SP Angel . Morning View . Wednesday 13 05 20

SP Angel . Morning View . Wednesday 13 05 20

Gold prices rise over potential COVID-19 second wave

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MiFID II exempt information – see disclaimer below

 

Anglo Asian Mining* (AAZ LN) - BUY – Strong FY19 results with the Board announcing an increase in dividends

Ariana Resources* (AAU LN) – Completion of initial 9% earn-in to Venus Minerals

BlueRock Diamonds* (BRD LN) – Diamond sales into Antwerp could attract higher prices than local sales

Kavango (KAV LN) – Ongoing data analysis and collection to complete 3D underground geological model

Tri-Star Resources* (TSTR LN) – Shipping of first antimony by SPMP

 

COVID-19 – is the US and Europe risking a second wave by reopening from Lockdown too early or will Europeans develop herd immunity in time?

• Gold prices look set to rise further on the risk of a second wave of COVID-19 cases overwhelming healthcare systems on a second spike in infections.
• Western nations are racing to reopen their economies ahead of firm data on herd immunity and reinfection rates.
• Politicians and economists are balancing the economic cost and its impact on workers and households with the ability of healthcare systems to manage.
• China’s reported control of the reinfection rate and rapid restart of it’s industry may also cause nations to return to work in an attempt to preserve market share and better compete with China in the sale of goods and services.

 

EV registrations rise in Europe but remain low market share

• EV registrations in Europe rose 57.4% in Q1 2020 whilst auto sales more broadly fell by 52.9%. (Reuters)
• Despite the rise in registrations EVs still only account for 4.3% of total registrations.
• 3,054,703 new cars were registered in Q1 with 52% petrol, 28% diesel.
• Germany leads the way on new EV registrations with 26,030 units a 63.3% rise while French sales rose 145.6%, UK sales surged 204% whilst surprisingly Norwegian sales fell 12.4%.

 

Alrosa diamond sales practically halt in April 

• Alrosa, the Russian state diamond company, sales totalled just $15.6m in rough and polished diamonds last month.
• Sales were $152.8m in March and $405m in January this year.
• Demand for diamond jewellery has declined dramatically as Lockdowns closed jewellers and jewellery manufacturers.
• Diamond tenders/auctions also closed as buyers were not able to fly and attend sales while many if not all cutting centres are also closed in India and elsewhere.
• Alrosa expect an upward demand for diamonds as early as the third quarter, and the deputy CEO told the media that clients have been offered the option to buy rough diamonds scheduled for April on a later date. 

 

World Bank - Cobalt production needs to increase by 460% by 2050 

• The production of cobalt may need to increase by 460% from 2018 levels to satisfy the growing demand from clean energy technologies. 
• Cobalt demand in clean technologies is seen rising from 140,000 tonnes to 644,000 tonnes by 2050, based on wind, solar and geothermal power as well as energy storage. 
• The growth in demand for cobalt also carries supply risks, as over 60% of production is concentrated in the DRC, which has resulted in the battery industry attempting to reduce the amount of cobalt needed in batteries.  
• The labour and environmental issues surrounding cobalt extraction have put pressure on downstream companies to become more responsible in how they source cobalt. 
• Last year, BMW signed up to buy cobalt from Glencore's mines in Australia due to the questionable practices occurring in the DRC concerning cobalt extraction (Auto Vista). 
• Cobalt prices have fallen in recent weeks as supply fears have been outweighed by concerns of a global economic slowdown and a slower uptake in electric vehicles (Fastmarkets MB). 

 

US Senator pushes rare earth funding bill 

• Ted Cruz introduced legislation yesterday to help revive the US rare earths industry- with tax breaks for mine developers and manufacturers who buy their products. 
• The legislation would let mining companies deduct the cost of building rare earth mines and processing facilities along with equipment purchases from their tax bill. 
• Electronic manufacturers would be able to reduce their US rare earths costs by 200%, and the Pentagon would be required to use US-derived rare earth produces in all weaponry.
• The legislation introduced on Tuesday also would provide $50m in grants for rare earth pilot projects (Reuters). 

