SP Angel . Morning View . Tuesday 28 01 20

Virus outbreak leaves investors questioning the scale of epidemic

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MiFID II exempt information – see disclaimer below   

Amur Minerals*  (AMC LN) – Rock mechanics study completed

Bluejay Mining*  (JAY LN) – Bluejay informed Government response on final EIA approval expected in February. Expects positive political decision for development thereafter.

BlueRock Diamonds*  (BRD LN) – Achieves profitable operations during H2 2019

Botswana Diamonds  (BOD LN)* – £250,000 funding

Condor Gold*  (CNR LN) – Permitting update

Ormonde Mining*  (ORM LN) – Disposal of residual interest in Barruecopardo and board changes

Premier African Minerals*  (PREM LN) – Operating agreement with MN Holdings

Trans-Siberian Gold  (TSG LN) – Production in line with guidance despite a slowdown in Q4/19

 

China Conovirus 2019-nCoV – may impact Chinese economic growth as death toll exceeds 100

  • HK has suspended rail and ferry services and is halving night flights to mainland China.
  • Singapore – 7 confirmed cases.
  • Japan warns of risk to its economy following identification of virus in man who had not been to China (ABS-CBN News)
  • Philippines suspends visas on arrival for Chinese tour groups
  • India – 100 held under observation
  • South Korea petition for Chinese to be barred as officials spray Seoul airport (Reuters)
  • South Africa – conovirus blamed for risk-off trade as rand falls for fourth day
  • To put into context conventional Flu sees some 3-5mpa severe cases worldwide recorded by healthcare authorities with 290,000-650,000 related deaths
  • Flu viruses are extremely difficult to contain. Reported cases are 4,500 with reported fatalities of ~100.
  • If we assume very many more people have contracted the virus than are recorded then 2019-nCoV may end up looking like a bad flu season rather than a full-blown 1918 flu pandemic.
  • Copper inventories continue to draw down in LME warehouses indicating that the market does not consider the 2019-nCoV to be of severe impact to the Chinese economy

*Please contact SP Angel’s healthcare analysts for their analysis of the situation.

 

Dow Jones Industrials

 

-1.57%

at

28,536

Nikkei 225

 

-0.55%

at

23,216

HK Hang Seng

 

CLOSED

at

27,950

Shanghai Composite

 

CLOSED

at

2,977

FTSE 350 Mining

 

-0.81%

at

17,863

AIM Basic Resources

 

-0.45%

at

2,133

 

Economics

US – S&P 500 futures are trading higher along with European equities as markets try to assess the scale of the coronavirus outbreak.

 

China – The coronavirus outbreak remains strong with 4,459 cases recorded in China, up from fewer than 3,000 on Monday, and the death toll of more than 100, FT reports.

  • The University of Hong Kong suggested the number of infected could be much higher as estimates suggest at least 25,630 people with symptoms of the virus in Wuhan (as of Monday) and around 44,000 infected but not showing any symptoms.
  • The spread of the virus led to a sell off in markets on Monday with equities continuing to slide in Asia this morning.
  • Markets in China remained closed for the holiday.

 

MiFID II – Fund managers and listed UK companies call on Government to roll back onerous regulation, reduce IPO costs and overhaul dividend tax regime

  • Fund managers and other market professionals are calling on the UK Government to roll back onerous regulation according to Investment Week reporting the view of fund managers.
  • “Almost two-thirds (64%) of investors said appetite for private companies to come to market had decreased as a direct consequence of MiFID II regulation, while 60% of firms blamed 'burdensome listing requirements”.
  • “Eight in ten (82%) fund managers reported seeing less research on mid- and small-cap companies each year, with a similar amount (77%) believing this will continue over the next 12 months.” According to Investment Week

 

Currencies

US$1.1021/eur vs 1.1018/eur yesterday.  Yen 108.82/$ vs 108.88/$.  SAr 14.670/$ vs 14.560/$.  $1.302/gbp vs $1.309/gbp.  0.674/aud vs 0.678/aud.  CNY 6.911/$ vs  6.911/$.

