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Acacia Mining (LON:ACA) – Approval to resume gold shipments from North Mara Avesoro Resources (LON:ASO) – Youga operations suspended Bluejay Mining* (LON:JAY) – Aggregate sample for Rio Tinto Iron & Titanium underway

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SP Angel – Morning View – Monday 12 08 19

UK adeptness abeyance highlights charge for grid-scale Li ion and Vanadium batteries

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MiFID II absolved advice – see abnegation below

() – Approval to resume gold shipments from North Mara

() – Youga operations suspended

Bluejay Mining* () – Bulk sample for Iron & Titanium underway

Kodal Minerals* () – Gluttonous accuracy on funds from SVS

Shanta Gold () – Interim after-effects accumulate Shanta Gold on clue to accommodated assembly and amount guidance

Thor Mining () – Metallurgical conduct after-effects from Molyhil

UK adeptness abeyance cuts analytical casework and highlights charge for grid-scale batteries or added accommodation to antithesis wind and solar power

Lithium-ion and Vanadium Redox Flow Batteries ‘VFRBs’ could accord a key allotment of the band-aid for filigree acclimation and advancement power

Friday afternoon saw a cogent adeptness abortion in abounding genitalia of the UK as the arrangement automatically cut adeptness to above genitalia of the country.

The abeyance was acquired by the abortion of a 727MW gas-fired adeptness architect alongside a above 1.2GW wind-farm off the East coast.

While added generators accolade to accomplish up for the abreast 2GW adeptness accident the 15 minute adventure triggered boundless adeptness cuts causing above disruption on trains and at one hospital area the aback generators bootless to work. Abounding consumers were additionally larboard after power.

The windfarm possibly went offline due to almighty high-gusting apprehension in which windfarms cannot operate.

The affair highlights the accident of affective to wind and solar adeptness after able aback up adeptness supplies.

The UK filigree basic to breakable alloyed advancement adeptness but the EU apoplectic the breakable action in a cloister cardinal aftermost year.

The EU abeyant the UK Accommodation bazaar bargain which provides for aback electricity bearing and opened a assay into its acquiescence with EU accompaniment aid rules

The abutting adeptness breakable / bargain has been indefinitely adjourned awaiting the EU cloister ruling

The UK 2016 Accommodation Bazaar bargain for 2020/21 aeon acceptable 500MW of array projects.

Capacity bazaar prices accept collapsed from £22.50/kw per year to £8.40/kw per year for 50.4GW acquired in 2018 for 2021/22 winter.

Battery accumulator was awarded alone 153MW out of 1.344GW that pre-qualified. Arenko won 15-year affairs for 73MW

UK has 900,000 homes with solar installations. The UK FIT concluded in 2016. Smart activity accumulator is growing acerb e.g. articles such as Powervolt.

UK Acclimation Mechanism bazaar account £350m pa – this for Broadcast Activity Resources (DERs). The bazaar is accepted to abound 179% to 145MW

The UK may attending to install abundant grid-scale array adeptness accommodation with Lithium-ion and Vanadium Redox Flow Batteries ‘VFRBs’ potentially alms robust, aboveboard and reliable antecedent of aback and broadcast adeptness to antithesis the amiss accumulation of wind and solar adeptness generation.

China EV sales abatement for aboriginal time in 2 years

Monthly sales of ‘new activity vehicles’, a class that includes both amalgam and absolutely electric cars, beneath by 4.7% yoy in July to 80,000 vehicles, per the China Association of Automobile Manufacturers (Financial Times).

The abatement represents the aboriginal abatement in NEV sales for two years, causing the Association to cut its sales anticipation for 2019 from 1.6m to 1.5m cars.

Falling NEV sales accept been attributed in allotment to Chinese government cuts to NEV subsidies arise in March. In June, the final ages afore the NEV subsidy rules were applied, NEV sales jumped as buyers accolade to booty advantage of bargain prices.

Declining sales accept additionally been attributed to high-emissions car owners demography abounding advantage of a government bandy programme to trade-in for NEVs.

Cuts to government subsidies and tailing off of trade-ins access the likelihood of alliance of the EV market, as dozens of EV manufacturers attempt to acquisition a ballast on the aback of able bazaar beforehand in the accomplished few years.

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Economics

US-China barter war abstracts favours China

US and Chinese consign abstracts suggests US tariffs are not accepting their adapted aftereffect (Financial Times).

Between July 2018, aback US tariffs were aboriginal imposed, to the end of June this year, US exports to China angled by US$33bn, or 21% of the total.

In contrast, Chinese exports to the US grew by US$4bn, or 1% of the total, in the aforementioned period.

The growing barter surplus appears to beforehand tariffs are accepting the adverse aftereffect to that advised by the Trump administration.

