SP Angel . Morning View . Wednesday 02 12 20
Alba Mineral Resources (LON:ALBA) – Drilling results from Clogau mine
Ariana Resources* (LON:AAU) – Sale of satellite deposits at Kiziltepe
Botswana Diamonds (LON:BOD) – Small kimberlite identified in drilling at Thorny River
Centamin (LON:CEY) – Waste stripping contract awarded at Sukari
Hummingbird Resources (LON:HUM) – 2020 production to come in below the 110-125koz guidance
Gold ($1,824/oz) – prices jump 2% after hitting five-month low
Gold prices rose more than 2% on Tuesday as the US dollar continued to decline to yet another fresh two-year low.
Bullion has once again climbed above $1,800/oz after falling to $1,764/oz yesterday, its lowest level since early July, as investors moved funds to riskier assets.
The Federal Reserve highlighted the challenges of production and distribution of a vaccine and suggested that it was going to remain fairly accommodative, with previous rounds of stimulus supporting gold prices yesterday.
China EV deliveries remain strong in November
Li Auto delivered 4,646 EVs in November, a 26% increase MoM and a 32.6% gain vs September.
The Company has delivered 26,498 units YTD.
For comparison Xpeng delivered 4,224 vehicles in November a 342% increase YoY. Xpeng has delivered 21,341 vehicles YTD, an 87% increase YOY.
NIO delivered 5,291 vehicles in November, a 109% increase YoY. NIO has delivered 36,721 vehicles in 2020.
IGTV: Copper price rise: https://youtu.be/mdPXTup15VY
VOX – 25/11/20: https://www.voxmarkets.co.uk/media/5fc0b908bc74c922485f4fb0/?context=/listings/LON/EEE/multimedia/
US Election, China growth policies Solgold*, Mkango*, Rainbow Rare Earths*: https://youtu.be/YKk5-kVpVGE
EV revolution, gold and other ideas (Interactive Investor): https://www.youtube.com/watch?v=ja0IdjszfCc
Metals Markets: Are they totally dependent on stimulus? (IG TV): https://youtu.be/TOiSwRpgfKM
*SP Angel act as nomad or broker or nomad and broker to companies mentioned in the above videos.
Dow Jones Industrials +0.63% at 29,824
Nikkei 225 +0.05% at 26,801
HK Hang Seng -0.13% at 26,533
Shanghai Composite -0.07% at 3,449
US – A bipartisan group of US senators suggested a $908bn fiscal stimulus package in an attempt to end a deadlock between Republicans and Democrats over a second major support package, according to FT.
President elect Joe Biden also called for swift action on spending.
On the back of more stimulus and vaccine hopes, inflation expectations hit their highest in 18 months yesterday.
Separately. Joe Biden told NY Times he will not be rushing to lift Phase One tariffs on China and is planning to conduct a full review of the US policy toward China first.
“I’m not going to make any immediate moves, and the same applies to the tariffs… I’m not going to prejudice my options,” Biden said.
Fewer shoppers during Thanksgiving holiday amid surging COVID-19 cases (China Xinhua News)
The number of in-store shoppers on Thanksgiving Day drops by 55% yoy and Black Friday shoppers fall by 37%.
UK – The pound pulled back~0.5% against the US$ and € this morning on the back of Michel Barnier comments that there may be no agreement before the Brexit deadline.
Brexit – Three main obstacles remain to a trade deal with the UK according to Michael Barnier (EU chief negotiator)
~10,000 pensions head into the Pensions Protection Fund ‘PPF’ as Arcadia Group collapses into Administration
Three main obstacles to a trade deal with the UK – the level playing field for business, access to British fishing waters and enforcement mechanisms of the agreement – remain unresolved, Bloomberg reports.
UK – First western country to approve COVID-19 vaccine with clearance given to Pfizer/BioNTech for rollout from next week.
The UK regulator, the Medicines and Healthcare Products Regulatory Agency, said that the vaccine “met its strict standards of safety, quality and effectiveness”.
The EU and the US are expected to follow in coming weeks.
50 hospitals are preparing to administer the vaccine and 800,000 doses ready to be delivered from Belgium.
Pfizer COVID-19 vaccine approved with rollout to begin next week (Reuters).
The Pfizer vaccine is much simpler to store and transport than other vaccines.
A further circuit breaker may be required in January or March.
