SP Angel Morning View – China cuts rates as Coronavirus hits output

SP Angel . Morning View . Thursday 20 02 20

China cuts charges as Coronavirus hits output

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Anglo American (AAL LN) – Robust outcomes however a rocky 12 months forward

Shanta Gold (SHG LN) – Convertible notice restructuring publish acquisition of Kenyan belongings

Sirius Minerals (SXX LN) – Odey Asset Administration dangers scuppering Anglo deal

Anticipate one other leg down for commodities as China continues to limit motion of lorries, individuals and items between areas

• We count on producers in China and elsewhere to report a worsening of the state of affairs with diminished manufacturing and manufacturing facility closures as inventories run out.
• Producers are usually not usually suggested to start out development of equipment if not all of the element elements can be found although some elements will inevitably be smuggled by virus-busters.
• Let’s hope somebody correctly disinfected these key fobs simply delivered in suitcases to Jaguar Land Rover from China.
• China stays the world’s largest raw-materials processor for many commodities. Whereas most of this steel is then transformed into completed items in China a lot can be exported worldwide.
• Interruption to those exports will trigger issues for producers worldwide which can elevate premiums for LME metals and different commodities outdoors China as producers scramble to search out new provide.
• There’s little signal of the virus easing on account of its excessive contagion and incubation although coverage makers are hoping the unfold of the virus will sluggish because the climate warms up, although now we have seen no proof to recommend this my be the case.
• Our Healthcare crew have defined to us the possible vaccine improvement path which may take greater than a 12 months.
• That is apparently because of the want to check which elements of the virus work greatest for activating the suitable immune response, dose ranges, vaccine supply, manufacturing, transport and so on…. however not less than they’re assured {that a} vaccine will likely be developed.
• China is, fortunately, lowering the speed of unfold of the virus inside China and to the remainder of the world giving us an opportunity for vaccination earlier than the virus inevitably will get out.

Invoice Gates-led fund invests $20m in US lithium begin up (Bloomberg)

• Breakthrough Vitality Ventures are main an funding spherical of $20m for Lilac Options, a US start-up which goals to deploy know-how that makes the extraction of lithium much less water intensive and extra sustainable.
• As an alternative of utilizing conventional evaporation ponds, Lilac makes use of ion-exchange beads that selectively take away lithium and depart behind undesirable minerals. The beads are then handled with acid to take away the lithium after which reused.
• The method requires much less water and cuts down the period of time wanted to extract lithium from brine to only hours.
• The beads are selective sufficient to get better about 90% of lithium in brines.

Orocobre broadcasts settlement to accumulate JV accomplice Benefit Lithium

• Orocobre will purchase 100% of the issued and excellent shares of Benefit Lithium. (Orocobre)
• Every benefit share will obtain 0.142 Orocobre shares, valuing Benefit at 42c/share, primarily based on a closing value of $3.29. Orocobre has been the biggest shareholder in each Benefit, holding a 34.7% curiosity and its accomplice at its Cauchari lithium challenge with a 25% curiosity. (Searching for Alpha) 
• Orocobre have acknowledged that the mixing of the Cauchari challenge with their very own Olaroz challenge within the basin will enable for cost-effective improvement. The deal will present Orocobre with publicity to 4.8m tonnes of measured and indicated sources and 1.5m tonnes of inferred sources on the Cauchari improvement. (Mining.com)
• The board of Benefit lithium has accepted the transaction. The transaction doesn’t set off any want for added financing for the continuing improvement of the Olaroz and Cauchari basins. (Junior mining community)

Economics

US – The Fed remained cautiously optimistic over the US financial outlook suggesting the present stance of financial coverage was more likely to stay applicable “for a time”, FOMC coverage assembly minutes learn.

• The central financial institution is planning to carry charges regular after three cuts final 12 months ought to the economic system carry out consistent with expectations.
• The coronavirus outbreak “warranted shut watching”.
• On liquidity state of affairs within the banking system, the Fed is anticipating to cut back its purchases in April-June.
• The Fed has been shopping for $60bn of US Treasury payments a month since final October to extend the extent of reserves within the banking system in response to a liquidity crunch, Reuters reviews.

China – The central financial institution reduce the one-year mortgage prime fee to 4.05% from 4.15% and the 5 12 months fee to 4.75%  from 4.80%.

