---
title: "SP Angel Morning View -Today’s Market View, Wednesday 22nd November 2023"
publisher: "Share Talk"
author: "sharetalk"
published: "2023-11-22T11:03:37+00:00"
modified: "2023-11-22T11:03:37+00:00"
date: 2023-11-22
canonical: "https://www.share-talk.com/sp-angel-morning-view-todays-market-view-wednesday-22nd-november-2023/"
category: "Blogs"
categories: ["Blogs", "SP Angel", "Technology", "Technology, Media & Telecoms"]
tags: ["base metals", "battery", "china", "company news", "currencies", "Dow Jones Industrials", "ENERGY", "FRANCE", "GERMANY", "gold prices", "HK Hang Seng", "Nikkei 225", "Rio Tinto", "Shanghai Composite"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/SP-Angel.jpg?fit=750%2C406&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# SP Angel Morning View -Today’s Market View, Wednesday 22nd November 2023

**Published:** November 22, 2023
**Author:** sharetalk
**Categories:** Blogs, SP Angel, Technology, Technology, Media & Telecoms
**Tags:** base metals, battery, china, company news, currencies, Dow Jones Industrials, ENERGY, FRANCE, GERMANY, gold prices, HK Hang Seng, Nikkei 225, Rio Tinto, Shanghai Composite
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/SP-Angel.jpg?fit=750%2C406&quality=89&ssl=1)

---

**Gold breaks $2,000/oz as US dollar hits three-month low**

**MiFID II exempt information – see disclaimer below**

**Atlantic Lithium* (ALL LN) – Atlantic to start initial production at the Ewoyaa lithium project in early 2025**

**Bushveld Minerals* (BMN LN) – Energy division update as sale process initiated for CellCube**

**CleanTech Lithium (CTL LN) – £8m equity raise for lithium brine projects in Chile**

**GreenRoc Mining* (GROC LN) – ****GreenRoc raises £0.5m to complete feasibility study on a graphite anode process plant and on E&SIA for graphite mine**

**MMG Ltd (1208 HK) – Chinese copper major MMG buys Khoemacau operations in Botswana**

**Savannah Resources* (SAV LN) – Directors buy shares in the market**

**Scotgold Resources (SGZ LN) – Planned appointment of administrators**

**Wishbone Gold* (WSBN LN) – Option over WA lithium exploration project**

**Gold prices push past $2,000/oz as ETF outflows subside on lower Treasury yields**

- Gold prices hit a three-week high on Tuesday at $2,008/oz, supported by a dollar moving to 2.5-month lows.

- US Treasury yields weakened yesterday on expectations of a slowdown in global and US growth and employment.

- The 10-year yield has moved to 4.4% from October’s highs of 4.99%, providing a tailwind to assets hit by higher rates.

- Gold resumed its inverse correlation to Treasury, following a diversion as the war premium weakened on improved negotiations in the Middle East.

- Home sales are falling to 13-year lows in the US, supporting bets the Fed will cut rates earlier than expected.

- There is now a 60% chance the Fed will cut rates in May, as priced by the market.

- Physically backed ETF outflows have subsided, with a ramp up in purchases as yields move lower expected to support gold’s rally.

- Hedge funds are ramping up bullish bets on gold prices.

**Copper rallies as stronger Renminbi supports Chinese imports**

- Copper prices pushed higher to $8,400/t, its best day since mid-July.

- The move followed a weakening of the dollar against the Renminbi, supporting the buying capacity of Chinese smelters.

- This reversal of dollar strength is showing up in the Yangshan premium, paid by Chinese buyers for refined copper products.

- The premium hit its highest in 2023, climbing to $102.5/t.

- Analysts suggest renewables demand in China is supporting the inventory depletion.

- However, LME and COMEX future curves are both in Contango, pointing to ample physical supply and weak demand.

- LME stockpiles hit their highest in two years, vs Shanghai stocks weakening to 2009 lows.

**Iron ore holds $130/t as Thyssenkrupp writes down steel unit**

- Iron ore is holding its nine-month high, touching $133/t in Singapore.

- China’s NDRC is trying to lower prices, holding meetings with the Dalian Commodity Exchange and key market players.

- The move is interesting given November is a seasonally weak demand period,.

- Beijing is reportedly supporting the bedraggled construction sector with $137bn of stimulus.

