin US$ 16,600/t vs.US$16,605/t yesterday           

           

Energy:           

Oil US$64.9/bbl vs.US$64.6/bbl yesterday

Natural Gas US$2.513/mmbtu vs.US$2.555/mmbtu yesterday

Uranium US$25.70/lb vs.US$25.70/lb yesterday           

           

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$89.6/t vs.US$88.5/t - Maintenance at Pilbara mines will not hurt iron ore output according to BHP (Reuters)

  • BHP group expects to meet all of its customer commitments on iron ore shipments, despite maintenance at its Jimblebar and Newman mines.
  • Speculation regarding output from Pilbara was driven by problems at its Jimblebar ore handing plant and reclaimer facilities, as well as port maintenance.
  • “There has been a minor impact to production at Newman and Jimblebar due to maintenance, however this is not expected to impact outflow from Port Hedland,” the company said on Monday.

 

Chinese steel rebar 25mm US$554.7/t vs.US$557.4/t

Thermal coal (1st year forward cif ARA) US$70.6/t vs.US$70.7/t

Coking coal futures Dalian Exchange US$194.7/t vs.US$195.7/t           

        

Other:  

Cobalt LME 3m US$37,000/t vs.US$37,000/t

NdPr Rare Earth Oxide (China) US$45,280/t vs.US$45,499/t

Lithium carbonate 99% (China) US$6,950/t vs.US$6,984/t

Ferro Vanadium 80% FOB (China) US$38.3/kg vs.US$38.4/kg

Antimony Trioxide 99.5% EU (China) US$5.0/kg vs.US$5.1/kg

Tungsten APT European US$195-205/mtu vs US$195-205/mtu

 

Battery News

VW starts battery cell pilot line at Salzgitter, Germany

  • The move is a first step towards building up battery cell development and production know-how in Germany.
  • The group also has a Gigafactory joint venture with Northvolt which is due to start production in the same location in 2023/24.
  • VW reckons it is on track to becoming a global leading producer of e-mobility components.

 

Batteries could reduce global transport emissions by 30% by 2030 according to World Economic Forum (miningweekly)

  • The World Economic Forum’s Global Battery Alliance outlined the view in a new report, titled ‘A Vision for a Sustainable Battery Value Chain in 2030’.
  • According to the report, this will create about ten-million jobs and add $150-billion to the global economy, while simultaneously providing electricity to 600-million people.
  • The report also highlights the importance that the metals and mining sector has to play, through the responsible provision of key materials, the creation of safe and sustainable jobs, and making sure measures are taken to benefit the environment and eliminate child and forced labour. 

 

Company News

Amur Minerals* (AMC LN)  2.005p, Mkt Cap £15m – Russian TEO study update

  • The Company updated on the progress of studies commissioned for Kun Manie Permanent Conditions TEO, a Russian feasibility study carried for estimation of reserves under local requirements.
  • Hydrogeology and rock mechanics studies commenced in Q2/19 and is due for completion in Q4/19.
  • Reserve statement is being compiled by local consultants (Oreol) incorporating the 2018 field season drilling and is due for completion in Q4/19.
  • Metallurgical test work has been awarded to Gipronickel Institute, a subsidiary of Norilsk Nickel, with two bulk samples shipped to laboratories and studies to start in early Q4/19. The results will be accompanied by historical met test for identification of the optimal process route and the quality of final concentrates (copper and nickel).
  • Necessary maiden environmental impact studies at the mine site area are underway.
  • The TEO study is due in Dec/20.
  • The accumulated data will also be used to upgrade the existing PFS (Feb/19) to that of a DFS standard.

Conclusion: The team is ramping up TEO related works in order to estimate Kun Manie reserves under Russian standards due for completion in Q4/20 that will also provide additional data to facilitate the upgrade of the existing PFS towards DFS level, thus, further de-risking the nickel/copper sulphide project.