• New circumstances of coronavirus dropped to their lowest since Jan 25.
• Central Hubei province had 349 new confirmed circumstances yesterday, down from 1,693 the day past.
• The demise toll of 108 was decrease than 132 the day past taking deaths in China to greater than 2,100 and complete new circumstances to 74,000.

Japan – Two aged covid-19 contaminated passengers of the cruise ship moored close to Tokyo handed away with two extra authorities officers are reported to have been contaminated.

• The deceased have been a 87-year-old man and a 84-year-old girl.
• Greater than 620 passengers on the Diamond Princess liner have been reported with the virus and have gone via a quarantine since Feb 3.
• The Nationwide Institute of Infectious Ailments stated in a report launched yesterday that no new circumstances of the covid-19 illness have been reported on Feb 16-17 with just one crew member case on Feb 15.
• Commentators anxious that the state of affairs isn’t as contained as reviews recommend.
• A primary share of passengers who had examined unfavourable and proven no signs left the ship yesterday with an extra 500 passengers started disembarking right this moment.
• Individuals returning again residence are more likely to face one other 14-day quarantine.
• Japan has effectively over half the recognized circumstances outdoors China given shut financial ties with the nation.
• Questions are being raised if Japan is within the place to host the approaching Summer time Olympics this summer season.

South Korea – South Korean SK Hynix, the world’s second largest chipmaker, will quarantine 800 of its workers to stop the unfold of the coronavirus.

• A precautionary measure got here after one trainee had shut contact with a virus affected person within the south japanese metropolis of Daegu, the epicentre of the outbreak in South Korea.
• The 800 accounts for a fraction of the workforce of 18,000 individuals in Incheon, south-east of Seoul, a spokeswoman stated.
• The Firm provides Apple and Huawei amongst different buyer.

Indonesia – The central financial institution trimmed 2020 GDP progress forecasts by 0.1pp to five.0-5.4% accounting for the influence of the coronavirus outbreak in China.

Agency US greenback is inflicting SHFE base steel costs to fall (Fastmarkets MB)

• The greenback index was at 99.68 on Thursday morning in Shanghai, up from 99.42 on Wednesday morning and close to three 12 months highs.
• Optimistic outcomes for the US housing sector and higher-than-expected producer costs on Wednesday brought on the US greenback index to proceed rising (FX Avenue).
• Excluding tin that was little modified, all base metals have been down on the shut of morning buying and selling on Thursday. Lead carried out worst, because the steel’s most-traded April contract was down 0.3% to 14,505 yuan per tonne in comparison with Wednesday’s shut.
• Different costs to fall have been the April nickel contract down 0.3%, April aluminium down 0.2%, April copper down 0.2% and April zinc down 0.1% in comparison with Wednesday’s shut.
• Final week’s stock inflows are doing nothing to assist costs on the SHFE. Lead shares elevated by 34.5% or 9,513t, and copper and zinc shares rose 27.4% and 24.4% respectively.

South Africa – US secretary of state warns towards land seize 

• Mike Pompeo warned towards South Africa’s plan to permit expropriation of personal property with out compensation in a speech in Ethiopia on Wednesday.
• The ruling ANC occasion has promised to handle expropriation with out compensation to handle historic inequalities, nevertheless Pompeo stated the transfer can be ‘disastrous for the economic system and the South African individuals’.
• Critics of a land seize use Zimbabwe for instance, the place violent land seizures from white farmers scared away traders and helped plunge the nation into financial turmoil.
• President Ramaphosa introduced plans to speed up land redistribution in an tackle final week, nevertheless is conscious to not scare away enterprise by saying there will likely be no chaotic or unlawful land grabs.

Newmont’s Boddington to develop into world’s first autonomous gold mine 

• The corporate introduced yesterday that its Boddington operation in Western Australia is to develop into the world’s first gold mine with an Autonomous Haulage System (AHS).
• The mine is anticipated to be absolutely operational in 2021, and the corporate say this funding will improve security and productiveness, whereas additionally extending mine life.
• In line with Newmont, internet funding in Boddington’s AHS will likely be $150m, with time efficiencies anticipated to increase the mine’s life by not less than two years.
• Boddington is Western Australia’s largest gold producer, producing 709Koz in 2018, and using round 2,000 individuals.

