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Today’s Market View – Shanta Gold, GoldStone Resources, Caledonia Mining and more…

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SP Angel . Morning View . Thursday 13 05 21

Higher than expected inflation report hits Technology stocks and equity markets

 

We are raising funds for a private copper company in Chile which has grabbed our interest

The company has a historic ‘high-grade’ copper mine which was abandoned >100 years ago.

Drilling is planned to test two large geophysical targets underneath the historic mine may be mineralised porphyry structures.

There is also potential to reopen the historic mine which lies relatively close to a number of the world’s major copper mines

Please let us know if you are interested in participating in this opportunity.

*SP Angel’s role is limited to making introductions and interested parties should be aware that investment in a private company can present certain risks not present in listed companies (e.g. limited or no liquidity and no rules compelling disclosure of information to investors).

 

Atalaya Mining (LON:ATYM) –Q1 reaps benefit of a strong operating performance and higher copper prices

Caledonia Mining* (LON:CMCL) – Blanket mine comes through weather affected Q1 to deliver above planned gold production in April

Eurasia Mining* (LON:EUA) – Eurasia asset sale process. West Kytlim operations expand capacity

GoldStone Resources* (LON:GRL) – Significant production guidance upgrade at Homase

Shanta Gold (LON:SHG) – NED appointment

Walkabout Resources (ASX:WKT) – A$6.4m equity raise for Lindi Jumbo Graphite Project development

 

China – Chinese coal miners, steelmakers and non-ferrous metals equities fall >3% today

‘State Council said Wed China will monitor changes in overseas and domestic markets and effectively cope with rising commodity prices’. (yuan talks)

 

US – Bridge cracks on lower Mississippi halts traffic on and over the river

The broken bridge highlights the need to urgently renew and repair US infrastructure

The Mississippi is a major trade route in the US and will impact food, fertilizer and other trade

 

Copper – Antaike reports the 15-company, China Smelters Purchase Team ‘CSPT’ agreed to cut copper concentrate purchases by 8.8% yoy

The move is designed to raise TC/RCs which have fallen 33% this year to $33.50/t vs the annual reference price of US$59.5.

Copper concentrate imports rose 4.4% ytd end April at 7.88mt some 1.26mt less than this time last year

Maintenance at Tongling Nonferrous, Yunnan Copper and Jinchuan Group along with the plan to cut concentrate purchases could see May output fall to about 760kt, from estimated 799,500t in Apr.

The untended consequence maybe to further raise copper prices

Chile – Workers at BHP’s Northern Integrated Operations Centre threatened to strike over wages

The dispute threatens copper concentrates, cathodes from the giant Escondida and Spence mines.

Escondida produced 1.19mtpa of copper in 2020, Spence has recently expanded production to 300,000tpa from ~146,000tpa.

Reports on shortages of sulphuric acid due to fall in oil refining globally last year

Chile imports Sulphur for around 3mt of sulphuric acid a year with the rest produced locally.

Falling imports could cut copper production from SxEw operations.

Codelco blames its 40% fall in copper production in Q1 partly on sulphuric acid shortages.

 

Unintended consequences

Don’t you just love the unintended consequences that so often see the exact opposite happen when politicians react to events they don’t properly understand

The rise in Australian iron ore prices to record levels is a reaction to a new Chinese NDRC policy to end economic cooperation with Australia

Other classic examples of unintended consequences: The Common Agricultural Policy causing agricultural surpluses and import tariffs

 

Rio Tinto & BHP – jointly cooperating to electrify haul fleets to reduce carbon emissions

The project should also reduce operating costs from haulage as well as reducing costs relating to fuel haulage, storage and theft.

 

Tesla to stop accepting Bitcoin for its cars over the environmental cost of bitcoin mining

Tesla is a smart and relatively environmentally conscious company, so why has it taken them so long to appreciate the bonkers environment cost of Bitcoin mining?

Maybe they are also concerned that Bitcoin prices might fall and they may be forced to take a massive writedown on their Bitcoin holdings.

Musk has tweeted Tesla will not be selling any Bitcoin as they tend to use it for transactions and are looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.

 

Dow Jones Industrials -1.99% at 33,588

Nikkei 225 -2.49% at 27,448

HK Hang Seng -1.33% at 27,856

Shanghai Composite -0.96% at 3,430

 

Economics

US – Inflation numbers climbed stronger than expected playing into market concerns that monetary authorities may need to start to tighten the policy sooner rather than later.

Equities closed lower while sovereign bond yields climbed following the release of the data.

CPI (%mom): 0.8 v 0.6 in March and 0.2 est.
CPI (%yoy): 4.2 v 2.6 in March and 3.6 est.

 

China – The government will continue job-support policies and financial aid for sectors that continue to struggle from the pandemic, Bloomberg cites decisions by a cabinet meeting chaired by Premier Li Keqiang.

Recent reports highlighted labour market challenges especially for younger workers.

Urban jobless rate was at 5.3% in March with almost 1% for people aged 16-24 years, higher that last March when the pandemic peaked.

Among industries mentioned were aviation and transportation services, tourism, retailers and hotels.

Manufacturers seeking to upgrade their industrial capacity and other will also benefit.

Total social financing CNY1,850tn in April vs CNY3,340tn in March

Vehicle sales rose 8.6% yoy in April

PBOC fixes yuan mid-point vs the US dollar at 6.4612 vs 6.4258 yesterday representing a slight softening of the currency after recent strength

 

US – Dow Jones falls as inflation fears hit markets

CPI rose a 4.2% yoy vs 3.6% average and ahead of highest market estimate.

 

Japan – Trade calance 983.1bn for March vs 524.2bn in February

Eco watchers survey 39.1 in April vs 49.0 in March representing a sharp reversal.

BoP current account balance fell to Yen2650.1bn in March vs 2916.9bn in February

Japan is considering cutting BoJ short and long term interest rates if they elect to ease further

Japan – Leading economic indicators 103.3 in March vs 98.9 in February

Toyota forecasts a profit rebound as the automaker expects a renewed demand in the U.S., its biggest market, and forecast overall sales to grow 6.4% to 10.55 million vehicles for the year.

 

South Korea – The nation is set to spend ~$450bn to build the world’s largest chipmaking base over the next decade, Bloomberg writes.

Samsung and SK Hynix will lead more than 51tn won investment in semiconductor research and production through to 2030 under a national blueprint proposed by President Moon Jae-in.

Two companies will be among other 153 driving the decade-long push.

 

India – Industrial production rose 22.4% yoy in April vs -3.4% in March

Manufacturing output 25.8% yoy in April vs -3.7% yoy in March

Investment grade status under threat as Indian COVID-19 variants hit the economy

 

EU – ZEW economic sentiment index 84.0 in May vs 66.3 in April

EU industrial production rose 0.1% (-1.2%), yoy 10.9% (-1.8%),

 

Germany – ZEW economic sentiment index 84.4 in May vs 70.7 inApril

CPI rose 0.7% in April vs 0.5% in March and rose 2% yoy in April vs 1.7% yoy in March

Wholesale prices rose 1.1% in April vs 1.7% in March and rose 7.2% yoy in April vs 4.4% yoy in March

 

UK – Andy Haldane at the BoE says “Now is the time to start tightening the tap to avoid the risk of a future inflationary flood (Daily Mail)

UK COVID-19 – Potential for delay to 21 June end of Lockdown on spread of Indian variant

Recorded cases of the Indian variant are thought to have more than tripled last week.

Indian has three mutations fueling their crisis with variant B167.2 causing concern in the UK with 1723 cases identified so far

On a more positive note GPs are being encouraged to screen patients on the phone or online before in-person visits.

 

Currencies

US$1.2102/eur vs 1.2133/eur yesterday.  Yen 109.51/$ vs 108.79/$.  SAr 14.078/$ vs 14.018/$.  $1.407/gbp vs $1.414/gbp.  0.773/aud vs 0.781/aud.  CNY 6.450/$ vs 6.441/$.

 

Commodity News

Precious metals:  

Gold US$1,821/oz vs US$1,834/oz yesterday

Gold ETFs 99.9moz vs US$99.9moz yesterday

Platinum US$1,222/oz vs US$1,241/oz yesterday

Palladium US$2,883/oz vs US$2,959/oz yesterday

Silver US$27.08/oz vs US$27.47/oz yesterday

           

Base metals:  

Copper US$ 10,453/t vs US$10,573/t yesterday

Aluminium US$ 2,484/t vs US$2,535/t yesterday

Nickel US$ 17,480/t vs US$18,030/t yesterday

Zinc US$ 2,937/t vs US$3,017/t yesterday

Lead US$ 2,157/t vs US$2,225/t yesterday

Tin US$ 29,430/t vs US$29,800/t yesterday

           

Energy:           

Oil US$68.2/bbl vs US$68.9/bbl yesterday

Natural Gas US$2.971/mmbtu vs US$2.940/mmbtu yesterday

           

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$227.1/t vs US$221.4/t

Chinese steel rebar 25mm US$960.1/t vs US$961.6/t

Thermal coal (1st year forward cif ARA) US$80.1/t vs US$79.4/t

Coking coal swap Australia FOB US$128.0/t vs US$125.0/t

           

Other: 

Cobalt LME 3m US$44,635/t vs US$45,635/t

NdPr Rare Earth Oxide (China) US$80,446/t vs US$81,118/t

Lithium carbonate 99% (China) US$12,710/t vs US$12,731/t

China Spodumene Li2O 5%min CIF US$630/t vs US$630/t

Ferro-Manganese European Mn78% min US$1,700/t vs US$1,705/t

China Tungsten APT 88.5% FOB US$272/t vs US$272/t –

News reports indicate that the former Wolf Minerals Hemerdon tungsten mine near Plymouth may be restarted under a new management team, Tungsten West, followings its closure in 2018.

A report on ‘Business Live’ Tungsten mine owner explores options for restarting production – Business Live (business-live.co.uk) indicates that metallurgical test-work has identified  mineralogical characteristics in the ore which “meant a new processing route had to be devised”.

The news sources suggest that Tungsten West has “completed a feasibility study and is now looking at options for reopening the site” but the cost and timetable for any potential reopening of the mine remain unclear.

 

China Graphite Flake -194 FOB US$505/t vs US$505/t

Europe Vanadium Pentoxide 98% $7.4/lb vs $7.4/lb

Europe Ferro-Vanadium 80% $33.15/kg vs $32.95/kg

 

Battery News

Albemarle to invest in used EV lithium recycling

Albemarle has said that it wants to extract more lithium from old cars as demand surges and the first stage EVs come to their end-of-life.

The miner reports that it is making investments and partnering with automotive equipment manufacturers, while calling the move ‘critical’ to its future growth.

Bloomberg estimates 62,000t of used EVs reached their end of life in 2020, and expect this to grow to more than 4mt by 2035.

 

Tesla suspends payment in Bitcoin, citing environmental concerns

Elon Musk has reversed his backing of bitcoin has a form of payment citing environmental concerns about the mechanism used to validate bitcoin transactions.

Musk received criticism from ESG investors in February after Tesla put $1.5bn of its corporate cash into bitcoin, which sent the price of the cryptocurrency up 15%.

Musk wrote on twitter “We are concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Tesla’s CEO also commented with respect to alternative cryptocurrencies: “looking at other cryptocurrencies that use <1% of bitcoin’s energy/transaction”.

Experts predict that by 2024 Bitcoin mining will produce 130t of CO2 in China alone.

 

Chinese iron ore futures plunge 9.5% on Thursday

Iron ore futures on the Dalian Commodity Exchange fell as much as 9.5% on Thursday before closing down 7.5%, following the weeks incredibly strong rally in prices.

Prices were up 23% on the month before the drop, driven by steel production curb worries and speculative Chinese buying, Reuters reports.

 

Long-lasting solid-state battery demonstrated by researchers

Researchers at Harvard have designed and demonstrated a solid-state lithium-metal battery that can hold significantly more energy in the same volume compared to traditional lithium-ion batteries.

The battery can be charged and discharged at least 10,000 times – a big step forward with solid-state batteries as their stability has “always been poor.”

This new battery technology could increase the lifetime of an electric vehicle to around 10-15 years – comparable with traditional ICE vehicles.

The high current density of these batteries could also pave the way for EVs that can fully charge in under 20 minutes.

“This proof-of-concept design shows that lithium-metal solid-state batteries could be competitive with commercial lithium-ion batteries. And the flexibility and versatility of our multilayer design makes it potentially compatible with mass production procedures in the battery industry,” Dr Xin Li, Associate Professor of Material Science, Harvard.

 

Company News

Atalaya Mining (LON:ATYM) 352.5p, Mkt Cap £497m –Q1 reaps benefit of a strong operating performance and higher copper prices

Robust operating performance and a 40% rise in copper prices are credited with delivering Q1 2021 profits of €33.7m (Q1 2020 – €2.9m) and a four-fold increase in EBITDA to €47.4m (Q1 2020 – €9.3m).

“The average realised copper price increased 40.3% from US$2.58 per pound in Q1 2020 to US$3.62 per pound in Q1 2021”.

Copper production was maintained at 13,979t of metal in concentrate (Q1 2020 – 13,229t) at a cash cost of US$2.04/lb (Q1 2020 – US$1.99/lb and an all-in-sustaining cost of US$2.46/lb (2020 – US$2.21/lb).

The company explains that the increased unit cash costs reflect “weaker US Dollar rates against Euro” while the higher all-in-sustaining costs are the result of  “the increase in capitalised stripping costs, which amounted to €4.2 million in Q1 2021 compared with €1.2 million invested in Q1 2020”.

Compared with Q1 2020, ore treated increased by almost 17% to approximately 4mt (Q1 2020 –  3.4mt), grades averaged 0.41% copper (Q1 2020 – 1.99%)  while recovery rates improved to 84.9% (Q1 2020 – 82.6%).

Atalaya Mining also draws attention to the increased depreciation charges of €8.9m (Q1 2020 – €6.7m) resulting from  “the increase of plant assets as result of the completion of the 15M Expansion Project and the costs capitalised at the end of 2020 in respect of the increased rehabilitation provision”.

The company reiterates its production guidance for 2021 of copper production in the range 52-54,000t at an all-in-sustaining cost in the range US$2.50-2.65/lb and cash costs between US$2.25-2.35/lb.

During the quarter, Atalaya Mining “approved the early payment of the deferred consideration totalling €53 million … to Astor Management… and consequently, Atalaya has removed the timing uncertainty from its balance sheet”. The company confirms, however, that this payment “does not end the ongoing litigation as the issue as to whether any residual interest may or may not be payable remains unresolved”. The protracted dispute with Astor relates to the acquisition of the remaining 49% Atalaya Riotinto Minera in September 2008 which included the deferred consideration.

Exploration expenditure declined to €0.1m ((Q1 2020 – €0.4m) following the completion of exploration at Masa Valverde at the end of 2020

Atalaya Mining also confirms that “Despite ongoing COVID-19 restrictions, mining operations have continued normally with higher production levels compared with the previous quarter”.

CEO, Alberto Lavandeira, summarised that following a strong first quarter performance Atalaya Mining is well positioned “for the rest of the year. The excellent operational performance means that the annualised production rate for the quarter is towards the upper end of the 2021 production guidance range”.

Conclusion: The timing of the expansion of Proyecto Riotinto to 15mtpa capacity has proved opportune in the light of recent copper price strength and longer term optimism for copper as a beneficiary of the global transition to environmentally benign technologies. Atalaya remains on track to achieve the upper end of its previously published 2021 production guidance range of 52-54,000t of copper in concentrate.

 

Caledonia Mining* (LON:CMCL) 1040p, Mkt Cap £126m – Blanket mine comes through weather affected Q1 to deliver above planned gold production in April

Caledonia Mining confirms its previously reported reports production of 13,197oz of gold (Q1 2020 – 14,233oz) from its Blanket gold mine in Zimbabwe and reports on mine cost of $836/oz (Q1 2020 – $702/oz) and an all-in-sustaining cost of $1,077/oz (Q1 2020 -$904/oz) during the 3 months to 31st March 2021.

As a result of the lower production, levels, offset by higher gold prices, gross revenue grew to $25.7m (Q1 2020 -$23.6m) and the company reports Q1 profit of $5.4m (Q1 2020 -$9.7m).

The company reports 21st March 2021 net cash of $13.0m .

The company confirms that that the Q1 output keeps the company on track to achieve its previously announced production guidance range of 61-67,000 for the full year.

Production “was adversely affected by underground flooding … which resulted in five lost production days”  as a result of rainfall which was 2½  times normally expected levels however Caledonia Mining confirms that it has now installed additional pumping capacity and that “On the positive side, the heavy rain means that water supply, which has sometimes been a cause for concern, is assured for the foreseeable future”.

Operations were also adversely affected by a fall of ground in the high-grade AR South area of the mine although today’s announcement confirms that this issue “has been resolved and this high-grade area is back in full production” an assertion supported by a recovery in gold production to an above planned 5,470 oz in April.

Following commissioning of the new Central Shaft at the end of the quarter it is “now hoisting waste material arising from the final development to connect the shaft to the production areas.  This has relieved pressure on the Number 4 Shaft which can focus on hoisting ore until Central shaft takes over this role later in the year”.

Caledonia Mining’s CEO, Steve Curtis, explained that “The commissioning of Central shaft means that, despite the slow start to the year, we are confident we will achieve our production guidance for 2021 of between 61,000 to 67,000 ounces and 80,000 ounces per annum from 2022 onwards”.

Mr. Curtis also outlined the recent changes to Zimbabwe’s arrangements for selling gold production from the Blanket mine where “Responsibility for making payments for gold deliveries from the Blanket Mine moved from the Reserve Bank of Zimbabwe to its gold refining subsidiary Fidelity Printers and Refiners Limited. This move has simplified and improved the mechanism for receiving payments for the gold Blanket produces, which in the early months of 2021 had been subject to delays. Those issues have been fully resolved with full catch up of delayed payments and Caledonia is pleased to report that the new system is operating well”.

Mr. Curtis also explained that “Early in the Quarter the proportion of dollar-denominated revenue that we must surrender for local currency increased from 30 per cent to 40 per cent. We have accommodated this change by increasing our local currency denominated expenditures and by participating in the weekly foreign currency auctions.  We are not accumulating excessive local currency balances which we are unable to convert into hard currency and remit out of Zimbabwe”.

Drilling is underway on the Glen Hume property in the Gweru area where Caledonia Mining has a 15 months option to explore. Initial results from the drilling are being evaluated.

Exploration of the Connemara North property, where the company has an 18 month option, is currently aimed at preparing a geological model based on historical data before moving to drilling during the summer.

Caledonia Mining confirms that “To date, we have recorded 38 positive … [Covid19] … tests results amongst our 1,650 workers and their dependants at Blanket, none of whom required hospitalisation. We have also placed orders for vaccines for our workers and their families”.

Conclusion: Excessive rainfall and ground control problems during the first quarter have now been resolved and Caledonia reports above planned production of almost 5,500oz of gold during April. The new Central shaft is in operation to remove waste and help complete the linking of the shaft to the production areas of the mine. New arrangements for gold sales in Zimbabwe are reported to be working well and Covid19 containment measures at the Blanket mine have resulted in no hospital cases amongst workers and their families.

*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe

 

Eurasia Mining* (LON:EUA) 28p, Mkt £2.8bn – Eurasia asset sale process. West Kytlim operations expand capacity

The Company received several proposals including a proposal from a credible party for the potential acquisition of most of the Company’s assets

As such, the team has elected to focus on this potential deal exiting the strategic review and Formal Sale Process relating to the sale of the whole company.

Eurasia has been working with a number of potential bidders including providing due diligence access to those who had shown consistent interest in the Company’s asset base.

“The Directors are committed to maximising the value for all the shareholders, and we are delighted to have received a proposal from a credible party that could allow us to pay a significant dividend to all shareholders,” the Company commented in the announcement.

Separately, the Company reports the approval of the Technical Project involving West Kytlim alluvial PGM production plans.

The Project is based on the parallel development of three pits with the first two being Kluchiki and Bolshaya Sosnovka as well as the operation of three processing plants.

The first plant has already started production with the second and third expected to come on line later this quarter significantly improving operational flexibility.

The team is also working on connecting operations to the grid allowing to reduce operating costs and improve environmental footprint of the operation.

Conclusion: The team is advancing discussions with regards to the sale of the majority of its assets reporting that it received a proposal from a credible party allowing the Company to potentially monetise its PGM rich asset base at a time of record high palladium and recovering platinum prices. Separately, the Company is expanding its West Kytlim alluvial PGM operations growing its mining scale and adding two more processing units.

*SP Angel act as Nomad and Broker to Eurasia Mining

 

GoldStone Resources* (LON:GRL) 14p, Mkt Cap £37.6m – Significant production guidance upgrade at Homase

GoldStone reports that it has commenced stacking ore onto the heap leach facility at its wholly owned Homase Mine in Ghana.

An initial two cells have been commissioned, enabling stacking to commence at a rate of 100 tonnes per hour, and currently ramping up to 200 tph.

The first two cells have a combined area of 13,000m2, with the eventual seven cells covering an area of approximately 73,000m2.

80,000 tonnes of ore have been stockpiled, equating to around one month of mine production at full 3,000 tonne per day heap leach capacity.

With respect to production rates, the Board estimate that in the first eight months of production, the Homase Mine is forecast produce some 25,000 ounces of gold, at a total cash cost, pre-tax, of under US$600per ounce.

The Company forecasts to increase the planned production rate to around 50,000oz Au per annum, representing an increase of more than 300% from the original production schedule compared to the Company’s original guidance of 14,400ozpa, stated in the Definitive Economic Plan.

GoldStone is now in the processing of updating the DEP, expected by Q3 2021, where we expect the Company to increase the size of the mineable resource at Homase.

The Company is continuing to review the options available for extracting saleable gold from the loaded carbon it is producing, including toll treatment or expanding its own processing facility to include an elution plant and gold room.

Emma Priestley, Chief Executive Officer, commented:  “After a tremendous amount of hard work by the entire GoldStone Team, invariably affected by Covid pandemic-related delays, we are pleased to inform our shareholders that we are now stacking ore onto the heap leach pads. This is a pivotal step in the evolution of the Company as we start production of the Homase Mine.  Commencement of operations will lead to an ongoing revenue stream and will also establish a base for unlocking value in our AKHM project.  I would like to thank the staff in Ghana for the successful start-up of the Homase Mine.

“A further benefit from the commencement of production at Homase is that exploration team will now be able to proceed with drilling the Homase Mineralised Trend that lies below and along strike of the current 602,000 ounce JORC resource, with a view to extending the mine’s original 5 year life.”

Conclusion: This latest announcement from GoldStone is a major milestone for the company and one we expect excites shareholders, given the decision to vastly scale up to initial operation at Homase. We look forward to news regarding the completion of the remaining fived cells of the heap leach facility, along with the updated DEP expected in Q3 21 where we expect the Company to further underpin the already attractive economics of the project.

*SP Angel act as Broker to GoldStone Resources

 

Shanta Gold (LON:SHG) 14.5p, Mkt Cap £151m – NED appointment

Ms Michelle Jenkins joined the Board as an independent Non-Executive Director with immediate effect.

Ms Jenkins is a Chartered Accountant (South Africa) and an exploration geologist with an Honours degree in Geology from the University of Witwatersrand, South Africa.

Ms Jenkins has extensive experience across Africa including currently as the Executive for Finance and Administration (South Africa) for Orion Minerals Ltd and as a Non-Executive Director of Kumba Iron Ore Limited.

Ms Jenkins previously worked for the Pangea Group.

 

Walkabout Resources (ASX:WKT) A$0.2, Mkt Cap A$70m – A$6.4m equity raise for Lindi Jumbo Graphite Project development

The Company announced yesterday it  raised A$6.4m through a placing of 32m shares at A$0.20.

The raise was supported by Australian institutional investors.

The placing is planned to be followed by a 1 for 10 rights issue at A$0.20p for an additional maximum of ~A$7.6m.

The first equity tranche of ~US$4m will be used to commence construction at the Lindi Jumbo Graphite project in Tanzania.

Preparatory works would include:

The procurement, manufacture, assembly, testing and shipment of the processing plant equipment and components;

Civil works to prepare for the installation of the processing plant; and

Other critical site works.

The team has slightly reworked Lindi development timeline to reflect staged equity contributions that is expected to only add one month to the total schedule with first production targeted within 12 months.

The current equity raise accounts for around a third of the $12m equity contribution required under a condition precedent (CP) to unlock the US$20 project debt from Tanzanian Bank CRDB.

 

Recent Interviews:

VOX Markets:  28/04/20: https://www.voxmarkets.co.uk/media/60896b3f017903524c8e0936/?context=/listings/LON/BMN/multimedia/

21/04/20: https://www.voxmarkets.co.uk/listings/LON/BMN

IGTV:  Improved global economic forecasts from the IMF provides trading opportunities:  https://www.youtube.com/watch?v=_GXKPqzuCG0

VW expansion driving battery metals prices: https://youtu.be/7vqSrONBaWw

*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 – [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

 

Sales

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

 

 

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, Tungsten, Spodumene, Ferro-Manganese, Graphite

Asian Metal

Small Cap Wrap – Symphony Environmental Technologies, Rural Broadband Solutions, Kazera Global and m

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