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Pilbara Minerals (ASX:PLS) A$2.14, Mkt cap A$6.2bn – 59% upgrade to mineral resource at Pilgangoora Tantalum-Lithium Project
The asset’s measured and indicated resource is now 210.2mt grading 1.17% lithium oxide, 103ppm tantalum pentoxide and 0.56% ferric oxide, containing 2.46Mt of lithium oxide and 47.7 million pounds of tantalum pentoxide.
SP Angel . Morning View . Monday 06 09 21
Weak US labour numbers likely to delay the start of Fed tapering
MiFID II exempt information – see disclaimer below
Pre-IPO financing opportunity for new gold mine development in Ghana
We are raising funds for an advanced gold project in Ghana with good upside exploration potential
The project offers potential to fast-track gold production using a low-cost heap leach.
Management are experienced and are looking to IPO within 18 months.
Please contact us if you are interested in pre-IPO funding of the opportunity
IGTV: Chinese slowdown is ‘unlikely to be for long’: https://youtu.be/XuW2I6Z3-RU
VOX Markets: 02/09/21: https://audioboom.com/posts/7933954-john-meyer-on-china-bluerock-cornish-metals-ironridge-scotgold
AfriTin* () – Resources estimate for by-product lithium and tantalum at the Uis mine to be followed up with infill drilling
Cora Gold () – DFS contractors appointed with the study targeted for H1/22
Ormonde Mining* () – Chairman issues letter of clarification ahead of AGM
Pilbara Minerals () – 59% upgrade to mineral resource at Pilgangoora Tantalum-Lithium Project
Rambler Metals and Mining* () – Conversion of loan note
Tirupati Graphite () – Completion of commissioning of Vatomina
Shanta Gold () – Infill drilling continues to return high grade intersections at West Kenya
UK – New car registrations fall 22% in August vs a fall of 29.5% yoy
Guinea – Coup leaders desolve government and detain President Alpha Conde
President Alpha Conde has been detailed by soldiers in a coup-d’état due to his failure to reduce poverty and corruption.
Leaders are also concerned at Conde’s move to change the constitution allowing him to serve a third term as president following his re-election last October.
Guinea’s main exports are alumina and bauxite and for aluminium and alumina smelting with total exports worth around US$1.5bn pa.
Some say the coup was inevitable with Conde playing on ethnic divisions for his own political advantage while failing to fulfil promises for reconciliation.
Local media shows jubilant scenes in Guinea supporting the coup. Reuters reports support for the Guinea Army from the local youth population.
The army have also announced the closure of both land and air borders, triggering concerns over supply route disruptions.
Aluminium prices hit fresh 10-year highs in London on Guinea unrest
Aluminium prices hit 10-year highs in London and rose to their highest level in Shanghai since 2006 as the political instability in Guinea raises the possibility of disruptions to bauxite shipments.
Prices have already risen 40% year-to-date, fuelled by global stimulus measures driving demand, while smelters in China struggle to maintain output.
Guinea is the largest supplier of bauxite to China, accounting for 55% of the material so far this year.
Prices in London rose as much as 1.8% to $2,775/t this morning, while futures in China rose 3.4% to $3,405.64/t, higher than previous highs in July 2008.
Guinea’s coup is expected to add further supply pressures to the aluminium market, although new Chinese supply in the pipeline is anticipated to soften prices.
Tin – Myanmar – Junta agrees to ASEAN call for ceasefire for distribution of aid
Myanmar is a significant producer of tin concentrates much of which is smuggled across the Chinese boarder
Copper – Lumina reaches deal to end strike at Caserones copper mine
Minera Lumina Copper has ended a near one-month strike at its Chilean copper mine with an agreement with its workers.
The mining firm offered a 3-year collective contract to 98% of the members of the Lumina worker’s union who voted in favour of its contract offer and signed on Saturday.
The company, which is controlled by Japan’s JX Nippon Copper, stated that it ‘values the willingness to engage and reach a responsible agreement that both meets the expectations of workers and ensures that Caserones can be a secure and sustainable operation into the future’.
Caserones’ impact on the wider copper market is minimal, producing 126,972t of copper in 2020.
Gold closes in on 2.5 month high whilst nears monthly low as US jobs report raises potential for Fed taper delay
The dollar index dipped to 91.941 for the first time since August 4th following a weak US labour report.
