Copper recovers as exemption possibility raises hope of trade war thawing
MiFID II exempt information – see disclaimer below
Anglo Asian Mining* (AAZ LN) – BUY, Target 296p – 1Q25 production recovers with all processing facilities running for the first full quarter post temporary suspension
Caledonia Mining (CMCL LN) – Sale of Blanket solar power plant strengthens balance sheet and retains power supply agreement
ECR Minerals (ECR LN) – Plans to drill for antimony at Bailieston project, Victoria
Greatland Gold (GGP LN) – Better than expected performance at Telfer as Greatland Gold optimises production and identifies potential mine life extension opportunities
Savannah Resources* (SAV LN) BUY, Target 18.1 – New appointments
Serabi Gold (SRB LN) – Q1 delivers strong production and encouraging exploration results
Tertiary Minerals* (TYM LN) – Mukai drilling results
Zijin Mining (601899 CN)– Q1 Results as copper and gold output grows
Copper ($9,265/t) strengthens as exemption possibility raises hope of trade war thawing
- Copper prices are climbing from their recent lows of $8,600/t, on hopes for easing trade war tensions with between the US and China.
- Copper is also being supported by a weaker dollar, which has sold off over the past week on concerns over the Trump administration’s erratic approach to geopolitics.
- The White House exempted various consumer electronics on Friday, boosting hopes of more constructive trade dialogue with China, copper’s largest end user.
- Copper hit 11 month lows last week, whilst iron ore prices also weakened.
- Copper saw strong buying from Chinese users around the $8,600/t mark, suggesting they remain relatively price sensitive.
- COMEX inventories have risen as US consumers rush to secure copper material before tariff imposition, with the Liberation Day speech unwinding the trade.
- Traders had been taking advantage of an arbitrate between CME and LME prices.
- The move has caused supply limitations in Asia, as copper moves to the States, pushing the Yangshan premium to 16 month highs, whilst ShFe inventories slide.
Gold ($3,224/oz) holds near Friday’s record high of $3,247, supported by dollar weakness
- Gold is holding just off record highs of $3,245/oz hit on Friday.
- The metal has been supported by a jump in ETF inflows, a weaker dollar and safe haven demand.
- However, the sharp sell off in the long end of the US Treasury curve has also likely triggered additional buying.
- The 10 year yield has risen sharply to 4.5%, having touched 3.88% in the wake of Liberation Day tariff rollout.
- Gold and treasuries usually compete for haven status, and investors are likely reducing treasury positions and adding to gold amid ongoing concerns over the end of American ‘exceptionalism.’
Rare Earths (REEs) – Beijing restricts rare earth exports amid US trade war tensions
- Seven rare earths have been placed on an export control list, needing government licences (Reuters).
- Shipments reportedly stopped on April 4th.
- Beijing has banned the exports of:
- Samarium
- Gadolinium
- Terbium
- Dysprosium
- Lutetium
- Scandium
- Ytrrium
- Producer MP Materials’ shares are up 10% overnight, although Lynas was unchanged in the Australian market.
- Exports are now required to apply to the Ministry of Commerce for export licences, which can take between six/seven weeks to several months.
- Antimony was placed on the export control list in September, and no antimony exports to the EU have been reported since.
- Various exporters have reportedly declared force majeure, with cargoes already barred from leaving port.
Conclusion: China has been gradually restricting exports of REEs for some time though the addition of another seven REEs to the export control list is no great surprise.
China had already got to a stage where it would restrict REE exports to gain competitive advantage. Antimony exports were stopped in September.
The question is, how much of its own industry is China prepared to cut in its war with Trump on tariffs?
| Dow Jones Industrials | +1.56% | at | 40,213 | |
| Nikkei 225 | +1.18% | at | 33,982 | |
| HK Hang Seng | +2.28% | at | 21,392 | |
| Shanghai Composite | +0.76% | at | 3,263 | |
| US 10 Year Yield (bp change) | -1.0 | at | 4.48 |
Economics
US equity futures climbed on hopes that Trump administration may be willing to dial down its stance on trade restrictions.
- White House exempted smartphones, laptops and other devices from Trump’s so-called reciprocal tariffs, including a 145% charge on imports from China.
