SP Angel Morning View -Today’s Market View, Wednesday 19th June 2024

Gold price strengthens as weaker US retails indicate potential for earlier Fed interest rate cut

MiFID II exempt information – see disclaimer below

Arc Minerals (ARC LN) – Restoration of trading as management seek to overturn license rejections by Ministry of Mines in Zambia

B2 Gold (BTO CN)– PEA for Gramalote Project, Colombia

Chesterfield Resources (CHF LN)– Sale of Canadian assets

Premier African Minerals (PREM LN) – Progress report on the Zulu lithium project.

Rainbow Rare Earths (RBW LN) – Pilot plant process update shows good progress on Nd / Pr with some recovery of Dy / Tb

Resolute Mining (RSG LN) – Cash received from Ravenswood

Turaco Gold (TCG AU)– Drilling at Woulo Woulo, Cote D’Ivoire

Gold price ($2,330/oz) climbs as weak US retail sales support rate cut expectations

• Gold prices have climbed to $2,332/oz, up $15/oz since yesterday as Treasuries rallied on rat cut hopes.
• US retail sales showed a weakening consumer, with retails slashing prices and spending slowing.
• US 10-year yields rallied 10bp to 4.2%, having been as high as 4.7% in Q1.
• ETF buying has cooled as US yields settle lower, but we would expect this to accelerate again if Treasuries continue their rally.
• Focus turns to manufacturing data on Thursday and PMI data on Friday to further guide the Fed’s rate cut plans.

Copper prices ($9,820/t) strengthen despite rising LME stockpiles as traders boost bullish positions

• Copper prices have bounced from yesterday’s lows just under $9,600/t.
• The metal has been supported by increased long positions from hedge funds and traders, with SHFE and LME brokers both adding bullish trades.
• LME inventories rose 14% recently, as China continues to deliver into the exchange.
• We note copper exports in China hit record highs in May, a sign of weak domestic demand.
• Exports doubled yoy to 150kt, over 12 year highs.
• The move also reflected elevated prices on international exchanges, including LME and COMEX.
• Bloomberg reports Chinese smelters are cooling off production of refined copper, impacted by weak refining fees.

Iron ore ekes out gain as demand pessimism eases on construction slump

• Iron ore prices have risen from recent lows, hovering around $106/t for 62% Fe in China.
• The weakening property sector in China has weighed on sentiment.
• However, calls for further QE in China is adding to optimism, with additional sovereign bond issuance being demanded to support the 5% growth target.
• Major cities are easing conditions to boost house purchases, however home prices continue to fall.
• Steel production rose 2.7% in May yoy, but fell 1.4% over the first five months of this year yoy.
• Steel output curbs are being rumoured in various Chinese provinces, however this could support longer term steel prices.

Canada blocked the sale of stockpiled rare earth elements mined in the Northwest Territories that will be sold to the Saskatchewan Research Council now instead.

• Stockpiles mined by ASX listed Vital Metals are valued at C$3m (US$2.2m) and were previously planned to be sold to China’s Shenghe Resources Holding.
• With China accounting for most of REE separation and refining the question is where mined stockpiles will be processed.
• Inventories are reported to be treated at the Saskatchewan Research Council processing facility that is in construction.
• The state run council previously signed an agreement to import rare earth carbonate, an intermediary product before RE oxides are separated out, from Hung Thinh Group, a Vietnamese minerals producer, according to Mining.com.

Italian luxury brand Golden Goose pulls its IPO in Milan citing weak markets, FT writes.

• The IPO that was expected to raise €600m valuing the Company at ~€2bn.
• The Company said that the decision to shelve the deal was driven by “the significant deterioration in market conditions following European parliament elections this month and the calling of a general election in France”.

Economics

US – Weaker than forecast retail sales data pointing to a consumer spending strain are welcome news for investors expecting the Fed to start easing monetary policy later this year.

