SP Angel . Morning View - Lifting of Lockdown restrictions in China, Germany and France

SP Angel . Morning View . Thursday 16 04 20

Lifting of Lockdown restrictions in China, Germany and France

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Altus Strategies* (ALS LN) – Diba Gold Project PEA launched 

Base Resources* (BSE LN) – Quarterly report highlights increase in production and value of goods sold

Europa Metals Limited (EUZ LN) – Metallurgical test results from the Toral zinc, lead, silver project in Spain

Hummingbird Resources (HUM LN) – On course for 110-125koz in FY20 and debt free in FY21

Kodal Minerals* (KOD LN) – Licences renewed in Cote d’Ivoire

SolGold* (SOLG LN) – Progress report on potential offtake for Alpala concentrate

Strongbow Exploration* (SBW CN) - High-grade copper and tin intersected in drilling at United Downs in Cornwall

 

Race to recover economies as Lockdown exit dates are delayed

• China reported the lifting of the lockdown in Wuhan and Hubei province restrictions remain.
• UK expected to remain in lockdown for another three weeks. We suspect some restrictions will remain through 2020.
• UK lockdown end date 18 months away according to the Health Minister
• US lockdown to be extended till early May but some states deciding their own lockdown dates
• France to gradually lift quarantine from 11^th May
• Germany to start easing lockdown with schools from 4th May

 

Exit strategies, Peak infection rates and Economic recovery

• IMF and other indicators forecast recession
• US retail sales suffered their biggest fall since records began
• China expected to report first negative economic figures on Friday
• IMF forecasting 3% GDP contraction for this year with Chinese GDP growth at +1.2%
• Policy makers mandated to do whatever it takes to restore economic growth.
• Trump and Johnson are both keen proponents of new infrastructure construction for growth (the US and UK suffer ageing roads and rail)
• China still has plenty of room for further infrastructure construction and may accelerate its Belt & Rail strategy depending on host country agreement.

 

Zambia – Glencore dispute as Finance ministers push for IMF deal to help rescue economy

• Zambia threatens to take copper mines off Glencore after Glencore orders closure of the Mopani copper mine.
• Glencore is currently in a dispute with the government, which claims the closure of Mopani is illegal.
• Zambia bonds have collapsed and the ministry is proposing that Chinese debt should sit alongside other debt

Zambia - Glencore mine boss detained for trying to leave the country 

• Nathan Bullock was stopped at the airport in Lusaka, and was detained on suspicion that he was fleeing the country without informing the government.
• The CEO of the Mopani Copper Mine said he was heading back to Australia to spend time with his family.

 

Canada - mining industry reported to be resuming production. 

 

SP Angel rank 2nd in APEX Precious Metals forecasting in Q1 2020

• Rankings are as follows: 1^st UBS, 2^nd SP Angel, 3^rd ED&F Man, 4^th INTL FC Stone, 5^thCapital Economics

 

Dow Jones Industrials		-1.86%	at	23,504
Nikkei 225		-1.33%	at	19,290
HK Hang Seng		-0.35%	at	24,060
Shanghai Composite		+0.31%	at	2,820

 

Economics

 US – Record declines in retail sales and industrial production in March set the tone for the weak outlook as the nation battles with the pandemic.

• In separate reports, New York manufacturing sentiment dropped to -78.2, the lowest on record, in April with the state being the hardest hit with the COVID-19 virus and accounting for a third of all cases registered in the country.
• Industrial capacity utilisation dipped to 72.7% in March with further declines expected in April that are likely to beat a low of 66.7% recorded in Jun/09.
• US President is expected to announce new guidelines today allowing some states to ease social distancing restrictions.
• Also, weekly jobless claims will be released later today with expectations for 5.5m people filing applications for unemployment benefits following 6.6m recorded the previous week.
• Retail Sales (%mom): -8.7 v -0.4 in February and 8.0 est.
• Core Retail Sales (%mom): -4.5 v -0.4 in February and -5.0 est.
• Industrial Production (%mom): -5.4 v 0.5 in February and -4.0 est.

 

China – Q1 GDP data is out on Friday with estimates for a 6%yoy and a 12%qoq drop.

 

Japan – The government is expected to announce a nationwide state of emergency in an effort to limit people’s movement ahead of the coming holiday period.

• Emergency may be in place to May 6.