- Thyrssenkrupp has written down its steel unit by an additional $1.96bn on low steel prices and high energy costs.

- The division was subject to a write down earlier this year of €350m.

**China resumes exports of Gallium and Germanium following Xi’s visit to San Francisco**

- Beijing will resume exports of small amounts of germanium and gallium after a two-month ban.

- The move comes as graphite export controls come into force on December 1st.

- Germanium and gallium are used in chip making.

**121 Conference (London)**

- Well done to the 121 team for organising their largest conference for mining companies and investors this week.

- London continues to provide a base for many international investors looking for opportunities in the mining space as seen at the conference.

- Larger mining companies are increasingly active looking for new exploration and development opportunities.

- Investors are offering a broader range of finance through new and innovative products to compliment traditional equity.

- Offtake, royalties, and a variety of debt structures are increasingly on offer, making the decision-making process for finance increasingly complex for companies.

- We surmise, there is no lack of cash, it is just on offer in differing forms.

- We look forward to seeing everyone at the 121 in Cape Town on 5-6 February.

|   |   |   |   |   |
| --- | --- | --- | --- | --- |
| **Dow Jones Industrials** |  | **-0.18%** | **at** | **35,088** |
| **Nikkei 225** |  | **+0.29%** | **at** | **33,452** |
| **HK Hang Seng** |  | **+0.00%** | **at** | **17,735** |
| **Shanghai Composite** |  | **-0.79%** | **at** | **3,044** |

**Economics**

**US – October meeting FOMC meeting minutes showed that policymakers agreed to “proceed carefully” on future interest rate decisions contingent on incoming economic data.**

- The meeting was held before a report on inflation released mid this month showing that inflation slowed more than expected leading to a rally in sovereign debt and equity markets.

- Markets reported muted reaction to minutes with yields on 10 year debt up 1bp to around 4.42% and S&P 500 Index down 0.25% on the day.

**UK – Chancellor is expected to announce a £9bn permanent tax break for business during the Autumn Statement this morning.**

- The proposed scheme that was due to expire in 2026 will extended permanently allowing companies to deduct all of its spending on IT, plant and machinery from taxable profits.

- Preliminary estimates by the OBR in March said the temporary version of the £9bn/year expensing policy would increase business investment by as much as 3% per year during its initial thee year period., FT reports.

- Additionally, Jeremy Hunt is due to provide for cuts to national insurance.

**Israel/Hamas – Israel and Hamas agree a temporary seize fire and the release of 50 civilian hostages held in Gaza in exchange for Palestinian prisoners.**

- A ceasefire will last four days.

**Argentina – Election of Javier Milei will be interesting. He has previously threatened to blow up the central bank and has pledged to adopt the US dollar as the country’s functional currency.**

- Moving to the US dollar works till there are no more dollars in the local cash machines and the banks are not able to restock.

- Fortunately for Argentina, many residents hold overseas US dollar bank accounts.

**Crypto – Binance and its CEO Changpeng Zhao pleaded guilty to anti money laundering and US sanctions violations under a settlement with authorities that would allow the cryptocurrency exchange to continue operating.**

- Binance will pay $4.3bn in one of the largest corporate agreements in the US history, Bloomberg writes.

- Zhao will pay a $50m fine under the agreement and will step down as CEO of the Company.

- Zhao is expected to get no more than 18 months in prison under a plea deal.

- Binance violations are reported to have included failure to prevent and report suspicious transactions with terrorist groups, according to the Treasury Department.

**Currencies**

**US$1.0899/eur vs 1.0838/eur previous. Yen 149.18/$ v 150.07/$. SAr 18.746/$ vs 18.384/$. $1.252/gbp vs $1.239/gbp. 0.653/aud vs 0.648/aud. CNY 7.149/$ vs 7.243/$.**