 

Commodity News

Gold US$1,580/oz vs US$1,582/oz yesterday - Gold hits three-week high yesterday as virus fears escalate (Reuters)

  • The price of gold has continued to rise as concerns grow over the economic fallout of the coronavirus outbreak.
  • Spot gold increased 0.4% to $1,577/oz yesterday, having earlier hit $1,586/oz – it’s highest level since the 8th of January.
  • Gold prices have risen for the past four sessions, however the rally in gold prices came to a halt this morning as a stronger dollar outweighed rising concerns over the virus.

   Gold ETFs 82.1moz vs US$82.0moz yesterday

Platinum US$988/oz vs US$993/oz yesterday

Palladium US$2,282/oz vs US$2,374/oz yesterday

Silver US$18.08/oz vs US$18.22/oz yesterday

            

Base metals:    

Copper US$ 5,717/t vs US$5,818/t yesterday - Copper in longest losing streak for six years on virus fears (Reuters)

  • Copper fell for a ninth consecutive session on Monday as worries on the economic impact of the virus escalate.
  • This is the longest losing streak copper has seen for six years, driven by concerns that the virus will hurt Chinese demand for the metal.
  • Copper has given up all its gains since early December, when a rally on news of a phase-1 trade deal pushed prices up nearly 10%.
  • LME 3m copper fell 3.1% yesterday to $5,743/t – its lowest since the 18th of October.

Aluminium US$ 1,760/t vs US$1,771/t yesterday

Nickel US$ 12,690/t vs US$12,630/t yesterday

Zinc US$ 2,221/t vs US$2,285/t yesterday

Lead US$ 1,885/t vs US$1,914/t yesterday

Tin US$ 16,245/t vs US$16,670/t yesterday

 

Energy:            

Oil US$58.7/bbl vs US$58.9/bbl yesterday - Oil prices continue to slide, with Brent dropping below US$60/bbl, as panic around the coronavirus escalates

  • The number of casualties in China continues to climb (currently 81 and counting), as do cases of the virus elsewhere in the world
  • The Chinese government has tried to quarantine Wuhan and other cities, affecting tens of millions of people. Multinational businesses in China are also implementing lockdown procedures.
  • Oil demand growth is the biggest factor weighing on prices, China’s oil demand has been growing at an annual rate of 5.5%, while comparatively, US oil demand has been growing by 0.5%
  • Most of the demand loss will come from jet fuel as the risk of disease discourages travellers
  • Brent futures are down 0.8% to $59.3/bbl, whilst WTI futures were down 0.7% to US$53.8/bbl

Natural Gas US$1.898/mmbtu vs US$1.949/mmbtu yesterday

  • Natural gas prices closed at a fresh 3-year low yesterday, weighed by a forecast from the National Oceanic Atmospheric Administration which reports that the weather will be warmer than normal for the next 6-10 and 8-14 days
  • In its Short-Term Energy Outlook, the EIA forecasts that US natural gas exports will exceed natural gas imports by an average of 7.3Bcf/d
  • Supply rose in the latest week with the average total supply of natural gas rose by 1% compared with the previous report week

Uranium US$24.40/lb vs US$24.45/lb yesterday

            

Bulk:    

Iron ore 62% Fe spot (cfr Tianjin) US$85.0/t vs US$90.8/t

Chinese steel rebar 25mm US$570.4/t vs US$570.4/t - China’s steel output rise pushes up global steel output in 2019 (Fastmarkets MB)

  • According to Worldsteel, 1.87bt of crude steel were produced last year, compared with 1.81bt a year earlier – a 3.4% increase in global production.
  • Chinese steel production rose 8.3% to 996mt, however other Asian nations showed weaker performances last year. India was only able to increase output by 1.8% to 111mt.
  • Total crude steel output across the EU28 fell 4.9% yoy in 2019 to 159.4mt, with Germany’s production falling 6.5%.
  • After a strong yoy increase in 2018, the US saw a slowdown in crude steel output growth, increasing 1.5% at 87.6mt.