- Administration is set to provide more details later today.
- The US$ index hit a fresh low for the year as investors are looking for safe haven assets outside the US with yen and gold extending their gains.
Tariff exemption on smartphones and computers may unwind
- There appears to be some confusion over a suggested tariff exemption on smartphones and computers from China .
- Trump comments that Chinese tech will still be subject to 20% tariffs and are just moving to a different tariff bucket.
- The confusion has caused the US dollar to continue to weaken with funds flowing out of US Equities and into UK and European markets.
Trump supporting coal to help US Tech companies stay ahead of China on AI
- It currently takes 5-7 years to get a large-scale power connection in the US due to existing power generating restrictions.
- Enabling older coal-fired generators to extend their lifespans will help manufacturers to refurbish, repower and restart old factories.
- China has been smart in planning more hydro and coal-fired power plants alongside substantial low-cost wind and solar power.
- They recognise that lower power costs in China will help their economy grow and insulate against other low-cost labour jurisdictions.
China – Trade data reported a jump in exports in March as companies front loaded purchases of Chinese goods ahead of new round of tariffs.
- Overseas shipments were up 12.4%yoy in March and exports to the US in particular were up 8.8% last month.
- Exports (%yoy, Mar/Feb/Est): 12.4/-3.0/4.6
- Imports (%yoy, Mar/Feb/Est): -4.3/1.5/-2.1
UK and European markets rise as funds are repatriated out of the US
- Uncertainty over tariff disruption is causing many investors to take profits and withdraw from US Equity markets.
- A cabal of nations led by Canada are also thought to be acting to sell US government bonds threatening a Liz-Truss style-bond market correction.
South Africa – US Pastor kidnapped during church service in South Africa
- An American pastor has been kidnapped by armed men after they stormed his church service in South Africa (BBC).
- Josh Sullivan had been conducting a service at Fellowship Baptist Church in Motherwell, a township in Gqeberra in the Eastern Cape, on Thursday.
- Four armed and masked male suspects appear to have kidnapped Sullivan
- The hawks, South Africa’s elite police unit which investigate serious organised and commercial crimes and high-level corruption are on the case.
- Sullivan moved to South Africa with his wife and children in 2018 to establish a church for Xhosa-speaking people.
- Police statistics estimate a rise of 264% in kidnappings in South Africa. No ransom has been requested as yet.
- President Trump has already condemned the ANC for its new law on land seizure and expropriation without compensation so expect some pronouncement from the White House on this .
Currencies
US$1.1396/eur vs 1.1340/eur previous. Yen 142.76/$ vs 143.20/$. SAr 18.927/$ vs 19.314/$. $1.316/gbp vs $1.305/gbp. 0.633/aud vs 0.622/aud. CNY 7.304/$ vs 7.322/$.
Dollar Index 99.443 vs 99.858 previous.
US dollar index continues to collapse to 99.4 from a high of 110 in January. We are still some way off the low of 72 seen in 2008 at the height of the US Sub-Prime mortgage crisis (GFC).
Euro climbs to new high against the US dollar at €1:1.14USD
Precious metals:
Gold US$3,229/oz vs US$3,208/oz previous
Gold ETFs 88.7moz vs 88.6moz previous
Platinum US$958/oz vs US$950/oz previous
Palladium US$937/oz vs US$927/oz previous
Silver US$32.3/oz vs US$31.4/oz previous
Rhodium US$5,450/oz vs US$5,425/oz previous
Base metals:
Copper US$9,216/t vs US$9,150/t previous
Aluminium US$2,401/t vs US$2,397/t previous
Nickel US$15,390/t vs US$15,180/t previous
Zinc US$2,663/t vs US$2,677/t previous
Lead US$1,923/t vs US$1,909/t previous
Tin US$31,725/t vs US$31,105/t previous
Energy:
Oil US$64.9/bbl vs US$64.0/bbl previous
- Global energy prices rose over the weekend after the US announced exclusions from steep tariffs on technology products primarily imported from China.
- The US Baker Hughes rig count was down 7 to 583 units last week (-34 or 6% y/y), with oil rigs down 9 to 480 units (-26 y/y) and gas rigs up 1 to 97 units (-12 y/y), as the Permian lost 5 rigs to 289 units (-27 y/y).
