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12:41 Thu 25 Aug 2022
SP Angel . Morning View . Thursday 25 08 22Gold prices move higher as dollar slips ahead of US economic dataMiFID II exempt information – see disclaimer below LON:AMC* – Investors vote to accept recommended offer of $35m for the Kun Manie ProjectLON:APF – Interim resultsLON:GWMO – Progress report on Nevada projectsLON:GRL* – AGM commentsLON:KMR – Appointment of finance director
SP Angel . Morning View . Thursday 25 08 22
Gold prices move higher as dollar slips ahead of US economic data
MiFID II exempt information – see disclaimer below
Amur Minerals Corporation (AIM:AMC, OTC:AMMCF)* – Investors vote to accept recommended offer of $35m for the Kun Manie Project
Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC:AGPIF) – Interim results
Great Western Mining Corporation PLC (AIM:GWMO) – Progress report on Nevada projects
GoldStone Resources (AIM:GRL)* – AGM comments
Kenmare Resources plc (LSE:KMR) – Appointment of finance director
Rio Tinto PLC (LSE:RIO) – Increased cash offer for Turquoise Hill
Rockfire Resources PLC (LSE:ROCK) – Metallurgical test results from the Molaoi zinc project
Savannah Resources PLC (AIM:SAV, ETR:SAV, OTC:SAVNF)* – Interim CEO details project’s path to sustainability
Gold prices move higher as dollar slips ahead of US economic data
Zinc – Boliden declared force majeure on zinc deliveries from it’s Odda smelter in Norway which is hit by strike action and may also be affected by low hydropower
We expect many European smelters and refineries to sell their power back to their suppliers for a significant profit
Dow Jones Industrials +0.18% at 32,969
Nikkei 225 +0.58% at 28,479
HK Hang Seng +3.26% at 19,898
Shanghai Composite +0.97% at 3,246
Economics
US – Durable goods orders came in at 2.2% in July vs +2.2%
China – Hydropower shortage continues to disrupt post-lockdown recovery in China
Sichuan province: >1mt pa aluminium smelting capacity idled due to collapse of hydropower production in drought conditions
1 trillion Yuan more stimulus earmarked for infrastructure spending
Japan – Seen restarting idled nuclear power plants as energy costs rise and availability becomes an issue.
US – Biden to cancel $10,000 in student loan debt for borrowers earning less than $125,000pa
Germany – Ifo business confidence fell in August, although beats estimates
Ghana – $3.2bn railway upgrade agreement signed
UK – consumers cut spending as inflation worries remain
Edinburgh Fringe festival ‘DAVE’ award winning joke
Currencies
US$1.0015/eur vs 0.9953/eur yesterday. Yen 136.51/$ vs 136.79/$. SAr 16.857/$ vs 17.018/$. $1.185/gbp vs $1.182/gbp. 0.698/aud vs 0.691/aud. CNY 6.847/$ vs 6.865/$.
US Dollar index – 108.10 / -0.53% on week
Commodity News
Precious metals:
Gold US$1,764/oz vs US$1,747/oz yesterday
Gold ETFs 100.2moz vs US$100.4moz yesterday
Platinum US$888/oz vs US$879/oz yesterday
Palladium US$2,074/oz vs US$1,982/oz yesterday
Silver US$19.38/oz vs US$19.08/oz yesterday
Rhodium US$13,950/oz vs US$13,950/oz yesterday
Base metals:
Copper US$8,080/t vs US$8,085/t yesterday
Aluminium US$ 2,433/t vs US$2,438/t yesterday
Nickel US$ 21,354/t vs US$21,745/t yesterday
Zinc US$ 3,559/t vs US$3,480/t yesterday
Lead US$ 1,988/t vs US$1,959/t yesterday
Tin US$ 24,505/t vs US$24,400/t yesterday
Energy:
Oil US$101.6/bbl vs US$100.2/bbl yesterday
Crude oil prices edged higher on mounting supply tightness concerns as the EIA reported a 3.3mb draw on oil stockpiles, driven my crude and product exports.