 

Dow Jones Industrials		-1.89%	at	23,765
Nikkei 225		-0.49%	at	20,267
HK Hang Seng		+0.19%	at	24,292
Shanghai Composite		+0.17%	at	2,897

 

Economics

China - excavator sales rose 60% yoy in April to 45,400 and +10.5% year to date on last year at 114,100 machines

• We expect construction machinery sales to continue to rise as provinces and central government encourage infrastructure development
• This is part of the ongoing urbanisation program as well as restoration of economic growth
• China’s economic miracle and massive urbanisation was partly inspired by the need to create a healthier society
• China is likely to accelerate its urbanisation program and to work to ensure future virus either do not transmute or are better contained
• China is not stopping for anything
• China - PPI fell 3.1% yoy in April vs 4.3% in March
• CPI rose 3.3% vs -1.5% in March
• Auto sales rose 4.4% yoy to 2.07m
• Passengers car sales fell 2.6% yoy China Association of Automobile Manufacturers
• China relaxing rules on aviation to stimulate the buying of aircraft by Chinese companies. eg so China can take advantage of the massive number of planes up for fire-sale
• China is rumoured to be considering the interruption or suspension of coal and meat from Australia

 

US – Anthony Fauci warned of early reopening of the economy that may bring serious risks of a second wave of infections.

• “If certain areas prematurely open up, my concern is we might see spikes that turn into outbreaks,” he said.
• Health officials highlighted the importance of widespread testing and contact tracing systems in the reopening.
• Concerns over a potential resumption in the US/China row escalated as President Trump urged the government main pension fund not to invest in Chinese index funds.
• Trump suggested that companies that are included in the index may face sanctions for allegedly “culpable actions of the Chinese government with respect to the global spread of the (coronavirus)”, FT reports.
• Consumer prices dropped 0.8%mom in April reflecting lower energy prices as well as significant declines in the sectors most affected by shutdowns like travel and tourism.

• US CPI fell 0.8% in April and 0.3% yoy vs 0.4% in March which was up 1.5% yoy

 

Japan – Sentiment among shopkeepers and vendors dealing directly with Japanese consumers dropped to 7.9 last month hitting the first single-digit reading in data going back to 2002.

• A separate measure of the outlook among merchants dropped to 16.6, also a record low, Bloomberg reports.
• The number of bankruptcies in Japan increased 15%yoy in March to 743 companies; although, analysts highlight most of insolvencies so far reflect companies that were already struggling before the pandemic and implementation of the lockdown.
• Separately, the Economy Minister Yasutoshi Nishimura who is also the minister in charge of virus response said that authorities will keep  state of emergency in its biggest urban areas of Tokyo and Osaka until at least the ned of May.

• The leading index was 83.8 in  March vs 91.9 in February

 

UK – The economy contracted almost 6%mom in March as the nation enacted self isolation restrictions.

• During the month services industry dropped by 6.2%, manufacturing contracted 4.6% and construction lost 5.9%.
• Overall, Q1 GDP dropped 2%qoq compared to a 2.6%qoq expected.
• Consumer spending dropped 1.7%qoq in Q1 marking the strongest drop since the financial crisis with worst reading expected to come in Q2.
• Separate reports earlier showed retail sales fell 19.1%yoy in April while Barclaycard reported a 36.5% decline in transactions, Bloomberg reports.
• With lockdown remaining largely in place and the government only gradually planning to lift restriction authorities announced an extension of wage subsidies for furloughed workers until the end of October.
• UK construction and manufacturing is running at 60%

 

Australia - NAB business confidence recovered to -46 in April vs -66 in March

 

India - Industrial production fell 16.7% yoy in March vs 4.5% in February

• Manufacturing output fell 20.6% in March vs 3.2% in in February
• Indian figures will surely get worse before they get better again

 

Austria – The nation will reopen its border with Germany from Friday onwards with occasional checks remaining in place until mid-June.

• The country is also in discussions to end travel restrictions with Switzerland, the Czech Republic, Slovakia, Hungary and Slovenia.
• Italy is not on the list for now.

 

Over 700 Iranians Dead From Methanol Poisoning Over False Belief the Chemical Cures COVID-19

• Methanol is cumulative toxin and is absorbed through the skin if used in a handwash.
• Methanol is sometimes inadvertently manufactured in place of alcohol causing blindness and death.
• Anyone buying sanitizer handwash should be sure it does not contain methanol.