The abstracts alterity may reflect the abhorrence of US consumers and manufacturers to about-face abroad from Chinese fabricated goods.

Europe – Connected ambiguity in Europe

Italy’s Matteo Salvini’s appeal for a no-confidence vote on the aback of a breakdown in the alive majority of Italy’s cardinal affiliation may be delayed, afterward doubts bidding by Matteo Renzi, a above PM with able access over the centre-left Democratic Party and assembly (Reuters).

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Snap elections in Italy could battle with Italy’s obligation to finalise the aboriginal abstract of a account that has to be submitted to the EU by the end of September. Italian President Mattarella, who has absolute adeptness to deliquesce parliament, has insisted the account charge be finalised, suggesting any breeze acclamation may be pushed back.

Debates are underway in Germany as to the approaching of the country’s Schwarze Null, or atramentous zero, action charge to counterbalanced budgets. The action has faced accretion criticism beyond the political spectrum, with abounding advancement Berlin to access spending and addition the German abridgement (Financial Times).

German chancellor, Angela Merkel is accepted to bare an aggressive altitude amalgamation abutting month, deepening apropos over the approaching of Germany’s account policy. Affairs to accouterment altitude change could amount €30bn or more, adopting the achievability of government issued “green bonds” meant to accession funds accurately for arrest altitude change, rather than the account generally.

Senior associates of the government affiliation are continuing abutting however, with the accounts admiral insisting that the all-important funds to action altitude change can be aloft while advancement a “solid account approach”, per a contempo statement.

HK – authorities abolish all flights to airport as protestors booty over airport

The demonstrations in HK are demography a new about-face with protestors affective to beef in the basic airport.

The protests accept the abeyant to amplify and to beforehand into the acreage and to added agitate the HK and acreage economies.

Argentina – Macri abruptness acclamation defeat

Argentine peso accepted to abatement 25%

Currencies

US$1.1170/eur vs 1.1219/eur yesterday.  Yen 105.49/$ vs 106.09/$.  SAr 15.339/$ vs 15.015/$.  $1.206/gbp vs  $1.218/gbp.  0.678/aud vs 0.677/aud.  CNY 7.066/$ vs 7.044/$.

Commodity News

Precious metals:         

Gold US$1,503/oz vs US$1,502/oz yesterday

   Gold ETFs 77.2moz vs US$77.1moz yesterday

US$857/oz vs US$864/oz yesterday

Palladium US$1,430/oz vs US$1,426/oz yesterday

Silver US$16.86/oz vs US$17.02/oz yesterday

Base metals:   

Copper US$ 5,799/t vs US$5,768/t yesterday

Aluminium US$ 1,789/t vs US$1,776/t yesterday

Nickel US$ 15,230/t vs US$15,730/t yesterday

Zinc US$ 2,278/t vs US$2,270/t yesterday

Lead US$ 2,085/t vs US$2,064/t yesterday

Tin US$ 16,900/t vs US$16,910/t yesterday

Energy:           

Oil US$58.4/bbl vs US$57.4/bbl yesterday

Natural Gas US$2.122/mmbtu vs US$2.108/mmbtu yesterday

Uranium US$25.30/lb vs US$25.30/lb yesterday

Bulk:   

Iron ore 62% Fe atom (cfr Tianjin) US$86.0/t vs US$92.2/t

Chinese animate rebar 25mm US$555.7/t vs US$564.4/t

Thermal atramentous (1st year advanced cif ARA) US$65.1/t vs US$66.2/t

Coking atramentous futures Dalian Exchange US$207.5/t vs US$208.0/t

Other:  

Cobalt LME 3m US$28,500/t vs US$28,500/t

NdPr Attenuate Earth Oxide (China) US$43,517/t vs US$44,456/t

Lithium carbonate 99% (China) US$8,279/t vs US$8,296/t

Ferro Vanadium 80% FOB (China) US$40.0/kg vs US$40.0/kg

Battery News

Transport secretary announces added £2.5m for EV chargepoints

Transport Secretary Grant Shapps today arise an added £2.5m to armamentarium added than 1,000 new chargepoints on residential streets (FleetNews).

The Carriage Secretary is now acceleration allotment for bounded authorities in the achievement of accelerating the uptake of EVs in the UK as allotment of the government aim for net aught emissions by 2050.

There are currently 13,500 chargepoints in the UK, about bisected the cardinal adapted in adjustment to account the estimated admeasurement of the UK EV agile by 2030, according to assay by .

Company News

Acacia Mining (ACA LN) 242.4p, Mkt Cap £994m – Approval to resume gold shipments from North Mara

Acacia Mining letters that the Tanzanian Admiral of Minerals has authorised the aggregation to resume gold exports from its North Mara operation, “subject to its adherence to the consign procedure”.

Permission to consign was rescinded in July awaiting the aftereffect of an investigation. The aggregation discloses that the Ministry’s letter “also states that the Mining Commission believes that assertive accoutrement of the Mining Regulations, 2010 were abandoned and directs the North Mara abundance to abide a achievability abstraction address and accepted abundance plan for its approval by 16 August 2019.”

Conclusion: The adeptness to resume consign of gold from North Mara is positive, however, it appears that the abundance is continuing to allure the analysis of the authorities with the cardinal that the achievability abstraction and accepted abundance plan are to be submitted for analysis by 16th August.

Avesoro Resources (ASO LN) 59p, Mkt Cap £48.1m – Youga operations suspended

On Friday afternoon, Avesoro Resources arise that, afterward a advanced arise adventure involving an arrival of artisanal miners at its Youga abundance in Burkina Faso, the aggregation has absitively to append all processing and mining at Youga.

The aggregation letters that its CEO, Serhan Umurhan is travelling to the abundance “to appraise the bearings and actuate aback operations can recommence”.

In the meantime, “as a precaution, all Aggregation agents at Youga accept been relocated to Ouagadougou. Government aegis armament will abide on armpit to assure the Company’s assets.”

Bluejay Mining* (JAY LN) 6.5p, Mkt Cap £56m – Bulk sample for Rio Tinto Iron & Titanium underway

Included in MSCI basis (Dundas Ilmenite project, Greenland, 100% owned)

Bluejay Mining address beforehand in the alertness and carriage of the 5,000t smelter analysis aggregate sample for Rio Tinto Iron & Titanium ‘RTIT’.

The aggregate sample is ‘fully funded’ and administering accept appointed shippers for the aggregate sample which is destined for one of RTIT’s smelters in Canada.

The aircraft action additionally provides a dry run for the acumen to and from the Dundas armpit at Moriusaq in Greenland.

Photos of the armpit appearance stockpiles of high-grade ilmenite mineral beach forth with the architecture of a new causeway / barge landing-ramp for address loading.

The Dundas abundance armpit is abutting to the bank band and a deep-water into Baffin Bay, the Labrador Sea, the North Atlantic and Canada.

Ship loading and abandonment is estimated to alpha in the abutting four weeks.

Three aircraft companies accept tendered for the address loading with the aircraft arrangement awarded to Pangaea Logistic Solutions Ltd, ‘PLS’.

A US burden and aircraft administering company, MID-SHIP Group LLC is to baddest the abettor for the address loading.

Guy J. Bailey Ltd from Newfoundland is to administer the deck-barge loading belvedere operation at Moriusaq. The Newfoundland aggregation is arise to accept an outstanding acceptability and accepted accord to the mining and quarry industry in Canada.

The Greenland government has accepted an consign admittance for 40,000t run-of-mine actual which is actuality mined at the Dundas abundance armpit in Greenland.

It is accessible that added actual may be alien beneath this consign admittance accustomed its scale.

Conclusion: Bluejay arise able-bodied accurate in their organisation of the aggregate sample to RTIT in Canada and we attending advanced to added account on the trans-shipping of the high-grade ore aural the abutting four weeks.

*SP Angel act as itinerant to Bluejay Mining. *SP Angel accept visited the Dundas, Itelak ilmenite bank activity in Greenland.

Kodal Minerals* (KOD LN) 0.07p, Mkt Cap £6.5m – Gluttonous accuracy on funds from SVS

Kodal Minerals letters that, afterward SVS Securities actuality placed in adapted administering on 5th August, it is gluttonous accuracy from the administrators apropos adjustment of the £200,000 tranche of its contempo fund-raising from SVS Securities charge to acquirement 250m shares in the company.

“The Company, via its broker, will be gluttonous description from the adapted administrators of SVS as to whether they intend to accede with SVS’s acquittal obligations pursuant to the Placing”.

The aggregation states, however, that it “will be continuing to beforehand its development of its Bougouni lithium activity in Mali … including the acquiescence of its Environmental and Social Impact Assessment, achievement of metallurgical analysis assignment and abundance architecture engineering arch to its appliance for a mining licence in the added bisected of 2019”.

Kodal Minerals does, however, say that it may “delay the analysis and amplification conduct it was planning to undertake in October 2019 afterward the backing season”.

Conclusion: Kodal Minerals confirms that it is acute advanced with assignment for the mining licence appliance at Bougouni admitting ambiguity over funds from SVS Securities, now in administration, may adjournment some of the conduct planned for October.

*SP Angel act as Financial Advisor and agent to Kodal Minerals. A accomplice at SP Angel acts as Chairman to the company.

Shanta Gold (SHG LN) 9.05p, Mkt Cap £71.3m – Interim after-effects accumulate Shanta Gold on clue to accommodated assembly and amount guidance

Shanta Gold letters that it charcoal on advance to accomplish both its abounding year assembly and amount advice of 80-84,000oz of gold assembly at all-in-sustaining costs in the ambit US$740-780/oz.

Reporting an after-tax accident of US$5.7m for the 6 months to 30th June 2019 (2018- US$7.1m profit) the aggregation highlights abridgement in net-debt to US$26.9m from US$31.5m “following US$8.8 m of arch repayments on borrowings and a US$4.9 m fractional acknowledgment of Convertible Loan Notes during the Period”.

Adjusted EBITDA of US$22.6m is in band with the US$22.7m in H1 2018.

Working basic was afflicted by a US$4.2m access in Barter and added receivables to US$29.5m mainly as a aftereffect of “the access in VAT receivable attributable to the Company, which at the end of June 2019 stood at US$25.3 m (converted from Tanzanian Shillings at June 30th closing rate). The Company’s best contempo VAT acquittance was accustomed in November 2017 and amounted to US$3.4 m, absolute US$1.9 m account adjoin accumulated taxes payable in 2016 and 2017 and a banknote acquittal to the Aggregation of US$1.5 m.”

Commenting on the results, Eric Zurrin, Chief Executive, said that “In H1 2019 we accept connected to see abiding operational achievement at the New Luika Gold Abundance and abide on clue to bear both full-year assembly and costs aural guidance”.

As advanced announced, the aggregation is affective advanced with affairs to account its Singida abundance development on the Dar es Salaam Stock Exchange. The aggregation affairs a US$20m disinterestedness adopting for the “upfront basic to accompany the Activity into assembly and accommodate added funds for analysis “while application a 51% absorption in Singida”; a move which Mr. Zurrin declared as “offering Tanzanians a attenuate advance befalling aural their own mining area as we body Shanta’s added abundance in Tanzania.”

Thor Mining (THR LN) 0.525p, Mkt Cap £4.3m – Metallurgical conduct after-effects from Molyhil

Thor Mining letters the after-effects of the added of two holes accomplished to access metallurgical advice from the bottomward attempt allotment of the Yacht Club lode at its Molyhil tungsten-molybdenum activity in the Northern Territory, Australia.

As with after-effects from the antecedent hole, “The holes were advised accurately for assembly of apply samples and will not accord to the mineral ability estimate”. The holes are accomplished at 85mm bore in adjustment to access an able aggregate of sample actual for metallurgical testing. In our opinion, the accretion metallurgical complication at Molyhil which is arising as a aftereffect of abacus chestnut mineralisation to the advanced arise tungsten and molybdenum mineralisation will crave a absolute assay to authorize an adapted metallurgical flowsheet and it is acceptable that added metallurgical conduct will be adapted in the future.

Highlights from aperture 19DD001 arise today are:

A 3.5m advanced circle averaging 1.32% tungsten trioxide from a abyss of 9.5m; and

A 10m advanced circle averaging 0.32% chestnut from a abyss of 44m; and

Another 10m advanced circle averaging 1.32% tungsten trioxide from a abyss of 53m; and

A 5m advanced circle averaging 1.74% tungsten trioxide from a abyss of 76m; and

A 7m advanced circle averaging 1.58% tungsten trioxide from a abyss of 88m

Commenting on the results, Executive Chairman, Mick Billing, said that “The connected acceptance of chestnut mineralisation at potentially bread-and-butter levels is additionally actual pleasing.  Thor has commissioned a analysis of the ability appraisal for Molyhil to accommodate this, about until that assignment is complete, we can accredit no added amount for any abeyant chestnut at this time”.

Currently the mineral ability appraisal for Molyhil contains 4.71m tonnes classified as adumbrated and accepted at an boilerplate brand of 0.28% tungsten trioxide and 0.13% molybdenum.

Conclusion: Potentially absorbing chestnut mineralisation encountered at Molyhil is arch to a analysis of the mineral ability estimates to accommodate chestnut as able-bodied as the absolute tungsten and molybdenum mineralisation. We anticipate the after-effects with interest.

Analysts

John Meyer – 0203 470 0490

Simon Beardsmore – 0203 470 0484

Sergey Raevskiy – 0203 470 0474

James Mills -0203 470 0486

Sales

Richard Parlons – 0203 470 0472

Abigail Wayne – 0203 470 0534

Rob Rees – 0203 470 0535

SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London

W1S 2PP

*SP Angel are the No1 chip itinerant and agent by cardinal of mining allowance audience on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

SP Angel advisers may accept advanced held, or currently hold, shares in the companies mentioned in this note.

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