Much of the UK population should be immunised ahead of next winter but life is not expected to return to as it was pre-COVID-19.
The government expects to reopen the economy by Easter at the earliest and life to return to a new normal in the Spring
Lockdown reduces to Tiered system with most areas still facing strict rules on meeting and social distancing
Italy is planning to procure 202m doses of COVID-19 vaccine by Q1/21 as part of free vaccination programme for an expected 40m Italians., according to Health Minister Roberto Speranza.
The national programme is expected to involve Pfizer vaccine first and to be carried by the Italian army with the most vulnerable population categories receiving it first.
Eurozone – PPI expected to surprise on the upside
Germany – Growth in retail sales picked up in October pointing to strengthening momentum before the nation implemented new COVID-19 restrictions.
Retail Sales (%mom): 2.6 v -1.9 in September and 1.2 est.
Retail Sales (%yoy): 8.2 v 7.0 in September and 5.8 est.
US$1.2005/eur vs 1.1966/eur yesterday. Yen 104.57/$ vs 104.32/$. SAr 15.307/$ vs 15.419/$. $1.336/gbp vs $1.338/gbp. 0.738/aud vs 0.736/aud. CNY 6.567/$ vs 6.572/$.
Gold US$1,824/oz vs US$1,792/oz yesterday
Gold ETFs 107.4moz vs US$107.7moz yesterday
Platinum US$1,004/oz vs US$988/oz yesterday –
Palladium US$2,429/oz vs US$2,409/oz yesterday
Silver US$24.21/oz vs US$23.06/oz yesterday
Copper US$ 7,665/t vs US$7,611/t yesterday – Indian court rejects temporary restart of Vedanta’s* Tuticorin smelter
The Supreme court will review the request to restart the 400,000tpa capacity IsaSmelt smelter next year
Vedanta claims it is seeking to repair the ‘crumbling’ smelter (Bloomberg)
The Tamil Nadu government pollution control board and local residents oppose the restart claiming the site is a persistent polluter.
*Our analyst has previously visited Vedanta’s Tuticorin copper smelter
Aluminium US$ 2,065/t vs US$2,050/t yesterday
Nickel US$ 16,045/t vs US$16,050/t yesterday
Zinc US$ 2,772/t vs US$2,793/t yesterday
Lead US$ 2,056/t vs US$2,063/t yesterday
Tin US$ 18,860/t vs US$18,650/t yesterday
Oil US$47.5/bbl vs US$47.7/bbl yesterday – UAE looks for improved compliance on production cuts as condition for rolling over 7.7md/d production cut
Oil prices continued their move lower yesterday as OPEC+ postponed their January production decision to Thursday
Brent Crude ended down 1% at $47.42/bbl, WTI down 1.7% at $44.55/bbl
Data from the American Petroleum Institute showed US crude inventories up 4.14MMbbls for the week ending 27 November, above expectations of a 2.4MMbbl draw
That is the second week of an above expectations inventory build after last week’s increase of a 3.8MMbbl increase was well above expectations of 127,000bbls
The OPEC+ meeting has been postponed to Thursday following reported disagreement between members on Sunday on the decision whether or not to push out a January production increase
Expectations are for a 3-month delay to the original plan of easing production cuts by 2MMbopd
No extension would represent a 5% downside to current spot levels (Reuters)
The API also reported US oil production of 11MMbopd for the week ending 20 November 20
This is 2.1MMbopd lower than the March high
A Reuters poll of 40 economists/analysts forecast Brent average prices of US$49.35/bbl next year as participants suggest prices will struggle to maintain upward movement next year as winter lockdowns endure and impact the demand outlook
Oil prices received a small boost in trading this morning on news the UK has become the first country to approve the Pfizer/BioN-Tech vaccine which showed a 95% efficacy in preventing COVID-19 in trials
Natural Gas US$2.867/mmbtu vs US$2.913/mmbtu yesterday
The API reported gasoline inventories of 3.4MMbbls for the week ending 27 November
This is up from last week’s 1.3MMbbl build
Whilst expectations were for a 2.386MMbbl build
Distillate inventories were up 334kbbls while Cushing inventories fell by 132kbbls
There has been an improvement in the 10-15 day weather forecast with colder weather expected for the first week of December in the US but the recent contradiction on the outlook has dented prices
January Nymex contracts fell up to 4.9%, before settling at US$2.880/mmbtu
Exports from the Nyhamna processing facility in Norway have been cut by 50mcm due to security workers at the plant joining the Norwegian Union of General Workers Strike on Saturday
The facility has a capacity of 84mcm
Iron ore 62% Fe spot (cfr Tianjin) US$127.5/t vs US$126.1/t
Chinese steel rebar 25mm US$614.3/t vs US$615.9/t
Thermal coal (1st year forward cif ARA) US$60.8/t vs US$61.4/t – Canadian coal miners look to profit from Australia-China tensions
Canadian coking coal miner Teck Resources says that it is looking to boost its coal sales for Q4 and into next year in response to increased demand after China imposed an unofficial embargo on Australian imports.
