SP Angel . Morning View . Tuesday 31 05 22
Chinese PMI improve as lockdowns ease while Eurozone inflation hits record high
MiFID II exempt information – see disclaimer below
AGL Energy (ASX:AGK) – AGL Energy (ASX:AGK) abandons plans to demerge coal generation business in Australia following rejection of takeover offer
Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF)*- BUY – Multiple gold discoveries on new properties in the Eastern Desert of Egypt
Beowulf Mining PLC (AIM:BEM)* – Key license awarded as Q1 2022 summary released
Gold Fields Limited (ADR) (NYSE:GFI) - Gold Fields to acquire Yamana Gold (TSX:YRI, LSE:AUY) in agreed US$6.7bn deal
Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF)* – Q1 2022 results show DFS nearing completion
URU Metals* (URU LN) – Extension of long-stop date for convertible loan note
Corporate executives bought shares in their companies at the strongest rate since the start of the pandemic in early 2020, FT writes.
- Insider buying between the start of the month and May 24 has been the highest since Mar/20, according to VerityData figures.
- Broader Russell 2000 index saw more insider buying than selling in May for the first time since Mar/20.
- Strong insider buying “has historically been a pretty good sign of market bottoms,” T Rowe Price commented on the data.
- The S&P 500 snapped a seven-week losing streak on Friday, although the index is down 12.8% since the start of the year driven by outlook for higher rates and geopolitical uncertainty.
Dow Jones Industrials Closed at 33,213
Nikkei 225 -0.33% at 27,280
HK Hang Seng +0.89% at 21,312
Shanghai Composite +1.19% at 3,186
Economics
China – The pace of contraction in manufacturing and services industries slowed down in May as lockdowns ease, official PMI data showed this morning.
- Both sectors reported better than expected numbers but still remained in contraction territory.
- There has been an increasing drive from the government to soften the blow to the economy from the zero Covid policy lately.
- Whether the government will continue with gradual reopening favouring employment and economic growth to the spread of the virus remains to be seen with markets already expecting growth to slow down to 4.5% this year, well below the state target of around 5.5%.
- Daily infections fell below 100 for the first time since early March after months of strict curbs, according to the National Health Commission.
- Total number dropped to 97 with Shanghai reporting 31 new cases and Beijing 18.
- Manufacturing PMI: 49.6 v 47.4 in April and 49.0 est.
- Services PMI: 47.8 v 41.9 in April and 45.5 est.
- Composite PMI: 48.4 v 42.7 in April.
Will we look back at the past 20 years as the beginning of the ascendance of China or will we look back and say, ‘what a shame it didn’t last!’.
- China has lifted around 700 million people out of poverty over the past 20 years to a near-zero poverty level, a remarkable achievement by any measure.
- Higher energy and food prices reverse will almost certainly swing millions of Chinese back into poverty along with many more elsewhere in the world.
Japan – Production fell more than expected in April on the back of virus lockdowns in China disrupting supply chains.
- Production of memory chips, construction equipment and autos were among the weakest in the report.
- Industrial Production (%mom/yoy): -1.3/-4.8 v 0.3/-1.7 in March and -0.2/-3.6 est.
Eurozone preliminary inflation surges 8.1% yoy in May vs 7.7% expected
- The HICP ‘Harmonised Index of Consumer Prices’ which uses slightly different price categories to help harmonise across the EU rose by 8.1% in May vs 7.4%
- ECB to rase rates in 0.25% hikes at an orderly pace to avoid financial stress
- EU unity on sanctions starts to crumble
- EU economic sentiment index recovered to 105 in May vs 104.9 in April
- Industrial sector confidence fell to 6.3 vs 7.7
- Service sentiment lifted to 14.0 from 13.6
- consumer sentiment started collapsing to 45.6 vs 50.0
Germany – Inflation hit a new all time high in May beating market expectations and adding to evidence that the ECB is likely to start raising rates this summer.