• The data highlights a notable downshift in consumer spending after stronger data released earlier in the year, Bloomberg writes.
• Consumer spending follows softer than expected consumer and producer prices inflation released last week.
• Retail Sales (%mom, May/Apr/Est): 0.1/-0.2(revised from 0.0)/0.3
• Retail Sales ex Auto and Gas (%mom, May/Apr/Est): 0.1/-0.3(revised from -0.1)/0.4

Japan – Exports climb more than forecast in May helped by a weaker currency.

• The yen traded at an average of 155.5 against the US$ in May, 14.9% weaker than a year ago.
• Exports (%yoy, May/Apr/Est): 13.5/8.3/12.7
• Imports (%yoy, May/Apr/Est): 9.5/8.3/9.5

EU – Chinese automakers seek retaliatory tariffs on EU cars

• Chinese automakers have urged the government to retaliate against the EU decision to increase tariffs on Chinese EVs exports by raising tariffs on imported European gasoline-powered cars according to state media.
• The Global Times first reported at the end of May that a Chinese government-affiliated auto research centre was suggesting China raise its import tariffs on large gasoline-powered cars to 25%.
• Current tariffs for EU vehicle imports sit at 15%.

UK – Markets lower their expectations for the fist rate cut following stronger than forecast services inflation that is closely watched by the BOE, FT reports.

• Chances of cut as early as August was brought down to one in three from a 45% probability before.
• Chances of two rate cuts this year have come down to 75% from 95% before.
• Headline and core inflation measures both came in line with estimates, although, in absolute terms, core measure remans at historically high levels.
• CPI (%mom, May/Apr/Est): 0.3/0.3/0.4
• CPI (%yoy, May/Apr/Est):2.0/2.3/2.0
• Core CPI (%yoy, May/Apr/Est): 3.5/3.9/3.5

Israel – PM Benjamin Netanyahu criticised the US for withholding military equipment shipments over the past few months in a video released yesterday, Bloomberg reports.

• The video is reported to have angered the White House with the Biden administration expected to cancel a high level meeting with Israel about Iran that was scheduled for Thursday.
• US officials earlier denied that any weapons were being held back beyond a previous decision to delay delivery of some bombs.
• “We genuinely do not know what he’s talking about…. We just don’t,” White House Press Secretary told reports.

Currencies

US$1.0729/eur vs 1.0730/eur previous. Yen 157.75/$ vs 158.07/$. SAr 17.964/$ vs 18.172/$. $1.272/gbp vs $1.269/gbp. 0.667/aud vs 0.662/aud. CNY 7.257/$ vs 7.256/$.

Dollar Index 105.30 vs 105.39 previous.

Precious metals:         

Gold US$2,331/oz vs US$2,318/oz previous

Gold ETFs 80.9moz vs 80.9moz previous

Platinum US$983/oz vs US$974/oz previous

Palladium US$900/oz vs US$892/oz previous

Silver US$29.51/oz vs US$29/oz previous

Rhodium US$4,575/oz vs US$4,560/oz previous

Base metals:   

Copper US$ 9,779/t vs US$9,659/t previous

Aluminium US$ 2,511/t vs US$2,479/t previous

Nickel US$ 17,375/t vs US$17,300/t previous

Zinc US$ 2,871/t vs US$2,808/t previous

Lead US$ 2,235/t vs US$2,165/t previous

Tin US$ 32,385/t vs US$32,060/t previous

Energy:           

Oil US$85.1/bbl vs US$84.2/bbl previous

• Crude oil prices edged higher despite the API reporting a 2.3mb w/w build to US crude stocks, which includes a 1mb increase in crude imports.
• European energy prices were stable with French nuclear reactor operating levels falling 1% w/w to 64% of 61.4MW capacity and Gazprom reporting stable supply of 42.4mcm/d (~1.5bcf/d) via the Ukraine.
• Etu Energias concluded the acquisition of Galp’s offshore Angola assets, which was financed by an international syndicate led by Afreximbank and included Shell as well as two domestic banks (BAI & BFA).
• Norges Bank Investment Management (NBIM), Norway’s $1.3Tn sovereign wealth fund, has acquired from Macquarie a 37.5% in the 573MW Race Bank offshore wind farm located in the UK. NBIM paid £330m cash and assumed £644m of debt in the deal, which values the Orsted-operated wind farm at £2.6bn.