Thermal coal (1st year forward cif ARA) US$61.8/t vs US$60.1/t

Coking coal futures Dalian Exchange US$184.2/t vs US$184.2/t

            

Other:   

Cobalt LME 3m US$32,500/t vs US$32,500/t

NdPr Rare Earth Oxide (China) US$40,371/t vs US$40,371/t - Japanese government acquires 50% interest in Namibian rare earth project (mining-journal)

  • Japan’s Oil, Gas and Metals National Corporation (JOGMEC) has acquired up to 50% increase in the Lofdal Heavy Rare Earth Project in Namibia.
  • The deal sees JOGMEC working with Namibia Critical Metals (TSXV: NMI), costing the government body C$20m, which will be spent on exploration and development.
  • NMI have also announced that upon completion of a feasibility study, JOGMEC could acquire a further 1% for C$5m and elect to exclusively fund development.
  • According to NMI, Lofdal has a 2.88mt indicated resource grading 0.32% total rare earth oxides for 9,230t- of which 7,050t were estimated to be heavy rare earth oxides.

Lithium carbonate 99% (China) US$5,571t vs US$5,571/t

Ferro Vanadium 80% FOB (China) US$28.5/kg vs US$28.5/kg - Ferro-vanadium prices rose 3.6% last week in Western Europe to $2.6-27.15/kgV (FastmarketsMB)

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

Tungsten APT European US$235-245/mtu vs US$235-245/mtu

Graphite flake 94% C, -100 mesh, fob China US$540/t vs US$540/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,550/t vs US$2,550/t

 

Battery News

Tata launch Nexon EV in in India (India Times) 

  • The Nexon EV is available in 3 variants, with an introductory price of Rs1,399,000 ($19,613). It is India’s first sub-four meter SUV. (Financial Express)
  • The vehicle is powered by a Permanent Magnet Synchronous (PMS) motor and fuelled by a 30.2kWh Li-ion battery. The accelerates from 0-100km in 9.9 seconds and features regenerative breaking technology.
  • Faster charging (0-80%) occurs in ~1hr whilst full charge takes 8hrs. The model has a range of 312km/charge. (Tata)
  • This vehicles is the second of four vehicles Tata announced they were looking to release through H2’19 and 2020. The first of the group to be released was the Tigor EV last year. (India Today)

 

GM to spend $2.2b on Detroit Hamtramk facility to convert it into an EV assembly plant (MSN)

  • The facility will provide 2200 jobs, offsetting some of the 14,000 job cuts made in late 2018. It is perhaps the first signs of an employment transition as EV become more popular.
  • The new factory will produce a variety of electric trucks and SUVs. It will be the first plant dedicated to the production of EVs. (Digital Journal)
  • GM announced that production of its first EV pick-up truck will start at the plant in 2021. Since releasing the Chevy Bolt in 2016 the company has fallen behind peers in the EV space. GM plans to enter the luxury EV market and make its Cadillac its leading EV brand. This may be a challenge in what is a somewhat crowded space with Audi, Mercedes-Benz, Jaguar, BMW and Tesla all having models in the space.     

 

New York State signs deal to procure 100kW/1 MWh zinc air battery from Zinc8 Energy Storage. (PV magazine)

  • The battery maker has reached a Cooperation agreement with the New York Power Authority to install a 100kW/1MWh Zinc-Air Battery Energy Storage System in New York State.
  • The collaboration is part of New York State Governor Andrew Cuomo’s Green New Deal and commitment to 100% electricity from emissions free sources by 2040. (Junior Mining Network)
  • Zinc8 are aiming for an installation cost of $45/kWh. For context battery prices in 2019 were $156/kWh and are expected to reach $100/kWh by 2023. To achieve this the battery will have to have 8hrs capacity relative to its instantaneous power.
  • Zinc8’s patented zinc-air energy storage system does not contain any of the high cost battery commodities such as lithium, vanadium or cobalt.
  • Process: A Zinc Regenerator generates zinc particles using power from the grid or other renewable energy source and oxygen is released as a by-product. Zinc particles then flow to a Storage Tank to be maintained in a potassium hydroxide electrolyte. When required the particles are delivered to the Power Stack, recombining with oxygen to generate electricity.
  • The Canadian-based company have decoupled the link between energy and power allowing scaling by increasing the size of the fuel tank and quantity of recharged fuel rather than requiring new power stacks as Li-ion technology does. (Zinc8)

 

Company News

Amur Minerals*  (AMC LN) 1.9p, Mkt Cap £16m – Rock mechanics study completed

  • The Company completed the rock mechanics (geomechanical) study for mining at the Kun-Manie nickel/copper sulphide project.
  • The Mining Institute of the Far Eastern Academy of Sciences study confirmed Kun Manie development can involve both open pit as well as underground operations.
  • The study was approved by respective authorities and will be included in the Permanent Conditions TEO that is expected to be finalised before Dec/20.