- The ECB meeting is due next week and is expected to see officials announcing the conclusion of large-scale asset purchases and confirm plans to hike rates in July.
- CPI EU Harmonised (%mom/yoy): 1.1/8.7 v 0.7/7.8 in April and 0.5/8.1 est.
- PPI rose 1.8% in April vs 5.7% in March and 31.7% yoy in April vs 31.2% yoy in March
- Preliminary May CPI up 0.9% in May vs 0.8% in April and 7.9% yoy in May vs 7.4% in Appri
France – Matching the momentum recorded across the Eurozone, France reported record high inflation in May amid surging energy and food costs increases.
- CPI EU Harmonised (%mom/yoy): 0.7/5.8 v 0.5/5.4 in April and 0.7/5.8 est.
Finland – Danske Bank highlights a clear threat of short-term recession in Finland
UK – Credit card lending in April rises at fastest rate since 2005
- The move probably reflects renewed spending as the nation emerges from Covid alongside the impact of higher energy bills.
Currencies
US$1.0743/eur vs 1.0753/eur yesterday. Yen 127.81/$ vs 127.24/$. SAr 15.566/$ vs 15.508/$. $1.262/gbp vs $1.263/gbp. 0.719/aud vs 0.718/aud. CNY 6.661/$ vs 6.652/$.
Commodity News
Precious metals:
Gold US$1,855/oz vs US$1,862/oz yesterday
Gold ETFs 105.2moz vs US$105.1moz yesterday
Platinum US$967/oz vs US$963/oz yesterday
Palladium US$2,082/oz vs US$2,077/oz yesterday
Silver US$21.87/oz vs US$22.18/oz yesterday
Rhodium US$15,400/oz vs US$15,400/oz yesterday
Base metals:
Copper US$ 9,536/t vs US$9,550/t yesterday
Aluminium US$ 2,882/t vs US$2,902/t yesterday
Nickel US$ 28,600/t vs US$29,725/t yesterday
Zinc US$ 3,939/t vs US$3,932/t yesterday
Lead US$ 2,188/t vs US$2,174/t yesterday
Tin US$ 34,625/t vs US$34,780/t yesterday
Energy:
Oil US$123.3/bbl vs US$119.4/bbl yesterday
Natural Gas US$8.758/mmbtu vs US$8.813/mmbtu yesterday
Uranium UXC US$47.85/lb vs $47.85/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$134.4/t vs US$134.4/t
Chinese steel rebar 25mm US$714.6/t vs US$715.6/t
Thermal coal (1st year forward cif ARA) US$248.5/t vs US$248.5/t
Thermal coal swap Australia FOB US$400.0/t vs US$370.0/t
Coking coal swap Australia FOB US$455.0/t vs US$455.0/t
Other:
Cobalt LME 3m US$74,000/t vs US$74,000/t
NdPr Rare Earth Oxide (China) US$142,598/t vs US$142,823/t
Lithium carbonate 99% (China) US$65,970/t vs US$66,074/t – Goldman Sachs (NYSE:GS) forecast a 70% fall in lithium prices based on new supply to come lepidolite (mica) mines in China
Mica is less popular and desirable in lithium furnaces as it creates dust which coats the furnaces lowering efficiency and polluting the environment.
Spodumene should remain the preferred source of lithium for Chinese furnaces due to its cleaner and more energy efficient properties.
China Spodumene Li2O 5%min CIF US$4,500/t vs US$4,500/t
Ferro-Manganese European Mn78% min US$1,864/t vs US$1,866/t
China Tungsten APT 88.5% FOB US$336/t vs US$336/t
China Graphite Flake -194 FOB US$815/t vs US$815/t
Europe Vanadium entoxide 98% 9.6/lb vs US$9.6/lb
Europe Ferro-Vanadium 80% 38.25/kg vs US$38.25/kg
China Ilmenite Concentrate TiO2 US$372/t vs US$372/t
Spot CO2 Emissions EUA Price US$86.3/t vs US$90.0/kg
Brazil Potash CFR Granular Spot US$1,200.0/t vs US$1,200.0/kg
Battery News
Britishvolt to build £200m battery tech research centre
- Battery technology firm Britishvolt has partnered with warehouse giant Prologis to build a new £200m tech centre in the West Midlands.
