SP Angel . Morning View . Tuesday 30 08 22Metals fall on stronger US dollar and China lockdown fearsMiFID II exempt information – see disclaimer below LON:MKA* – Results outline progress at Songwe Hill and the broader integrated rare-earths strategyLON:GRL* – TP – Under Review - Drill programme commences at Akrokeri
SP Angel . Morning View . Tuesday 30 08 22 Metals fall on stronger US dollar and China lockdown fears
MiFID II exempt information – see disclaimer below
Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF)* – Results outline progress at Songwe Hill and the broader integrated rare-earths strategy GoldStone Resources (AIM:GRL)* – TP – Under Review - Drill programme commences at Akrokeri Kavango Resources PLC (LSE:KAV, OTC:KVGOF) – Gold mineralisation encountered at Ditau project Power Metal Resources PLC (AIM:POW)* – Drill contract signed with for Molopo Farms Resolute Mining Limited (ASX:RSG, LSE:RSG) – Mineral Resource increases to 2moz at Syama North, Mali Sunstone Metals Ltd (ASX:STM) – Best drillhole intersection so far at Branaderos project, Ecuador
Sweden’s H2 Green Steel raises $190m in equity financing
*SP Angel acts as nomad and broker to Beowulf Mining
Iron ore – prices continue to fall in China as covid and lower than expected construction activity hits steel demand
Gold - Stronger US dollar drawing funds out of gold and silver as the Fed signals pain of further interest rate hikes to come
Dow Jones Industrials -0.57% at 33,099
HK Hang Seng -0.51% at 19,920
China – Sporadic covid lockdowns and fears of further lockdowns are hitting the Chinese economy hard
US – Fed is fighting inflation as energy prices react to higher international levels
Germany - GfK consumer confidence was -36.5 for September vs -30.9 in August – at last a figure reflecting the catastrophe heading their way
France - Consumer confidence 82 in August vs 80
EU / UK – look to decouple European energy prices from sky-high gas prices
UK - Recession to last till 2024 – Goldman
US$0.9996/eur vs 0.9962/eur last week. Yen 138.61/$ vs 137.10/$. SAr 16.829/$ vs 16.823/$. $1.171/gbp vs $1.179/gbp. 0.692/aud vs 0.696/aud. CNY 6.917/$ vs 6.862/$.
US Dollar index – 108.79 / -0.04% on week
Gold US$1,733/oz vs US$1,755/oz last week
Gold ETFs 100.1moz vs US$100.2moz last week
Platinum US$858/oz vs US$886/oz last week
Palladium US$2,149/oz vs US$2,149/oz last week
Silver US$18.75/oz vs US$19.26/oz last week
Rhodium US$14,100/oz vs US$13,950/oz last week
Copper US$7,934/t vs US$8,182/t last week
Aluminium US$ 2,432/t vs US$2,433/t last week
Nickel US$ 21,275/t vs US$21,667/t last week
Zinc US$ 3,504/t vs US$3,575/t last week
Lead US$ 1,987/t vs US$1,964/t last week
Tin US$ 24,235/t vs US$24,190/t last week
Oil US$104.7/bbl vs US$100.5/bbl last week
Natural Gas US$9.267/mmbtu vs US$9.546/mmbtu last week Uranium UXC US$49.70/lb vs US$49.30/lb last week – Uranium prices continue to rise as Germany looks likely to extend the life of its nukes.
Iron ore 62% Fe spot (cfr Tianjin) US$102.3/t vs US$103.3/t
Chinese steel rebar 25mm US$607.7/t vs US$612.5/t
Thermal coal (1st year forward cif A RA) US$306.0/t vs US$312.0/t
Coking coal swap Australia FOB US$315.0/t vs US$315.0/t
Cobalt LME 3m US$51,955/t vs US$51,955/t – Li-ion battery manufacturers cut cobalt use
NdPr Rare Earth Oxide (China) US$91,092/t vs US$92,535/t
Lithium carbonate 99% (China) US$68,753/t vs US$69,292/t
China Spodumene Li2O 5%min CIF US$4,940/t vs US$4,940/t
Ferro-Manganese European Mn78% min US$1,225/t vs US$1,221/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$336/t vs US$340/t
Spot CO2 Emissions EUA Price US$89.5/t vs US$88.6/t
Brazil Potash CFR Granular Spot US$900.0/t vs US$900.0/t
Honda to build US$4.4b, 40GWh Li-ion EV battery plant with LG Energy
Sharp starts development of zinc-air flow batteries for grid storage
Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF)* 15.5p, Mkt Cap £37m – Results outline progress at Songwe Hill and the broader integrated rare-earths strategy
*SP Angel acts as Nomad and Broker to Mkango Resources
GoldStone Resources (AIM:GRL)* 7.1p, Mkt Cap £35m – Drill programme commences at Akrokeri
*SP Angel acts as broker to GoldStone Resources (AIM:GRL)
Kavango Resources PLC (LSE:KAV, OTC:KVGOF) 1.8p, Mkt cap £8m – Gold mineralisation encountered at Ditau project
Power Metal Resources PLC (AIM:POW)* 1.65p, Mkt Cap £25m – Drill contract signed with for Molopo Farms
*SP Angel acts as nomad and broker to Power Metal Resources
Resolute Mining Limited (ASX:RSG, LSE:RSG) 16.5p, Mkt Cap £193m – Mineral Resource increases to 2moz at Syama North, Mali
Conclusion: The successful expansion of the Syama North resource base follows the announcement earlier this year, in February, that Resolute Mining had expanded resources at its Tabakoroni project, also in Mali, to over 4m oz, including 1.3moz of ‘measured and indicated’ resources.
Sunstone Metals Ltd (ASX:STM) A$0.045, Mkt cap A$112m – Best drillhole intersection so far at Branaderos project, Ecuador
Conclusion: We look forward to the forthcoming mineral resource estimate to provide more technical information on the scale and potential of the Bramaderos project.
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
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
Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486
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 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
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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).
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