 

Philippines - Mines can resume operating at full capacity

• The country's Mines and Geosciences Bureau (MGB) has released guidelines for the resumption of mining and processing operations due to be implemented on the 16th of May. 
• A workforce of anywhere between 50-100% at the mine/plant site is allowed, without prejudice to alternative work arrangements such as work-from-home. 
• Miners will have to provide medical equipment and supplies such as thermal scanners, face masks and transportation to and from mine and plant sites (Reuters). 

 

Currencies

US$1.0849/eur vs 1.0824/eur yesterday.  Yen 107.10/$ vs 107.58/$.  SAr 18.427/$ vs 18.471/$.  $1.229/gbp vs $1.234/gbp.  0.648/aud vs 0.648/aud.  CNY 7.093/$ vs 7.093/$.

 

Commodity News

Precious metals:          

Gold US$1,703/oz vs US$1,700/oz yesterday

   Gold ETFs 97.4moz vs US$97.2moz yesterday

Platinum US$763/oz vs US$769/oz yesterday

Palladium US$1,859/oz vs US$1,887/oz yesterday

Silver US$15.50/oz vs US$15.47/oz yesterday

            

Base metals:   

Copper US$ 5,230/t vs US$5,253/t yesterday

Aluminium US$ 1,475/t vs US$1,488/t yesterday

Nickel US$ 12,280/t vs US$12,280/t yesterday

Zinc US$ 1,979/t vs US$2,017/t yesterday

Lead US$ 1,628/t vs US$1,663/t yesterday

Tin US$ 15,280/t vs US$15,170/t yesterday

            

Energy:            

Oil US$29.6/bbl vs US$29.9/bbl yesterday

Natural Gas US$1.682/mmbtu vs US$1.830/mmbtu yesterday

Uranium US$33.65/lb vs US$33.75/lb yesterday

            

Bulk:    

Iron ore 62% Fe spot (cfr Tianjin) US$87.3/t vs US$85.1/t

Chinese steel rebar 25mm US$532.9/t vs US$533.0/t

Thermal coal (1st year forward cif ARA) US$52.8/t vs US$53.5/t - Norway's oil fund to divest major thermal coal companies

• The country's $1tn oil fund has sold out of companies including Glencore, Anglo American and RWE after the fund decided they breached its guidelines on the use of coal (FT). 
• Exclusions are based on the new thresholds for coal companies which were added to the guidelines last year, and this is the first time these thresholds in the coal criterion are being applied (Bloomberg). 
• The fund also sold out of other companies such as Vale due to "severe environmental damage" caused by dam bursts, and also sold out of companies due to unacceptable greenhouse gas emissions. 

• Additionally, the Executive Board placed four companies (BHP Group, Vistra Energy, Enel and Uniper) on their watchlist.

Coking coal swap Australia FOB US$117.0/t vs US$117.0/t

            

Other:  

Cobalt LME 3m US$30,000/t vs US$30,000/t

NdPr Rare Earth Oxide (China) US$37,854/t vs US$37,570/t

Lithium carbonate 99% (China) US$5,216/t vs US$5,216/t

Ferro Vanadium 80% FOB (China) US$27.5/kg vs US$27.5/kg

Antimony Trioxide 99.5% EU (China) US$4.9/kg vs US$4.9/kg

Tungsten APT European US$215-225/mtu vs US$215-225/mtu 

Graphite flake 94% C, -100 mesh, fob China US$510/t vs US$520/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,350/t vs US$2,425/t

 

Battery News

Tesla stirs up competitors as it becomes 3^rd most popular EV brand

• Tesla sold 4070 cars in Q1 in South Korea aided by state subsidies. The sales accounted for 46% of total EV sales in the nation. (EconoTimes)
• There have been grumblings from local players about the government helping foreign car makers with subsidies. Nearly 20% of the cost of the Model 3 sedan is subsidized.
• Tesla has risen to become the 3rd most popular brand in South Korea, but it is felt does not contribute enough to local jobs or pay sufficient taxes.
• The tax situation could change with new stricter auditing rules effective this year.
• Back in California Tesla has been stirring up more controversy over the reopening of its Freemont facility. (Tech crunch)
• Alameda County officials have announced the factory could reopen next week with the implementation of safety regulations are Musk threatened to move operations to Texas.
• Tesla had initially reopened the facility in defiance of the stay at home order in the county and filed a lawsuit over the weekend against the order.

