Gold makes new gains despite dollar strength as market looks to Fed meeting
MiFID II exempt information – see disclaimer below
Adriatic Metals (ADT1 LN) – Ramp up impacted by severe winter weather
Anglo American (AAL LN) – Completion of A$1.6bn Jellinbah sale
Cornish Metals* (CUSN LN) – BBC report Rachel Reeves comments on National Wealth Funds support for South Crofty tin mine in Cornwall3
Gem Diamonds (GEMD LN) – Letšeng meets higher revised 2024 guidance
Mangrove Lithium (Private) – C$35m funding for its lithium processing facility
Oriole Resources* (ORR LN) – Limestone licence renewal
Perseus Mining (PRU AU) – Production results as cash balance grows to US$704m
Pilbara Minerals (PLS AU) – Production results show sliding spodumene output amid cost controls
Thor Energy (THR LN) – Quarterly report highlights the recent move into hydrogen/helium exploration
Tirupati Graphite (TGR LN) SUSPENDED – Removal of director
The SP Angel Mining Team will be in Cape Town next week for the 121 Mining Investment Conference and the Indaba
- We will all be at the 121 Conference with Simon, Sergey and Arthur boldly seeking out opportunities.
- We have a full schedule of investor meetings and will presenting ideas on commodities and mining companies.
- Ewan, Charlie, Grant and Richard will be available at the 121 and on the Wednesday and Thursday after.
- Please drop us a line on john.meyer@spangel.co.uk if you want to catch up with the team
- 121 Conference details: https://www.weare121.com/121mininginvestment-cape-town/
Gold ($2,764/oz) rebounds despite dollar strength as market looks to Fed meeting
- Gold prices have pushing higher again, having sold off suddenly on Monday after a strong Friday rally.
- The metal pushed close to all time highs on Friday as the dollar weakened on softer tariff expectations.
- However, concerns over a weekend spat between Colombia’s president and Trump, followed by comments from Treasury Secretary Bessent, pushed the dollar higher again.
- Gold has shrugged off this recent move, perhaps supported by lower US Treasury yields, with the 10 year hovering around 4.5%.
- The Fed meeting is due this evening, with markets expecting to hold rates steady after recent inflation rebound concerns.
- However, recent inflation data showed steady progress, whilst the labour market remains firm.
- Barrick and Mali are restarting discussions over the Company’s Loulo complex following a suspension.
Copper ($8,995/t) extends losses in subdued Asian trading as tariff concerns mount
- Copper has now fallen over $300/t since Friday highs.
- The move follows a rebound in the dollar and slowing Asian buying following the start of the Lunar New Year holiday.
- However, concerns of Trump’s tariffs on global metals markets are mounting, with Trump mentioning copper, steel and aluminium specifically.
- Copper has also been a beneficiary of the AI trade, owing to expectations of rising demand from AI datacentres, however the Monday sell-off took some wind out of that those sails.
- The AI trade exhaustion was also seen in uranium names, with some selling off 20% this week as power demand expectations cool from the DeepSeek impact.
Teck foresee >62% increase in demand for 42mt by 2050
- Teck see copper concentrates in supply deficit by 2035
- Teck also see a peak in copper mine output by 2028
- Las Bambas in Peru saw a 30% rise in copper output in Q4 to 228kt and 323kt for the year as local protests abated.
Iron ore rises on Vale production miss and Beijing support lifeline for Vanke
- Iron ore prices rose over $105/t in Singapore following disappointing production from Brazil.
- Vale missed fourth quarter production guidance, mining 85.3mt, with full year output at six year highs.
- Iron ore fell 28% in 2024, amid China’s production slump and the majors continuing to pump out supply.
- China steelmakers remain mostly unprofitable, adding to concerns of further slowdowns to come in iron ore demand.
- However, Bloomberg reports China showed Vanke a sign of support yesterday, with local and state governments committing to ‘proactively support’ the developer.
- This has raised hopes of more support for developers in China after three years of pain.
Aluminium – premiums rose 30% to US$228/t in Q1 in Japan as Trump tariff threats and on the removal of China’s 13% export tax refund.
- Japanese port aluminium stocks fell 323kt on the news as consumers moved to secure stock.