Natural Gas €34.4/MWh vs €34.0/MWh previous

Uranium Futures $85.7/lb vs $86.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$106.6/t vs US$106.4/t

Chinese steel rebar 25mm US$533.0/t vs US$507.9/t

Thermal coal (1st year forward cif ARA) US$119.8/t vs US$119.8/t

Thermal coal swap Australia FOB US$134.8/t vs US$134.8/t

Hard Coking Coal Australia FOB US$326.0/t vs US$326.0/t

Other:  

Cobalt LME 3m US$27,150/t vs US$27,150/t

NdPr Rare Earth Oxide (China) US$50,986/t vs US$51,340/t

Lithium carbonate 99% (China) US$12,609/t vs US$12,887/t

China Spodumene Li2O 6%min CIF US$1,080/t vs US$1,080/t

Ferro-Manganese European Mn78% min US$995/t vs US$995/t

China Tungsten APT 88.5% FOB US$355/mtu vs US$357/mtu

China Graphite Flake -194 FOB US$470/t vs US$470/t

Europe Vanadium Pentoxide 98% 5.2/lb vs US$5.2/lb

Europe Ferro-Vanadium 80% 26.85/kg vs US$26.85/kg

China Ilmenite Concentrate TiO2 US$313/t vs US$314/t

China Rutile Concentrate 95% TiO2 US$1,412/t vs US$1,413/t

Spot CO2 Emissions EUA Price US$69.4/t vs US$69.4/t

Brazil Potash CFR Granular Spot US$310.0/t vs US$310.0/t

Battery News

EV passports to be mandatory not only in the EU but also UK

• The EU and UK will require a unique battery passport for all EV batteries over 2kWh starting February 1, 2027.
• These passports will be accessible via QR codes on the batteries and will provide detailed information on raw material origins, recycled content, and carbon footprint.
• The passports will track the entire supply chain, including production and transportation, ensuring transparency and accountability.
• Part of the EU Battery Regulation, this initiative mandates manufacturers to ensure accurate information to address social and environmental risks in raw material sourcing.
• Volvo will be the first to offer a production model with a battery passport, and this will require collaboration among mining, refining, recycling, and manufacturing companies.
• Both the general public and industry professionals will have access to the information, aiding in repairs, replacements, and end-of-life processing of batteries.

Clean Electric unveils revolutionary 12-minute charging battery technology for EVs

• Clean Electric has unveiled a battery that can fully charge EVs in under 12 minutes, a significant improvement over the current 60-120 minute charging times.
• The battery uses universal CCS 2 DC charging standards, ensuring it works with all EV models.
• The technology includes direct contact liquid cooling (DCLC) and self-contained adaptive active liquid cooling (SCALC), which enhance safety and efficiency.
• The company plans to launch Gen 3 batteries next fiscal year, aiming to offer affordable, high-energy density batteries for rapid charging.
• The company raised $2.2m in seed funding in October 2022, led by Kalaari Capital, to advance its technology and manufacturing capabilities.

EV renter Weeve expands to Vancouver, increases Polestar fleet threefold

• Montreal-based EV rental startup, Weeve, is expanding into Vancouver and increasing its Polestar 2 fleet from 150 to 450 vehicles due to high demand.
• Originally launched as Louelec in 2020, Weeve has rebranded and expanded to Ottawa and Toronto, with plans to enter the US market.
• Weeve serves fleets and on-demand taxi and delivery drivers, offering EVs on a subscription basis – they provide various subscription packages to meet different customer needs, such as all-inclusive packages for Uber and Lyft drivers.
• Weeve plans to distribute the 450 Polestar 2 vehicles across all operating cities by the end of 2024. They also offer eight other electric and hybrid vehicles, including the Ford Fusion Hybrid, Chevy Bolt EV, Kia Niro EV, and Tesla Model 3.
• Weeve’s current fleet totals around 500 vehicles, with a goal to expand the fleet to 1,000 vehicles.