*SP Angel act as Nomad and Broker to Amur Minerals

 

Caledonia Mining (CMCL LN)  585p, Mkt Cap £62.9m – Non-executive director appointment

  • Caledonia Mining reports the appointment of Nick Clarke as a non-executive director.
  • Mr. Clarke currently serves as Chairman of Central Asia Metals and is a mining engineer with 45 years industry experience.
  • Welcoming the appointment, Leigh Wilson, Chairman of Caledonia Mining also confirmed that with the equipping of the new Central shaft at the Blanket mine now underway “Caledonia's management team and Board continue also to focus on new opportunities as Blanket Mine begins to ramp up to its target of 80,000 ounces of gold per year from 2022 onwards.”
  • He went on to say that "Mr. Clarke's experience will provide further support in evaluating and implementing these opportunities, with Blanket Mine's ongoing mining operations acting as the catalyst in furtherance of the Company's growth and development."
  • Expressing his pleasure at his appointment and anticipation at “working with my fellow directors and Caledonia's management team to support Caledonia's profitable growth” Mr. Clarke said that “It is testament to the strength of Caledonia's management team that, in what has been a turbulent period in Zimbabwe, the Blanket Mine has operated successfully, Caledonia has continued to pay a regular quarterly dividend and the Central Shaft project is nearing completion.”

Conclusion: Now that Caledonia Mining’s strategic development of the Blanket mine is coming towards fruition and ensuring a long term future for the mine through accessing deeper level ores, the new board appointment suggests that attention is turning towards wider opportunities.

 

Greatland Gold (GGP LN)  1.835p, Mkt cap £65.1m – Drilling results from the Black Hills project

  • Greatland Gold reports the results from 14 of 20 reverse circulation holes (5846m) drilled on its wholly owned Black Hills project in the Paterson region of Western Australia.
  • The project is located approximately 30km east of Newcrest Mining’s operating Telfer gold mine and is adjacent to the company’s Havieron project where Newcrest Mining is currently earning a 70% interest in a series of staged exploration expenditure commitments over a six-years period.
  • Among the results reported today are
    • A 36m wide intersection at an average grade of 0.53g/t gold from a depth of 104m in hole SRRC007. The wider intersection includes 4m averaging 1.65g/t gold from 104m depth; and
    • A 36m wide intersection at an average grade of 0.36g/t gold from surface in hole SRRC010; and
    • A 12m wide intersection at an average grade of 0.57g/t gold from a depth of 32m in hole SRRC011; and
    • A 56m wide intersection at an average grade of 0.56g/t gold from a depth of 68m in hole SRRC012 includingg 4m averaging 2.52g/t gold from a depth of 76m.
  • Commenting on the results from the first drilling campaign on the property, CEO, Gervaise Heddle, said that  “We believe that Black Hills has significant potential to host gold mineralisation, similar in style to that seen at Newcrest's nearby Telfer mine, although the project remains at a very early stage.”

Conclusion: We await the results of the remaining four holes from Black Hills. Initial results show wide intersections of gold bearing mineralisation, however, we expect that further work will be required to focus on the more promising areas.

 

First Quantum Minerals (FQML CN) C$12.21, Mkt cap C$8.4bn – takeover speculation

  • First Quantum shares jumped on takeover speculation last week.
  • There has been much speculation over First Quantum Minerals ‘FQM’ in recent weeks with a rumour that FQM might sell or split off its Zambian business to leave it with its new Cobre Panama project in Panama.
  • The effect of the split would be to enable the sale of the company with the Cobre Panama mine to one of the super majors, Rio Tinto, BHP, Anglo or Glencore.
  • The presumption is that the super majors might not want to acquire the Zambian assets.
  • The Zambian government recently settled a dispute with First Quantum over taxes on equipment brought into Zambia for their Trident project which would make the group more palatable .
  • Zambia is currently debating a proposed move to migrate the VAT applied to miners into a Sales Tax probably due to the substantial VAT refunds which are repaid to the sector.
  • Implementation of the new proposed tax has been delayed several times this year and may now come in on 1 January 2020 if the government ignores substantial internal opposition to this tax. For example, FQM estimate that introduction of this tax would increase payments from FQM by US$0.07c/lb.
  • Mining is reported to account for more than 70% of exports and around 21% of domestic Zambian revenues including indirect contributions of 8% e.g. through taxes on employees and services into the mines.
  • First Quantum shipped its first copper from the Cobre Panama mine in June with some 30,896t of copper in concentrate produced in Q2 of which 6,542t of copper and 2,627oz of gold.
  • The Cobre Panama mine is the largest undertaking by FQM costing some US$6.7bn causing some to speculate on how the company might manage to fund the capex.
  • The mine expects to produce some 140-175,000t of copper this year rising to some 375,000tpa at its peak raising total group production to >900,000tpa to make FQM potentially the world’s sixth largest copper producer.
  • Nearly all the capex has now been spent with $1,445m being spent this year on the project out of the $6.7bn increasing net debt to some $7.3bn at a time of relatively low copper prices.
  • Jiangxi Copper of China has acquired close to 10% of FQM according to the Financial Times perhaps prompting some of the speculation.