Gold market comment (17/01/2025): Podcast: https://audioboom.com/posts/8639775-john-meyer-gold-is-good-solid-asset-to-own
Video:
| Dow Jones Industrials | +0.31% | at | 44,850 | |
| Nikkei 225 | +1.02% | at | 39,415 | |
| HK Hang Seng | CLOSED | at | 20,225 | |
| Shanghai Composite | CLOSED | at | 3,251 | |
| US 10 Year Yield (bp change) | -1.2 | at | 4.52 |
Economics
US – The Fed is expected to keep rates unchanged at 4.25-4.50% later today with markets to watch closely to changes in monetary policy outlook.
- December dot plot from policymakers guided for two rate cuts in 2025, in line with current market expectations.
- The first rate cut is not expected before June.
- The expectation is that the Fed would be inclined to keep rates on hold looking at how Trump protectionist policies affects inflation outlook.
- A mixed set of economic data was released yesterday with business orders ex volatile military and aircraft sectors came in stronger than expected while consumer confidence dipped to a four month low.
- Respondents highlighted that it takes longer to find work while inflation eased only so slightly.
- Markets are also focused on corporate earnings being released with Microsoft, Meta and Tesla due to report today.
- ASML, a semiconductors equipment manufacture, jumped 11% recovering all of its Monday losses after order bookings beat estimates in 4Q.
- The Dutch Company reports booking of €7.1bn during the quarter compared to an estimate of €3.5bn.
- Core Business Orders (Dec/Nov/Est): 0.5/0.9(revised from 0.4)/0.3
- Conference Board Consumer Confidence (Jan/Dec/Est): 104.1/109.5(revised from 104.7)/105.7
David Sacks, a former Paypal COO and a recently appointed White House AI and crypto czar, said there Is “substantial evidence” that DeepSeek used OpenAI models to help develop its own technology.
- Sacks referred to a technique called distillation where one AI model uses the outputs of another for training purposes to develop similar capabilities, Bloomberg quoted Fox News interview.
- “There’s substantial evidence that what DeepSeek did here is they distilled knowledge out of OpenAI models and I don’t think OpenAI is very happy about this,” Sacks said.
China – building laser-ignited fusion research centre in the southwestern city of Mianyang,
- The new, laser-ignited fusion, facility could accelerate nuclear power development and weapons design
- The Chinese facility is around 50% larger than the US National Ignition Facility in northern California.
Germany – Consumer confidence remains downbeat reflecting ongoing economic headwinds.
- GfK Consumer Confidence (Feb/Jan/Est): -22.4/-21.4(revised from -21.3)/NA
Sweden – State owned iron ore miner, LKAB, is breaking ground on the SEK800m ($73m) Lulea demonstration plant in northern Sweden to process tailings.
- The plant is planned to recover REEs, phosphorus and gypsum.
- Commissioning is targeted for 2026.
Botswana – New administration led by Duma Boko that swept to power n October reached an agreement with De Beers.
- Terms of a new diamond extraction and sales agreement will be announced soon.
- The new agreement had not resulted in “any major changes, just a little tweaking of things here and there,” President Boko said.
Tanzania – Montero Mining and Exploration is settling with the Tanzanian government over the Wigu Hill rare earths project for US$27m.
- The settlement refers to the expropriation of the project in 2018.
- The Company filed a request for arbitration with the International Centre for Settlement of Investment Disputes demanding C$90m compensation.
Currencies
US$1.0426/eur vs 1.0426/eur previous. Yen 155.25/$ vs 155.68/$. SAr 18.685/$ vs 18.834/$. $1.245/gbp vs $1.243/gbp. 0.624/aud vs 0.624/aud. CNY 7.245/$ vs 7.245/$
Dollar Index 107.879 vs 107.928 previous
Precious metals:
Gold US$2,764/oz vs US$2,735/oz previous
Gold ETFs 83.0moz vs 83.1moz previous
Platinum US$948/oz vs US$940/oz previous
Palladium US$957/oz vs US$960/oz previous
Silver US$30.5/oz vs US$29.9/oz previous
Rhodium US$4,650/oz vs US$4,675/oz previous
Base metals:
Copper US$8,970/t vs US$9,027/t previous
Aluminium US$2,571/t vs US$2,585/t previous
Nickel US$15,400/t vs US$15,540/t previous
Zinc US$2,756/t vs US$2,799/t previous
Lead US$1,941/t vs US$1,938/t previous
Tin US$29,825/t vs US$29,525/t previous
Energy:
Oil US$77.5/bbl vs US$77.6/bbl previous
- Crude oil prices edged lower after the API estimated a 2.9mb/d w/w build to US crude inventories, which was below consensus expectations for a 3.7mb build.
