Consensus community valuation
Cyclone Megan wreaks havoc on South32 manganese port
https://www.afr.com/markets/equity-markets/cyclone-megan-wreaks-havoc-on-south32-manganese-port-20240318-p5fd8v
South32’s manganese export operations face severe disruption after the bulk carrier MV Anikitos struck and damaged a loading wharf during high winds and swell stoked by Cyclone Megan in the Northern Territory.
South32’s co-owned Groote Eylandt manganese mine, located 630 kilometres east of Darwin, is the world’s largest single producer of the metal and exported 5.9 million tonnes worth $1.53 billion in financial 2023.
Damage from Cyclone Megan to Milner Bay Groote Eylandt Wharf, one of the world’s most important manganese ports.
“There will not be a ship loading at the port for a long time, if ever, depending on the cost to rebuild and the limited life of mine,” claimed a source close to the manganese exporter’s operations.
South32 up 5% on the news to $3.14. Costanza trade alive and well here.
SOTP (sum of parts) valuation from JP Morgan. Aussie Manganese valued at 0.33 according to JP Morgan.
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Early Feb 2020: 12-month PT, so aiming for $3.77 by end of Feb 2021, based on higher prices for alumina, aluminium, nickel, silver, met coal (S32 are selling off their energy/thermal coal assets), manganese, lead and zinc prices. By then, S32 will likely also have announced the divestment of their higher cost South African manganese smelters as well, but hopefully they'll keep GEMCO (NT) and TEMCO (Tasmania) which together have the lowest costs of any manganese producer globally. S32 are firmly in the lowest quartile of the global cost curve with the majority of their assets, and their management is focused on improving the quality of their assets even further, and also with increasing shareholder returns. An example of that is their HUGE on-market share buy-back which has already bought back around one billion (yes - billion - with a "B") dollars worth of S32 shares on-market and cancelled them. That's massive for a company with a market cap of between $13 and $14 billion. They've also been paying special dividends in addition to their normal dividends to return even more cash to shareholders. With their commodity prices down now on global growth concerns (which has a fair bit to do with the new Covid-19 coronavirus and fears of its eventual global impact) and coming off a comparatively poor H1 result (compared to the PCP), S32 remain at attractive levels to accumulate (in my opinion) for the patient investor. I like their mix of commodities. If you hold S32 and a good copper stock (SFR or OZL) (and possibly a good mineral sands stock like ILU), plus one or more decent gold producers, I reckon you've got most of the base and precious metals covered. Obviously that doesn't include iron ore, but I'm not particularly bullish on iron ore, and if I was, I'd be looking at either RIO, BHP or FMG (which I'm not). But back to S32 - excellent exposure to the Aluminium supply chain (bauxite to alumina to aluminium) plus nickel, zinc, lead, silver, manganese and metallurgical coal via a large company with good, shareholder-returns-focused management.
20-Aug-2020: And then we all got coronered. S32's FY20 full year report shows that the resulting lower commodity prices hurt them a lot in the second half of FY20, and that they are also booking some costs (including a reduced tax asset in South Africa - and other costs - associated with the progression of their divestment of their thermal/energy cola assets there). One of the things that attracted me to S32 (over BHP) was their commodity mix and also that S32 were more serious - and more advanced - in divesting their thermal coal assets than BHP. However, that does come with some financial costs. You rarely sell thermal coal assets at a profit these days. I remain bullish on S32 and that they are well positioned to benefit when the prices of the various commodities that they produce rise, however, realistically my earlier $3.77 PT is not now going to be achieved within the timeframe I was targeting. I am therefore reducing it to $2.77 and maintaining that February 2021 time horizon - so it's a new 6-month PT. I continue to hold S32.