**Dollar Index** **103.71 vs 104.44 previous.**

**Commodity News**

**Precious metals:**

**Gold US$2,002/oz vs US$1,988/oz previous**

**Gold ETFs 86.7moz vs 87.0moz previous**

**Platinum US$938/oz vs US$900/oz previous**

**Palladium US$1,073/oz vs US$1,042/oz previous**

**Silver US$23.82/oz vs US$24/oz previous**

**Rhodium US$4,350/oz vs US$4,500/oz previous**

**Base metals:**

**Copper US$ 8,406/t vs US$8,213/t previous**

**Aluminium US$ 2,234/t vs US$2,204/t previous**

**Nickel US$ 16,675/t vs US$16,950/t previous**

**Zinc US$ 2,503/t vs US$2,547/t previous**

**Lead US$ 2,263/t vs US$2,280/t previous**

**Tin US$ 24,665/t vs US$25,120/t previous**

**Energy:**

**Oil US$82.6/bbl vs US$77.7/bbl previous**

- Crude oil prices remain broadly flat ahead of the OPEC+ meeting this weekend, despite the API reporting a 9mb build to US crude stocks last week (vs 1.3mb/d exp).

- Yara will spend €200m capex to expand the liquification capacity at the Sluiskil fertiliser plant in the Netherlands to capture 0.8mtpa of CO2 from the process gas of its ammonia production. Yara has signed an agreement to ship the liquified CO2 for permanent storage at the Northern Lights CCS project for 15 years starting from 2025.

- Media reports that Orsted has decided not to proceed with plans for a green hydrogen plant at Germany’s Heide oil refinery due to increased investment costs and associated economic risks.

**Natural Gas €44.250/MWh vs €46.200/MWh previous**

**Uranium UXC US$74/lb vs US$73.65/lb previous**

**Bulk:**

**Iron ore 62% Fe spot (cfr Tianjin) US$133.8/t vs US$131.2/t**

**Chinese steel rebar 25mm US$566.5/t vs US$552.1/t**

**Thermal coal (1st year forward cif ARA) US$108.6/t vs US$107.0/t**

**Thermal coal swap Australia FOB US$123.5/t vs US$126.2/t**

**Coking coal swap Australia FOB US$326.0/t vs US$313.0/t**

**Other:  **

**Cobalt LME 3m US$33,420/t vs US$33,420/t**

**NdPr Rare Earth Oxide (China) US$69,102/t vs US$69,296/t**

**Lithium carbonate 99% (China) US$17,695/t vs US$18,152/t**

**China Spodumene Li2O 6%min CIF US$1,610/t vs US$1,670/t**

**Ferro-Manganese European Mn78% min US$1,050/t vs US$1,044/t**

**China Tungsten APT 88.5% FOB US$300/mtu vs US$295/mtu**

**China Graphite Flake -194 FOB US$620/t vs US$620/t**

**Europe Vanadium Pentoxide 98% 6.1/lb vs US$6.2/lb**

**Europe Ferro-Vanadium 80% 26.05/kg vs US$26.25/kg**

**China Ilmenite Concentrate TiO2 US$315/t vs US$313/t**

**Spot CO2 Emissions EUA Price US$85.7/t vs US$85.2/t**

**Brazil Potash CFR Granular Spot US$330.0/t vs US$337.5/t**

**EV & Battery News**

**China to become largest auto exporter in 2023**

- China is almost certain to become the world’s largest automobile exporter this year, as its auto exports in the first 10 months hit 3.92m units.

- *“In 2001, the export value of China’s automobile industry chain was only $1.56bn, taking up a global share of just 0.65%. In the first eight months of this year, this figure neared $122bn, accounting for 5.5% of the global total,” *according to the China Council for the Promotion of International Trade.

**Li Auto’s first EV reaches 10,000 preorders in under 2 hours**

- The Li Mega is Chinese automaker Li Auto’s first EV.

- The EV was announced at the Guangzhou Auto Show and the company announced that it had received 10,000 preorders within 1 hour 42 minutes of the launch.

- The Li Mega will use CATL’s 5C Qilin battery:

102.7kWh capacity

- 700km range

- 170Wh/kg energy density

- 15.9kWh/100km

- 500km of range can be charged in 12 minutes.

**Stellantis and CATL plan EU battery factory for cheaper EV batteries**

- The automaker is looking to build its fourth battery plant with the battery giant, and its first in Europe as it seeks to make EVs more affordable.

- Stellantis and CATL announced the preliminary agreement for the supply of lithium iron phosphate (LFP) battery cells and modules for the automaker’s EV production in Europe.

- Europe’s carmakers and governments are pouring billions of euros into building battery plants to reduce their dependency on Asia. At the same time, Chinese battery makers like CATL are building plants in Europe for European-made EVs.