- Wood has now received a holistic non-binding conditional proposal from Sidara to acquire the Company for 35p/sh in cash and potentially inject $450m in new debt, which the Board would be minded recommending.
- Media reports the proposed £6.5bn UK HySpeed project that targets 1GW of low-carbon hydrogen production by 2030, which the joint venture partners claim can deliver green hydrogen at a strike price of £5.96/kg, which is below the £9.50/kg strike price offered to those participating in the UK’s first Hydrogen Allocation Round.
Natural Gas €34.3/MWh vs €33.8/MWh previous
Uranium Futures $64.4/lb vs $64.4/lb previous
Bulk:
Iron Ore 62% Fe Spot (China CFR) US$99.3/t vs US$99.1/t
Chinese steel rebar 25mm US$467.2/t vs US$467.0/t
HCC FOB Australia US$184.0/t vs US$184.0/t
Thermal coal swap Australia FOB US$99.0/t vs US$99.8/t
Other:
Cobalt LME 3m US$33,700/t vs US$33,700/t
NdPr Rare Earth Oxide (China) US$58,602/t vs US$58,862/t
Lithium carbonate 99% (China) US$9,584/t vs US$9,533/t
China Spodumene Li2O 6%min CIF US$805/t vs US$805/t
Ferro-Manganese European Mn78% min US$1,005/t vs US$1,005/t
China Tungsten APT 88.5% FOB US$358/mtu vs US$358/mtu
China Graphite Flake -194 FOB US$430/t vs US$430/t
Europe Vanadium Pentoxide 98% US$5.1/lb vs US$5.1/lb
Europe Ferro-Vanadium 80% US$24.1/kg vs US$24.2/kg
China Ilmenite Concentrate TiO2 US$284/t vs US$283/t
Global Rutile Spot Concentrate 95% TiO2 US$1,506/t vs US$1,506/t
Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t
Brazil Potash CFR Granular Spot US$350.0/t vs US$347.5/t
Germanium China 99.99% US$2,825.0/kg vs US$2,825.0/kg
China Gallium 99.99% US$390.0/kg vs US$390.0/kg
Company News
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | 2.7% | 5.2% | Freeport-McMoRan | 6.4% | 14.4% |
| Rio Tinto | 1.4% | 2.3% | Vale | 3.6% | 1.5% |
| Glencore | 2.8% | 13.3% | Newmont Mining | 7.9% | 24.4% |
| Anglo American | 1.9% | 9.7% | Fortescue | 0.9% | 6.1% |
| Antofagasta | 2.3% | 8.8% | Teck Resources | 5.2% | 9.6% |
Anglo Asian Mining* (AAZ LN) 133p, Mkt Cap £152m – 1Q25 production recovers with all processing facilities running for the first full quarter post temporary suspension
BUY – 296p
1Q25 production came in at 8.1koz GEOs (1Q24: 2.5koz) in the first full quarter of production post a temporary environmental shutdown at its gold/copper operations in Azerbaijan.
- Production breakdown includes:
- 6.0koz gold (1Q24: 2.3koz) including 5.8koz in the form of gold dore (1Q24: 2.3koz) helped by a contribution from the agitation leaching plant (4.0koz) that resumed production in October last year;
- 0.5kt copper (1Q24: -); reflecting a restart of flotation circuit that was suspended through 1Q24;
- 30koz silver (1Q24 6koz).
- Gold bullion sales (post PSA) were 4.8koz at $2,843/oz (1Q24: 3.9koz at $2,080/oz).
- Concentrate sales (post PSA) were 2.0kt generating $3.6m in revenues (1Q24: 0.1kt and $0.3m).
- Closing cash balance of $12.5m (Dec24: $7.1m) and net debt of $13.8m including $5m drawn on Trafigura concentrate prepayment (Dec24: $14.8m).
- Inventories of unsold gold dore and copper concentrate stood at $7.1m as of 31 March.
- Gilar reported first mined ore in March with full production (50-60ktpm) starting in May.
- Encouraging progress made with the refurbishment of the Demirli production facility.