18-Feb-2021: My $2.77 valuation from 6 months' ago has been marked as stale. It probably is. I'm raising it to $2.97 on the back of increasing commodity prices and S32 beng in such good shape with net cash and continuing to buy back shares and pay dividends. Nickel prices hit a 6-year high earlier this week. I think the outlooks for Silver and Alumina/Aluminium are both positive. I don't mind the Zinc and Manganese exposure. I like that S32 said today in their results presentation that they expect to have completed the divestment of their South African Energy Coal (their thermal coal assets) by the end of March (next month). That's another positive - they will then only have exposure to Met Coal, with no exposure to thermal/energy coal. They are also exiting a range of lower margin businesses, including the sale of their 60% of TEMCO - the manganese smelter in Tasmania. They have however kept their 60% of GEMCO, the Groote Eylandt Mining Company operation off the NT coast that is the largest and lowest-cost manganese ore producer in the world (Anglo America plc own the other 40%). They've put their 60%-owned Metalloys Alloy smelter in South Africa on care and maintenance and sold their Precious Metals Royalty Portfolio to Elemental Royalties Corp. for US$40M in cash & US$15M in Elemental shares. Finally, they have placed their Eagle Downs Metallurgical Coal Project (50%-owned) on hold while they assess their options. I've said before - while I'm happy that they are getting out of energy coal, I'd be even happier if they exited coal altogether, i.e. sold their met coal assets as well. Coal has plenty of headwinds, and most of their other commodities have tailwinds, which is want you want. My new 12-month PT (price target) for South32 (S32) is $2.97, so by Feb, 2022, but there is scope to increase that target if the prices of their main commodities produced continue to rise.
19-Aug-2021: Update: Still happy with $2.97. The S32 SP keeps bouncing off $3 but doesn't want to push through yet. They no longer look cheap - when they are up there near $3 - I reckon they're getting close to being fully valued at around $2.95 to $3. I hold S32 in my super fund, and they're also in my SM portfolio here. Still the best diversified miner on the ASX for exposure to nickel, silver, lead, zinc, manganese, alumina, and metallurgical coal. They have divested (sold) all of their thermal(/energy) coal assets now, which I'm happy about.
I spent the best part of a decade working at their Worsley Alumina refinery in WA (near the coal mining town of Collie in the SW of WA), mostly working on their overland conveyors between their Boddington bauxite mine and their Worsley refinery, but they weren't called South32 back then, they were still BHP, and it was a JV and the other owners changed a fair bit but BHP and then S32 were always the senior/major partners/owners of Worsley. South32 currently own 86% of Worsley Alumina with 10% owned by Japan Alumina Associates Australia Pty Ltd and the remaining 4% owned by Sojitz Alumina Pty Ltd.
I also worked for BHP's heavy flexible steel wire rope (FSWR) splicing team, Bullivants, also known as BHP Lifting Products at one point, for short periods when Worsley's overland conveyors had their ropes replaced, which usually took between 1 and 2 weeks per side (2 conveyors, two drive ropes each, longest conveyor was 32 km, so the rope on each side of that one was over 65km of continuous 57mm diametre FSWR, including the rope tensioning area at the drive end), working 12.5 hour shifts, days and nights, I usually did nights, 7 days a week until it was done. The other main company I worked for was called JLV Industries, who still have the maintenance contract for those conveyors today. My two brothers occasionally work there for JLV.
After Worsley stopped buying their ropes from BHP's Australian Wire Industries (AWI) in Newcastle, which had been AWI's largest contract by a fair margin, AWI shut down. That was all around 20 years ago. Now Worsley import their wire rope from overseas because someone somewhere makes it cheaper.
To explain, the rope was required to drive the conveyors and support conveyor belts to get the bauxite ore from the Boddington Bauxite mine to the Worsley Alumina refinery. The two sites are about 57km apart. The refinery was built so far away from the mine because the refinery needed a large fresh water supply, access to cheap coal to burn to create power (which was trained in from nearby Collie, named after its collieries (coal mines and associated infrastructure), and a downhill train run to the Bunbury port was an added bonus. It was considered better to build the refinery at Worsley and to spend hundreds of millions on an overland conveyor system to get the ore from the mine to the refinery. I became involved with the conveyor maintenance and rope replacements when I was back in my early twenties and I kept doing it up until my wife and I moved to Adelaide in 1997, and then BHP flew me back one more time in 1999 to do their very last re-rope. I took two weeks' annual leave from my job at FH Faulding (now Mayne Pharma) to go and work with the boys one last time. Stayed in the Harvey Hotel, as we always did, ate too much, drank too much, and probably earned too much, the wages were pretty good back then for short-term shutdown work. Those were the days...