Chinese coal imports from Australia fell 21% YoY and 23% MoM to 1.53mt in October, whereas Canadian imports surged 136% YoY to 405,000 tonnes.
Teck announced last week that its existing guidance for Q4 remained at 5.8-6.2mt, with 20% delivered to China, and its 2021 sales target to China has been enhanced to 7.5mt (China Coal).
Coking coal swap Australia FOB US$132.0/t vs US$109.5/t
Cobalt LME 3m US$32,390/t vs US$32,390/t
NdPr Rare Earth Oxide (China) US$64,719/t vs US$64,679/t – China’s rare earth imports from the US rise 81% YoY
Imports or rare earth metal ores from the US in October increased to a record high since records began in 1995, according to Chinese customs data.
Purchases of rare earth metal ores from the US rose to 9,340 tonnes in October 2020 compared to 5,148t over the same period last year, with average import prices 64% higher at $1,977/t over the same period.
Almost all of the rare earth metal ores imports were taken by Chinese rare earths separation producer Shenghe Resources, which restarted output at its Leshan separation plant in October after previously closing due to flooding.
China’s total imports of rare earth oxide and carbonate ores has declined 14% from a year earlier to 23,981 tonnes over January-October compared to last year (Argus Media).
Lithium carbonate 99% (China) US$6,244/t vs US$6,087/t – W. Australian government cuts lithium royalty by 50%
The West Australian government has temporarily granted royalty relief assistance for spodumene mines operating in the state as of the 1st of December.
The scheme will be provided to Altura Mining, Galaxy Resources and Pilbara Minerals for up to 12 months or until the average price of spodumene concentrate is greater than US$550/t fob Australia (Australian Mining).
Ferro-manganese 78%, standard 7.5% C, US$1,200-1,330/t – Ore prices at current levels make upper quartile South African output unviable. (Roskill)
In the event of further weakening of ore prices in the short-term, lower quartile major ore producers are likely to be incentivised to implement production cutbacks.
High ore stocks in China continue to put pressure on global prices in near term.
China not only supplies 90% of the Rare Earth market, it also supplies >90% of the High Purity manganese market for Li-ion LMNO, LMO, NMC and NCMA battery production. (Giyani) Eg. For four of the eight main battery chemistries used in EVs at present.
Ferro Vanadium 80% FOB (China) US$27.0/kg vs US$27.0/kg
Antimony Trioxide 99.5% EU (China) US$5.5/kg vs US$5.5/kg
Tungsten APT European US$220-225/mtu vs US$220-225/mtu
Graphite flake 94% C, -100 mesh, fob China US$480/t vs US$445/t
Graphite spherical 99.95% C, 15 microns, fob China US$2,475/t vs US$2,275/t
Spodumene 6% Li2O min, cif (China) US$380/t vs US$375/t
Green hydrogen trial in Scottish homes
300 homes in Fife will have hydrogen burning boilers and cookers installed for free and will be connected to a new pipeline network supplying them with 100% “green” hydrogen.
The gas will be produced through electrolysis, which will use electricity from a wind turbine to split water into hydrogen and oxygen.
The first homes will be connected in 2022 for a four-year trial. It is being run by SGN which has been awarded £18m funding from Ofgem and £7m from the Scottish government.
80% of homes in Britain currently have natural gas boilers which emit CO2. Hydrogen is a good solution as it burns cleanly.
The hydrogen will be produced using an existing 7MW wind turbine in Levenmouth and storage facility will be constructed to hold enough hydrogen to supply the homes for five days with no wind generation. As a fallback, the electrolysis could be run using power from the national grid.