- The centre will spearhead development of new cell formats and electrochemistry to create higher performance and more affordable batteries for future EVs.
- Britishvolt is currently building its £300m battery gigafactory in Northumberland, which will be the UK’s first gigafactory.
Company News
AGL Energy (ASX:AGK) A$8.76, Mkt cap A$5.9bn – AGL Energy abandons plans to demerge coal generation business in Australia following rejection of takeover offer
- AGL Energy has abandoned its plans to demerge its coal-focused power generation business following insufficient shareholder support.
- AGL had planned to demerge itself into two separate companies, with one focussing on its more than 4.5m retail customers and the other for its electricity generation, including its three coal-fired power plants, the last of which isn’t due to shut until 2045.
- The demerger was due to go to a shareholder vote next month, needing 75% support to pass – AGL management has now conceded it has no chance of reaching that.
- Atlassian (NASDAQ:TEAM) founder Mike Cannon-Brookes, launched an attempted takeover earlier this year with Brookfield Asset Management (TSX:BAM.A) to acquire AGL for A$5.43bn.
- The consortium’s proposal was to take AGL private, close its three coal plants earlier than planned and invest A$20bn in renewable energy generation – AGL rejected the bid, saying it undervalued the company.
- Mike Cannon-Brookes became the largest shareholder of AGL earlier this month, acquiring an 11.28% stake, and announced he would use his position to persuade shareholders with at least 25% of voting power to oppose the demerger.
- AGL is reported to be Australia’s largest polluter, accounting for ~8% of the country’s emissions.
Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF)* 51.0p, Mkt Cap £60m – Multiple gold discoveries on new properties in the Eastern Desert of Egypt
BUY
- The Company reports the discovery of a series of high grade gold prospects from the reconnaissance sampling programme across its four licenses in the Eastern Desert of Egypt.
- Additionally, the team secured two new gold exploration licenses (Block DG75, 171km2,and Block DC75, 177km2) that will increase the Company’s holdings in the country by 349km2 to 1,914km2 across six project areas.
- New license area is located next to existing properties (~20-40km) making it for time- and cost-efficient future exploration.
- More than 100 hard rock artisanal gold workings were mapped encountering high gold grades (up to 100g/t) in rock chips from artisanal workings and waste.
- Detailed exploration is ongoing including rock chip sampling, channel sampling and geological mapping.
- The Company identified a series of targets believed to be prospective for orogenic gold as well as VMS mineralisation.
- Operational team is now fully established including 10 Egyptian geologists and two field offices.
Conclusion: The team announced the discovery of a series of high grade gold prospects on its properties in the underexplored part of the Arabian Nubian Shield of the Eastern Desert in Egypt. The Company has now established a good land package (~2,000km2) of prospective ground with a number of artisanal working areas supporting high exploration potential of the area. Today’s announcement presents early reconnaissance results and includes a detailed description of the mapped geology and structures of its properties as the team aims to attract interest for a potential JV partner for future capital intensive exploration drilling on most prospective areas.
*SP Angel acts as Nomad and Broker to Altus Strategies
Beowulf Mining PLC (AIM:BEM)* 5.5p, Mkt Cap £4m – Key license awarded as Q1 2022 summary released
- Beowulf has released its results for the three months ended 31st March, 2022.
- The company reported a loss of £318k during the quarter vs £527k over the same period last year.
- The company’s cash position at the end of the period was £2.9m vs $4.7m at March 31, 2021.
- Beowulf Mining report the award of the critical ‘Exploitation Concession’ for the Kallak North iron ore project in Sweden during the quarter.