 

Copper ion moves Magnesium batteries closer

• Researchers at the Qingdao Institute of Bioenergy and Bioprocess Technology taken steps towards a viable battery based on Magnesium, a far more abundant element than lithium. (Phys.org)
• The team found that using a copper ion origin from the cathode reduces the discharge product build up and enables high energy output.
• As the Mg battery discharges the Cu+ dissolves into electrolyte and becomes metallic copper as it receives electrons through exchange with the Mg2+. The metallic copper forms a highly conductive coating on the electrode enabling electricity to flow freely.
• The experimental Mg/Cu+ battery retained 80% of original capacity after 200 charge/discharge cycles. The team hope to reach the 1000 cycle milestone inside the next 2yrs.
• The results of the study are published in Angewandte Chemie.

 

Company News

Anglo Asian Mining* (AAZ LN) 118p, Mkt Cap £134m – Strong FY19 results with the Board announcing an increase in dividends

BUY

• Revenues increased to an all time high of $92.1m (2018: $90.4m) reflecting stronger gold prices and higher copper concentrate sales proceeds.
• Gold bullion sales came in at 54.0koz at an average realised gold price of $1,410/oz (2018: 59.5koz at $1,265/oz).
• Copper concentrate sales totalled 10.3kt with revenues contribution of $16.7m (2018: 7.7kt and $15.4m).
• AISCs of gold production averaged $591/oz (2018: $541/oz) remaining in the first quartile and highlighting operational efficiencies and low cost status of the jurisdiction.
• EBITDA amounted to $50.5m (2018: $49.8m) implying strong 55% EBITDA margins (2018: 55%).
• PAT was up 18%yoy at $19.3m (2018: $16.3m) and EPS of 16.91c per share (2018: 14.32c).
• FCF, including cash in transit, totalled $25.5m (2018: $28.9m) after accounting for an increase in the working capital ($7.6m v -$0.6m (ie cash generated) in 2018) largely driven by an increase in ore stockpiles and heap leaching at the end of 2019 (+$9.7m) as well as incurring $4.7m in capital expenditures (2018: $15.3m) and $4.5m in exploration costs (2018: $2.9m).
• The Company is debt free since February with $26m in the bank as at 31 March 2020 which does not include $5.9m worth of gold produced in March and sold in April.
• A stand by credit facility has been agreed for $15.0m as a precautionary measure should COVID-19 related restrictions require external sources of funds. The Company estimated that it would cost around $1m per month to place Gedabek on care and maintenance and around $4-5m per month to continue running it at full production.
• The Board advised a 4.5c final dividend taking the total payout for 2019 to 8.0c (2018: 7.0c) or $9.2m.
• Shares will go ex-dividend on 2 July 2020 with the dividend to be paid 30 July subject to approval by shareholders on 23 June 2020.
• Operationally, Gedabek production facilities continue as normal with no cases of COVID-19 recorded on site. Additional expenses related to VOICD-19 are estimated at just $0.1m per month attributed to chartering aircraft to ship gold dore to Switzerland, staff overtime and some other logistical costs. 
• The team is continuing with extensive exploration programme focused on extending the life of mine at the existing mining operations as well as potentially bringing in new mineralised zones into production.
• Exciting exploration results point to a potential extension of the Gedabek life of mine that currently stands at 2024 with updated mineral resources and reserves expected in Q3/20.
• The Company reiterated 2020 production target of 75-80koz GE (2018: 82.8koz) comprised of 65-67koz of gold and 2.2-2.4kt of copper.

Conclusion: Good earnings results highlight record generated revenues, high earnings margins led by low operating costs and strong FCF generation during the year with the Board announcing an increase in the final dividend payment bringing the total to 8.0c. This is equivalent to a 6.2% yield on the average share price in 2019 and 5.4% on the current spot price. The decision to distribute 36% of the annual FCF, above 25% envisaged in the dividend policy, reflects confidence of the Board and management in the business supported by strong team, earnings and balance sheet. Outlook remains strong with the Company reiterating 2020 production guidance at 65-67koz, exploration works returning encouraging results pointing to a potential extension of the Gedabek life of mine and gold prices trading at multi year highs.