The use of hydrogen is expected to grow sharply in the coming decades as governments look to reduce greenhouse gas emissions to net zero by 2050.
This comes as BP struck a deal with Orsted to produce “green” hydrogen at a refinery in Germany. It would replace about a fifth of fossil fuel hydrogen currently used there.
Hyundai – Claims its new EV platform will be able to charge up to 80% capacity in 18 minutes
South Korean EV manufacturers have been hit with a number of recent recalls following fires.
We are hardly surprised given the nations very rapid growth in the space and lack of expertise.
There were 11 reported EV vehicle fires in South Kora with Huundai facing a class-action lawsuit.
The batteries are from LG Energy Solutions which has also supplied batteries for the Chevrolet Bolt.
Hyundai Motor has also announced it will begin producing its own battery technology for an all EV platform in 2021.
The Electric Global Modular Platform (E-GMP) is expected to enable the company to cut components costs across models by 60%.
Vehicles based on the platform are expected to have a range of 500kms (310miles), a 23% increase compared to the range of the KONA EV. An 80% charge will be achieved in 18 minutes via high speed charging.
The E-GMP will be first used in the Ionic 5 SUV, scheduled for launch next spring in Europe. 11 models are planned to be based on the platform by 2025.
Hydrogen fuel cell development remains ongoing and other models will continue to use front-wheel drive architectures.
UK competition regulator investigates range anxiety
Competition and markets authority to study whether EV charging sector growth has affected drivers concerns about EV ranges.
Research has found range anxiety is a key concern, access to charge points is seen as a key driver in facilitating the transition to EV. The focus will be the supply of PHEV and BEV passenger vehicles charge points.
The CMA will assess how to develop a competitive sector and attract private investment to facilitate growth.
1,200 charging devices were added to the UK’s EV public charging network in Q3’20 according to the Department for Transport (DoT) (Energy Live News).
DoT figures show there were 19,487 public EV charging devices available across the UK as of Oct 1, up 18% YTD. 18% of these devices are rapid charge points. (Fleet World)
Across the UK there are 35,185 connectors across 12,695 locations as of Nov 12, 2020. (Zap Map)
Altus Strategies* (LON:ALS) 61p, Mkt Cap £43m – New 6,300m drilling programme underway at Tabakorole
BUY – 132p
The Company announced the start of JV-funded 6,300m RC drilling programme (44 holes) at Tabakorole, southern Mali.
The programme will be focused on step out drilling along strike both in the NW and SE directions as well as infill drilling over the 2.9km strike length with results expected in Q1/21.
The latest resource estimate at Tabakorole released in Sep/20 showed the project hosts 23.9mt at 1.2g/t for 910koz, reflecting a 54% increase in contained ounces on the historical estimate.
The programme follows on completed ~3,900m of drilling at Lakanfla and the start of a 10,000m programme by Altus at the wholly owned Diba gold project
Conclusion: The start of another round of drilling at Tabakorole funded by JV partner will test resource expansion potential. That coupled with outstanding results from the Lakanfla drilling and the start of a 10,000m programme at Diba bodes well for a strong exploration results’ newsflow over the coming months.
*SP Angel acts as Nomad and Broker to Altus Strategies plc
Alba Mineral Resources (LON:ALBA) 0.44p, Mkt cap £24.1m – Drilling results from Clogau mine
Alba Minerals reports that its recent underground drilling programme at the historic Clogau St David’s gold mine in North Wales “has intersected what Alba believes to be the westerly extension to the Clogau Main Lode, representing a potential 550-metre extension to the Main Lode”.
The company explains that the Main Lode has been the source of most of the mine’s previous gold production.
The programme comprised a total of 559.5m of drilling in seven holes each of which “intersected quartz veining, the known geological setting of all historic gold production at the Clogau-St David’s Gold Mine, validating Alba’s geological model”.
Alba Minerals highlights results from hole L002, which intersected “1.16 metres at 0.653 grammes/tonne (“g/t”), including 0.25 metres at 1.79 g/t”, as well as hole L003 as evidence of the possible westerly extension of the Main Lode and says that it plans additional “Infill surface and underground drilling … to confirm the continuity of the Main Lode extension”.