Scientists make battery technology breakthrough that could impact everything from smartphones to EVs

• Researchers in China have developed a “quasi-solid-state” battery, significantly reducing the fire risk associated with lithium-ion batteries.
• The new battery uses a blend of succinonitrile with additives like triethyl phosphate and fluoroethylene carbonate to enhance safety and stability.
• The aim was to create a non-flammable, efficient electrolyte for lithium-ion batteries that operates effectively at high voltages, paving the way for next-generation batteries.
• The implications of this new battery tech are potentially longer-lasting batteries for EVs, reduced costs for technology, and increased market share for EVs as they become more affordable and cheaper to maintain.

Latest Tesla model to qualify for $7,500 point of sale EV Tax Credit

• The Tesla Model 3 Long Range All-Wheel-Drive (LR AWD) now qualifies for a $7,500 EV tax credit.
• The IRS has introduced a new Point of Sale system for EV tax credits, allowing buyers to receive the $7,500 credit immediately at the time of purchase.
• The Model 3 Performance is also eligible for the instantaneous tax credit, making it the second Model 3 configuration to qualify.
• This system aims to lower the upfront cost of clean vehicles, expanding consumer choices and helping car dealers grow their businesses.
• The system also provides a $4,000 credit for used electric vehicles.

Ferrari EV to cost upwards of €500,000

• We saw earlier in the week that Ferrari announced a fully electric vehicle for the end of 2025.
• A source familiar with the matter to Reuters that the EV will cost at least €500,000 as a base model.
• This is significantly more than the average price of €350,000 for a Ferrari in Q1 ‘24

Company News

Arc Minerals (ARC LN) 1.45p, Mkt cap £21m – Restoration of trading as management seek to overturn license rejections by Ministry of Mines in Zambia

(Arc has a 20% indirect interest in Handa and Zaco (Arc owns 67% of Unico which holds 30% of Handa, which owns Zaco)

• We are extremely curious to know why Arc Minerals shares were suspended yesterday.
• Suspension is very rarely applied to listed companies in the UK and is a highly unusual move.
• Our curiosity is partly driven by the enormous number of shares traded (108m according to Bloomberg worth ~£1.5m) in the market.
• Arc Minerals shares have traded a further 41m shares (£600,000) by 9:40am this morning indicating there may be an ongoing seller in the market.
• While news from the Ministry of Mines and Minerals Development in Zambia may have precipitated the share price fall the sheer volume of stock traded suggests to us:
  • Shareholders were potentially forced to sell stock through a Margin Call
  • Investors may have Borrowed against their stock and were stopped out,
  • An investor or investors had Borrowed against the stock with stock being sold to cover aspects of the loan.
• Arc Minerals has since published statements in relation to the rejection of two of their mining license applications by the Mining Licensing Committee at Ministry of Mines and Mineral Development in Zambia.
  • “Mining licence application 33404-HQ-LML from Handa Resources Limited and mining licence application 33403-HQ-LML from Zaco Investments Limited “ were rejected.
• A further “Large Scale Exploration license 23004-HQ-LEL from Zaco Investments Limited was marked as deferred pending an information request.”
• Arc Minerals has since reported:
  • “As the applications were validly submitted and validated by the Zambian Mining Cadastre, the Company has been advised that Handa and Zaco will be appealing the decision of the Mining Licence Committee to reject the Mining Licence Applications and are engaging with the Mining Cadastre to have the appeal heard as soon as possible so that the applications can be reinstated and/or considered positively in accordance with the law.”
• None of the company’s other licenses were affected
• With the exception of the licence mentioned above, none of the Company’s other licences are affected by the recent Mining Licence Committee Meeting review.
• Anglo American is currently mobilising for exploration again after what has been described as an unusually dry wet season by geologists working in the region.

Conclusion: It was a very tough day for anyone forced to sell Arc Minerals shares earlier this week. We suspect the situation serves to highlight the risk of leverage and margin call in small company shares.

Zambia is highly regarded as a mining jurisdiction within Africa with First Quantum, Barrick Gold, Glencore, CNMC operating mines in the region and with Anglo American, Rio Tinto and BHP all looking for new discoveries

KoBold Metals is looking to develop the $2.3bn Mingomba copper mine (247mt grading 3.64%) with development potentially starting as early as 2027.