**Volkswagen begins operations at wholly owned battery pack plant in China**

- VW has begun operating its first wholly owned battery pack production plant in China, in eastern Anhui province’s capital, Hefei, according to local government sources.

- Volkswagen Anhui will also begin mass-production of pure electric models based on the MEB platform by the end of 2023, the sources said.

- The German automaker invested around $210m into the plant.

**Chinese automaker’s Nio and Changan Auto to develop battery swap EVs**

- Nio will partner with Changan Automobile to develop battery swapping EVs, in an attempt to ease costs.

- The partnership will also see Nio and state-owned Changan building and sharing battery-swapping stations and standardising batteries. (Reuters)

- Battery swap EVs allow drivers to replace depleted packs quickly with fully charged packs, rather than using a charging point.

- Battery swapping could help to ease the strain on power grids at peak times when drivers recharge, but it would only become feasible if batteries become more standardised.

- Nio have been leading the way globally with its battery swap technology and plan to double the number of swap station in China this year.

**Company News**

**Atlantic Lithium* (ALL LN) 26.6p, Mkt Cap £165m – Atlantic to start initial production at the Ewoyaa lithium project in early 2025**

*(Ewoyaa Ownership: 40.5% Atlantic, 40.5% Piedmont, 6% MIIF Sovereign Wealth fund, 13% government of Ghana)*

**STRONG BUY**

- Work is underway in planning for the construction of the Ewoyaa lithium mine and processing plant next year.

- First spodumene concentrate production should roll off in early 2025 from the DMS ‘Dense Media Separation’ plant with construction of the flotation plant to start shortly after.

- The Atlantic team have received the necessary permit for electrical power offtake from the Ghana grid which is reported to cut power costs by 30-50%. Ghana.

- Ghana has over >7,000Gwh of hydropower capacity generating just over 35% of the countries needs.

- The Atlantic team is busy working to prepare the way for construction next year on the:

 EPCM ‘Engineering, Procurement, Construction and Management‘ for the main process plant and other infrastructure

- Tendering for mining contractor and DMS procurement with DRA advising

- Tendering for the mobile crusher to feed the DMS

- Contract to move the high-tension transmission lines which cross the project site. This should happen in Q2 2024

- Scoping study for the Flotation plant to follow on from the DMS plant. This will improve the overall performance of the plant.

- Feldspar resource estimate due this year to support study for by-product production for local ceramics industry

- EPCM on potential for lithium conversion plant in Ghana, as agreed in the terms of the grant of the Ewoyaa mining lease.

- 2.7mtpa flotation study supports viability of processing fines and the middlings along with enhanced recovery of P2 finer-grained pegmatite material.

**Recruitment **of three general managers for the mine development and ongoing operation:

- Ahmed-Salim Adam joins as General Manager, Operations. He is an accomplished mining General Manager with >15 years’ experience in Ghana.

- Andrew Henry joins General Manager, Commercial and Finance. Previously Andrew was at Allkem, a lithium chemicals company and also Newcrest Mining.

- Simone Horsfall joins General Manager, People. Previously Simone was a senior human resources professional at AngloGold Ashanti and at 29Metals.

**Permitting:**

*“Following ministerial grant of the Mining Lease for the Project in October 2023, representatives of the Government of Ghana have publicly expressed their desire to ratify the Mining Lease before the end of the calendar year.*

*Concurrently, the Company is undergoing activities to obtain the necessary approvals and permits required ahead of construction of the Project.”*

**SP Angel acts as Nomad to Atlantic Lithium. Two mining analysts from SP Angel recently visited the Ewoyaa mine site in Ghana and drove onto Takoradi to check the quality of the road to port. Our analysts also visited the Ministry of Minerals Commission and MIIF, the Ghana Minerals Income Investment Fund.*

**Bushveld Minerals* (BMN LN) 2.22p, Mkt Cap £34m – Energy division update as sale process initiated for CellCube**

- Bushveld Minerals provided an update on its Bushveld Energy division earlier this week.

- The Board has agreed to begin a formal sale process of its CellCube stake, in line with its strategy of focusing on its core assets and simplifying the business.

- As regards to the BELCO Electrolyte Facility, the initial product has now been distributed to international customers for qualification following the commissioning and construction of the plant this Summer.

- Management is now waiting for initial feedback, expected next month, which will enable to issuance of commercial orders.

- Given Bushveld’s aims to sell CellCube, Management will not be signing a revised Share Exchange Agreement with Mustang.

**Conclusion: **Bushveld is in the process of streamlining its operations and launched a sale process of its stake in CellCube, a VRFB OEM based in Austria. Our valuation assumes $8m for a ~26% attributable interest held by Bushveld in the CellCube indirectly.

**SP Angel act as nomad and broker to Bushveld Minerals*

**CleanTech Lithium (CTL LN) 22p, Mkt Cap £27m – £8m equity raise for lithium brine projects in Chile**

- The Company conditionally raises £8m in an equity placing of 364m new shares at 22p to progress its portfolio of lithium brine project in Chile.

- New shares represent ~25% of the enlarged share capital.

- The placing of 22.2m shares is conditional on shareholder approval.

- The Company will also issue a warrant for each two shares exercisable at 33p before 14 December 2026.

- Most of new funds will be used for the development of the Laguna Verde project where infill drilling will start imminently feeding into the PFS targeted for completion in Q1/24.

- New funds will also see the commissioning and running of the DLE Pilot Plant and production of battery grade lithium carbonate.

- The plant is expected to be commissioned before the end of the year.

- The project covers 217km2 license area on the border of Chile and Argentina hosting 1.8mt LCE at 200mg/L in total resource of which 1.1mt LCE is contained with the higher confidence Measured and Indicated category.

**GreenRoc Mining* (GROC LN) 2.6p, Mkt Cap £3.8m – ****GreenRoc raises £0.5m to complete feasibility study on a graphite anode process plant and on E&SIA for graphite mine**

**[CLICK for latest PDF](https://spangel.email.streetcontxt.net/platform/al?a=7688485&ad=1321540975&h=WwH_jHB&sig=Juxkb79sTd8RI6jVnPsLu52Ufas&v=2&url=https://www.spangel.co.uk/research/%23/portal/sp-angel/research/7_2023110107232849492?) note**

- GreenRoc reports the raising of £460,786 at 2.5p/s.

- Funds are to be used for:

Completion of the feasibility on the graphite anode process plant

- Environmental and social impact studies required for permitting and for the restart of the mine

GreenRoc is looking towards the development of a vertically integrated graphite mining and processing operation
The plan is for the Amitsoq to feed high-grade natural graphite to an anode processing plant for further processing and value addition.
**GreenRoc Amitsoq graphite mine PEA by SLR Consulting**

- **NPV8** US$235m pre-tax, US$179m post-tax

- **IRR** 31.1% pre-tax, 26.7% post-tax.

- **Production: **77,000tpa.

- **Cg grade: **94% grade.

- **Capex:** US$131m inc. a 25% (US$26m) contingency

- **Opex: **US$121/t of milled ore grading 21.3% Cg.

Mining US$53.9/t,

- Processing US$24.5/t

- G&A: US$32.7/t

- Shipping: US$10/t

**Revenue:** US$89m pa
Total gross revenue less Capex, Opex and other costs and charges US$36 mpa
**Price assumption:** US$1250/t at 94% Cg concentrate average basket price.
**Opex: **US$577/t of 94% Cg concentrate
**Life of Mine:** 22 years
**Throughput:** 400,000tpa at full mining rate after two years of ramp-up.

**Conclusion:**  GreenRoc is just one of a small group of European graphite mining projects. Talga Resources which is developing a similar project in Sweden along with its own graphite anode material recently tied up with Polestar to supply and develop new anode material in Sweden. Polestar is owned by Volvo which is 82% owned and controlled by Geeley (China). Chinese production represents 74% of the total supply chain for graphite anodes, according Benchmark. China has threatened to ban the export of natural graphite from 1 December leaving the west to rely on lower-quality and more expensive synthetic graphite exports.

**SP Angel acts as broker to GreenRoc Mining*

**MMG Ltd (1208 HK) HK$2.33, Mkt Cap HK$20bn – Chinese copper major MMG buys Khoemacau operations in Botswana**

- MMG have beaten Zijin and Chinalco in a bidding war for Khoemacau.

- The underground project was privately held by Cuprous Capital, a private equity group, producing since 2021 and previously held by Discovery Metals.