Executive Chairman, George Frangeskides, said that “finding a continuation of the Main Lode which has never previously been exploited would constitute the most significant discovery at the Mine in many decades … [and confirmed that] … We intend to undertake infill drilling from surface early in the new year, followed by phase 2 of our underground drilling programme in Q2 of 2021, both being aimed at confirming the continuity of this Main Lode extension”.
Subject to obtaining the appropriate permits, the next phase of drilling is expected to “consist of an 8-10 hole programme for around 2,000 metres which will be undertaken from surface in Q1 2021. This phase of drilling will target the Main Lode extension indicated by the underground drilling … and will also seek to intersect the projected depth extensions of certain historically worked lodes, namely Grandfathers Lode and the 7-10 Lode … thereby testing the continuation of mineralisation at depth and identifying currently undeveloped resource potential”.
Ariana Resources* (LON:AAU) 5.35p, Mkt Cap £56.2m – Sale of satellite deposits at Kiziltepe
Ariana Resources reports that it has reached a conditional agreement to sell its three remaining satellite deposits, including Kizilcukur, at Kiziltepe to the expanded Zenit joint-venture for US$2m in cash payable over 20 months.
In September, Ariana announced the US$30m sale which reduces its current 50% interest in the joint-venture to 23.5% with the Turkish conglomerate, Ozaltin, a 53% interest.
Welcoming what he described as “an excellent outcome”, Managing Director, Dr. Kerim Sener. explained that the “sale of these projects to Zenit represents the culmination of our strategy to build on the resource base of the joint venture, prior to the completion of our proposed transaction. We have long viewed the JV as the natural home for these projects, particularly in relation to our hub-and-spoke approach to resource development in the context of the Kiziltepe Mine processing plant”.
Conclusion: The sale of the remaining satellite deposits around Kiziltepe to the expanded joint-venture releases a further US$2m in cash and helps consolidate the leases around the mine while taking Ariana closer to its original exploration roots.
*An SP Angel mining analyst has visited Ariana’s licenses in Turkey
Botswana Diamonds (LON:BOD) 0.85p, Mkt Cap £5.8m – Small kimberlite identified in drilling at Thorny River
Botswana Diamonds reports that recent drilling at its Thorny River project in South Africa identified a small kimberlite body, described as ‘blow’ which “covers a target area of 0.4 hectares”.
Chairman, John Teeling, said that “This is very significant as the nearby Marsfontein (0.4 hectares) and Sugarbird (0.5 hectares) blows were extremely profitable diamond-producing operations. We are moving forward with a programme to define the extent of this new resource particularly as the diamond grades are known to be consistent across the whole area”.
At this stage, however, “Both kimberlite and kimberlite breccia are being analysed for diamonds and indicators” and until the results are known it would, in our opinion, be premature to assume that the grades will prove to be comparable to other occurrences in the area.
However, of the total six holes drilled at Thorny River, a combined total of 39.5m of kimberlite was intersected and “an additional 55m intersected a weathered kimberlite breccia … [while] … The best hole contained a down-the-hole (at forty-five degrees dip) intersection of kimberlite and kimberlite breccia of 19m”.
Botswana Diamonds also reports that “Drilling on the … [nearby] … Marsfontein targets discovered no additional extensions to the M8 kimberlite” and that it will now focus its efforts at Marsfontein on the diamond-bearing alluvial deposits in the area which were identified in recent geophysical work.
Conclusion: Encouraging news of the intersection of a small kimberlite at Thorny River awaits confirmation of the test work currently underway to establish diamond content and the presence of important indicator minerals. Meanwhile, the company is working to establish the extent of the kimberlite occurrence.
Capital Limited (LON:CAPD) 65p, Mkt Cap £86.3m – Contract entered at Sukari Gold Mines and £22m placing proposed
Centamin (LON:CEY) 117.9p, Mkt Cap £1,383m
Capital Limited has entered into a conditional open pit waste mining services contract with Sukari Gold Mines, while also expanding and extending its existing drilling contract with Sukari, one of the largest gold mines in Africa and the Principal asset of Centamin.
The 120mt open waste mining contract will see the Company providing load & haul ancillary services, while the existing drilling contract will be expanded by nine additional rigs, bringing the total amount of rigs operating at Sukari to 24.
Capital expect the two contracts to deliver incremental revenues of $235-260m over a four year period commencing from the beginning of next year.