*SP Angel acts as nomad and broker to Anglo Asian Mining

 

Ariana Resources* (AAU LN) 3.45p, Mkt Cap £35.5m – Completion of initial 9% earn-in to Venus Minerals

• Ariana Resources reports that, following expenditure of approximately €920,000 it has now earned a 9.24% interest in Venus Minerals which is exploring for copper/gold in Cyprus.
• Ariana is committed to the expenditure of a further €180,000 before October this year in order to increase its interest to approximately 12%.
• Thereafter, ʺEarn-in to 50% will complete once a total of €3 million has been committed to Venus by Ariana, with a further €1.9 million required to be spent between October 2020 and October 2022ʺ.
• The company reports that exploration on the Venus Minerals properties so far has been ʺhighly encouraging, including the discovery of a new zone of outcropping mineralisation at the Mariner Project.ʺ
• Ariana also confirms that ʺNew licence applications for the New Sha Deposit have now been submitted, which include the following shallow drill intercepts: 9m @ 1.82% Cu and 9m @ 1.81% Cu, with associated gold results up to 8m @ 2.2 g/t Au.ʺ
• Earlier this week, Ariana Resources reported an updated JORC compliant mineral resource estimate for its wholly owned Kizilcukur gold deposit in western Turkey.
• The new estimate incorporates the results of a 745m programme of diamond drilling completed during the winter of 2018/19 and leads to an updated estimate of approximately 218,000t classed as measured and indicated at an average grade of 2.7g/t gold and 78g/t silver with a further 37,000t classed as inferred at an average grade of 1.8g/t gold and 57g/t silver leading to an overall contained metal content of approximately 21,000oz of gold and 616,000oz of silver.
• The company explains that ʺ46% of the M+I tonnage is located within the higher-grade Zeki Main Vein, with a grade of 3.62 g/t Au and 82.54 g/t Ag, upon which trial mining operations have commencedʺ.
• Ariana Resources ʺis considering options to develop this satellite deposit as a source of ore for the Kiziltepe processing plantʺ.
• Managing Director, Dr. Kerim Sener, commented that ʺThis is a significant improvement over the previous resource estimate, which integrates the latest drilling data and geological modelling. Most of the resource now sits within the lower risk Measured and Indicated categories, in comparison to the previous estimate which contained only Indicated and Inferred Resources. This is largely the result of the in-fill diamond drilling that was completed on the higher-grade Zeki Vein in early 2019.ʺ
• Dr. Sener went on to explain that ʺWhile the initial plans for the Project comprise development across up to three shallow open pits, there is further exploration potential which has been defined in deeper drilling on the Zeki Vein and along strike of the other veins. However, further work would need to be completed before this potential is better understood. No further drilling is planned on the Project until full-scale mining operations are able to be establishedʺ.

Conclusion: Ariana Resources is earning a position in Venus Minerals’ exploration in Cyprus which is an area previously known for its copper mines. The agreement with Venus Minerals could see Ariana Resources spend €3m to take its holding to 50%.

*An SP Angel mining analyst has visited Ariana’s licenses in Turkey

 

BlueRock Diamonds* (BRD LN) – 54p, Mkt cap £3.2m – Diamond sales into Antwerp could attract higher prices than local sales

• BlueRock Diamonds report the development of a new strategy for selling diamonds from Kareevlei in Antwerp.
• Management believe the Antwerp diamond market should recover faster and give higher prices than the local market in Kimberley.
• Many international buyers are not able or unwilling to travel to South Africa at this time exacerbating sales issues.
• So BlueRock has agreed with Bonas-Couzyn, the world’s oldest diamond brokerage, to market its diamonds from Kareevlei through its Antwerp facility. 
• The firm operates 50 sales a year selling 6.1m carats last year with around 160 buyers attending each sale.
• While this should attract higher prices than the local Kimberley market diamond prices may fall in the short term as Indian and other buyers suffer from their own COVID-19 lockdowns.
• The Antwerp diamond tenders are expected to restart in June
• BlueRock will use Delgatto Diamond Finance Fund LP, the largest non-bank lender to the diamond and jewellery industry, to provide pre-sales finance.
• This should allow management to better choose which tenders to sell its diamonds into for better prices. 
• Delgatto has signed a non-binding letter of intent to allow BlueRock to finance each monthly parcel at 70% of an agreed valuation for up to 12 months at a cost of 1.25% per month on the initial funding amount. 
• BlueRock is working to keep production costs as low as possible to keep costs below expected pre-sales revenues eg 70% of their estimated market value.
• This involved reducing development work removing contract crushing a suspension of new recruiting.
• Costs are helped by a significantly lower South African rand and fuel prices.
• BlueRock has had to settle all creditors to restart mining.
• The last reported diamond sale was in January temporarily squeezing cash reserves which were intended for expansion.
• The team sold 3,267cts in the first quarter at an average price of $327/ct.
• The number of carats sold was 77% higher year on year reflecting the huge improvement made to the mining and processing by Mike Houston and Gus Simbanegavi.  While the average price was 12% lower this may have reflected caution in the market due to the US/China trade war and the onset of the Coronavirus at the time.
• Cash: BlueRock has cash and liquid assets of ~£1.2m including £400,000 if cash, ~£300,000 of diamonds and £537,000 due in two equal tranches from Teichmann.