Further Reading: South32's Worsley Alumina: https://www.south32.net/docs/default-source/worsley/publications/s32_a5-brochure-final-email-(1).pdf?sfvrsn=208ed98d_2
History of Bullivants (was part of BHP at one time, now part of Wesfarmers): https://www.bullivants.com/company-profile/our-history
Update: 17-Jan-2022: Time to update this one. My previous PT of $2.97 got tagged repeatedly throughout 2021, from April onwards, and then S32 went into a strong uptrend from late August, and they still seem to be firmly in that uptrend. There are always days like today when commodity stocks (miners) get sold down as a group, but the overall trend is still north east (i.e. onwards and upwards).
I still hold S32 in my super, and in one other RL portfolio, although I have taken some profits around the $4/share level. My brother now works at S32's Worsley Alumina Refinery fulltime as a plant mechanic. He works for another company who provide additional labour to miners like S32 however my brother now only works at Worsley and has regular hours. Worsley, one of the largest alumina refineries in the world, is still ticking along nicely and as one of Australia's lowest cost alumina producers, they are making plenty of dollars for S32 also. They do not smelt any of that alumina here in Australia; it is all shipped overseas as alumina powder and smelted (into aluminium) in other countries as directed by the JV partners - S32 being the largest shareholder in the Worsley JV (with 86%) export their share of the alumina from Bunbury Port to aluminium smelters worldwide, including South32’s Hillside and Mozal aluminium smelters in Southern Africa.
Aluminium is strong, flexible, light-weight, durable, and 100% recyclable. It plays a crucial role in producing lighter vehicles and other forms of transport due to its high strength-to-weight ratio. Because aluminium is resistant to corrosion and is recyclable, it is becoming an increasingly popular choice in modern sustainable buildings. It is also widely used in machinery, packaging and electronics.
And that's just one of their commodity chains (bauxite to alumina to aluminium). They also currently produce metallurgical coal (used to make steel), manganese, nickel, silver, lead and zinc.
Superb management, no net debt, plenty of net cash, great track record of total shareholder returns via a three-pronged approach of capital (SP) growth, dividends and share buybacks. They have also proven to be excellent capital allocators, which means they are investing for growth in long-life, low-cost assets within their own existing competencies while also returning profits to shareholders.
Lots to like. Raising my PT to $4.44.
Disclosure: I do hold S32 in RL, however I sold my S32 here on SM in October and November 2021 at prices ranging from $3.50 to $3.60/share on the basis that I wanted to invest in something with more upside potential. Probably a mistake. Not as much upside up here at over $4/share as there was in 2020 at sub-$2/share, but if you want exposure to the commodities that S32 produce, they are a solid company with good management that own low-cost mines in each of those commodities.
Cannington
Worsley (above and below)
The following are images of Worsley's Overland Conveyors (OLC1 and OLC2) which transport the bauxite ore almost 60 km from their Boddington Bauxite mine to their Worsley Alumina Refinery. I spent around 9 years working on those conveyors (for JLV and BHP) and also doing some truck driving inside and around the refinery for Worsley (was still majority owned by BHP at that time, before the South32 spin-out). I have mentioned this work above in my 19-Aug-2021 update.
Boddington Bauxite Mine
16-May-2023: Update: Marked as stale. Reviewed. All good. They closed at $4.06, today, up +2 cents (or +0.5%) on their S32-Strategy-and-Business-Update-16-May-2023.PDF announcement.
$4.44 is fine. Should get there either this year or next year. No problem. Investment Thesis remains firmly on track. I hold this one in my two largest real life portfolios.
29-Feb-2024: Update: Marked as stale. S32's SP has spent the last year dropping from over $4.50/share to now (today) closing below $3/share. They also announced today the Sale-of-Illawarra-Metallurgical-Coal.PDF. They had previously sold all of their thermal(/energy) coal assets, so this exit from Met Coal as well is interesting - and welcome. I posted a straw about that this morning - but if I provide a link to it you'll have to scroll back through all of this "valuation" to get to it, so I'll just copy in the important quotes below:
South32 Chief Executive Officer, Graham Kerr said: “This Transaction will realise significant value for our shareholders and is consistent with our strategy to reshape our portfolio toward commodities critical in the transition to a low-carbon future.“
"It will streamline our portfolio, strengthen our balance sheet and unlock capital to invest in our high-quality development projects in copper and zinc."
“The Transaction will also simplify our business and reduce our capital intensity."