Currencies

US$1.0797/eur vs 1.0805/eur final yesterday.  Yen 111.74/$ vs 110.19/$.  SAr 15.127/$ vs 14.953/$.  $1.290/gbp vs $1.299/gbp.  0.663/aud vs 0.670/aud.  CNY 7.017/$ vs  6.990/$.

Commodity Information

Gold US$1,609/ouncesvs US$1,609/ouncesyesterday

   Gold ETFs 83.9moz vs US$83.8moz yesterday

Platinum US$1,011/ouncesvs US$1,012/ouncesyesterday – Johnson Matthey – PGM metals group February 2020 version

• Final week, Johnson Matthey printed their annual pgm market report, offering readers with an replace on the provision and demand for platinum, palladium and rhodium in 2019, together with this 12 months’s outlook.
• The platinum market entered a deficit in 2019, attributed to a resurgence in ETF shopping for which lifted bodily funding demand to a report 1.13Moz.
• Platinum use in autocatalysts dropped 2% on decrease diesel automobile output and a delay in stricter heavy emissions guidelines in China.
• World mined provide from dominant producer South Africa fell 3% final 12 months as high-cost shafts continued to shut, nevertheless this was offset by a progress in autocatalyst scrap volumes leading to total provides rising marginally.
• JM predict that demand for platinum this 12 months will likely be supported by rising pgm loading on heavy obligation Indian and Chinese language vans, on account of stricter environmental laws. Nonetheless this will likely be offset to a point by additional fall in platinum jewelry demand, which noticed a double-digit fall in 2019.
• Moreover, until investor appetites are sustained into 2020, the platinum market may transfer again into surplus.
• The palladium market deficit widened to over 1Moz final 12 months, as autocatalyst demand for the steel surged, while provide solely grew modestly – inflicting the steel to extend in value by 59% to all-time highs.
• Final 12 months noticed a 14% rise in international common palladium loadings on gasoline vehicles, leading to palladium automotive demand reaching an all-time excessive of 9.7Moz – a 10% enhance on 2018.
• Palladium output from the world’s largest producer Russia fell in 2019, nevertheless this was virtually absolutely offset by elevated manufacturing kind the world’s second largest producer, South Africa.
• JM count on an extra rise in automotive demand to push the market deeper into deficit this 12 months, as efforts to scale back palladium consumption within the automotive trade are unlikely to stop demand rising on account of stricter emissions laws rising automobile loadings.
• The value of palladium has continued to rise in 2020, climbing over 36% for the reason that begin to the 12 months to over $2,600/oz.
• Regardless of palladium’s continued rise, some analysts consider this could possibly be short-lived because of the have an effect on that the coronavirus is having on the Chinese language economic system. The CEO of Faurecua, a French-based firm which develops automotive know-how believes Chinese language auto gross sales may fall by 1.2m automobiles this 12 months. Equally, the chairman of the China Affiliation of Vehicle Producers advised Reuters that auto gross sales will drop by greater than 10% within the first half of this 12 months, and final 12 months noticed a complete of 25 million automobiles bought.
• The financial knock on results of the virus rely upon the extent to which the virus spreads, and because it has not but been contained it’s arduous to foretell how the auto market will likely be affected. Nonetheless because the demise toll proceed to rise and extra individuals don’t go to work, purchaser demand will proceed to fall and provide chains within the auto trade will proceed to be disrupted.

Palladium US$2,750/ouncesvs US$2,801/ouncesyesterday

Silver US$18.35/ouncesvs US$18.37/ouncesyesterday

Base metals:    

Copper US$ 5,773/t vs US$5,800/t yesterday

Aluminium US$ 1,713/t vs US$1,718/t yesterday

Nickel US$ 12,825/t vs US$12,820/t yesterday

Zinc US$ 2,144/t vs US$2,146/t yesterday

Lead US$ 1,879/t vs US$1,883/t yesterday

Tin US$ 16,555/t vs US$16,570/t yesterday

Vitality:            

Oil US$59.0/bbl vs US$58.1/bbl yesterday

Pure Gasoline US$1.958/mmbtu vs US$1.968/mmbtu yesterday

Uranium US$24.60/lb vs US$24.55/lb yesterday

Bulk:    