Norway’s energy minister said it would maintain its current high gas volumes (122bcm expected in FY22) until the end of the decade in support of Europe’s plans to ditch Russian imports over its invasion of Ukraine.
UK gas production in 1H22 rose 26% compared to the same period last year to 16.8bcm, supplying half of the country’s gas needs, driven by the start-up of new gas fields in the Southern North Sea.
Natural Gas US$9.296/mmbtu vs US$9.311/mmbtu yesterday
Uranium UXC US$49.30/lb vs US$49.00/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$102.9/t vs US$101.3/t
Chinese steel rebar 25mm US$613.1/t vs US$611.5/t
Thermal coal (1st year forward cif A RA) US$312.0/t vs US$308.0/t
Coking coal swap Australia FOB US$315.0/t vs US$296.0/t
Other:
Cobalt LME 3m US$51,955/t vs US$49,455/t
NdPr Rare Earth Oxide (China) US$92,740/t vs US$92,864/t
Lithium carbonate 99% (China) US$69,445/t vs US$69,265/t
China Spodumene Li2O 5%min CIF US$4,840/t vs US$4,840/t
Ferro-Manganese European Mn78% min US$1,227/t vs US$1,220/t
China Tungsten APT 88.5% FOB US$333/t vs US$333/t
China Graphite Flake -194 FOB US$815/t vs US$815/t
Europe Vanadium Pentoxide 98% 7.3/lb vs US$7.3/lb
Europe Ferro-Vanadium 80% 31.75/kg vs US$31.75/kg
China Ilmenite Concentrate TiO2 US$344/t vs US$343/t
Spot CO2 Emissions EUA Price US$88.8/t vs US$88.8/t
Brazil Potash CFR Granular Spot US$900.0/t vs US$900.0/t
Battery News
California to ban new gasoline cars by 2035
Mercedes set to lead India’s luxury EV market
NIO developing multiple battery technologies in-house
Company News
Amur Minerals Corporation (AIM:AMC, OTC:AMMCF)* 1.2p, Mkt Cap £16.9m – Investors vote to accept recommended offer of $35m for the Kun Manie Project
*SP Angel act as Nomad and Broker to Amur Minerals
Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC:AGPIF) 142p, Mkt Cap £305m – Interim results
Great Western Mining Corporation PLC (AIM:GWMO) 0.13p, Mkt Cap £4.8m – Progress report on Nevada projects
GoldStone Resources (AIM:GRL)* 6.25p, Mkt Cap £30.2m – AGM comments
TP – Under Review
*SP Angel acts as broker to GoldStone Resources (AIM:GRL). An SP Angel analyst has visited GoldStone’s operations in Ghana.
Kenmare Resources plc (LSE:KMR) 446p, Mkt Cap £423m – Appointment of finance director
Rio Tinto PLC (LSE:RIO) – 4,996p, Mkt cap £61.6bn – Increased cash offer for Turquoise Hill
Rockfire Resources PLC (LSE:ROCK) 0.39p, Mkt Cap £4.1m – Metallurgical test results from the Molaoi zinc project
Savannah Resources PLC (AIM:SAV, ETR:SAV, OTC:SAVNF)* 2.7p, Mkt Cap £46m – Interim CEO details project’s path to sustainability
BUY – 17.9p
*SP Angel act as Nomad to Savannah Resources
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 – [email protected] – 0203 470 0490
Simon Beardsmore – [email protected] – 0203 470 0484
Sergey Raevskiy –[email protected] – 0203 470 0474
Joe Rowbottom – [email protected] – 0203 470 0486
Sales
Richard Parlons –[email protected] – 0203 470 0472
Abigail Wayne – [email protected] – 0203 470 0534
Rob Rees – [email protected] – 0203 470 0535
Grant Barker – [email protected] – 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.
This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.
This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.
This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.
Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.
Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.
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 ([email protected]).
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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