- The deal was valued at c.US$1.9bn and Khoemacau has production capacity of 65kt pa, ramping up to 130ktpa.

- Khoemacau had streamed off the silver production to Royal Gold.

- MMG will take on Khoemacau’s CAPEX requirements for the expansion programme, forecast at between US$700-800m.

- The asset holds a resource of 450Mt @ 1.4% Cu & 18g/t Ag (6,374kt Cu & 263Moz Ag).

- MMG operates Las Bambas, Kinsevere, Dungald River and Roseberry.

- Post expansion C1 costs expected between $1.45-1.65/lb, highlighting M&A appetite for projects on the lower level of the cost curve.

**Savannah Resources* (SAV LN) 2.3p, Mkt Cap £41m – Directors buy shares in the market**

**BUY – 21.1p**

- The Company announced yesterday that a number of Directors bought shares in the market recently.

- Matthew King, Chairman, acquired ~167k shares at 2.4p.

- Emanuel Proenca, CEO, bought 200k shares at 2.4p.

- James Leahy, NED, acquired 210k shares at 2.4p.

**SP Angel acts as Nomad and Broker to Savannah Resources*

**Scotgold Resources (SGZ LN) SUSPENDED – Planned appointment of administrators**

- The Company us expecting to proceed with an administration process over the coming days as funding discussions fall through.

- Main creditor, Bridge Barn, with a security over the Cononish gold/silver mine notified the Company that they enforce their rights under the loan agreement.

**Wishbone Gold* (WSBN LN) – 1.89p, Mkt Cap £4.9m – Option over WA lithium exploration project**

**See link for recent note: **[CLICK FOR PDF](https://spangel.email.streetcontxt.net/platform/al?a=7688485&ad=1321540975&h=bjLS_By&sig=2kaEdiMRu9Jq6pY8mJPXOuHATJA&v=2&url=https://www.spangel.co.uk/research/%23/portal/sp-angel/research/7_WIshbone%2520Gold%2520Report)

- Wishbone Gold reports that it has secured an exclusive option to acquire a potential lithium exploration project in the Pilbara region of WA.

- The project, known as the Crescent East Lithium and Gold Project, comprises an area of 157km2 located approximately 260km south of Port Hedland in an area described as being *“**in the heart of the prolific Western Australian lithium mining area”* which hosts the *“Wodgina and Pilgangoora Lithium Mines”*.

- As well as lithium potential, the project area is known to have returned gold assays from rock chip sampling with individual samples returning assays as high as 100g/t gold, although we caution that assays at these levels are unlikely to be representative of typical grades.

- Wishbone Gold reports that *“**Gold nuggets up to 78.5 ounces (2.44kg) …* [have been] … *recovered from special prospecting licenses being operated by prospectors within tenement E46/1463”*.

- The company explains that it has mobilised a *“geological field crew with expertise in the area … to site, for immediate due diligence work”* and that an option payment of A$25,000 is payable in shares priced of 2.15p/share and that if *“the acquisition proceeds following due diligence, the purchase price will be £400,000 also payable in shares at a price of 2.15p per share”*.

- Commenting on the option, Chairman, Richard Poulden, described it as *“a very exciting new opportunity for Wishbone”*.

- **Conclusion**: We await the outcome of the due diligence and confirmation of whether Wishbone Gold’s will to proceed with the acquisition of the new licences.  We also await assay results from the drilling at the Cottesloe project which are expected to become available in January.

**SP Angel acts as a Broker for Wishbone Gold*

**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](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490**

**Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** ****– 0203 470 0484**

**Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474**

**Sales**

**Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472**

**Abigail Wayne – **[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534**

**Rob Rees – **[Rob.Rees@spangel.co.uk ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0535**

**Grant Barker – ****Grant.Barker**[@spangel.co.uk ](mailto:Rob.Rees@spangel.co.uk%20-)**– 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 |
|  |  |

**DISCLAIMER**

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

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A full analysis is available on our website here [http://www.spangel.co.uk/legal-and-regulatory-notices.html](https://spangel.email.streetcontxt.net/platform/al?a=7688485&ad=1321540975&h=HIB4kp7&sig=DLyw7pwSlfeKCYD3mvPDJln0POw&v=2&url=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](mailto: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 of less than 15%

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