*SP Angel act as Nomad and Broker to Amur Minerals

 

Bluejay Mining*  (JAY LN) 7.7p, Mkt Cap £75m – Bluejay informed Government response on final EIA approval expected in February. Expects positive political decision for development thereafter.

Target price revised to 16.3p (from 21.3p/s) 

(Dundas Ilmenite project, Greenland, 100% owned)

  • Bluejay Mining report the company has been informed that it should expect a response to its EIA and SIA, Environmental and Social Impact Assessments in the first week of February.
  • The company has also appointed per Buhl Olsen as a non-executive director of Dundas Titanium A/S, Bluejay’s 100% owned subsidiary in Greenland as part of the strategic investment made by the Danish Growth Fund in December.
  • Rod McIllree reports that “the licencing process has been extremely frustrating. Although we enjoy regular and supportive dialogue with the Greenlandic authorities, it has been extremely disappointing that administrative processing has taken considerably longer to complete than was advised, especially considering only minor amendments to our licencing applications have been required.  However, we are hopeful that the review and approval process is nearing completion as we have been informed that we should expect a response for the EIA in the first week of February. We expect to receive a response to the SIA shortly thereafter”.
  • "These two responses are the basis for ministerial approval and will then allow the Company to move into the public consultation period, before the Project receives a political decision on development. Throughout Dundas' development, Bluejay has received positive support from various local, regional and national stakeholders in Greenland, as highlighted by the recent investments from Greenland Venture and Vækstfonden, so we are confident that there will be a positive outcome on this front.”
  • Titanium prices rose 5% last week to $200-220/t for 47-49% TiO2 cif China.
  • Price are rising due to a growing supply demand imbalance in the market for titanium mineral sands with problems at Rio Tinto’s Richard’s Bay operations in South Africa and issues affecting future production for two mineral sands operators in Madagascar.  
  • Target price adjustment and assumptions: we have made a number of adjustments to our model on Bluejay Mining resulting in the adjustment to our target price to 16.3p (from 21.3p).
  • We assume Bluejay could receive a price of $210/t for its premium high-grade ilmenite concentrate product. The value of the magnetite in the concentrate should more than cover the cost of shipping.
  • Our modelling assumes a 1.31 US dollar/ sterling exchange rate and an interest rate of 8% of for our valuation for an NPV@8% of US$182m on an initial capital cost of US$245m.
  • We assume ilmenite concentrate production of 440tpa as set in the feasibility study and we also assume production rises to 582,000tpa in the fifth year of operation.
  • RTIT have approved the ilmenite concentrate for use in a full smelter test which we believe will happen in the next few months.

Conclusion:  Bluejay should be able to produce the world’s highest grade ilmenite concentrate from its Dundas project in Greenland.

The high-grade concentrate is mainly magnetite and ilmenite giving buyers two valued revenue streams out of their furnaces plus the ability to use higher-grade material to upgrade cheaper lower grade ilmenite concentrates.

This is all the more valuable in a market where good quality ilmenite concentrates are becoming increasingly scares.

*SP Angel act as nomad to Bluejay Mining. *SP Angel have visited the Dundas, Itelak ilmenite sands project in Greenland.

 

BlueRock Diamonds*  (BRD LN) 102.5p, Mkt Cap £3.3m – Achieves profitable operations during H2 2019

  • BlueRock Diamonds reports that a “peaceful demonstration” took place at its Kareevlei mine starting late on Sunday afternoon.
  • The company says that it “is in discussions with the local community to resolve the issues and production at the mine has not been materially affected with all operations back online”.
  • Executive Chairman, Mike Houston, expressed disappointment that “a demonstration was deemed necessary given we maintain regular contact with the local community and government”.
  • He went on to confirm that production at the mine had not been adversely affected and that “we remain confident of achieving our internal budget, whilst we develop longer term mine plans to optimise the resource”.
  • Mr Houston also said that the company’s plans for Kareevlei will “result in additional employment, the increased use of local services and have a very positive impact on the community at large. We look forward to maintaining a good working relationship with our community and will update the market regarding any further developments.”