- The board reviewed the Government’s decision to offer Beowulf with an exploitation concession for the Kallak North project, and are satisfied that the award include matters the Company would naturally expect to address in project development and the Environmental Court process.
- The awarding of an exploitation concession at Kallak follows the appointment of Karl-Petter Thorwaldsson as Minister of Trade and Industry, who is widely viewed as pro-mining and someone who sees value in developing domestic, word class natural resources for the benefit of the Swedish people.
- Finland: Beowulf signed an MoU with the City of Vaasa for the establishment of an anode materials production facility to be located in the GigaVaasa area.
- GigaVaasa is dedicated to battery value chain manufacturing and is well placed logistically, with good rail and road connections and a short distance to the harbor.
- The Grafintec and Epsilon Advanced Materials Private Limited joint venture has agreed to establish an anode materials production facility close to Freyr Battery’s proposed battery cell plant.
- Kosovo: Beowulf continued to consolidate its interest in Vadar Minerals, increasing its ownership to 51.4% through a £200k investment.
- Shala – a new exploration license, has been approved and includes several areas with significant alteration associated with Oligo-Miocene magmatics along with associated gossans and evidence of historical artisanal workings.
- Drilling commenced in late-March, with a 3,400m programme drilling at the Mitrovica licence, firstly on the Wolf Mountain zinc-lead-silver targets before attention is turned to the Majdan Peak gold prospect.
- Both licenses are located within 10km of the Stan-Terg deposit, which has a total reserve of 29Mt @ 3.45% Pb, 2.30% Zn, 80 g/t Ag and past production of 34Mt of ore.
Conclusion: Beowulf has acted quickly following the awarding of the exploitation license for Kallak, making inroads to the completion of a Scoping Study and roadmap to Pre-feasibility all while progressing its operations in Finland and Kosovo. The long time period between applying for the license at Kallak and the awarding of the license has meant Beowulf has developed the other two lines of its business, all of which are now seeing progress and strong prospects in their own right.
*SP Angel acts as nomad and broker to Beowulf Mining
Gold Fields Limited (ADR) (NYSE:GFI) ZAR16,477, Mkt Cap ZAR147bn - Gold Fields to acquire Yamana Gold in agreed US$6.7bn deal
- Gold Fields has announced a US$6.7bn acquisition of Yamana Gold in a transaction which will place the enlarged company within the world’s 4 largest gold producers and create a global spread of operating assets across South Africa, Ghana, Australia, Canada and South America.
- Gold Fields will exchange each Yamana Gold share for 0.6 of its own shares which the company says “represents a premium of 33.8% to the 10-day Volume-Weighted Average Price ("VWAP") of Yamana's Shares of US$ 5.201 on Friday, May 27”.
- “The Transaction has been unanimously approved by the Board of Directors of both Gold Fields and Yamana and is expected to close in the second half of 2022 … Gold Fields will remain headquartered in Johannesburg”.
- The enlarged company will be 61% owned by existing Gold Fields shareholders with 39% owned by current shareholders of Yamana Gold.
- In a presentation available on Gold Fields’ website www.goldfields.com/pdf/investors/presentation/2022/220531-camelot-investor-presentation-vfinal.pdf Gold Fields charts potential production growth from current 2022 guidance of 2.27moz from its assets plus 1moz from the Yamana Gold mines (3.27moz) to 3.81moz in 2024 with 2.75m oz from its own assets, including Salares Norte in Chile, and 1.06moz from Yamana Gold.
- The enlarged company combines the 48.9moz reserve base of Gold Fields with 32.2moz from Yamana Gold and should reduce Gold Fields 2021 all-in-sustaining cost of US$1,063/oz of gold production through the addition of Yamana Gold’s US$924/oz cost base.
- Gold Fields says that “Yamana is a natural strategic fit for Gold Fields, with its high quality, diversified portfolio of long life assets located in mining friendly rules-based jurisdictions across the Americas (including its five producing mines and pipeline of development projects and exploration properties) and with a shared focus on health and safety and ESG performance”.
