Market Update

General - Highfield - Syrah - Prairie, sorry, again!

Good afternoon

Equities obviously like the US elections…the US$ is weaker, US bonds are stronger - I guess the market expects the Democrats being able to reduce excessive spending by Trump.

Metals are unchanged today, while cobalt is strong, following the announcement of Glencore, that high levels of radioactivity in a large part of their Congo-production stop sales of it, and will severely impact 1st half 2019 production as well. From surplus to supply deficit in one day!

Analysts from Goldman´s, Antaike and Glencore do not believe as yet in a threat to nickel prices from new HPAL production, planned for 2020 in Indonesia. HPAL projects have a terrible history in reaching production in time and on budget, and in this case, it will be even more complicated to eventually produce battery-grade material ( which is an entirely new process ).

The main , German government advisory group has reduced their growth estimate from 2.3% to 1.6%.

Highfield - very strong today, for a change - Mosaic in the States came out with a very strong result, and a positive outlook for fertilizers.

Syrah - also strong today, after having signed a relatively large off-take agreement with a Chinese group for 20.000t of graphite.

Prairie Mining - the CEO of JSW, Poland´s largest coking coal producer, stated publicly today, that they want to take over control of Prairie and expect to conclude talks in the 1st Quarter 2019. They are now progressing internal approvals, and will work on a valuation of Prairie, without commenting any further. Very timely - as we said yesterday - something will happen here. Prairie jumped by 12% today in Polish trading, on very strong turnover.


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