---end of excerpt ---
I still hold S32 in my larger real money portfolios. I do not hold BHP or RIO, just S32 and FMG out of the 4 big Aussie Mining Companies. Many of the commodities that S32 produce are out of favour at this point in time, but metals prices tend to be cyclical and the time to buy solid miners like this is during low points in the cycle when very few people are interested in owning them - like now, so I'm thinking about topping up below $3.
I see no need to change my $4.44 PT - they were above it 12 months ago, and they'll be back above it sooner or later. Quality mines. Quality management. Quality company, IMO. Holding.
Price targets looking at my US Morgan Stanley account (which I just unlocked again today thanks to the support person on the phone in America!)
Morningstar:
We retain our fair value estimate for no-moat South32 of AUD 4.10 per share. Elevated metallurgical prices saw the division comprise around one-third of fiscal 2023 EBITDA, but we forecast metallurgical coal to be less than 10% of EBITDA at the end of our forecast period in fiscal 2028. This is driven by our view that metallurgical coal prices will revert to our assumed midcycle price of roughly USD 150 per metric ton from 2027 based on our estimate of the marginal cost of production, down from spot of roughly USD 260 per metric ton. Lower metallurgical coal production of around 4.7 metric tons in fiscal 2028, down from 5.4 million in fiscal 2023, also provides an assist. This is consistent with South32’s strategy to transition its portfolio to more metals such as aluminum, alumina, copper, and zinc, that are more likely to benefit from decarbonization and electrification. We forecast alumina and aluminum to comprise roughly 30% of fiscal 2028 EBITDA, followed by nickel (17%), manganese (14%), and silver (13%). Copper and zinc comprise the remainder, with the latter driven by the company developing its Taylor zinc-lead-silver project in Arizona, which we think is likely
Morgan Stanley:
Financial results in-line, but FY24 cost guidance showing inflation pressures: S32's financial result were broadly in-line with MSe/consensus while the full year dividend was slightly weaker against both MSe/consensus (see here). Upon updating our model we see little change (~1.5%) to our FY23 EPS. FY24 production guidance was largely maintained except for a slight downgrade (5,000kt vs prev: 5,300kt, met + thermal) at Illawarra coal driven by four planned longwall moves for FY24. S32 also provided FY24 cost guidance and upon adjusting for currencies shows the majority of assets continue to face inflationary pressures. We see these factors driving a ~33% cut to our FY24e EPS (from 16cps to 11cps) and a ~10% cut to our FY25e EPS (from 20cps to 18cps).
Sierra Gorda a key upcoming catalyst for S32: With the fourth grinding line expansion expecting an FID in 2HFY24 and S32 today confirming a large scale (1.89bt @ 0.41% CuEq) copper deposit at Sierra Gorda, we have now incorporated the expanded throughput of 57-58Mtpa (~15-20%) into our estimates. We see the project costing S32 ~US$550m over 3 years from FY25-27 and see the additional grinding circuit ramping up in FY28 to for the site to reach a total milling rate of ~57Mtpa by FY30. The expansion as a result drives a higher base case (and Bull and Bear) valuation of A$3.70/sh (prev: A$3.65/sh).
Why are we OW? Despite cost inflation in FY24, we see FY25 remaining largely consistent vs. our previous forecasts and also in-line with management's updated FY25 guidance. In coming months (2QFY24) we are expecting an FID for the Taylor deposit and with the recent write-down of the asset, we are currently valuing Hermosa at book value (~US$1b), and see the market having captured the potential upside risks to capex, leaving room for potential upside. In addition, we await the FID on the fourth grinding line at Sierra Gorda, where in our opinion, we have been conservative in our estimates as upside potential could come from higher recoveries, operating cost efficiencies, better grades and a faster build. While the stock trades close to our base case, we see the potential for a positive surprise sustaining our OW rating and as such shows ~13% potential upside to our new PT of A$4.15/sh (prev: A$3.90/sh), which benefits from a higher Bull Case.
There's lots to digest from these reports. Above is just a summary.
There's not much on the overall Aluminium supply/demand dynamics. Ignoring the news about closure of some European smelters, China is still flooding the market with Aluminium and showing they are in control of pricing like lots of other commodities. I'm using the below tweet as a reference:
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The Group’s statutory profit after tax decreased by US$2,842M to a loss of US$173M in FY23, including the US$1,300M non-cash impairment of Hermosa’s Taylor deposit, while Underlying earnings decreased by US$1,686M to US$916M.