Conclusion: We conclude the takeover speculation has some merit but in this case it feels more like a ruse to us to get the share price up for some other potential corporate reason

 

KEFI Minerals* (KEFI LN)  1.095p, Mkt Cap £8.4m – Interims

  • The Tulu Kapi gold project in Ethiopia remained the primary focus of the team in H1/19 targeting the start of development works and start-up production in mid-2021 (full production in Oct/21).
  • The Company and its partners has recently confirmed their respective commitments to the start of development of the project in October 2019.
  • The National Bank of Ethiopia issued formal approval on the terms of the proposed full project funding package.
  • PM Abiy Ahmed offered full support to the project and issued relevant government agencies instructions to enable start of development works.
  • The Ethiopian Electrical Power Corporation and Ethiopian Roads Authority, both equity participants in Tulu Kapi on the project level represented by the Ethiopian Ministry of Finance, had their budgets approved and are readying sub-contractor tender documentation.
  • Local project partner ANS increased its total commitment from $30m to $38m further reducing the financing risk. The first tranche in the amount of ~$11m is expected to be released in due course enabling the start of resettlement works while the remaining balance to be released once full development funding including placing of a $160m infrastructure bond is completed.
  • Full funding is expected to close in Mar/20.
  • The Company secured convertible debt facility (two year £2.25m facility) for working capital needs as KEFI readies for the start of the relocation programme and the start of construction works.
  • At $1,400/oz gold price the project is estimated to yield $40m in FCF per annum and generate NPV f $249m at the start of production with KEFI’s 45% beneficial interest worth $112m.
  • In Saudi Arabia, following the resolution of local access issues, regulatory overhauls and license renewal, drilling is to start at the Hawiah Exploration License this week.
  • On financial results, the Company recorded a £1.7m loss (H1/18: £2.4m) most of which attributed to administration costs of £1.1m (H/18: £1.6m) and finance expenses of £0.3m (H1/18: £0.6m).
  • As of H1/19, the Company had £160k in cash and £880k in debt of which £75k was due under the convertible loan facility after £450k was repaid through the issue of 22.5m shares.
  • Post the reporting period the Company issued ~80m shares covering £675k in convertible loan repayments.

Conclusion: The project is waiting for final approvals to be cleared that would pave the way for the release of the first ANS investment (~$11m) enabling the start of the resettlement programme and start of construction works. The team is also moving forwards with closing the full project financing package that involves attracting $160m worth of infrastructure funding (completion due in Q1/20).

*SP Angel act as Nomad and Broker to KEFI Minerals

 

Mkango Resources* (MKA LN)  6.4p, Mkt Cap £8.5m – Investment proposal for rare-earth magnet recycling

  • Mkango Resources has announced that, subject to the conclusion of satisfactory agreements and due diligence its 75.5% owned Maginito Limited is proposing to invest £300,000 for an initial 25% interest in HyProMag which is a private company concentrating on the recycling of rare earth magnets.
  • In addition to the initial investment, which is being funded from its existing cash resources, Maginito is to provide a £200,000 convertible loan facility and “Maginito will have an option to increase its interest in HyProMag to up to 49%, and the first right to supply any primary rare earth raw materials for blending with recycled materials, if required, and to market the magnetic end products”.
  • The HyProMag business stems from research at the School of Metallurgy at the University of Birmingham and harnesses the work of Professor Rex Harris (one of the company’s founders) and others into the recycling of permanent magnets using the hydrogen decrepitation method “to reduce NdFeB alloys to a powder, is now ubiquitously employed in worldwide magnet processing. In a further development, the MMG patented a process for extracting and demagnetising NdFeB powders from magnets embedded in redundant equipment using hydrogen in a process called HPMS (Hydrogen Processing of Magnet Scrap). This patent and related Intellectual Property is at the core of HyProMag.”
  • Commenting on the rationale for the transaction, Mkango’s Chief Executive, William Dawes, explained that “We believe that rare earth magnet recycling and primary production will play complementary roles in the development of a sustainable electric vehicle supply chain and we see clear synergies with the development of Mkango's advanced stage Songwe Hill rare earths project in Malawi”
  • Explaining the pressures on the rare-earths supply chain for magnets in recent years, Professor Allan Walton of HyProMag said that “At the same time there is very little recycling of these materials partly due to the technological challenges for efficiently separating magnets from end of life products. This investment in HyProMag will exploit HPMS in order to provide a secure supply of rare earth alloys with a very low environmental footprint. The strategic alliance with Mkango has future potential for supplementing and enhancing products with additional independent supply chains.”
  • Daniel Mamadou of the Noble Group’s subsidiary, Talaxis, which is funding the feasibility study at Mkango’s Songwe Hill rare-earths project in Malawi and already holds a 24.5% interest in the project expressed enthusiasm for “this ground-breaking project that has the potential to revolutionise rare earths magnet recycling for the electric vehicle market. The investment is an excellent strategic fit with Talaxis' technology metals portfolio, strengthening our position in the rare earths supply chain and underlining our commitment to decarbonisation and sustainability.”

Conclusion: Mkango Resources is establishing itself across the evolving rare-earths magnet supply chain building on its Songwe Hill project and now expanding its links into the downstream and materials recycling side of the rare-earths magnet business which is emerging as critical to the expansion of environmentally benign power generation and electric vehicles.

*SP Angel act as Nomad and broker to Mkango Resources.

 

Power Metal Resources (POW LN)  0.45p, Mkt Cap £1.7m – Power Metals highlights potential for nickel sulphide discoveries

  • Power Metal Resources ‘POW’ have published a lengthy update on a number of projects in Botswana, Tanzania, the DRC and Cameroon.
  • The company’s technical teams have identified large scale nickel sulphide targets in Botswana and Tanzania.
  • They have also identified vanadium and copper anomalies while out looking for cobalt in the DRC and Cameroon.
  • Botswana (Nickel) – the company has an 18.26% stake in Kalahari Key Mineral Exploration the Molopo Farms Complex in South West Botswana.
  • POW can earn-in to a 40% direct interest by the year end by committing to spend $0.5m by end 2020. They can then raise their stake further to 50.96% by end 2020.
  • Cameroon (Cobalt-nickel) – POW acquired licenses close to Geovic Mining’s Nkamouna Co-Ni deposit which is believed to be the largest defined cobalt Resource outside the DRC and is exceptional among laterites for its high Cobalt to Nickel ratio.
  • So far X-Ray Fluorescence ‘XRF’ results pointed to elevated cobalt grades, a high cobalt to nickel ratio and some presence of precious metals on POW’s licenses.
  • Unfortunately, the assay results show lower cobalt readings than the XRF readings but with anomalous elevated levels of vanadium and titanium which were not identified with the XRF.
  • Geovic’s Nkamouna project has a total Measured, Indicated and Inferred Mineral NI 43-101 Resource of 323mt grading 0.21% cobalt, 0.61% nickel and 1.26% manganese.
  • DRC – (Copper/Cobalt) – POW identified a 6.8km copper anomaly running through its 70% owned Kisinka copper-cobalt license further details will be announced.
  • Tanzania (Nickel - Haneti Project) - POW has acquired a 25% holding in the Haneti nickel project held in joint venture with Katoro Gold plc (LON:KAT) with a right to increase to 35% through a payment of £25,000 by 15 May 2020. POW also holds 10m Katoro shares representing 5.90% of Katoro Gold's issued share capital plus 10m warrants in Katoro Gold exercisable at 1.25p (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).

Conclusion: POW has a number of projects each offering substantial potential upside. The new team at POW is driving the business forward and we look forward to further progress and updates in due course.

*SP Angel act as broker to Power Metals Resources (formerly African Battery Metals)

 

Premier African Minerals* (PREM LN)  0.027p, Mkt Cap £2.7m – Interim Chairman steps aside

  • Premier African Minerals reports that its interim Chairman and non-executive director, Michael Foster, has resigned as the company continues its restructuring and moves to diversify both commodity and geographic risk profile, initially through the previously announced strategic relationship with MNH Holdings, a Namibian manganese producer operating and expanding the Otjozondu mine.
  • Thanking Mr. Foster for his role as interim Chairman which he took on “last year at a very difficult time, and for his stewardship and guidance since then as Premier continues to develop the strategic relationship with MNH Holding Limited”, CEO, George Roach said that he had “agreed to act for a strictly limited period initially of 30 days as the interim Chairman”.
  • Mr. Roach went on to discuss progress at the company’s operations where “site work has commenced with the construction of a suitable substation for electrification of the [RHA tungsten] mine and we have also been able to better assess the overall funding still required that National Indigenisation and Economic Empowerment Fund are committed to provide under the terms of the revised Management Agreement.”
  • He also confirmed continuing discussions with the Zimbabwean Mining Affairs Board “in regard to the ongoing exclusive prospecting order application at our Zulu Lithium and Tantalum project” and that the company had been invited to meet the Board in Harare at the end of September.

Conclusion: Management is evolving as the company addresses its diversification strategy, we look forward to learning the identity of the new Chairman to lead this drive following the departure of Michael Foster.

*SP Angel have an agreement with Premier African Minerals as a result of the acquisition of Northland Capital Partners

 

Strategic Minerals* (SML LN)  0.879p, Mkt Cap £12.8m – Cobre Arbitration

  • Strategic Minerals reports that its wholly owned subsidiary, Souther Minerals Group, which operates the Cobre magneite sands project in New Mexico has lodged a notice of arbitration in its protracted dispute with the major, un-named, client at Cobre.
  • The claim is reported to consist of three main elements:
    • Over “$2.3m relating to payments outstanding to date”
    • Over “$19m in relation to lost profits for the balance of the contract”; and
    • “punitive damages as permitted by law”.
  • The company explains that it is taking a conservative view in respect of its future funding plans “and excluded any potential payment from the client and incorporated expected legal fees”
  • Managing Director, John Peters explained the background saying that “The claim against the major Cobre client has been meticulously reviewed prior its issuance and comes after the breakdown in negotiations with the client”.
  • He said that “the Board is continuing to review its projects and examining the preferred methods of funding such development.” In the light of events at Cobre but confirmed that “The Company remains in the fortunate position wherein the profits from the Cobre operation continue to fund overheads and contribute, albeit at a lower level, to project development. Further, as 100% owners, the Company can dictate the pace of progress on each project, as holding costs on each are relatively minor."

Conclusion: The long-standing dispute with its main customer at Cobre has come to a head with the lodging of an arbitration claim. The timing of the company’s other projects may be adjusted to accommodate these events but the company is making the point that as it is sole owner it is in a position to make the required adjustments to its programme of work.

*SP Angel act as Nomad and Broker to Strategic Minerals

 

Analysts

John Meyer – 0203 470 0490

Simon Beardsmore – 0203 470 0484

Sergey Raevskiy – 0203 470 0474

 

Sales

Richard Parlons – 0203 470 0472

Abigail Wayne – 0203 470 0534

Rob Rees – 0203 470 0535

 

SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London

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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

DCE

RRE

Steelhome

Lithium Carbonate, Ferro Vanadium, Antimony

Asian Metal

Tungsten

Metal Bulletin

 

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