 

Germany – Authorities are starting to ease some of restrictions with schools to start gradually reopening from May 4 while shops of up to 800 sqm can reopen from Monday next week.

 

UK – The government is expected to announce a further extension of the lockdown later today.

• Health Secretary Matt Hancock highlighted risks of the virus spreading fast and running “rampant once again” should the lockdown be lifted prematurely.
• On the testing kit availability, the government said that there is a capacity for 25,000 tests a day as of Thursday with a target to reach 100,000 tests a day by the end of the month.

 

Brazil - Mineral production falls 17% in Q1 2020

• Mineral output totalled 220mt in the first quarter of 2020, down 17% compared with a year ago according to industry group Ibram.
• Heavy rains, slowing global economic growth and uncertain financial markets led to the first quarter decline in production and exports.
• The head of Ibram's board of directors told reporters that the impacts of the coronavirus would likely worsen in Q2 2020, and production could therefore fall further.

Currencies

US$1.0890/eur vs 1.0960/eur yesterday.  Yen 107.78/$ vs 107.12/$.  SAr 18.605/$ vs 18.512/$.  $1.251/gbp vs $1.257/gbp.  0.630/aud vs 0.636/aud.  CNY 7.076/$ vs  7.058/$.

 

Commodity News

Gold US$1,723/oz vs US$1,716/oz yesterday

   Gold ETFs 93.9moz vs US$93.7moz yesterday - Gold ETF holdings increase for 18th straight day

• ETF funds added over 265,000oz of gold to their holdings in the last trading session, bringing this year’s net purchases to 11moz.
• The purchases were equivalent to $455.3m at yesterday's spot price.
• Total gold held by ETFs has so far risen 13% this year to 93.9moz, an all-time high (Bloomberg).
• The price of gold was relatively flat this morning, as recession fears supporting the gold price were largely cancelled out by a stronger US dollar (Reuters).

Platinum US$793/oz vs US$778/oz yesterday

Palladium US$2,232/oz vs US$2,229/oz yesterday

Silver US$15.53/oz vs US$15.47/oz yesterday

            

Base metals:    

Copper US$ 5,137/t vs US$5,135/t yesterday

Aluminium US$ 1,516/t vs US$1,515/t yesterday - 

Aluminium prices in Shanghai hit four-week high 

• Aluminium futures on the Shanghai Futures Exchange rose as inventories in China fell and as expectations of supply cuts increased.
• The most-traded aluminium contract on the ShFE rose as much as 1.8% to 12,125 yuan ($1,714)/t - its highest since the 20th of March (Reuters).
• Inventories of aluminium fell for the sixth consecutive week this week as arrivals remained limited.
• Aluminium stocks across five major consumption areas of China declined 5,200t this week to 164,900t, following a 4,100t decline in the previous week (SMM).

Nickel US$ 11,680/t vs US$11,840/t yesterday

Zinc US$ 1,940/t vs US$1,924/t yesterday

Lead US$ 1,700/t vs US$1,687/t yesterday

Tin US$ 15,150/t vs US$15,325/t yesterday

            

Energy:            

Oil US$27.6/bbl vs US$29.1/bbl yesterday - Only a week after the largest production cut in history, oil prices still languish in the low 20s

• This comes as OPEC+ alone will cut by c.10MMbopd, whilst a market-induced contraction forcing a much larger contraction (potentially up to 20MMbopd)
• However, it has become clear that the destruction in oil demand is both larger and much more immediate
• April demand is expected to be down by 29MMbopd, according to the International Energy Agency
• Because the OPEC+ deal falls far short of the decimation in demand, more supply cuts are coming, whether or not governments mandate them
• With pipelines and storage tanks filling up, local prices are crashing - Western Canada Select has been trading in single digits since late March – WCS is currently below US$5/bbl
• The IEA assumes a version of a V-shaped recovery, although it says demand will be down for the rest of the year, including down 26MMbopd in May
• For the full year, the IEA sees demand contracting by 9.3MMbopd

Natural Gas US$1.597/mmbtu vs US$1.626/mmbtu yesterday

Uranium US$32.00/lb vs US$31.30/lb yesterday

            

Bulk:    

Iron ore 62% Fe spot (cfr Tianjin) US$82.3/t vs US$83.5/t

Chinese steel rebar 25mm US$530.0/t vs US$532.0/t - Chinese steel imports rose 26% year-on-year in March

• Customs data released earlier this week showed China imported 1.14mt of steel products last month, up 26.3% from a year earlier.
• Total imports in the first three months of 2020 came in at 3.18mt, an increase of 9.7% compared to the same period last year.
• Coronavirus containment measures in other parts of the world decreased demand for steel products which caused overseas prices to fall and resulted in China increasing purchases (SMM). 