Conclusion: BlueRock is in very experienced and solid management hands. The new financing package should give the team sufficient time to choose the optimum tenders to sell into in Antwerp and to realise sufficient revenues to sustain the operation.

Houston and Simbanegavi are a strong team and sufficiently experienced to steer the company through the Coronavirus crisis.

We also see the diamond market recovering well as it did after the 2008 Global Financial Crisis (Subprime Crisis) as consumers emerge from the shock of the Coronavirus and express their love and commitment to their partners.

*SP Angel act as nomad and broker to BlueRock Diamonds

 

Kavango (KAV LN) 0.9p, Mkt cap £1.7m – Ongoing data analysis and collection to complete 3D underground geological model

• Kavango continue to work on the completion of their geological modelling of the Kalahari Suture Zone in Botswana.
• Botswana is in lockdown at present but sample collection will restart as soon as restrictions are sufficiently eased.

 

Tri-Star Resources* (TSTR LN) 20p, Mkt Cap £19.5m – Shipping of first antimony by SPMP

(Tri-Star holds 40% in ‘SPMP’(Strategic & Precious Metals Processing LLC) which owns the antimony-gold processing facility in the Port of Sohar Free Zone, Oman)

World’s first Clean Plant designed to EU Environmental standards.

Target gold capacity 50,000ozpa, antimony 20,000tpa

• Tri-Star Resources reports that its 40% owned Strategic and Precious Metals Processing (SPMP)’s  treatment plant in Oman has shipped its first antimony consignment.
• The initial shipment ʺcomprising 60 tonnes of antimony metal ingotsʺ is an important, though relatively small, milestone for SPMP’s plans to bring the plant to 50% of its 20,000tpa operating ʺcapacity by the end of Q2 2020 and 100% by the end of the yearʺ.
• The company also reports that following confirmation of Covid19 infection in an employee in the plant’s roaster section, ʺa number of employees have been placed in isolation for a period of 14 days, which will have a consequent short-term impact upon productionʺ.
• ʺSPMP’s management is developing a plan to resume production on the roaster on a limited basis with the personnel allowed to remain on siteʺ.
• TriStar Resources also provides a progress report on its continuing negotiations with local banks for the provision of a US$60m loan facility explaining that while it has received interest in providing up to US$45m ʺsubject to meeting certain criteria.  It should be noted, however, that until such facilities are agreed, the future financing of SPMP remains uncertainʺ.
• As previously reported, the ʺOIF [Oman Investment Fund which holds 40% of SPMP] has issued a Request for Arbitration, commencing an arbitration proceeding with Tri-Star, DNR and SPMP as Respondents.   A Sole Arbitrator has now been appointed but has yet to make contact with the partiesʺ.

Conclusion:  The shipment of an initial consignment of 60 tonnes of antimony ingots from the SPMP facility in Oman is a small but important milestone in plans to reach 50% of the plant’s 20,000tpa capacity by the end of the current quarter. Enforced isolation of a number of employees as a protection measure against the Covid19 virus has added further obstacles to the ramp-up of output. Financial discussions with banks continue and although an arbitrator has been appointed at the request of the Oman Investment Fund, the company reports that the parties have yet to meet the arbitrator.

*SP Angel acts as Nomad to Tri-Star Resources. David Facey, a former partner at SP Angel is the CEO & CFO at Tri-Star Resources.

 

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

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.

 



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, Antimony	Asian Metal
Tungsten	Metal Bulletin

 

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