US nonfarm payrolls increased by a mere 235,000 in August. A majority of economists had estimated 728,000 more jobs on average.
The disappointment has encouraged analysts to predict a delay in Fed tapering, with maximum employment key for a scaling back in bond-buying.
Citi have maintained a bearish outlook for the dollar over the next two months, however hedge funds have become increasingly bullish on the currency.
Analysts at the () believe a taper announcement in December is now more likely than the previously predicted October.
The news has encouraged positive momentum in the gold price, with spot gold rising to $1,827.82.
Gold has been seen as an attractive hedge against inflation potentially caused by record levels of stimulus, whilst low interest rates reduce the non-yielding precious metal’s opportunity cost.
There has been disappointment surrounding gold’s reaction to the labour report, with analysts noting its inability to break through the $1,830.00 resistance zone.
Indian gold imports nearly double in August ahead of the wedding festival season
A government source has revealed India’s gold imports jumped to 121t from 63t a year ago.
The value of India’s gold imports increased from $6.7bn to $3.7bn.
The rise marks India’s highest demand for the metal in 5 months.
It is believed that the weak price and upcoming festival season encourage jewellers to ramp up purchases.
India is the world’s second largest bullion importer and a sustained strong demand could support gold’s price.
Retail demand was supported by fading Covid cases in August as government authorities allowed business to slowly reopen.
Imports in September are predicted to rise above 80t vs 12t 1 year earlier.
Dow Jones Industrials -0.21% at 35,369
Nikkei 225 +1.83% at 29,660
HK Hang Seng +0.92% at 26,139
Shanghai Composite +1.12% at 3,622
Economics
China boosts stimulus with $46bn in new loans to small businesses
China is moving to support small businesses as part of its strategy to create jobs and reduce poverty within its economy.
The move follows the CNY1.8tn (~$279bn) of low-cost loans offered to financial institutions last year.
US – US Labor Day holiday today – expect quiet markets
Labour numbers came in significantly lower than expected in August breaking the string of robust job gains in the past two months, Bloomberg reports.
US dollar rally as Fed likely to postpone tapering plans
The delta variant is reported to have been responsible for most of the decline with Covid-sensitive sectors such as leisure and hospitality posting weak numbers.
Weak labour data may see monetary authorities delaying tapering for the current bond buying programme.
NFPs: 235k v 1,053k (revised from 943k) in July and 733k est.
Unemployment Rate: 5.2% v 5.4% in July and 5.2% est.
Labour Force Participation: 61.7% v 61.7% in July and 61.8% est.
Av Hourly Earnings (%yoy): 4.3 v 4.1 (revised from 4.0) in July and 3.9 est.
ECB – The central bank will hold its monetary policy meeting this Thursday/
Economists are expecting to get the first glimpse of options that the ECB might consider to dial back its €1.85tn pandemic emergency purchase programme as growth recovers.
Germany – Factory orders surprisingly jumped in July on the back of an increase in export demand for ships.
Better than expected numbers mask challenges of German manufacturers reporting a shortage of raw materials and transportation logjams, Bloomberg reports.
Domestic and Eurozone orders dropped in July, while those from outside the single currency bloc increased nearly 16%.
Factory Orders (%mom): 3.4 v 4.6 (revised from 4.1) in June and -0.7 est.
Saudi Arabia offers potential for future domestic mining opportunities
Saudi’s Vice-Minister of Mining Affairs described the country as ‘very much open for business’, with the Saudi Ministry of Industry and Mineral Resources having ‘taken many transformational steps to make investing in mining more attractive than ever before’.
$1.3tn worth of potential mineral value is estimated to exist in the Arabian Shield, including sustainable future minerals such as rare earths.
A Regional Geological Survey Program is currently underway and will examine over 700,000sqkm.
Saudi Vision 2030 pointed to mining becoming the 3rd pillar of Saudi Arabia’s industrial growth, with 40 initiatives identified.
2020 saw the country issue a revised Mining Investment Law, encouraging easier access to license approvals.
Miners have been offered 5-year royalty holidays alongside royalty discounts for local downstream products.
Al-Mudaifer also highlighted the country’s dedication to environmental sustainability, with a Mining Sustainability Principle aimed at protecting both the environment and workers.