Thermal coal (1st year forward cif ARA) US$54.0/t vs US$54.1/t

Coking coal swap Australia FOB US$128.5/t vs US$128.5/t

            

Other:   

Cobalt LME 3m US$30,000/t vs US$30,000/t

NdPr Rare Earth Oxide (China) US$36,745/t vs US$36,835/t - $18m awarded in the US for critical minerals research

• The US Department of Energy has awarded the money for basic research to ensure the continued availability of rare earth elements or effective substitutes.
• The research will seek to increase the availability or reduce the use of rare earth elements, along with more efficient separation approaches the DoE said in an announcement.
• The money will be awarded over three years to national laboratories, in attempt to reduce the country's reliance on China for critical minerals (Kallanish Energy).

Lithium carbonate 99% (China) US$5,441/t vs US$5,454/t

Ferro Vanadium 80% FOB (China) US$26.5/kg vs US$26.5/kg  

Ferro-vanadium prices remain stable in Europe at $25-25.6/kg despite pulling back 1.9% last week in China to $25.5-27.5/kg (FastmarketsMB)

Antimony Trioxide 99.5% EU (China) US$5.0/kg vs US$5.0/kg

Tungsten APT European US$240-245/mtu vs US$240-245/mtu

Graphite flake 94% C, -100 mesh, fob China US$540/t vs US$540/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,450/t vs US$2,550/t

 

Battery News

New method for enhancing cyclability in lithium batteries put forward (Nature)

• Researchers from Tohoku University in partnership with Sumitomo Chemical research lab have developed a process to enhance electrode cyclability in lithium batteries.
• It has been expected that silicon, tin and aluminium would be used in high-capacity alloy-anode materials given their 3-10x greater capacity than the conventional graphite anode.
• To date successful application of silicon, tin and aluminium has not been possible due to structural degradation caused by cyclic large volumes changes during battery reactions.
• The team used aluminium-foil anodes which confined volume expansion during lithiation to the normal direction to the foil. This enhanced electrode cyclability.
• The paper suggests that such a circumvention of unidirectional volume-strain would require appropriate hardness of the matrix and tolerance to off-stoichiometry of the intermetallic compound which could provoke a paradigm shift for future alloy-anode battery technologies.

 

Research team develop re-attachable rechargeable batteries

• The team from several Universities has jointly developed re-attachable micro-supercapacitors (MSCs) using highly swollen laser-induced-graphene electrodes. (Eurekalert)
• MCSs have received attention due to potential to replace Li thin film batteries as energy storage devices. Their use to date has been limited due to a low energy density per load.
• The join team has produced sticker-like flexible MSCs that can be attached to surface using ultrashort-pulse-lasers.
• The ultrashort-pulse-lasers can generate enough intensity to produce highly swollen graphene electrodes which are impregnated with adhesive polymer composites.
• Dopamine was used as a coating material to improve electrochemical performance.
• Project lead Dr.Hana Yoon of the Korean Institute of Energy Research highlighted that the flexible MSCs can be attached to next generation vehicles, wearable devices and IOT gadgets. (Nanowerk)
• The findings were published in Chemical Engineering

 

Ford files trademark for EV charging network

• Ford have filed a patent under goods and services for “charging station services for electric vehicles, battery charging services, vehicle service stations” named Fastor Charge. (Electrek)
• The patent was originally filed in 2018 but has now been released for opposition.
• There is no evidence in the filing that it relates specifically to fast charging. There are mentions of chargers, building codes and construction. (Inside EVs)
• Ford recently entered the EV market with their Mustang Mach-E model. Deliveries are scheduled to begin later this year. (AutoTimesNews)
• October 2019, Ford partnered with Electrify America to introduce a charging network in North America.
• By December 2021 Electrify America intends to install 800 sites across 45 states with 3500 individual chargers. (Inside EVs) 

 

Company News

 Altus Strategies* (ALS LN) 30p, Mkt Cap £21m – Diba Gold Project PEA launched

• The Company engaged Mining Plus to update the historic resources and complete a PEA for an open pit oxide gold mine at the Diba Project in Western Mali.
• Diba hosts a historic close to surface mineral resource of 308koz at 1.35g/t with 275koz including:
• 6.3mt at 1.35g/t for 275koz in the Indicated category;
• 0.7mt at 1.40g/t for 33koz in the Inferred category.
• The report is expected to be completed in Q2/20.
• The Company identified at least six additional prospective targets at Diba implying a significant exploration potential to expand the resource.
• The project is located only 13km away from the Sadiola Gold mine offering a strategic value as a potential source of oxide material.