Zambia produced around 698,000t of copper in 2023 vs 763,000t in 2022 and is looking to raise production to around 1mtpa by 2026 and 3mtpa by 2030 with new investment expanding production at new and existing mines.

B2 Gold (BTO CN) C$3.5, Mkt cap C$4.6bn – PEA for Gramalote Project, Colombia

• B2 Gold has released the results of the PEA for their Gramalote Project in Colombia.
• The assets sits in the Province of Antioquia, 230km northwest of Bogota.
• The report suggests a LOM of 10 years, processing an average grade of 1.26g/t over the first five years and a LOM average grade of 1g/t.
• Annual processing rate of 6mtpa.
• Average annual gold production forecast at 185koz over LOM.
• AISC projected at $886/oz.
• CAPEX of $807m and post tax NPV5 of $778m and IRR of 20.6% using $2,200/oz over the first three years then $2,000/oz for remaining seven years.
• B2 are aiming to deliver a feasibility study on the project by mid-2025.

Chesterfield Resources (CHF LN) 0.5p, Mkt cap £0.7m – Sale of Canadian assets

• Yesterday, Chesterfield Resources reported the sale of its Adeline project in eastern Canada to a Canadian exploration company, Sterling Metals, for ~£550,000 in cash and shares.
• The consideration includes C$200,000 (~£115,000) in cash plus 8.5m shares which leaves Chesterfield with around 5.5% of Sterling Metals.
• Commenting on the disposal, Executive Chairman, Kashif Afzal, said that the disposal would provide additional funds “to look at our prospective licences in Cyprus with a different perspective and to also continue our search for new opportunities with greater financial strength”.

Premier African Minerals (PREM LN) 0.1p, Mkt Cap £32m – Progress report on the Zulu lithium project.

• Yesterday, Premier African Minerals issued a progress report on its Zulu lithium project in Zimbabwe and says that it expects the delivery and commissioning of the conditioning tank for the plant, which it describes as “the last plant modification … remains on track for completion during the week commencing 10 July 2024”.
• The company confirms that “Sale of … [lower grade] … concentrates on hand is now expected to proceed on an ex-mine gate basis”.
• While remedial measures in the plant are now signalled to be drawing towards a conclusion, the company also takes the opportunity to confirm that development of the pit is continuing and that “in situ grades in the pit exceed the grades declared in Zulu’s independent resource estimate in those areas Zulu has taken ore from”.
• Premier African Minerals also take the opportunity to comment on the impact of the continuing drought in Zimbabwe and says that the “water balance as per the original plant supplier was significantly understated and, as the Company had also already anticipated that in the first year of production Zulu’s storage dam might not reach capacity during the lest wet season, Zulu” has arranged access to water from other nearby sources and also increased recovery from its own dam while it has “constructed an additional large capacity reservoir at the plant”.

Conclusion: Premier African Minerals is continuing to rectify the shortcomings at its Zulu lithium project and remedial measures appear to be drawing towards a conclusion with the last major corrective measure expected to be completed in early July. In hindsight, it appears that more planning for the early design and implementation might have delivered smoother commissioning of the plant.

Rainbow Rare Earths (RBW LN) 11.52p, Mkt cap £72m – Pilot plant process update shows good progress on Nd / Pr with some recovery of Dy / Tb

