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SP Angel . Morning View . Monday 12 09 22Gold holds ground ahead of the US inflation data MiFID II exempt information – see disclaimer below Adriatic Metals* (ADT1:LSE) – Interims highlight Vares construction progressAntofagasta (ANTO:LN) – Sea swell delays construction of coastal desalination plant for Los Palabras copper mineBeowulf Mining* (BEM:LN) – Jokkmokk Iron CEO interviewedCond
SP Angel . Morning View . Monday 12 09 22
Gold holds ground ahead of the US inflation data
MiFID II exempt information – see disclaimer below
Adriatic Metals* (Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF)) – Interims highlight Vares construction progress
Antofagasta (Antofagasta PLC (LSE:ANTO)) – Sea swell delays construction of coastal desalination plant for Los Palabras copper mine
Beowulf Mining* (LSE:BEM) – Jokkmokk Iron CEO interviewed
Condor Gold* (LSE:CNR) – La India open-pit mine feasibility study
Greatland Gold (LSE:GGP) – A$340m funding arrangements for Havieron and expansion of Greatland Gold management
Great Southern Copper (Great Southern Copper PLC (LSE:GSCU)) – Initial drilling completed at the San Lorenzo Project, Chile
Pure Gold Mining (Pure Gold Mining Inc (TSX-V:PGM, LSE:PUR, OTC:LRTNF)) – Operational update reiterates Q3/22 guidance
Rambler Metals and Mining* (LSE:RMM) - NPV Valuation: 168p/s – Operational improvements and production expansion at the Ming mine stretch the balance sheet
Tesoro Resources (AU:TSO) – Sampling results at El Zorro define new drill targets
Tietto Minerals (AU:TIE) – A$49m equity investment at a premium by Chifeng
Gold holds ground as traders brace for US inflation data tomorrow
Copper hovers around $8,000/t on renewed China optimism and weakening dollar
China - Upcoming China National Congress to provide commodity demand boost as officials look to stimulate economy
China Trade surplus fell to US$79.3bn in August vs US$101.3bn in July as
Shanghai port braces for typhoon in renewed threat to supply chains
Mongolia completes decade-long rail line project to ramp up coal supply to China
Japan - Q2 GDP rose 0.9% vs 0.1% in Q1 and lifting GDP to an annualised rate of 3.5% vs 0.2% previously
US – Inflation reports is due Tuesday with estimates for headline measure pointing to a slowdown in the pace of consumer prices growth amid lower oil prices
Wolfspeed to build new billion-dollar US microchip factory
Mexico - CPI remained stable at 0.7% in August and was 8.7% higher yoy vs 8.1% higher yoy in July
UK – UK Exports to the EU outperforming UK exports to the rest of the world so far this year
GDP weakness primarily due to a slowdown in industry and construction
Ukraine – Promising news from the front line in Ukraine suggests strong advance by Ukrainian troops
South Africa – Mine wall collapses in Jagersfontein killing one and injuring 40
Pakistan floodwaters threaten key power stations providing millions with electricity
US$1.0161/eur vs 1.0092/eur last week. Yen 142.86/$ vs 142.29/$. SAr 17.148/$ vs 17.361/$. $1.167/gbp vs $1.162/gbp. 0.688/aud vs 0.685/aud. CNY 6.927/$ vs 6.925/$.
US Dollar index – 108.52 / -0.78% on week
Gold US$1,723/oz vs US$1,726/oz last week
Gold ETFs 99.3moz vs US$99.4moz last week
Platinum US$897/oz vs US$886/oz last week
Palladium US$2,184/oz vs US$2,147/oz last week
Silver US$19.15/oz vs US$18.85/oz last week
Rhodium US$15,200/oz vs US$15,200/oz last week
Copper US$ 7,954/t vs US$7,973/t last week
Aluminium US$ 2,307/t vs US$2,310/t last week - Japan port premium being negotiated at US$115 – 133/t in Q4. This is 10-20% lower than Q3
Nickel US$ 22,985/t vs US$22,835/t last week - Vale forecast a 44% rise in nickel demand by 2030
Zinc US$ 3,217/t vs US$3,216/t last week
Lead US$ 1,934/t vs US$1,904/t last week
Tin US$ 21,410/t vs US$21,650/t last week
Oil US$92.3/bbl vs US$89.4/bbl last week
Natural Gas US$8.078/mmbtu vs US$8.069/mmbtu last week
Uranium UXC US$52.55/lb vs US$51.95/lb last week
Iron ore 62% Fe spot (cfr Tianjin) US$101.7/t vs US$99.8/t
Chinese steel rebar 25mm US$590.2/t vs US$590.3/t
Thermal coal (1st year forward cif ARA) US$312.0/t vs US$312.0/t
Thermal coal swap Australia FOB US$429.0/t vs US$432.5/t
Coking coal swap Australia FOB US$260.0/t vs US$265.0/t
Cobalt LME 3m US$51,955/t vs US$51,955/t
NdPr Rare Earth Oxide (China) US$86,263/t vs US$84,836/t
Lithium carbonate 99% (China) US$69,660/t vs US$69,674/t
China Spodumene Li2O 5%min CIF US$5,210/t vs US$5,210/t
Ferro-Manganese European Mn78% min US$1,255/t vs US$1,246/t
China Tungsten APT 88.5% FOB US$333/t vs US$333/t
China Graphite Flake -194 FOB US$820/t vs US$820/t
Europe Vanadium Pentoxide 98% 7.3/lb vs US$7.3/lb
Europe Ferro-Vanadium 80% 31.25/kg vs US$31.25/kg
China Ilmenite Concentrate TiO2 US$330/t vs US$330/t
Spot CO2 Emissions EUA Price US$68.3/t vs US$67.8/kg
Brazil Potash CFR Granular Spot US$800.0/t vs US$860.0/t
NIO exceeds 1100 battery swap stations in China
China’s August installed battery power up to 27.8GWh
Adriatic Metals* (ADT1) 125p, Mkt cap £333m – Interims highlight Vares construction progress
*An SP Angel mining analyst has visited Adriatic Metals operations in Bosnia
Antofagasta (ANTO LN) 1,224p, Mkt cap £12bn – Sea swell delays construction of coastal desalination plant for Los Palabras copper mine
*The SP Angel mining analyst has previously visited a number of Antofagasta’s copper mines
Beowulf Mining* (BEM LN) 4.75p, Mkt Cap £55.5m – Jokkmokk Iron CEO interviewed
*SP Angel acts as nomad and broker to Beowulf Mining
Condor Gold* (CNR LN) 26.5p, Mkt Cap £40.9m – La India open-pit mine feasibility study
Conclusion: The production of a feasibility level study for the open pit at La India provides a solid economic and technical base for the wider development of the satellite open-pits and the longer-term underground mining opportunities within the La India district where continuing exploration may be expected to add to the development pipeline. We look forward to the opportunity to study the feasibility study in detail and appreciate the project more fully.
*SP Angel act as a broker to Condor Gold
Greatland Gold (GGP LN) 9.4p, Mkt Cap £380m – A$340m funding arrangements for Havieron and expansion of Greatland Gold management
Conclusion: Securing finance to fund its share of the development of Havieron and the appointment of experienced additional directors to strengthen its team positions Greatland Gold to move ahead following the completion of the Feasibility Study which is expected during the December quarter this year
Great Southern Copper (GSCU LN) 4.35p, Mkt Cap £9m – Initial drilling completed at the San Lorenzo Project, Chile
Pure Gold Mining (PUR LN) 7.6p, Mkt Cap £55m – Operational update reiterates Q3/22 guidance
Rambler Metals and Mining* (RMM LN) 10.25p, Mkt Cap £18m – Operational improvements and production expansion at the Ming mine stretch the balance sheet
Conclusion: Rambler Metals continuing operational improvements, increased production outlook and expansion of its resource base comes at a time of volatile copper prices and inflationary pressures on costs requiring additional capital resources to strengthen its balance sheet.
*SP Angel act as Nomad and Broker to Rambler Metals & Mining. An SP Angel analyst holds shares in Rambler Metals & Mining.
Tesoro Resources (TSO AU) A$0.037, Mkt cap A$32m – Sampling results at El Zorro define new drill targets
Tietto Minerals (TIE AU) A$0.51, Mkt Cap A$ 507m – A$49m equity investment at a premium by Chifeng
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.
Gold, Platinum, Palladium, Silver - BGNL (Bloomberg Generic Composite rate, London)
Gold ETFs, Steel - Bloomberg
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt - LME
Natural Gas, Uranium, Iron Ore - NYMEX
Thermal Coal - Bloomberg OTC Composite
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite - Asian Metal
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