Currencies
US$1.1871/eur vs 1.1876/eur last week. Yen 109.84/$ vs 110.02/$. SAr 14.295/$ vs 14.475/$. $1.384/gbp vs $1.383/gbp. 0.744/aud vs 0.742/aud. CNY 6.454/$ vs 6.458/$.
Commodity News
Precious metals:
Gold US$1,827/oz vs US$1,813/oz last week
Gold ETFs 99.8moz vs US$99.7moz last week
() US$1,027/oz vs US$1,005/oz last week
Palladium US$2,432/oz vs US$2,420/oz last week
Silver US$24.80/oz vs US$23.99/oz last week
Base metals:
LME Ring reopens today for open outcry trading
Will be interesting to see if Covid-19 spreads in the fast-paced environment of the LME pit in London.
Copper US$ 9,429/t vs US$9,394/t last week
Aluminium US$ 2,760/t vs US$2,691/t last week
Nickel US$ 19,620/t vs US$19,370/t last week
Zinc US$ 3,010/t vs US$2,998/t last week
Lead US$ 2,294/t vs US$2,296/t last week
Tin US$ 32,995/t vs US$33,280/t last week
Energy:
Oil US$71.8/bbl vs US$73.1/bbl last week
Oil prices fell c.US$1/bbl in early trading today, extending losses after Saudi Arabia reduced crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand
State producer is rolling back pricing on all of its grades to its biggest market in Asia
Three successive months of increases in the company’s official selling prices had left refiners smarting as the coronavirus pandemic stalls with the recovery in energy demand
Aramco notified customers in a statement on Sunday that it will cut October official selling prices (OSPs) for all crude grades sold to Asia, its biggest buying region, by at least US$1/bbl
The price cuts were larger than expected, according to a Reuters poll among Asian refiners
Global oil supplies are increasing as OPEC+ increases output by 400,000bopd a month between August and December
The decline in crude futures added to falls on Friday after a weaker than expected US jobs report indicated a patchy economic recovery that could mean slower fuel demand during a resurgent pandemic
Losses were capped by concerns that US supply would remain limited in the wake of Hurricane Ida
Natural Gas US$4.738/mmbtu vs US$4.641/mmbtu last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$144.3/t vs US$140.6/t
Chinese steel rebar 25mm US$818.6/t vs US$818.0/t – Steelmaking raw material prices decouple amid China crackdown
China’s influence over global commodity markets has been emphasised by a sharp diversion in steelmaking ingredients.
Iron ore has seen a 40% fall from record highs of $230/t whilst metallurgical coal hit $440mt from $230mt in May.
China has been cracking down on steel mills owing to their high emissions.
Soaring metallurgical coal prices have been explained by supply issues, with analysts believing ‘China’s domestic coking coal output cannot… meet steel industry demand’.
A lack of metallurgical coal supply has usually been alleviated by Mongolian shipments; however, these have been hampered by Covid restrictions.
Australia has also been a source of Chinese coking coal; however, this has been limited owing to a 2020 diplomatic spat over the source of the virus.
China’s coking coal imports are down 50% on a year ago.
China’s crude steel output is down 7.6% July month on month.
Thermal coal (1st year forward cif ARA) US$118.8/t vs US$117.0/t
Coking coal swap Australia FOB US$285.0/t vs US$259.0/t
China Ilmenite Concentrate TiO2 US$374.20/t vs US$372.4/t
Other:
Cobalt LME 3m US$50,840/t vs US$50,840/t
NdPr Rare Earth Oxide (China) US$92,040/t vs US$92,749/t
Lithium carbonate 99% (China) US$18,904/t vs US$18,581/t – Court rules against Native American protest of Nevada lithium mine site
(, ) has been given the go-ahead by a US federal judge following requests by a community of Native Americans suggesting that the mine site contains ancestral bones and artefacts.
The ruling by Chief Judge Miranda Du marks the second victory for Lithium Americas over access rights to the site.
Du felt the ‘order does not resolve the merits of the tribes’ claims.’
Lithium America’s chief executive stated that they’ve ‘always been committed to doing this the right way by respecting our neighbours’.
Digging requires the US Bureau of Land management to issue an Archaeological Resources Protection Act.
Another ruling is required over the validity of President Trump’s approval of the project in January. This is expected in 2022.