Ret
Return (inc div) 1yr: -1.63% 3yr: 24.53% pa 5yr: 6.35% pa
Forecast Ex Div Date: 15/09/2023 (22 days away)
16th May 2023: South32 released this today: S32-Strategy-and-Business-Update-16-May-2023.PDF
Many companies are trying to do a bit of greenwashing these days, so look greener, cleaner, and more sustainable, and I guess the more cynical among us might think that's exactly what S32 are doing here with this Strategy and Business Update, however, I have seen them moving in this direction since soon after they were spun out of BHP, starting with announcing early that they intended to fully exit thermal (energy) coal, which they have now done. There is a lot to unpack with this presentation, but I will highlight just 4 slides that I found particularly interesting:
Their commodity split is shown above (right hand bottom corner of slide 8) - you may notice that they have no pink - Battery grade manganese - currently contributing to their revenue (in H1 of FY23) - however that will change when Hermosa Clark becomes operational (see below).
So while they are already producing plenty of Aluminium (Bauxite, Alumina and Aluminium), Nickel, Manganese ore, Copper, Zinc, Lead, Silver and Metallurgical (Met) Coal, as shown on slide 8, they also have plenty of growth projects in the works, as shown above on slide 9, which will include battery grade manganese (from Hermosa Clark).
Similarly to BHP, the management team at S32 are only interested in owning and running mines that are operating within the lowest quartile of the cost curve, so their mines are either firmly within that quartile already, or are heading down towards it. Running large scale mines that have some of the cheapest costs in the world gives S32 a couple of clear competitive advantages; one being economies of scale, and the second being that they will remain profitable at much lower commodity prices when many of their competitors will be underwater (losing money instead of making money at those prices). When mining companies start to go broke, the ones with the lowest costs will last the longest.
Another clear advantage I see with South32 compared to many other large and small miners is that they are very careful and sensible with their capital allocation. They do not engage in empire building - meaning getting bigger just to be bigger - they do not overpay for assets - they buy assets that are a strategic fit for them, and they look after their shareholders, as evidenced by the active on-market share buybacks they have done, and their generous dividend policy. And I like the metals that they produce. I like that mix, and I don't see it anywhere else within the one company.
It should be obvious, but I'll say it anyway. Disclosure: I hold S32 shares in real life in two portfolios (one is my SMSF) - although not here on SM at this point.
Potential to generate substantial local economic benefits from the sustainable development of a new critical minerals project Clark’s proposed development is aligned with our purpose to make a difference by developing natural resources, improving people’s lives now and for generations to come. It has the potential to strengthen the domestic supply of critical minerals and create many new jobs in Santa Cruz County, Arizona, where nearly 25 percent of its residents live below the poverty line.
We are working proactively with Native American tribes that have cultural ties to the project area to preserve cultural heritage and deliver long-term opportunities. Development of the Clark deposit has been designed to minimise its environmental impact, featuring a small footprint underground mine with efficient water use and dry-stack tailings. It will be designed applying lowcarbon principles, with future study phases to evaluate options to access renewable energy supply. These lowcarbon design principles, combined with low transport emissions due to Clark’s proximity to future EV supply chains in North America, is expected to favourably position our HPMSM product with customers seeking to address greenhouse gas emissions throughout their supply chains. Ideally positioned to supply the rapidly forming North American electric vehicle supply chain
Clark is currently the only advanced project in the US that has a visible pathway to produce battery-grade manganese for the domestic market from locally sourced ore. Based on our projected EV battery demand and chemistry assumptions, we anticipate substantial growth in demand for battery-grade manganese in North America.
Government policies that subsidise EVs are forecast to deliver a near six-fold increase in North American EV penetration levels by 2030.
Demand for battery-grade manganese is anticipated to further benefit from the adoption of manganese-rich chemistries that provide EV users with substantial cost, performance and sustainable sourcing benefits. Government policies are also incentivising the build out of battery EV supply chains in the US including the procurement of critical minerals from domestic sources. With the current available supply of battery-grade manganese to North America heavily reliant on Chinese producers, the potential development of Clark will provide a new domestic source of production to strengthen the US supply chain
For those seeing the drop in share price on Monday, South32 results came out and was all below expectations with guidance being downgraded. Looks like no one anticipated the numbers being so bad
Source: Factset (Capital IQ pro did not have the latest report which is pretty bad considering the cost)
Share price seemed to have recovered today but it is a bit disappointing that Cannington had been impacted by flooding and South32 did not inform the market until now. Unlike nearby neighbour Capricorn, operated by 29Metals which got totally flooded, mining is continuing at Cannington but guidance reduced.