Conclusion: Although the causes of the demonstration are not clear, it is good to hear that the protest remains peaceful and that production is continuing uninterrupted. We look forward to news of a peaceful resolution.

*SP Angel acts as Nomad & Broker to BlueRock Diamonds

 

Botswana Diamonds  (BOD LN)* 0.675p, Mkt Cap £4.2m –£250,000 funding

  • Botswana Diamonds has announced that it is placing an additional 41.7m shares at a price of 0.6p to raise £250,000 to fund current year exploration activities in Botswana, Zimbabwe and South Africa.
  • Each share “has one warrant attached with the right to subscribe for one new ordinary share at 0.6p per new ordinary share for a period of two years”.
  • The additional shares represent approximately 6% of the enlarged capital of Botswana Diamonds.

 

Condor Gold*  (CNR LN) 20.5p, Mkt Cap £19.4m – Permitting update

  • Condor Gold has provided a progress report on the permitting of its La India project in Nicaragua where, in August 2018, the Ministry of the Environment granted an environmental permit for the development of a 2,800tpd processing plant
  • The permit was subject to a number of conditions which were originally to be fulfilled“within 18 months of the grant” and the company now reports that it has been granted an extension until 27th July 2021 to complete all of the required conditions.
  • The completed work includes the mine and waste dump schedules, the water and sewage management studies for the processing plant offices and accommodation and the forestry inventory and reforestation plan.
  • Engineering designs for the tailings storage facility and surface water management system are in progress and designs for the fuel station and for back-up power are now “almost completed” while studies are also underway for the connection of the process plant to grid power with National Grid pylons within 700m of the plant site and “a new electricity sub-station being built 12km from the processing plant”.
  • The company also says that it has made offers “to buy the surface rights from all landowners within the mine site infrastructure, 50% have accepted”.
  • The planned La India open-pit “hosts an economic mineral reserve of 6.9Mt at 3.1g/t gold for 675,000oz gold and represents less than a third of the global mineral resource estimate at La India Project”.
  • Chairman and CEO, Mark Child, explained that the company’s “objective is to de-risk La India Project and complete all studies ahead of a construction decision, thereby making the project ‘shovel ready’ “.

Conclusion: Condor Gold has obtained an extension to the time limit to complete studies required under the August 2018 Environmental Permit to develop La India. The additional work should assist in de-risking the project and provide additional time to secure the agreement of surface landowners affected by the development for the acquisition of surface rights.

*SP Angel act as sole broker to Condor Gold

 

Ormonde Mining*  (ORM LN) 0.7p, Mkt Cap £3.3m – Disposal of residual interest in Barruecopardo and board changes

  • Ormonde Mining has confirmed that the EGM to approve the disposal of the company’s residual interest in the Barruecopardo tungsten mine in Spain, announced earlier this month, is to take place in Dublin on 13th February, a day later than the previously indicated date of 12th February.
  • Ormonde Mining is seeking shareholder approval to dispose of its 30% interest in the mine to the 70% owner, Oaktree Capital, for €6m in cash.
  • The company reiterates that the lower than expected mine grades during the ramp-up of production in the northern starter pit, combined with encountering “old back-filled mine workings … where near-surface, high grade tungsten mineralisation had been modelled”, the accelerated stripping of waste on the east-wall cutback required to provide access to adequate ore-grade material have all combined to produce substantially lower mine output and revenues than originally envisaged.
  • The operational pressures increased debt levels to €58.8m by the end of November 2019 “with this estimated to increase to over €70m within the next 12 months, due to drawdown of the remaining undrawn debt, together with capitalisation of interest on cumulative debt.”
  • Faced with these issues, the company says that a further €12-15m will be required “to cover cash requirements for the 2020 period”. Given market conditions, the company considers that additional equity financing would be “highly uncertain” as well as excessively dilutive to existing shareholders. Alternatives of extra financing from Oaktree Capital are considered likely to trigger dilution of Ormonde’s interest in Barruecopardo to below 15% and consequently the company “assessed the merits of a cash exit from the Company’s minority interest in the Mine … [and concluded that] … this would be in the best interest of Shareholders under current circumstances.”
  • In addition, the company announces that its Chairman and Interim Managing Director, Michael Donoghue as well as non-executive director, John Carroll have announced their intention to “retire from the Board and Company as soon as practicable following the completion of the Proposed Disposal.”
  • A current, non-executive director, Jonathon Henry is to assume the role of Executive Chairman following Mr. Donoghue’s departure while the company is already “well advanced” in a process to identify new non-executive directors.
  • The company confirms its commitment to further the exploration of its Spanish gold licences and the La Zarza project, which had been slowed down in favour of the Barruecopardo development, as well as confirming that it has applied for additional gold exploration permits in Spain and has also confirmed that it “proposes to continue with a strategy to primarily target advanced resource based projects in favourable jurisdictions and commodities with a positive market outlook and where the executive team has collective existing expertise: precious metals, copper, tungsten, battery and minor metals”.