The Company also announces a proposed placing of £22m before expenses vis the issues of approximately 38.5 million new common shares at a price of 58 pence per share, conducted by way of an accelerated bookbuild process, subject to shareholder approval.
The net proceeds of the placing will be used to purchase to fulfil obligations under the two contracts, and for general corporate purposes.
Jamie Boyton, Executive Chairman of Capital Limited commented: “The winning of the tender for the Sukari open pit waste mining contract is a significant milestone for Capital – it is the largest contract win for the Group since inception, adds substantial scale to our mining services division, as well as providing revenue diversification from our drilling services business. We are also pleased to have increased the scope and scale of our existing drilling contract.”
Centamin will, however, continue “to utilise its existing owner operator fleet, which has capacity of 80-90 million tonnes (“Mt”) total material moved (ore and waste) per annum”.
The contract is “is conditional on Capital raising funds to purchase mining equipment in part via a public market equity placing (the “Capital Placing”) required to fulfil the contract. The Capital Placing is subject to shareholder approval“.
Centamin already uses Capital’s contract services so we would expect the new contract to be implemented relatively smoothly as the company seeks to accelerate its waste removal as cost-effectively as it can.
Hummingbird Resources (LON:HUM) 29p, Mkt Cap £105m – 2020 production to come in below the 110-125koz guidance
Production is expected to come below the lower end of the 110-125koz guidance this year having poured 93koz in the first 11 months of 2020.
The downward revision is reported to be driven by:
Changes in mine sequencing through Q2 focusing on a softer but lower grade material to limit wear and tear on critical parts in the plant amid logistical issues and border closures due to COVID-19;
Adverse weather conditions in Q3 with the heaviest rainfall on record reported limiting higher grade sulphide material mining ;
Further logistical challenges as borders remained closed for a month amid a military coup in August.
The team is expecting to finalise the 2021 budget and release key targets and estimates in Q1/21.
Additionally, the Company is on course to complete a final drilling programme at the Sanioumale East deposit with results to be released before the end of the year to be followed by an updated Yanfolila MRE in Q1/21.
Phoenix Copper* (LON:PXC) 45.5p, Mkt Cap £27.9m – Appointment of financing advisors in New York
(Phoenix holds 80% of the Empire mining property in Idaho)
Phoenix Copper has announced the appointment of New York-based EAS Advisors to help its financing strategy for the historic Empire mine in Idaho.
EAS is described as “a boutique global advisory firm focused on helping early stage mining and industrial groups access US and international financial markets and institutional capital”.
In October, the company announced a 19% increase in its minerals resource estimate for the Empire open pit project to an NI-43-101 compliant measured and indicated tonnage of 22.9mt at an average grade of 0.38% copper 0.19% zinc, 10.3g/t silver and 0.324g/t silver (0.75% copper equivalent). The previous, May 2020 estimate was in itself a 27% increase on the 15.2mt pre-existing estimate reported in May 2019
In addition, the company reported an inferred resource of 10.6mt at an average grade of 0.40% copper, 0.14% zinc, 7.4 g/t silver and 0.343g/t gold (also 0.75% CuEq).
The resources reported in October result from the results of some 445 drill-holes including 32 recently completed holes and relate only to open-pittable mineralisation overlying what was predominantly a historic underground mine within an extensive land holding which the company’s consulting geologist has said that less than 1% of the Empire ore system has been exploited and explored to dateʺ.
In addition to the Empire site itself, Phoenix Copper has been exploring the adjacent Red Star prospect, where recent drilling has extended the known extent of mineralisation towards the north, and the Navarre Creek and Horseshoe mine areas.
Recent structural geological investigations have indicated similarities between the mineralisation at Red Star and northwards towards the White Knob and Horseshoe mine areas as well as southwards towards the Empire mine. A ground magnetic survey is planned to investigate possible continuity across this wider area and to help in identifying possible drilling targets.
Conclusion: The appointment of specialist New York based financial advisors comes as Phoenix Copper continues to expand its mineral resource base around the historic Empire mine in Idaho and when geological and geophysical studies are holding out the possibility of continuity of mineralisation between a number of locations previously seen as stand-alone. The concept needs to be verified by the forthcoming geophysical work and continuing exploration and we look forward to continuing news.
*SP Angel acts as Nomad to Phoenix Copper
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
Prince Frederick House
35-39 Maddox Street London
*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, Antimony