*SP Angel acts as nomad and broker to Altus Strategies

 

Base Resources* (BSE LN) 7.8p, Mkt Cap £91m – Quarterly report highlights increase in production and value of goods sold

• Base Resources report ongoing operations at Kwale, its main operating site in Kenya.
• The company has implemented procedures to minimise the risk of Coronavirus infection at the site and in surrounding communities through a 40% reduction of personnel at the mine site and encouraging a work-from-home policy where possible.
• Production guidance looks conservative at:
  • Rutile - 75,000 to 81,000 tonnes.
  • Ilmenite - 335,000 to 355,000 tonnes.
  • Zircon - 29,000 to 32,000 tonnes.
• The guidance is based on the mining of 18.7mt of heavy mineral grading 3.58% vs the 3.9% seen in the last quarter.
• Management also assume a feed rate of 79tph into the mineral separation plant and recoveries of 102% for rutile, 101% for ilmenite and 85% for zircon.
• Kwale produced 105,035t of ilmenite in the three-months to end March a significant improvement on last year
• Sales of 87,819t of ilmenite were lower than the 106,544t sold in the December quarter
• Rutile sales doubled to 25,280t in the quarter compensating for lower sales in ilmenite
• Rutile sells for $1,300-1,350/t in Australia eg around five times the price of ilmenite
• Zircon sales improved a tad to 7,377t from 7,090 in the December quarter
• Grades fell to 3.86% from 4.22% in the quarter
• Mined tonnage also fell to 4.3mt from 4.6mt due to lower pressure in the hydraulic monitors.
• The hydraulic mining jets will be relocated in the coming quarter to raise production rates again.
• Costs: unit production costs fell to $128/t from $140/t due to higher ilmenite, rutile and zircon production.
• The unit cost of goods sold rose to $175/t from $141/t as less ilmenite was sold.
• Unit revenue rose to $476/t up from $355/t in the last quarter
• Kwale North Dune: Work has started on the Kwale North Dune pre-feasibility study to extend the life of the Kwale mine.
• While this makes good sense it may partly be driven by the delays to the Toliara operation in Madagascar
• Demand – Base reports ‘Ongoing sound demand from customers, with ilmenite and rutile prices continuing to strengthen in the quarter while zircon prices reduced slightly.’
• Fortunately the market for ilmenite and rutile feedstock was already relatively tight. The lockdown has also created unusual demand for paint from consumers who are keen to redecorate during the lock-down.
• Unfortunately, housebuilders have slowed many building sites delaying the completion of new houses to reduce costs which will reduce paint demand. Sales of paper newspapers has also slowed reducing demand for pigments.
• Ilmenite prices remain at $201-230/t FastmarketsMB
• Base has prudently drawn down on the full $75m from its revolving credit facility.

Conclusion: Base remains remarkably unaffected so far by the Coronavirus outbreak. Ilmenite and rutile prices are holding steady though we should expect slowing global GDP activity to reduced demand.

*An SP Angel analyst has visited Base’s operations in Madagascar

 

Europa Metals Limited  (EUZ LN) 0.02 pence, Mkt Cap £2.7m – Metallurgical test results from the Toral zinc, lead, silver project in Spain

• Europa Metals reports the results of a second phase of locked-cycle flotation metallurgical tests conducted by Wardell Armstrong International on material from its Toral project in Spain.
• The results show that a lead concentrate containing 60% lead and 1,350g/t silver  at a recovery rate of 83.7% for the lead and 87.1% for the silver  and a zinc concentrate grading 59.1% zinc at a recovery rate of 77% were produced under the test conditions.
• The results represent improvements on the earlier phase 1 tests with the lead concentrate producing similar recovery rates but 2.5% a higher grade of lead in concentrate. The zinc concentrate showed improvements in both recovery (+6.3%) and in concentrate grades (+3.3%).
• The announcement says that  ʺMetallurgical testwork carried out to date has been based on only one area of the Toral resource and further representative tests will need to be undertaken in due course. However, the recoveries and grades obtained from the testwork to date are considered by the Company to be towards the higher end of management's expectationsʺ.
• Europa Metals also says that ʺImportantly, the concentrates are free from a number of deleterious elements otherwise present in concentrates from the region, including iron, arsenic and bismuth. Additional testing has therefore been recommended by WAI to confirm the existence or otherwise of such deleterious elements across other parts of the deposit and, if present, to consider potential methods with which to limit or mitigate their impactʺ.
• Testing of the applicability of ore-sorting techniques and an assessment of the variability of the mineralisation across the broader extent of the deposit are being started.