Conclusion: Ormonde Mining’s meeting to approve the disposal of its residual 30% interest in the Barruecopardo tungsten mine is to be held on 13th February. Board changes, including the departure of Ormonde’s Chairman and Acting Managing Director will follow the disposal.

*SP Angel acts as Broker to Ormonde Mining

 

Premier African Minerals*  (PREM LN) 0.083p, Mkt Cap £9.3m – Operating agreement with MN Holdings

  • Premier African Minerals reports that it  has signed an agreement with MN Holdings, the owner and operator of the Otjozondu manganese mine in Namibia, for the provision of mining equipment and professional expertise to Premier African Mining’s mining and exploration operations.
  • The agreement is based on MNH supplying “its Services on the basis that the total cost to Premier will be the sum of all reasonable net disbursements incurred by the Provider in provision of the Services. Payment for the Services will initially be made against receipt of proceeds from the sale of Wolframite concentrate at RHA”. Initially, MN is to provide mining equipment, including a loader and dump truck to the RHA tungsten mine.
  • In December 2019, Premier African Minerals announced that it had agreed to convert its loan to MN Holdings into a 10% equity interest.
  • Premier African Minerals’ CEO, George Roach, said that “This is another step towards the revival of RHA Tungsten Private Limited ("RHA") and apart from the reprocessing of tailings whilst we bring the underground development back to life, the dramatically reduced cost of operating a mining fleet arising from the association with MNH, will encourage a re-evaluation of the possible restarting of open pit operations as well.”
  • In a separate announcement, Premier African Minerals announced that it has agreed an extension of the repayment terms of the US$350,000 convertible with Regent Mercantile Holdings until 31st March 2020. “The loan Agreement will continue to be secured over 350,000 shares of Circum Minerals Limited held by Premier.”

Conclusion: Access to the expertise and operating equipment of MN Holdings, coming soon after the mine’s connection to grid power announced earlier this month, may help to rejuvenate the RHA tungsten operation.

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

 

Trans-Siberian Gold  (TSG LN) 52p, Mkt Cap £57m – Production in line with guidance despite a slowdown in Q4/19

  • Q4/19 production totalled 9.0koz (-28.9%qoq/-31.4%yoy) reflecting lower processed grades (6.0g/t v 8.3g/t in Q3/19 and 9.1g/t in Q4/18).
  • Lower grade stoping blended with on site stockpiles resulted in a lower grade mill feed as mineralisation in the Main Zone appeared to be weaker and more erratic at depth.
  • FY19 production amounted to 43.5koz (+3.2%yoy), in line with the guided range of 40-44koz.
  • Strong increase in average realised price ($1,399/oz +10.6%yoy) more than compensated for weaker gold sales in FY19 (43.8koz -4.7%yoy) translating into record annual gold revenues of $63.1m (+5.5%yoy).
  • The Company is planning to complete a 25,000m drilling programme at the Main and East zones of the Asacha Gold Mine growing the mineral inventory and extending the life of mine.
  • Additionally, the team is expecting to release the Rodnikova deposit in Q1/20 followed by an internal scoping study to assess development options of the deposit.
  • FY20 production guidance will be released shortly.

 

 

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

DCE

RRE

Steelhome

Lithium Carbonate, Ferro Vanadium, Antimony

Asian Metal

Tungsten

Metal Bulletin

 

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