• Rainbow Rare Earths report ongoing progress with pilot plant work in South Africa and the USA.
• The South African pilot plant, run by Mintek, produced a simple rare earth concentrate and has run at a sensible scale for >70 days.
• The somewhat smaller second stage Florida ‘separation’ pilot plant is reported to have produced Nd/Pr of 96% purity via an ‘optimised first stage chromatography process.
• The team plan to further optimises this process to give 99.5%.
• Recovery rates have risen to 66% vs 65% as assumed in the PEA.
• Leach temperature of 30^o vs 40^o. This should result in a halving of the expected heating requirement. Temperatures in Lakeland, Florida are at around 30^o today.
• Impurity levels are reported to be at ‘desired’ levels with ~23% of the rare earths reporting to the impurity leach solution.
• The three-stage process has now been reduced to two stages which should hopefully speed up processing, lower operating costs and reduce the capital required..
• Mintek have also run a CIX ‘Continuous ion Exchange pilot test plant showing ‘excellent’ recovery, impurity rejection and rare earths upgrading.
• The CIX solution is reported to be suitable for direct feed into the CIC ‘Continuous ion Chromatography separation process.
• The team have tested a variety of potential acid-proof steels and alloys in static conditions for the plant fabrication.
• Tests have shown lower cost alloys out-perform the high cost Hastelloy materials assumed for the construction of the plant in the PEA.
• Florida test work initial focus is on the separation and purification of Nd/Pr via ion chromatography in three stages to 99.5% oxide purity.
• Separation of the samarium / europium / gadolinium group REEs is at ~63% with upgrading of the Dy / Tb from a combined feed grade of 0.9% to 14.6%.
• Baking: “Initial acid baking reduced to under an hour vs 6-7 hours using a continuous infra-red furnace
• Delay:
  • “The separation test programme in Florida is taking longer than anticipated, primarily due to problems with the in-house analytical equipment at K-Tech’s premises.
  • This has resulted in the need for the material to be independently analysed by the Florida Institute of Phosphate Research (“FIPR”), which has required a long turnaround for each set of assays
  • (two to three weeks versus the anticipated one to two days if doing this work in-house).
  • This issue is being remediated, but there is benefit to the extra level of verification that these independent analyses provide to the rare earth separation work.”
• Focus will soon turn to upgrading Dy / Tb recoveries and purity
• Management plan to update an interim report in the second half to update the Phalaborwa economics this will feed into the DFS due in H1 2025.

Conclusion:  Rainbow have an excellent metallurgical team. Their work appears to be making steady progress with much improvement in Nd / Pr metal oxide grades and some progress in Dy / Tb.

Optimisation of the process appears to offer potential for significant capital cost benefits which should hopefully offset much of the impact of cost inflation. The prime lending rate in South African remains at 11.75%.

Resolute Mining (RSG LN) 27p, Mkt Cap £558m – Cash received from Ravenswood

• Resolute reports it has received A$30m from Ravenswood Gold, in line with its agreement when selling the asset in March 2020.
• $20m is set to be received no later than 30^th September 2024.
• The Companies have also restructured the vendor financing agreement to support the Ravenswood mine as it progresses.
• Resolute was originally due to receive payments in line with increases in the gold price.
• The parties have agreed to reset the principal to the amount of A$64m to account for interest.
• The annual coupon of 6% will be maintained until 30^th June 2025, before increasing to 12%.
• Resolute and EMR will maintain the upside note of up to A$150m on a liquidity event or disposal.

Conclusion: Resolute has received additional cash from its Ravenswood sale given the strength in the gold price. They have also restructured an additional note to boost the interest received until majority in 2027. Operational improvements in Mali and Senegal are supporting strong cash generation for Resolute and management expects their liquidity and balance sheet position to continue to strengthen into the second half of this year.

Turaco Gold (TCG AU) A$0.19, Mkt cap A$138m – Drilling at Woulo Woulo, Cote D’Ivoire

• Turaco reports drilling results from five infill and depth extension holes and six exploration holes at Woulo Woulo.
• Infill drilling returned:
  • 74m at 1.1g/t Au from 137m.
  • 52m at 1.32g/t Au from 166m
  • 54m at 1.03g/t Au from 116m.
  • 51m at 0.96g/t Au from 99m.
• Exploration drilling to the north of the main structure returned gold results including:
  • 8m at 0.58g/t Au from 29m
  • 6m at 0.58g/t Au from 73m
• Three other shallow holes were drilled adjacent to strike, however these did not intercept gold mineralisation.
• The Company has now reported 17/50 holes for the 7,000m programme.
• Met work at the Woulo Woulo project yielded recoveries of 90-94% from leach extraction.
• Turaco is aiming to deliver a maiden MRE for the project in Q3.

No.1 in Base Metals: SP Angel mining team awarded No 1. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q1 2024

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

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

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