China Spodumene Li2O 5%min CIF US$940/t vs US$940/t
Ferro-Manganese European Mn78% min US$1,787/t vs US$1,764/t
China Tungsten APT 88.5% FOB US$305/t vs US$305/t
China Graphite Flake -194 FOB US$535/t vs US$535/t
Europe Vanadium Pentoxide 98% 9.0/lb vs US$9.1/lb
Europe Ferro-Vanadium 80% 37.75/kg vs US$38.25/kg
Spot CO2 Emissions EUA Price US$73.0/t vs US$72.1/t
Battery News
BMW increases battery cell order to keep up with EV demand
BMW AG has increased orders for battery cells as they seek to keep up with the rapidly growing demand for EVs.
EVs accounted for 11% of BMW deliveries for the first half 2021.
The automaker now has contracts for €20bn worth of batteries up from €12bn previously.
The increased cell orders have been spread across China’s CATL and EVE Energy, Korea’s Samsung SDI and Sweden’s Northvolt.
Automakers continue to be constrained by a shortage of semiconductors which has put them on alert to identify other vulnerabilities in their supply chains.
Company News
AfriTin* () 5.3p, Mkt cap £62m – Resources estimate for by-product lithium and tantalum at the Uis mine to be followed up with infill drilling
AfriTin has published mineral resources estimates for the lithium and tantalum by-products within the measured, indicated and inferred resource of 71.54mt at an average grade of 0.134% tin at its 85% owned Uis mine in Namibia.
The 71.54mt resource is now estimated to also contain lithium at an inferred grade of 0.63% Li2O and tantalum at a grade of 85ppm (0.0085%).
The company has previously discussed the potential to generate additional revenue streams from the production of by-product lithium and tantalum and today’s announcement confirms that Afritin “is advancing a metallurgical test work programme aimed at developing the process flow to efficiently produce both tantalum and lithium oxide by-products”.
The test work is examining the production of a low-iron concentrate of the lithium mineral petalite using a “combination of density separation, flotation and magnetic separation methods” and on separating the tantalum mineral columbite from the tin concentrate using magnetic differences between the tin and tantalum minerals with results demonstrating “potential to produce a saleable tantalum concentrate, particularly in the coarser fraction (+1 mm).”
Today’s announcement also says that Afritin has started exploration over it licence area with the “immediate priority … an infill exploration drilling programme over the V1/V2 ore body aimed at increasing the geological confidence of the existing MRE for tantalum and lithium oxide” to a depth of 150m.
The company says that this drilling “will provide increased confidence in mineral concentration and production estimation modelling, and may lead to the existing Ore Reserve Estimate for tin to be updated for tantalum and lithium oxide. The programme comprises approximately 8,000 metres of exploration drilling and is expected to run for a period of 12 months”.
Conclusion: The initial inferred resources estimates for by-product lithium and tantalum at Uis, in conjunction with positive metallurgical test results, is being followed up with infill drilling to upgrade the resources and evaluate the commercial potential of the by-products to generate additional revenue.
*SP Angel act for Bushveld Minerals which holds around 9.5% of AfriTin
Cora Gold () 17p, Mkt Cap £42m – DFS contractors appointed with the study targeted for H1/22
The Company appointed DFS contractors for the Sanakoro Gold Project.
Key consultants and contractors to work on the DFS include SENET (independent project manager), CSA Global (mineral resources and mining study) and Epoch Resources (TSF).
The DFS will build on a Jan/20 Scoping Study incorporating the latest infill and step-out drilling.
The study is expected to be completed in H1/22 with an updated mineral resource estimate targeted for Q4/21.
The Sanankoro project is likely to involve a conventional gravity/CIL processing as opposed to the previously considered heap leaching operation.
Scoping Study envisaged a $21m project for a 1.5mpta heap leaching plant producing +45kozpa at $942/oz AISC and generating NPV8% and IRR of $24m and 73% (both post tax), respectively, using $1,400/oz gold price assumption.
The Company remains in ongoing positive discussion with Lionhead Capital Advisors regarding $21m funding mandate and term sheet.
Conclusion: The Company is progressing with Sanankoro development appointing DFS contractors. Additionally, the team remains in discussions with Lionhead Capital Advisors regarding a potential Sanankoro funding package for project capex that is likely to go up as the team is considering milling and CIL operations as opposed to heap leaching route.