- European natural gas prices remain elevated as France’s nuclear generation reduced by 6% w/w to 84% of the country’s 61.4MW maximum capacity, with a higher contribution coming from wind generation sources.
- UK carbon futures surged higher after an FT report that the UK government plans to discuss linking the British and EU markets, which would make carbon emissions permits issued in one system tradeable in the other.
- Helion Energy, a US-based nuclear fusion energy company, announced a $425m funding round, which brings the total invested to over $1bn and values the company at $5.425bn post-money. Helion will use the funds to scale commercialisation efforts towards building the world’s first fusion power plant in Washington this decade.
Henry Hub Gas US$3.38/mmBtu vs US$3.61/mmBtu yesterday
Natural Gas €49.1/MWh vs €48.5/MWh previous
Uranium Futures $69.3/lb vs $68.7/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$105.1/t vs US$104.0/t
Chinese steel rebar 25mm US$487.6/t vs US$487.6/t
HCC FOB Australia US$187.0/t vs US$189.0/t
Thermal coal swap Australia FOB US$114.6/t vs US$115.5/t
Other:
Cobalt LME 3m US$21,550/t vs US$23,750/t
NdPr Rare Earth Oxide (China) US$57,284/t vs US$57,284/t
Lithium carbonate 99% (China) US$10,145/t vs US$10,145/t
China Spodumene Li2O 6%min CIF US$815/t vs US$815/t
Ferro-Manganese European Mn78% min US$1,005/t vs US$1,005/t
China Tungsten APT 88.5% FOB US$338/mtu vs US$338/mtu
China Graphite Flake -194 FOB US$430/t vs US$430/t
Europe Vanadium Pentoxide 98% US$4.5/lb vs US$4.5/lb
Europe Ferro-Vanadium 80% US$24.6/kg vs US$24.6/kg
China Ilmenite Concentrate TiO2 US$296/t vs US$296/t
Global Rutile Spot Concentrate 95% TiO2 US$1,588/t vs US$1,588/t
Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t
Brazil Potash CFR Granular Spot US$305.0/t vs US$305.0/t
Germanium China 99.99% US$2,725.0/kg vs US$2,725.0/kg
China Gallium 99.99% US$385.0/kg vs US$385.0/kg
Battery News
Honda to launch sub-$30,000 EV in North America by 2026
- Japanese automaker Honda are set to launch a sub-$30,000 EV in North America by 2026. (Nikkei)
- The move is seen as an attempt by the company to attract customers in a market where purchase incentives for EVs have been removed under the current US administration led by President Donald Trump.
UK EV buyers more likely to choose Chinese EVs over Tesla due to Elon Musk
- A survey from electrifying.com has found that UK consumers are being deterred from buying a Tesla due to owner Elon Musk’s antics.
- Despite being a small sample size of 1000 EV owners and consumers looking to purchase an EV, the study found that 59% would not choose Tesla as their next EV, highlighting how polarising Musk’s recent actions have been.
- The study also found that 61% of current EV owners and 56% of those planning to buy an EV as their next vehicle would consider Chinese brand as their next EV.
Company News
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | -0.9% | -3.6% | Freeport-McMoRan | -2.3% | -11.1% |
| Rio Tinto | -1.2% | -3.6% | Vale | -1.4% | 0.6% |
| Glencore | -1.1% | -6.9% | Newmont Mining | -0.5% | -2.4% |
| Anglo American | -0.1% | -7.9% | Fortescue | 1.1% | -1.4% |
| Antofagasta | 0.3% | -4.4% | Teck Resources | -3.5% | -6.2% |
Adriatic Metals (ADT1 LN) 200p, Mkt cap £682m – Ramp up impacted by severe winter weather
- Adriatic, operator of the Rupice mine in Bosnia and Herzegovina, report Q4 production data.