• Among Wardell Armstrong’s recommendations for further test work is ʺTesting to explore the potential to remove the antimony-bearing tetrahedrite from the lead concentrate by means of either differential flotation or another suitable technique such as hydrometallurgical processing; and Supplementary testing to investigate potential methods by which to remove, lower or mitigate deleterious elements which may otherwise be present in the concentrates.ʺ

 

Hummingbird Resources (HUM LN) 26p, Mkt Cap £90m – On course for 110-125koz in FY20 and debt free in FY21

• Q1/20 production amounted to 30.3koz (Q4/19: 33.9koz).
• AISCs averaged $875/oz (Q4/19: $839/oz).
• The Company reports no material impact of COVID-19 on production, although, highlighting that supply chains and logistics for people, supplies and equipment remain stressed and constantly changing.
• Gold sales totalled 24.6koz at an average realised price of $1,568/oz (Q4/19: 31.3koz at $1,452/oz).
• The Company had $8m in cash at the end of the quarter with 11koz gold inventory on hand (Q4/19 2.9koz) worth nearly $19m at current gold prices.
• Bank debt is currently at $34m after $6m was repaid during the quarter.
• FY20 production target maintained at 110-125koz.
• The Company aims to reach net cash position in H2/20 and being debt free by the end of H1/21.
• Exploration activities recommenced in the beginning of March with three drill rigs mobilised to site and with an initial focus on advancing the underground potential at Komana East.

Conclusion: The Company reported good quarter reiterating its annual guidance for 110-125koz and targeting net cash position in H2/20 helped by robust production and strong gold prices.

 

Kodal Minerals* (KOD LN) 0.03p, Mkt Cap £3.4m – Licences renewed in Cote d’Ivoire

• Kodal Minerals reports the renewal, until April 2023, of its Dabakala and Korhogo gold exploration licences in Cote d’Ivoire.
• Dabakala is located in central Cote d’Ivoire in an area where Kodal Minerals has defined a new and extensive geochemical soil anomaly up to 800m wide which extends for a strike length of around 10km and where field geological mapping and artisanal mining activity ʺfurther defines zones of interestʺ.
• The company explains that  Dabakala ʺis at an early stage, with no previous drilling occurring within this zone.  Further work is required to determine the potential for economic gold mineralisation to be defined.ʺ The licence renewal provides time for this follow-up exploration.
• At Korhogo in the north of Cote d’Ivoire, ʺseveral phases of geochemical sampling have defined surface gold anomalous zones extending for over 2km in strike and up to 600m in width.  Further exploration is required to review these targets and prioritise further work.ʺ

Conclusion: The renewal of exploration licences at two relatively early stage gold exploration projects provides Kodal Minerals with time to follow-up promising geochemical ratgets at both Dabakala and Korhogo. We look forward to further news of the exploration when work can resume after Covid19 related restrictions are eased.

*SP Angel acts as Financial Adviser and broker to Kodal Minerals A partner at SP Angel acts as Chairman to the company.

 

SolGold* (SOLG LN) 21p, Mkt cap £352m – Progress report on potential offtake for Alpala concentrate