- Gold Fields CEO, Chris Griffith, explained that the two companies have “complementary portfolios, cultures and strategic priorities … [and that] … Each company brings with it a unique set of skills and geological knowledge, enabling the Combined Group to enhance its assets more efficiently over the long-term than they could as separate companies”.
- Gold Fields says that “Strong near-term operating cash flows from Gold Fields' producing assets complement the manageable capital requirements of Yamana's world class, high return project portfolio, providing greater capacity to fund the combined growth pipeline internally, while maintaining shareholder returns in line with Gold Fields' existing policy”.
- Peter Marrone, Executive Chairman of Yamana Gold, explained that the “combination of Yamana and Gold Fields creates a world-class, globally diversified company with regional relevance across premier, rules-based mining jurisdictions that is underpinned by low cost, long life mines”.
- Operational synergies created by the combination of the two companies are initially expected to generate annual pre-tax benefits of US$40m “anchored in operational integration, as well as potential financing synergies and a streamlining of overhead cost structures”.
Conclusion: The combination of Gold Fields and Yamana Gold creates a geographically diverse gold producer with a pipeline of global exploration and development projects providing gold-focussed investors an alternative major alternative to Barrick, Agnico Eagle and Newmont.
Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF)* 24.5p, Mkt Cap £52m – Q1 2022 results show DFS nearing completion
- Mkango has released its results for the three months ended 31st March, 2022.
- The company reported a loss of US$2.8m during the quarter vs $1.5m over the same period last year.
- The company’s cash position at the end of the period was $2.1m vs $4.4m at December 31, 2021 and $3.7m at March 31, 2021.
- Operational highlights over the period include the major milestone of producing a neodymium and praseodymium enriched rare earth carbonate from final piloting, as part of the DFS.
- Piloting successfully produced rare earth carbonate grading 55% TREO equivalent enriched in NdPr oxides which together make up 31% of the rare earth oxide content in the carbonate product.
- The rare earth carbonate produced at Songwe Hill will feed Mkango’s proposed Pulawy separation plant development in Poland – allowing the company to increase its margins from the sale of separated oxides.
- Post period, Mkango has completed of initial sampling and ground geophysics at its Nkalonje Rare Earths Project with assays of carbonatite dyke samples returning grades of up to 5.92% TREO.
- Yesterday, the company signed a non-binding term sheet with ESG-focused CoTec who agreed to invest £2m in Mkango and invest £1.5m into Maginito to provide working capital ahead of the DFS release.
Conclusion: Mkango is making strong progress ahead of its DFS for the Songwe Hill Rare Earths project, with completion of the study targeted for second quarter of 2022. Investors should take encouragement as Mkango’s board continues to progress and de-risk the project at a time when NdPr prices are at multi-year highs.
*SP Angel acts as nomad and broker to Mkango Resources
URU Metals Ltd (AIM:URU)* - 400p, Mkt cap £6.6m – Extension of long-stop date for convertible loan note
(URU Holds a 74.82% stake in Zeb Nickel (TSX-V:ZBNI, OTC:ZBNIF) Corp which holds the Zebediela Nickel project in South Africa – URU remains as the technical operator of the Zebediela Project)
- URU reports the extension of the long-stop date for conversion of convertible loan notes held by the Boothbay Absolute Return Strategies LP to 31 May 2023.
- The right to convert the US$500,000 loan note into equity at 85p/s has also been extended to the long-stop date.
- URU is paying a US$100,000 cash fee for the long-stop extension and Boothbay has agreed that it will not convert its loan note till after 31 August 2022.