Ormonde Mining* () 0.88p, Mkt Cap £4m – Chairman issues letter of clarification ahead of AGM
The Executive Chair of Ormonde Mining, Jonathon Henry, has issued a letter to shareholders ahead of the reconvening of the company’s AGM on 30th September.
The letter seeks to clarify the issues to be put to shareholders and to explain the position of the current Board in relation to the resolutions seeking the appointment of two further directors, Mr. Brendan McMorrow and Mr. Keith O’Donnell, representing the interests of the company’s 23% shareholder, Mr. Thomas Anderson.
Mr. Brian Timmons, who was appointed as a director “in June 2020 to represent Mr. Anderson, recused himself from the Board’s discussions in relation to, and the decision to issue this letter. Mr Timmons has indicated to the Board that he supports the new board nominations and is recommending the associated resolutions to shareholders”.
Mr Henry’s letter points out that if shareholders support the additional nominations to the Board “then three of the six directors on the revised board of directors, and possibly three of five in the circumstances where Mr. Tim Livesey … [currently one of two independent directors, including Mr. Richard Brown] …is not re-elected, would be Mr. Anderson’s appointees. The Board considers 50% or higher board representation by a 23% shareholder to be disproportionate and potentially unfair to the interests of the remaining shareholders”.
Mr. Henry explains that “your Board therefore strongly believes such nominations to be indicative of an attempt to exert a level of influence whereby Mr. Anderson is seeking to ultimately obtain control of the Board without paying shareholders a fair price for obtaining de facto control of the Company and its assets”.
Reiterating that, post the disposal of the company’s interest in the Barruecopardo tungsten mine in Spain, which realised €6m in early 2020, Ormonde Mining “has been pursuing a clear strategy to acquire, explore and develop mining projects in which it has a controlling interest … [and] …. has spent considerable time and resources identifying and evaluating new opportunities”.
“Prior to the 2020 AGM your Board believed it had the support of Mr. Anderson for this strategy and had some success initiating promising transactions on that basis … However, progress in this regard was slowed, and has ultimately stalled”.
The letter says that Ormonde Mining has been unable to elicit “a clear strategy for the Company which Mr. Anderson has indicated he would support unconditionally … [and that the] … Board considered the option of winding up the Company with the goal of returning as much cash as possible to shareholders. However, the Board was informed that Mr. Anderson would not support this option”.
Stating that “The Board believes it is in the best interests of shareholders as a whole to have a vote on the future of the Company and not to prolong this impasse and operational stasis any longer, not least as the cash available to the Company reduces daily” the Chairman’s letter recommends shareholders to support the re-election of Mr. Tim Livesey as a director and to reject the nominations of Messrs’ McMorrow and O’Donnell.
Conclusion: The reconvened AGM on 30th September looks like it will be a stormy one as differing views on the future direction and leadership of the company collide. Shareholders should, however, embrace the opportunity to draw a line under the uncertainty and allow their company to move ahead.
*SP Angel acts as Broker to Ormonde Mining
Pilbara Minerals () A$2.14, Mkt cap A$6.2bn – 59% upgrade to mineral resource at Pilgangoora Tantalum-Lithium Project
The asset’s measured and indicated resource is now 210.2mt grading 1.17% lithium oxide, 103ppm tantalum pentoxide and 0.56% ferric oxide, containing 2.46Mt of lithium oxide and 47.7 million pounds of tantalum pentoxide.
Its measured, indicated and inferred increased by 39% to 308.9Mt grading 1.14% lithium oxide, 105ppm tantalum pentoxide and 0.59% ferric oxide, containing 3.5Mt of lithium oxide and 71.7 million pounds of tantalum pentoxide.
The change in resources comes after Pilbara Minerals discovered new pegmatite domains and integrated in the Ngungaju Resource.
Rambler Metals and Mining* () 21.25p, Mkt cap £28.6m – Conversion of loan note
Timetable of debt financing
(Rambler owns 100% of the Ming Copper-Gold Mine)
CLICK FOR PDF
Rambler Metals and Mining has confirmed that it has issued 1,150,479 shares at a price of 18.8791p/share on conversion of unsecured, subordinated convertible notes held by Riverfort Global Opportunities and by YA II PN, Ltd
The company says that “Riverfort and YAII have now converted a total of US$1,000,000 principal “ of the convertible loan note which was announced on 30th June.