Conclusion: The Company reports a recovery in production with the first full quarter of both agitation leaching and flotation circuits in operation. Production is set to ramp up on course for FY25 target of 28-33koz gold and 6.5-6.8kt copper as higher grade material from Gilar gets processed at Gedabek facilities. All at the time of record gold and robust copper prices.
*SP Angel acts as Nomad and Broker for Anglo Asian Mining
Caledonia Mining (CMCL LN) 982.5p, Mkt Cap £190m – Sale of Blanket solar power plant strengthens balance sheet and retains power supply agreement
- Caledonia Mining reports the completion of a $22.35m cash sale of its 12.2MW solar power plant at its Blanket gold mine in Zimbabwe.
- The plant has been sold to CrossBoundary Energy Holdings (CBE) who will continue to supply power to the mine “under an exclusive power purchase agreement, ensuring … [that the mine continues to benefit from] … a reliable renewable energy source”.
- CEO, Mark Learmonth, explained that “By selling the plant for $22.35 million, Caledonia realises a profit on the $14.3 million construction cost. Importantly, we retain the exclusive energy off-take agreement, ensuring that approximately 20% of Blanket Mine’s daily electricity needs continue to be met by renewable energy”.
- Today’s announcement describes “Caledonia’s consolidated net debt as at April 9, 2025 (i.e. immediately before the transfer of the cash consideration on April 10, 2025) … [standing at] … $3.8 million (December 31, 2024: net debt $8.7 million) … [and says that after] … receipt of the cash consideration, Caledonia’s pro forma consolidated net cash balance was $18.6 million”.
- Commenting on the purchase of the Blanket solar plant CBE’s Managing Partner, Matthew Tilleard, explained that “Energy provision is an expensive challenge for the mining sector in Africa. The acquisition of Blanket Mine’s solar PV facility is part of CrossBoundary Energy’s ongoing commitment to providing the best energy solutions for the sector. Through a power purchase agreement, Blanket Mine will continue utilising the benefits of distributed renewable power, whilst freeing up capital for its value-generating mining activities”.
- Current production guidance for 2025 for the mine is in the range 73,500-77,500 oz of gold with on-mine costs expected within the range US$1,050-1,150/oz an costs on an all-in-sustaining basis lying between US$1,690-1,790/oz.
- Capital spending in 2025 is expected to be US$41m comprising US$34.1m at the Blanket mine “and $6.3 million designated for the Bilboes and Motapa projects”.
Conclusion: Caledonia Mining will continue to benefit from reliable, sustainable power at the Blanket mine while strengthening its balance sheet and freeing up additional financial resources for continuing investment at Blanket and for the Bolboes/Motapa project.
*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe
ECR Minerals (ECR LN) 0.24, Mkt Cap £5.2m – Plans to drill for antimony at Bailieston project, Victoria
- ECR Minerals reports that, later this month, it plans to start diamond drilling to investigate the antimony potential of its Bailieston project in central Victoria, Australia.
- The drilling will target 4 in-situ geochemical anomalies for antimony and follow-up rock chip sampling which showed “grades between 0.25% and 1.91%” antimony in 34 of the 72 samples recovered.
- The company explains that “42 rock chips also returned gold grades above 1 g/t Au, with channel sampling highlights including 0.3m @ 41.3 g/t Au”.
- Drilling at the Bailieston project in July 2024 showed hole BH3DD019 intersecting “32% Sb over 0.3m and BH3DD027 yielding 1.2% Sb over 0.1m”.
- Managing Director, Mike Whitlow, commented on “a compelling convergence of data pointing to a potential structurally controlled zone of antimony and gold mineralisation at the Bailieston Project”.
Conclusion: We look forward to news from the planned antimony-focussed drilling at the Bailieston project
Greatland Gold (GGP LN) 13.95p, Mkt Cap £1,779m – Better than expected performance at Telfer as Greatland Gold optimises production and identifies potential mine life extension opportunities
- Reporting results for the first full quarter since in acquired the Telfer gold mine in WA, Greatland Gold announces the production of 90,172oz of gold and 3,511t of copper at an all-in-sustaining (AISC) cost of A$2,126/oz for the 3 months to 31st March 2025.
- The company highlights that “Gold production was 21% higher, and AISC lower than Greatland’s initial pre-acquisition mine plan … quarterly average (74,800oz at A$2,203 AISC)”.
- The production results from the processing of 4.58mt of ore (4.6% above the expectation in the pre-acquisition plan) to at an average grade of 0.68g/t gold and 0.1% copper “in line with the Pre-Acquisition Plan”.
- As well as the better-than-expected plant throughput, the improved production benefitted from better than expected gold recovery which achieved 86.7% during the quarter compared to the pre-acquisition assumption of 78%.
- The company confirms that continued “optimisation of processing remains a key focus”.
- Greatland Gold has issued 2025 production guidance of 196-210,000oz of gold production with AISC expected in the range A$2,100-2,250/oz.
- The company also guides that capital expenditure for the year are expected to be in the range A$95-105m.
- Greatland Gold also highlights it March 2025 announcement of its mineral resources at Telfer of “154Mt @ 0.64g/t Au and 0.08% Cu for 3.2Moz Au and 117kt Cu, 46% of which is Measured or Indicated for 1.4Moz Au and 62kt Cu” which, in conjunction with its resource at the Havieron project, brings its total mineral resources inventory to “285Mt @ 1.11g/t Au and 0.14% Cu for 10.2Moz Au and 387kt Cu, 55% of which is Measured or Indicated Resource”.
- Greatland Gold also identifies opportunities “short-term extension opportunities, and defining a long-term growth strategy for both the open-pit and underground operations” including
-
- “West Dome Open Pit: Stage 7 & 2 Extensions” where drilling will “continue to target extension opportunities”; and
- “Main Dome Underground: A-Reef Extension … [where a] … second phase of underground drilling … is scheduled to begin early in the June 2025 quarter” and
- Further underground opportunities at the Main Dome and West Dome.
- Today’s announcement also confirms that the “Havieron Feasibility Study continues to progress and remains targeted for completion in H2 CY2025”.
- Managing Director, Shaun Day, said that “Greatland’s first full quarter since acquiring 100% ownership of Telfer and Havieron was a tremendous success and is a great credit to the exceptional work of our operational team”.
- He explained that “Our confidence in the outlook for Telfer is demonstrated by the approval of investments in a new mining area at the West Dome Open Pit (Stage 7 Cutback), a second development drive to the new West Dome Underground project and an increase to six drill rigs at Telfer”.
Conclusion: The first full quarter of ownership at Telfer has exceeded the company’s pre-acquisition production expectations and identified mine-life extension opportunities. We also look forward to the Havieron Feasibility Study in H2 this year.
Savannah Resources* (SAV LN) 5.3p, Mkt Cap £117m – New appointments
BUY – 18.1
- The Company announced new appointments expanding its team ahead of FID and project funding at the Barroso Lithium Project, Portugal.
- Henrique Freire to join the Company as Chief Finance Officer with immediate effect.
- A Portuguese national, Henrique brings significant internation business and leadership experience from across different industries including energy, M&A and investor relations.
- Michael McGarty, current CFO, is taking up a new role of Chief Corporate Officer.
- Additionally, Egidio Ribeiro has been appointed as Project Finance Manager and Mike Tamlin joined the Company as Offtake Adviser.
- Egidio is an experience investment banker with project finance expertise and lately worked with Aurora Lithium, a 50/50 Galp/Northvolt JV, that was studying development of a lithium chemical refinery.
- Mike brings over 20 years of expertise in the lithium industry, having worked extensively in commercial roles and as a consultant.
*SP Angel acts as Nomad and Broker to Savannah Resources
Serabi Gold (SRB LN) 159p, Mkt Cap £123m – Q1 delivers strong production and encouraging exploration results
- Serabi Gold reports the production of 10,013oz of gold in the 3 months to 31st March (Q1 2024 – 9,007oz) including 4,666oz from the Palito complex (Q1 – 5,135oz) and 5,347oz from Coringa (Q1 2024 – 3,871oz).
- Palito treated 24,328t of ore at an average grade of 6.25 g/t gold (Q1 2024 – 35,861t at a grade of 4.73g/t) while the contribution from Coringa reflected the processing of 23,827t at an average grade of 7.17g/t gold (Q1 2024 – 18,660t at a grade of 6.61g/t gold).
- The company confirms that it “remains on track to achieve 2025 consolidated production guidance of 44,000 – 47,000 ounces gold”.
- CEO, Mike Hodgson, welcomed the 11% increase in Q1 gold output and highlighted “the substantial grade improvements at both Palito and Coringa … [saying that] … Palito plant feed grades were 32% improved on Q1-2024, whilst Coringa plant feed grades showed a 10% improvement”.
- He explained that at “Palito, the grades improved as mining has increased in the high grade Barrichello zone”.
- Mr. Hodgson also explained that the “Coringa Mine continued to perform exceptionally well with ore being mined in the Serra zone at levels 260m, 225m, 190m, and 158m … [he said that] … the main ramp is deepening to level 125m.
- He commented on the “progression and development of Meio, the second sector at Coringa. The first two levels, 356m and 336m are now in development, with development ore already contributing to the Coringa gold production. Meio is expected to contribute significantly to Coringa production in 2025”.
- Mr. Hodgson said that brownfield exploration was progressing with “two rigs at Palito and two at Coringa … with very encouraging results at Palito Complex with step out drilling on the Senna vein.”
- Initial drilling at Coringa is generating “early success … [between the Galena and Mae de Leite zones]… as well as intersecting the new zone called Jatobá”.
- Mr. Hodgson also said that “In light of the excellent operational performance, strong prevailing gold price, cash position and anticipated cash growth ahead, the Company is currently assessing appropriate mechanisms to return capital to shareholders”.
Conclusion: A robust Q1 production performance keeps Serabi Gold on track to achieve its 2025 production guidance. Near-mine, brownfield, exploration at both Palito and Coringa is generating encouraging results and we look forward to further news as drilling progresses.
*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil
Tertiary Minerals* (TYM LN) 0.06p, Mkt Cap £1.7m – Mukai drilling results
- Tertiary has announced drill results from their Mukai copper project in Zambia, where they are in JV with First Quantum.
- The Company has been conducting scout drilling over three diamond holes for a total length of c.554m.
- Management notes that two/three holes ‘collared on the basis margin within the Lower Roan Subgroup siliclastic sediments and the footwall to the target units.’
- The third hole drilled through the Upper Roan to Lower Roan geology.
- As a result, only one hole tested the target units.
- Tertiary reports the intersection of near-surface anomalous copper mineralisation, including 3.8m at 0.12% Cu from 1.6m, and 2m at 0.17% Cu from 4m.
- Drilling also intersected some anomalous nickel mineralisation, including 558ppm Ni over 64m from 10m downhole.
- Tertiary reports that the much of the basin and the large-scale copper-in-soil anomaly remains untested.
- Going forward, Tertiary is currently in discussions with First Quantum over the next steps of the JV, with FQM now completing the Year 1 $500k expenditure.
- First Quantum has committed to earning $1.5m in total over a 24 month period.
Conclusion: Tertiary has received assay results from their JV with First Quantum at Mukai. Drilling showed anomalous copper and nickel readings, but it is important to note that the majority of drilling reported did not intersect the targeted geology. As a result, much of the large-scale copper-in-soil anomaly remains untested and we look forward to further updates once the JV has agreed a path forward.
*SP Angel acts as Nomad and Broker to Tertiary Minerals
Zijin Mining (601899 CN) CNY17.6, Mkt Cap CNY446bn– Q1 Results as copper and gold output grows
- Zijin report operating income of CNY79bn over the period, and net profit of CNY12.5bn vs CNY75bn and CNY7.6bn respectively same period last year.
- The Chinese major reports gold and copper production rose 13% and 9% respectively vs same period 2024.
- Company produced 613koz Au over the quarter, and 287.6kt mined copper over the period, with Kamoa contributing 59kt.
- Zinc production fell 10%yoy to 88.2kt, vs 97.3kt prior quarter.
- Company reports higher unit cost of sales over the period due to weaker grades, increased transportation distances and a rise in stripping ratios at some open-pit operations.
LSE Group Starmine awards for 2024 commodity forecasting:
No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024
No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024
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
Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476
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
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, Rutile | Asian Metal |
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MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.
A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).
SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return