- “Unless repaid by the Company, amounts due to Boothbay under the convertible loan note shall convert at or prior to the Maturity Date:
- (i) at a price that is a 35 per cent. discount to the Volume Weighted Average Price ("VWAP") per share in the 5 trading days prior to the noteholder serving a conversion notice;
- (ii) on completion of an equity fundraising by the Company, at a price that is a 35 per cent. discount to the price per share paid by investors on such equity fundraising;
- (iii) on a share sale (meaning a sale of Ordinary Shares giving control of the Company, whether for cash and/or by way of exchange for shares in another company and/or for other consideration, and whether or not control of the Company changes as a result of such transaction), a 35 per cent. discount to the price per share paid on such a share sale; or
- (iv) if there is no conversion notice served, equity fundraising or share sale prior to the Maturity Date, at a 35 percent. discount to the VWAP per share in the 5 trading days prior to the maturity date.
- In the event that Boothbay is issued with any new Ordinary Shares pursuant to a conversion of the loan note, it will be issued with one warrant attaching to each new Ordinary Share issued, with an exercise period of 18 months from the date of grant and exercisable at £0.85 per new Ordinary Share.
*SP Angel acts as Nomad and Broker to URU Metals
SP Angel and Digbee ESG joint initiative for mining companies
https://www.uploadlibrary.com/SPAngel_JohnMeyer/DIGBEE_Press_release.pdf
- SP Angel and Digbee, a specialist ESG group, wish to announce their joint initiative in bringing ESG accreditation to mining companies in their drive to meet institutional investment and rapidly evolving ESG standards and regulatory requirements.
- We are rapidly approaching a point where a company’s ESG profile will not simply be a positive investment factor but will become a precondition to investment by many investment funds.
- The guidance and ratings process developed by Digbee is specifically designed to assist mining companies meet the new expectations and ensure directors meet their ESG compliance objectives.
- The initiative will not only quantify and score the ESG profile of qualifying companies but will also highlight ESG improvements and positive performance as companies develop.
- Importantly, the process will enable investment funds to demonstrate the positive results of their investments to their underlying investors and stakeholders which can, in turn, lead to further funding.
- It is imperative that any ESG Rating is seen to be credible. Digbee’s solution was developed to address this: it is mining specific, right sized and future looking, based on an independent assessment of a submission that is supported by evidence and approved by the company’s board of directors. It will also address investor frustration at a lack of comparable or meaningful data.
- For companies at an earlier stage of their ESG journey, recording improvements over time through the Digbee initiative is likely to prove attractive to investment funds as a demonstration of their ESG commitment permitting institutional investment at an earlier stage.
- The direction of travel is now firmly towards renewable sources of energy and a transition to environmental sensitivity. Historically, regardless of the individual facts, miners have collectively been identified as bad actors in this regard. Digbee engagement and ratings should improve the visibility of the good work being done.
- For example, installing, wind and solar generation to displace oil and gas should not only cut energy costs but also reduce carbon emissions. Sharing this energy with a local community may further reduce emissions, strengthen community engagement and lead to long-term sustainable benefits well beyond the end of the mine life. Similarly, a mine closure, thoughtfully done, can leave a positive community legacy that will stand a company in good stead when it is seeking new mining opportunities. Having a third party ESG specialist incorporate these initiatives into a rating accepted by investors will help secure the credit such initiatives deserve.
Jamie Strauss, Founder & CEO, Digbee Ltd: “We are delighted with this joint initiative with SP Angel, the number one ranked advisor to the AIM Mining sector*. SP Angel has acknowledged the importance of presenting their corporate clients to institutional investors with credible ESG disclosure as an increasing prerequisite to encourage new investment. We look forward to working together to achieve a more sustainable mining industry that is recognised for its positive actions ”
John Meyer, Mining Analyst & Partner at SP Angel “Working with Jamie Strauss and Digbee will help prepare our corporate clients for ESG-orientated investment. Mining, exploration, and development companies contribute much to local communities which combined with the potential benefits of increasingly sustainable operations is worthy of recognition. Quantifying the benefits, improvements and legacies of these operations should act a catalyst to further improvement to the benefit of all stakeholders.
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 – 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
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
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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 - Asian Metal
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