Other negative surprises include reduced production at Sierra Gorda again due to weather events and falls in Nickel production.
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Base metals valuation template sheet of Cannington and Sierra Gorda using the FY22 Annual report.
Think the valuation of Sierra Gorda might be a bit on the high side as I probably need to subtract the acquisition costs and contingent payments somewhere, will need to check the numbers again. So it is all preliminary and shouldn't be used as a real valuation. Cannington seems "right".
I don't have enough data yet on Sierra Gorda other than the fact that it has a 20+ year reserve and copper equivalent which is why the Mt cell is blank. So I'm taking an average of the South32 estimate production numbers in Cu eq from the qtr report and previous production of 29.5kt.
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From the South32 Dec Qtr update
I can't help but think that Devlop Global mining services has something to do with the labour shortages experienced at Golden Grove (29metals) and now Cannington (South32).
Maybe Kerr should give Beament a call?
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S32: Return (inc div) 1yr: 54.07% 3yr: 23.45% pa 5yr: 11.74% pa
DIVIDENDS The Board has resolved to pay a final dividend of US 14.0 cents per share (fully-franked) for the year ended 30 June 2022, and a special dividend of US 3.0 cents per share (fully-franked). The record date for determining entitlements to dividends is 16 September 2022; payment date is 13 October 2022.
2924-02558001-6A1106004 (markitdigital.com)
FY Unit costs inline with guidance
2924-02544786-6A1100810 (markitdigital.com)
some highlights of the Quarter below:
What does this mean?
a) Is S32 short of cash and sees opportunity to get $200mill? Seems unlikely, still doing share-buy-back in June.
b) No confidence in Cu and Ni markets at this time, moving money elsewhere.
c) Final dividend in Aug/Sept, Likely to be cautious.
Decarbonisation of the World -
From fuel based commodities for energy eg ICE cars to the Material based commodities BEV cars
2924-02522485-6A1092042 (markitdigital.com)
Decarbonisation - What is decarbonisation, and why do we urgently need it? (virta.global)
Uranium - Eureka's Decarbonisation Report: Uranium - Eureka Report
17-Jan-2022: Hermosa Project Update and Hermosa Project Presentation
[click on the announcement title above to read/view the announcement/presentation - there's a link to their announcement and also to their accompanying presentation]
South32 (S32) have today updated the market on their progress at their Hermosa Project in Arizona (USA) which contains a 138Mt zinc-lead-silver sulphide Mineral Resource at Taylor and a 55Mt zinc-manganese-silver oxide Mineral Resource at Clark.
The Taylor PFS demonstrates potential for a sustainable, low cost operation with 20+ year initial resource life with a FID (Final Investment Decision) on Taylor expected in mid CY23.
The Clark scoping study has confirmed the potential to produce battery-grade manganese into rapidly-growing markets. Manganese is listed as a critical mineral in the United States.
S32 is conducting studies to consider a potential integrated development of Taylor and Clark, unlocking operating and capital synergies.
Disclosure: I hold S32 (in RL), primarily for exposure to Alumina/Aluminium, Nickel, Silver, Manganese, Lead and Zinc.
What I like most about S32 is their management, their smart capital allocation decisions, their total lack of net debt, their commodity exposure (good collection of commodities), and that their mines are mostly in the lowest quartile of the global cost curve, and those that aren't are very close to it.
Hermosa - which contains Taylor and Clark plus a highly prospective land package that they continue to explore for further viable deposits - is a low carbon, low impact option in the first quartile of the industry’s cost curve, so more of the same for S32. Located in Arizona, USA, close to infrastructure, skilled service providers and supply chains, Taylor’s large Mineral Resource remains open, while activities to unlock value from Clark and their regional exploration are continuing.
Early days at Hermosa, however they have done significant work there already, and it's going to provide a growth option for future years, assuming they make a positive FID next year (which is a fairly safe assumption unless the bottom falls out of the zinc, lead, silver and manganese markets).
Further Reading/Info/Resources: