Shares rise as Savannah points to larger lithium deposit in Portugal
Lab assays revealed extensive lithium mineralisation in the C-100 and Aldeia mining areas.
Sigma Broking Limited will pay a penalty of 70,000 pounds ($86,000) for alleged breaches of the London Metal Exchange’s clearing house rules, the LME said on Wednesday having reached an agreement with the brokerage.
The exchange, the world’s oldest and largest market for industrial metals, said that the alleged breach of the rules by ring-dealing member Sigma happened between February 2022 and October 2022.
Sigma cooperated fully with the investigation and agreed to settle the matter without admitting or denying any of the breaches, the LME said in a statement.
LME Clear did not find that the alleged violation of the rules – related to written policies and training for margin calls and warrant delivery procedures – were deliberate.
The LME, owned by Hong Kong Exchanges and Clearing Ltd, added that Sigma had improved its internal risk management, operational systems and controls since 2022.
($1 = 0.8120 pounds)
(By Polina Devitt; Editing by Emelia Sithole-Matarise)
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