Iron ore 62% Fe spot (cfr Tianjin) US$87.0/t vs US$86.5/t

Chinese language metal rebar 25mm US$537.6/t vs US$539.2/t

Thermal coal (1st 12 months ahead cif ARA) US$59.5/t vs US$59.7/t

Coking coal swap Australia FOB US$161.0/t vs US$160.5/t

Different:   

Cobalt LME 3m US$33,750/t vs US$33,750/t – Cobalt suffers as Tesla is near abandoning the steel in China

• Reuters report that Tesla and CATL are in superior talks that would result in Tesla utilizing cobalt free battery cells developed by CATL.
• Discussions have been ongoing for over a 12 months as Tesla seems to finish its journey to a cobalt free world, having already critically diminished the quantity of cobalt in its batteries and brought steps to keep away from extra doubtful suppliers. In 2018 the corporate foresaw long run shortages of key minerals used within the manufacturing or batteries. (Cleantechnica)
• Shares of cobalt miners fell yesterday on the again of this information with China Molybdenum and Huayou Cobalt, the nation’s two largest cobalt miners falling 8%. (Monetary Instances)
• Tesla has agreed to buy prismatic lithium-iron phosphate batteries from CATL to be used in its Mannequin Three automobiles in China. The transfer will allow Tesla to additional scale back the price of the Mannequin Three in China.
• On the flip aspect this transfer could possibly be one which begins easing the bottleneck being created within the EV market. EV manufacturing is being constrained by provide bottlenecks created by a scarcity of uncooked supplies. Extraction of lithium and cobalt from the earth happens in areas of geopolitical unrest, is usually the goal of sustainability and environmental protests and it has been instructed EV manufacturing may outstrip the speed at which they are often extracted. (Wired)
• Jaguar introduced earlier this month that it has halted manufacturing of its EV SUV and Mercedes-Benz has been compelled to chop manufacturing on its EQC EV, each on account of a provide scarcity from LG Chem. (The Instances)

NdPr Uncommon Earth Oxide (China) US$40,963/t vs US$40,986/t – China raises H1 uncommon earth output by 10% from a 12 months earlier (Reuters)

• China has raised its output quota for REE within the first half of 2020, as the federal government is seeking to enhance manufacturing on account of virus-driven disruption within the sector.
• The uncommon earth mined output quota stands at 66,000t for H1 vs 60,000t in H1 2019.
• In line with Chinese language newspaper the World Instances, the nation’s uncommon earth sector has been working at solely 20% capability to date this 12 months.

Lithium carbonate 99% (China) US$5,576/t vs US$5,579/t

Ferro Vanadium 80% FOB (China) US$29.5/kg vs US$30.0/kg – Ferro-vanadium rose 0.2% to $29.5-30.8/kg in Western Europe in accordance with FastmarketsMB

• Ferro-vanadium costs rose 2.8% to $13.25-14/lb (~$29-31/kb) within the US final week adopted by a smaller rise in Europe for vanadium pentoxide
• Whereas we’re cautious that the reporting of Chinese language costs could also be affected by the influence of the Coronavirus we’re additionally aware that any lack of manufacturing of metal for export in China could also be made up for by elevated manufacturing within the US and Europe.
• An absence of transactions in China is worrying as is the potential affect of presidency coverage on the reporting of stories and costs the place it could be thought-about unpatriotic to report unfavourable information.
• FastmarketsMB reported 16 indications of costs in ferro-vanadium and vanadium pentoxide in China final Thursday however no precise transactions in stark distinction to transactions reported in Europe.
• It could be {that a} lack of lorry drivers and strict regional journey restrictions are delaying transactions in vanadium and different metals whereas an absence of visibility on development exercise may trigger consumers to be extra cautious.

Antimony Trioxide 99.5% EU (China) US$5.1/kg vs US$5.1/kg

Tungsten APT European US$240-245/mtu vs US$240-245/mtu

Graphite flake 94% C, -100 mesh, fob China US$540/t vs US$540/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,550/t vs US$2,550/t

Battery Information

Germany embraces the EV revolution

• Germany has surpassed tempo setter Norway within the shift to EV. The nation noticed gross sales of latest BEV and PHEVs rise 60% in 2019 in comparison with 2018, 109,000 new gross sales in comparison with 68,000. (The Pushed)
• The information comes at a time when fossil gasoline powered automobiles are falling out of favour, Germany noticed a 15% fall in demand for petrol and diesel automobiles whereas EV market share elevated from 2.5% to six.5% in January. (Cleantechnica)
• This development isn’t distinctive to Germany, Europe extra broadly is embracing EVs. The continent has seen a 45% enhance in EV gross sales bringing complete possession to three.53%. Italian EV gross sales have surged, new automobile gross sales fell 5.9% in January while demand for EV elevated 89%, while within the Netherlands demand for EV has elevated 146%. (Automotive New Europe)
• The street does nonetheless have some bumps in it as Tesla discovered within the final week with environmental protestors halting development of the Californian EV makers new Gigafactory close to Berlin, citing the forestry clearing undertaken as lower than optimistic for the local weather. The injunction may put a 6-9 month delay on the manufacturing facility if not resolved earlier than wildlife breeding within the space begins in mid-March. (Bloomberg Inexperienced)

Tesla – to make use of Prismatic cells (pouch cells) in low-cost China EV

• Tesla is reported to be utilizing prismatic cells in its new EV being made in China (Benchmark Mineral Intelligence).
• Tesla has opted to make use of LFP battery chemistry for the quick vary Mannequin Three and NCM811 chemistry for the long-range Mannequin 3
• The cells have decrease energy capability and diminished vary however are cheaper to make and are seen as higher suited to the Chinese language market the place value could also be extra necessary than vary and capability
• The Nissan leaf makes use of a big prismatic cell which is dependable although the high-power model did endure some hot-spots and thermal shutdown in early variations
• In separate information Tesla’s Gigafactory Four web site in Berlin could also be held up by authorized problem over forestry clearance for the location.

Battery supplies have to be produced near Gigafactories on account of transport high quality points

• Information is rising that battery anode graphite materials and lithium hydroxide don’t journey effectively indicating to us good cause to base processing services near end-user battery factories.
• Whereas we aren’t certain German environmentalists are going to be welcome lithium and graphite processors popping up close to Berlin this can be an unintended consequence of the Inexperienced-agenda.
• Mark Thompson, ceo at Talga Sources* not too long ago commented that battery anodes don’t journey effectively if imported on rolls whereas AMG reckons lithium hydroxide doesn’t journey effectively in ships.

*SP Angel acts as dealer to Talga Sources.

ompany Information

Anglo American (AAL LN) 2122p, Mkt Cap £27bn – Robust outcomes however a rocky 12 months forward

• Anglo American labored arduous final 12 months to report a big enchancment in its 4 key divisions of Diamonds, Copper, PGMs and Bulk commodities (primarily coal and Iron ore).
• Mark Cutifani, Anglo’s CEO is demonstrating why he has such an excellent popularity throughout the mining trade. Cutifani is called a frontrunner who pulls groups collectively and will get issues completed.
• Earnings have been pushed primarily by sturdy efficiency at Anglo Platinum and on the Kumba iron ore operations primarily based in South Africa.
• A weaker South African rand served to assist most divisions whereas the important thing EBITDA drivers for the group have been increased PGM and iron ore costs.
• Anglo American report underlying EBITDA of $10bn right this moment vs 9.16bn in 2018.
• EBITDA by division:
  • De Beers – $558m vs $1,245m – fell 55% on account of decrease diamond manufacturing mixed with an -8% fall in costs inflicting a 20% drop in gross sales. Unit prices rise 5%.
  • Copper – $1,618m vs $1,856m – fell 13% on account of a 5% fall in manufacturing and a 4% fall in realised costs. EBITDA fell 13% yoy regardless of Unit prices falling a formidable 6%
  • PGMs (Amplats) – $2,000m vs $1,062m – rose 88% pushed by a $831m achieve from PGM costs and a $203m achieve on the SA rand, primarily Palladium and a 1% rise in manufacturing volumes.
  • Kumba – $2,243m vs $1,489m – rose by 51% led by a $925m profit from increased iron ore costs and a $137m achieve on the SA rand. Prices rose by 3% and volumes fell by 2% knocking $167m off the EBITDA.
  • Minas-Rio – $1,164m vs a lack of $312m in 2018 – pushed by a robust turnaround from suspension in 2018 with a $506m achieve from increased volumes and a $223m achieve from increased iron ore costs and a $79m SA rand achieve.
  • Met Coal – $1,707m vs $2,158m – fell 21% on account of a $497m hit from decrease costs and a $55m loss on increased prices regardless of a 2% enhance in manufacturing. The autumn within the SA rand supplied a $110m achieve
  • Thermal Coal – $128m vs $1,038m – EBITDA collapsed largely on decrease costs down 30% for South Africa and 33% for Colombia.
  • Nickel – $191m vs $181m – a lot of the 6% enchancment in EBITDA was right down to a $25m overseas trade features plus a small $16m achieve in costs, Inflation and different prices knocked $31m off the EBITDA line.
  • Others – $400m
• Free money stream rose to $3.4bn.
• Unit prices fell 6%  .
• Capital expenditure was $3.8m final 12 months however is ready to rise to $4.7-5.2bn this 12 months and $4.7-5.5bn in 2021-2022 with long-term sustaining capex of $2.8-3.1bn thereafter.
• Price and quantity enhancements are focused at $3-4bn from metallurgical coal, Minda-Rio, bulk ore sorting and coarse particle restoration in addition to the supply of the Quellaveco copper mine and Moranbah
• Internet debt $4.6bn represents a gearing of 13% and fewer than 0.5 instances EBITDA.
• Underlying EPS delivered $2.75 per share.
• Dividends of $1.4bn are to be paid representing a payout of 40% on underlying earnings
• Buyback program $0.8bn.
• Margin enchancment to 42% final 12 months vs 30% in 2012.
• Revenue attributable – $3.5bn vs $3.5bn yoy

Conclusion: Anglo has completed effectively to report improved EBITDA and secure attributable earnings for 2019. The outcomes have been helped by good value management and weaker native currencies partly pushed by a stronger US greenback.

The PGM division carried out effectively pushed by a considerable enhance in costs whereas Minas-Rio and Kimba the iron ore companies additionally did effectively pushed by a considerable enhance in costs.

Sadly for all the nice work completed 2020 could show to be very tough for Anglo because the Coronavirus had hit LME costs. Iron ore costs into China have fallen regardless of manufacturing issues at Vale in Brazil. If restrictions on the motion of individuals and items stay in China for lengthy then shipments of iron ore and different commodities could also be turned away (pressure majeure). Shopper confidence will influence demand for diamonds and different client items with China representing round 16% of polished diamond demand. Specialists count on Auto gross sales to fall by as a lot as 1.2m automobiles in China this 12 months.

Shanta Gold (SHG LN) 12.4p, Mkt Cap £98m – Convertible notice restructuring publish acquisition of Kenyan belongings

• The Firm obtained approval from 77% (by nominal worth) of convertible noteholders close to a restructuring of excellent Mortgage Notes.
• Maturity will likely be prolonged by one 12 months whereas additionally a provision for early reimbursement has been included.
• Excellent quantity below the 13.5% convertible mortgage facility stands at $9.8m with the reimbursement date proposed to be moved to Apr/21.

Sirius Minerals (SXX LN) 5.2p, mkt cap £364m – Odey Asset Administration dangers scuppering Anglo deal

• The Guardian, which has a remarkably good enterprise part, reviews right this moment that Odey Asset Administration plans to vote towards Anglo American’s supply for Sirius Minerals.
• Whereas it’s doable that Anglo is likely to be persuaded to lift its bid shareholder opposition would possibly equally trigger Anglo to stroll away from the deal.
• Our fully impartial view on that is that Anglo doesn’t have to do the Sirius deal and that the board may simply resolve to stroll away.
• This would depart Sirius Minerals shareholders excessive and dry with very slim likelihood of securing the required finance to finish and absolutely fee the Woodsmith mine.
• Sirius Administration’s plan gave the impression to be to finance the mine via the bond market together with some specialist institutional assist.  
• Downside was that the Bond market doesn’t fund such a high-risk enterprise until there may be cast-iron big-company money stream backing in our expertise.
• Anglo American offers that kind of backing and has the monetary and technical sources to finish the development of the Woodsmith mine.

Conclusion: There aren’t any different gives for Sirius minerals and it’s our view that competing gives are unlikely to emerge for Sirius’ until the enterprise falls into Administration.

Analysts

John Meyer – 0203 470 0490

Simon Beardsmore – 0203 470 0484

Sergey Raevskiy – 0203 470 0474 

Gross sales

Richard Parlons – 0203 470 0472 

Abigail Wayne – 0203 470 0534 

Rob Rees – 0203 470 0535 

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