- The Company milled 48kt over the quarter, producing 934koz AgEq.
- $27m in revenue generated in Q4.
- Cash balance as of 27th January at $46m.
- First debt repayment to Orion due 31st March at $19m.
- Commercial production expected 1Q25 due to ‘severe winter weather delays in December and January.’
- Company lowers guidance to 625kt-675kt ore milled in 2025, with 12-13moz AgEq produced. (750-850kt previously)
- 2026 guidance at 800-850kt milled for 13-14moz AgEq (800-900kt previously).
- Cost guidance for 2025 at:
- OPEX: $75m
- Site G&A: $15m
- Offsite Costs: $25m
- Project Capital: $20m
- Sustaining Capital $5m
- Exploration: $5m
- Company states that cost guidance for 2025 is ‘based on Adriatic’s inaugural production budget and the current run rate observed in 4Q24.’
- Ausenco technical study for Vares plant increase completed, with $25m plant CAPEX expected to boost to 1.3mtpa from 0.8mtpa.
- Recoveries tracking in line with expectations.
Anglo American (AAL LN) 2,354p, Mkt Cap £31.5bn – Completion of A$1.6bn Jellinbah sale
- Anglo American reports that it has now completed the sale of its 33.3% minority interest in the Jellinbah East & Lake Vermont steel-making coal mines in Queensland, Australia.
- The A$1.6bn sale to Zashvin, which also held a 33.3% interest in the joint-venture which owns 70% of the mines was originally announced in November last year, was completed ahead of the expected Q2 date and brings in A$1.4bn “in addition to the A$228 million already received, bringing total cash proceeds to A$1.6 billion (approximately US$1.0 billion at current exchange rates)”.
- Wishing “our JV partners, Zashvin and Marubeni, every success for the future of Jellinbah” Chief Executive, Duncan Wanblad, said that Anglo American has “also made good progress towards the completion of the sale of the balance of our steelmaking coal portfolio to Peabody for additional cash consideration of up to US$3.8 billion”.
- Mr. Wanblad set the sale in the context of Anglo American’s efforts to “create an exciting and differentiated investment proposition focused on our world-class copper, premium iron ore and crop nutrients businesses” which he describes as being more “cash generative and higher margin” businesses which “will offer greater through-the-cycle resilience”.
Cornish Metals* (CUSN LN) 8.4p, Mkt Cap £103m – BBC report Rachel Reeves comments on National Wealth Funds support for South Crofty tin mine in Cornwall3
CLICK FOR PDF – https://feeds.bbci.co.uk/news/articles/cjr85edxj24o
- The BBC today report, nearly £30m is to be invested in the reopening of Cornwall’s South Crofty tin mine in a scheme expected to create more than 300 jobs.
- The National Wealth Fund (NWF) announced a £28.6m direct equity investment into the mine’s owner, Cornish Metals Inc, on Tuesday.
- The NWF’s funding is part of a £56m fundraising bid by Cornish Metals to “further de-risk” the South Crofty tin project and support initial work.
- Chancellor of the exchequer Rachel Reeves said the Redruth scheme would create jobs and opportunities.
- Reeves said: “Growth is this government’s number one mission, and we’re going further and faster to kickstart our economy so that we can put more money in people’s pockets.
- “This is just the kind of investment that will help us do that, not only supporting the growth of the Cornish mining sector, but creating high-quality jobs and opportunity for the region and beyond.”
‘Strong momentum’
- South Crofty is a fully permitted underground tin mine with more than 400 years of recorded production prior to its closure in 1998. It hosts one of the highest grade tin resources in the world.
- The NWF is wholly-owned and backed by HM Treasury and aims to invest alongside the private sector in projects across the country, primarily focusing on initiatives that support clean energy.
- Cornish Metals said the £56m fundraising bid would be used to fund early project works, place orders on long-lead items and complete key work programmes.
- John Flint, CEO of the NWF, said: “Critical minerals are not only an important driver of the UK’s transition to net zero, but also of the UK’s growth mission, providing opportunities to anchor important supply chains in the UK.”
- Don Turvey, chief executive officer of Cornish Metals, added: “This financing will enable the company to maintain this strong momentum and further unlock the project’s potential by delivering crucial milestones.”
- The investment is subject to shareholder approval in March 2025.
- Cornish Metals has previously said it hopes to get South Crofty back into production as early as 2026..
Conclusion: It’s great to see government support for the reopening of the South Crofty tin mine at the highest of government levels as the new chancellor goes for growth.
*SP Angel acts as Nomad and Broker to Cornish Metals. SP Angel acted as joint bookrunner and joint broker on the funding. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals
Gem Diamonds (GEMD LN) 11p, Mkt Cap £15m – Letšeng meets higher revised 2024 guidance
- Reporting trading results for the 3 months to 31st December 2024, Gem Diamonds confirms that it remains on track to meet or exceed its “improved revised guidance” for the year which was upgraded in August 2024 following the interim results.
- Quarterly production of 29,461 carats of diamonds from its Letšeng mine in Lesotho brings the production for the year to 105,012 carats (2023 – 109,656 carats) comfortably exceeding the revised guidance range of 98-101,000carats.
- Production included the recovery of “13 diamonds greater than 100 carats” in size (2023 – five diamonds over 100 carats).
- Quarterly sales of 26,356 carats averaged US$1,223/carat generating US$32.2m and bringing sales and revenues for the year to 109,967carats and US$152.8m respectively (2023 – 104,520 carats and revenues of US$139.4m).
- The company notes that the highest individual price achieved during the quarter was US$45,077/carat from the sale of a 3.52 carat pink diamond and that “Six diamonds sold for more than US$1.0 million each during the Period, contributing US$11.6 million … [and that] … Four greater than 100 carat diamonds were sold during the Period”.
- The annual production results from the processing of 5mt of ore at an operating cost of 365-380 Maloti/tonne. (1 Maloti = ~US$0.05).
Conclusion: The Letšeng mine continues to recover large, high-value diamonds and delivered or exceeded its improved revised 2024 guidance.
Mangrove Lithium (Private) – C$35m funding for its lithium processing facility
- Mangrove Lithium secured C$35m in strategic investment to start construction of its lithium refining plant in Delat, BC.
- The Company is a Canada based private firm developing a lithium processing technology to convert LiCl and Li2So4 into battery grade LiOH
- The facility is using electrochemical process to produce lithium containing cathode precursors with construction underway.
- Operations are expected to commission by late 2025.
- Plant production is expected to power 25k EVs.
- The raise was supported by new investors including Mitsubishi Corporation, Asahi Kasei Corporation, InBC Investment Corp. (InBC), Orion Industrial Ventures, and Export Development Canada.
- In addition, existing investors also participated including Bill Gates backed Breakthrough Energy, BMW AG’s i Ventures and BDC Capital.
Oriole Resources* (ORR LN) 0.26p, Mkt cap £10.2m – Limestone licence renewal
- Oriole, gold explorer in Cameroon, has provided an update on their Wapouzé licence.
- The licence is owned 85% by Oriole and is situated in northern Cameroon.
- The Company has renewed the licence for a further two years and has outlined a work programme for the limestone exploration.
- Limestone from the site may be fed into Cameroon’s gold mining sector for hydrated lime and quicklime used for adjusting pH levels during leaching.
- Additionally, Oriole estimates Cameroon’s cement industry worth £700mpa.
- The Company will work to find an industrial minerals partner for Wapouzé and look to secure a royalty-based payment.
*SP Angel acts as Broker to Oriole Resources
Perseus Mining (PRU AU) A$2.8, Mkt cap A$3.9bn – Production results as cash balance grows to US$704m
- Perseus produced 132koz over the December quarter, selling at an average price of US$2,430/oz, with AISC of $1,127/oz.
- Company generated US$173m in notional cashflow over the quarter, and US$536m over the 2024 calendar year from 503koz sold.
- Balance sheet of no debt, US$704m in cash and bullion, listed securities valued at US$67m and US$300m credit facility.
- Guiding for 470-505koz at US$1,250-1,280/oz AISC for 2025.
- Company approved FID for the CMA underground project at Yaouré Gold Mine in Côte d’Ivoire.
- CMA CAPEX expected at A$125m, with CMA holding 507koz Au at 3.52g/t in reserves.
- CMA first production due FY27.
- FID for Nyanzaga development in Tanzania ‘pending finalisation of negotiation of several amendments to the Framework Agreement with the Government of Tanzania.’
Pilbara Minerals (PLS AU) A$2.4, Mkt cap A$7bn – Production results show sliding spodumene output amid cost controls
- Pilbara produced 188kt 5.2% spodumene concentrate, down 14%qoq.
- Company sold 294kt SC5.3 at US$700/t, up 3%qoq.
- Grade mined over the period at 1.5% Li20, with lithia recoveries at 72.1% vs the prior quarter’s 75.3%.
- CIF costs flat on the quarter at US$478/t.
- Company reduced production by putting Ngungaju plant into care and maintenance.
- Cash position down A$182m over the quarter to A$1.2bn, as CAPEX continues on the P1000 Project.
- P1000 Project now 95% complete, progressing on budget and schedule.
- Study outcome of P2000 feasibility, aimed at producing 2mtpa spod concentrate, due December Quarter 2025.
- Downstream JV with Posco produced 2,418kt LHM in December quarter, operating at 75% of capacity
- Company expects improved sales prices following the retiring and renegotiations of two offtake agreements.
- CEO Dale Henderson has stated that ‘as to further inorganic growth, that is not off the cards, however we’ve got a full plate of growth options to keep us busy.’
Thor Energy (THR LN) 0.65p, Mkt Cap £3.3m – Quarterly report highlights the recent move into hydrogen/helium exploration
- Yesterday, Thor Energy’s quarterly report for the 3 months to 31st December 2024 headlined the company’s move into South Australia’s hydrogen and helium exploration business via the acquisition of 80.2% of Go Exploration Pty.
- Go Exploration “holds one of only 3 granted hydrogen and helium exploration licences in South Australia (PEL 120) and strategic, high potential application areas covered by applications”.
- The company’s US uranium/vanadium projects in the Uravan Bely of Colorado/Utah yielded narrow and relatively shallow intersections of uranium at grades of up to 0.16% U3O8, however drilling is currently suspended as a result of early snowfall in the area.
- The announcement also covers recent management changes which saw the departure of the managing director in October and the replacement of two further senior management members in December.
- Alastair Clayton, who assumed the role of Executive Chairman, on the departure of the Managing Director, said that it had “been a very busy quarter as we continued to focus on the acquisition of Go Exploration”.
- Thor Energy reports a closing cash balance of A$2.24m.
Tirupati Graphite (TGR LN) SUSPENDED – Removal of director
- Tirupati Graphite report the removal of Shishir Poddar, a founder of the company, as a director.
- Shishir Poddar was reported to be suspended from his role as Co-CEO, pending further investigation by the Company on 15 January.
- Tirupati Graphite appointed Peter Thomas as a new interim CFO in London.
- Mr Thomas is prioritising:
- the completion of the statutory audit of the annual report & accounts for the year ended 31 March 2024;
- assisting in closing short term financing arrangements (alongside the Company’s advisors);
- reaching mutually acceptable agreements with the Company’s creditors
- review of existing, and implement lasting improvements, in financial systems and reporting;
- the re-design of the financial function of the Company and establish a finance team to support its longer-term growth.
- Anthony James Nieuwenhuys was appointed an Co-CEO and executive director on 3rd January.
- Nieuwenhuys, was previously a director of Eurasia Mining and currently serves as CEO of Zeb Nickel.
- Tirupati recently also engaged ‘an experienced and qualified mining industry accounting and finance professional, located in India’ to support the ongoing audit.
Conclusion: Tirupati is undergoing substantial management change. We look forward to a more comprehensive update on the operation of the company and the state of its financial arrangements.
- Tirupati reported on 13th November that a Middle Eastern Sovereign Wealth fund had provided trial pre-production trade finance of US$225,000 for the supply of 280t of certain grades of flake graphite to an end-customer and were in discussions over a US$2.4m similar pre-production prepayment.
- Management were also in discussions with the find for development finance for the company’s projects in Mozambique.
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
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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
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SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).
SPA is registered in England and Wales with company number OC317049. The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP. SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.
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