“Following this conversion, a total of US$2,000,000 principal of the CLN remains unconverted”.
*SP Angel act as Nomad and broker to Rambler Metals & Mining
Tirupati Graphite () 112.5p Mkt Cap £97m – Completion of commissioning of Vatomina
Tirupati has completed the commissioning the first 9,000 tpa flake graphite module at its Vatomina Project in Madagascar.
The new site brings the total production capacity in Madagascar to 12,000 tpa, with the company aiming for total production capacity of 84,000 tpa by 2024.
Trials have now been completed to allow the initiation of ore feed and the start of production at a start-up ore feed rate of 15 tph, 50% of the plant rated capacity.
Tirupati has now started stockpiling of finished products, with first shipments to customers expected within two weeks.
Elsewhere in Madagascar, Tirupati is currently progressing with Stage 2 exploration, with drill programmes expected in February 2022.
The company is also redeveloping the Sahamamy hydropower plant to a 100-kilo watt capacity and is to begin developing and advancing the second 18,000 tpa module at Sahamamy.
Shishir Poddar, CEO of Tirupati Graphite commented: “With 12,000 tpa of production capacity (i.e., 4x increase from current) now operational, we expect the unit cost of production to be improved, which will lead to an enhancement on the c.57% gross operating margins that was achieved at Sahamamy, a s the production output at Vatomina ramps up to the full rated capacity of 9,000 tpa.”
“Our recent announcement regarding the impending acquisition of a portfolio of advanced stage graphite assets in Mozambique will, if completed, boost our mineral resource base by over 152 million tonnes @ 8.5% TGC, complementing our existing mix of predominantly jumbo and large flake graphite products from our Madagascan projects.”
Shanta Gold () 14p, Mkt Cap £149m – Infill drilling continues to return high grade intersections at West Kenya
The Company released high grade drilling results from the ongoing programme at the West Kenya gold project.
The update covers +3,200m of drilling over 11 holes completed in June and July this year and represents the sixth set of drilling results reported in 2021 from West Kenya.
Selected intersections include:
Isulu
2.6m at 23.34g/t from 410m (273)
4.7m at 117.39g/t from 417m including 1.0m at 529.90/t (277)
Bushiangala
1.0m at 23.50g/t from 183m (275)
1.1m at 7.53g/t from 163m (276)
0.6m at 16.10g/t from 194m (279)
Undisclosed
3.9m at 63.80g/t
True widths are estimated at ~60-70% of downhole intersections.
The set is the second one received from Phase 2 of the drilling programme targeting mineralisation at 200-450m below surface.
Regarding drilling progress status, the Company is on track to complete 45% of planned drilling over three phases in 2021 with ~17% reported so far.
Third rig is expected to start drilling in September accelerating the pace of the infill drilling programme,
The team will release an updated MRE focused on ~10% of the total NI43-101 Inferred MRE of 1.2moz is expected to be released in September.
Recent Interviews:
IGTV: Chinese slowdown is ‘unlikely to be for long’: https://youtu.be/XuW2I6Z3-RU
Mining sector: where now as Gates & Bezos move in?: https://youtu.be/3is7kRMb7yk
China fearing failure in metals pricing tactic: https://youtu.be/RK4HQPrs60s
Evolution of Chinese construction and implications for commodity demand: https://youtu.be/jB2nURL8uPw
VOX Markets: 02/09/21: https://audioboom.com/posts/7933954-john-meyer-on-china-bluerock-cornish-metals-ironridge-scotgold
18/08/21: https://audioboom.com/posts/7926110-john-meyer-on-diamonds-gold-including-bluerock-petra-cora
BBC: Catalytic converters https://www.bbc.co.uk/sounds/play/p09jl6c9
*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts.
We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.
No.1 in Copper: “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”
No1. In Gold: “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”
The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020
Analysts
John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490
Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474
Joe Rowbottom – Joe.Rowbottom@spangel.co.uk – 0203 470 0486
Sales
Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472
Abigail Wayne – Abigail.Wayne@spangel.co.uk – 0203 470 0534
Rob Rees – Rob.Rees@spangel.co.uk – 0203 470 0535
Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
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
SSY
RRE
Steelhome
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite
Asian Metal
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