• Solgold has provided a progress report on initial discussions with commodity traders and a range of smelters regarding potential offtake of copper/precious metals concentrates from its Alpala project in Ecuador where, subject to permitting and adequate funding, concentrate production is expected to start in late 2025.
• Metallurgical testing results published in October 2019 indicated that Alpala is able to produce a high quality concentrate containing 28.2% copper, 22.1g/t gold and 65.7g/t silver with low levels of deleterious contaminants making it a potentially attractive addition to international copper concentrate supply.
• The company’s preliminary economic assessment (PEA), published in November 2019, indicated that under the 50mtpa ‘fast ramp-up’ scenario, Alpala’s production would average 810,000tpa of concentrate for the first 15 years of mine life ensuring that it could help fill a potential concentrate supply shortfall caused by the withdrawal of ʺFreeport's gold rich Grasberg concentrate when smelting begins in 2023 at its planned Gresik smelter in Indonesia.ʺ
• The company reports that in February this year it ʺengaged with established international commodity traders to submit terms for the offtake of Alpala concentrate. To date, 10 qualifying bids have been received with more expected once worldwide restrictions due to COVID-19 are lifted. The offtake terms, though non-binding, are sufficiently detailed to give SolGold confidence that binding agreements can be reached during forthcoming negotiations.ʺ
• The company also confirms that the indicative terms received from traders all exceeded the PEA’s assumptions and that ʺThe most credible EoI [Expression of Interest] in size, counterparty and volume represented a substantial economic improvement over PEA assumptionsʺ and that ʺDemand from the traders for the Alpala concentrate was significantly in excess of planned production volumesʺ.
• As well as the indicative terms for the purchase of concentrate, ʺSolGold is also pleased to have received material offers for funding in exchange for offtake from a number of traders in their recent EoI submissions. Offers included the provision of both short-term and longer-term capital with proceeds available for studies, mine construction and cost overruns as well as working capital during ramp-up.ʺ
• Solgold has also ʺengaged directly with state-of-the-art copper smelters in Canada, China, Europe, India, Japan and Korea known to be able to process high quality concentrate. The reactions have been overwhelmingly positive and SolGold's concentrate assays which have been further confirmed by test results undertaken by smelters, evidence that Alpala's concentrate is likely to establish itself as a premier global concentrate coveted by smelters.ʺ
• Commenting on the market outlook for copper concentrates, Solgold expects ʺdemand for concentrates to remain strong, with smelter expansions and new-builds in China, Indonesia and Africa likely to outpace supply. Chinese State-Owned Enterprise copper smelters are intent on decreasing the need for cathode imports and can be expected to continue the trend of building state-of-the-art, environmentally friendly, low cost smelters as demand for copper increases over time. In a post-pandemic world, copper will continue to be the metal of the future supporting growth and innovation, smart transportation and living, antibacterial materials, data-enabled healthcare initiatives and medical advances and working in a world of increasing digital collaboration and entertainment."
• In our opinion, the long-term appetite for copper is supported by the move towards cleaner energy which implies a significant enhancement of energy distribution networks using copper cabling. Many of the world’s largest copper mines are now mature and the interest of metal traders and primary consumers of copper concentrate in a new source of high quality production is compelling evidence of this underlying demand.

Conclusion: Solgold has received high levels of interest from both traders and smelter operators in its potential to supply significant values of high quality copper/precious metals concentrate from Alpala. Although at this stage terms are merely indicative, they exceed those assumed in the PEA and some are reported to include possible access to capital. We look forward to further information as discussions advance.

*SP Angel act as Financial Advisor and broker to Solgold 

 

Strongbow Exploration* (SBW CN)  C$0.07, Mkt cap C$9.4m - High-grade copper and tin intersected in drilling at United Downs in Cornwall

• Strongbow Exploration has reported high grade copper and tin mineralisation from drilling on their United Downs exploration project in Cornwall.
• Today’s announcement follows up on the announcement of 7^thApril where some of the copper assays exceeded the detection limit of 20% - these sections have now been re-assayed and Strongbow now reports the final results for the 14.69m long section of hole GWDD-002 between 90.60m and 105.29m downhole as grading:
  • 8.45% - Copper
  • 1.19% - Tin
  • 0.15% - Zinc

Conclusion: Strongbow have a new copper, tin discovery on their hands in Cornwall. A further hole is to be assayed and another 6-8 holes will be drilled averaging around 200m down hole with a drill rig already at site. Drilling will restart as soon as COVID-19 restrictions allow.

*An SP Angel analyst formerly worked in the South Crofty tin mine in Cornwall

 

 

Analysts

John Meyer – 0203 470 0490

Simon Beardsmore – 0203 470 0484

Sergey Raevskiy – 0203 470 0474

 

Sales

Richard Parlons – 0203 470 0472

Abigail Wayne – 0203 470 0534

Rob Rees – 0203 470 0535

 

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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, Antimony	Asian Metal
Tungsten	Metal Bulletin

 

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