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The author:(作者)qqpublished in(发表于) 2013/11/26 9:01:00 Foreign mining investment in China must fail， miners out to sea into a period of sustained
The China economic weekly reporter Xie Wei | Tianjin reported
Chinese mining companies, gold rush to sea, there seems to be not a good time.
Under the influence of the world economic situation, global mining growth slowed. Since 2011, research on mineral commodities prices continued lower. A few days ago, PWC said in a report, last year alone, Canada mining sector on the Toronto Stock Exchange's market capitalisation has dropped the top 100 44%.
Data from the China Mining Association show, 2013, during the first three quarters, small decline in Chinese enterprises ' overseas mining investment. On November 3 at the opening of the 15th session of the China international mining Conference in Tianjin, more than 50 countries and regions, more than 5,000 delegates, many from Russia, and Australia, and Argentina, the Sudan and the mining sector said in Greenland and other countries and regions, and look forward to working with China to further strengthen cooperation in the field of mining, out of the doldrums.
"While the current global mining at depth adjustment period, but in the long run, a new round of development of mining industry ' Super-cycle ' still continues. "Jiang Daming, the Ministry of land and resources Minister, said, the current global industrialization and urbanization in developing countries and emerging economies is continuing to advance, for quite some time in the future, mineral resources will maintain strong demand for power.
Overseas investment slid miners entered a period of sustained
At the 15th session of the China international mining Conference, the China Mining Association (hereinafter referred to as mine), issued by the Ministry of land and resources and the Ministry of Commerce commissioned the Chinese enterprise in the year 2013 foreign mining investment analysis reports of the first three quarters. Ore international and head of the geology and mineral resources Ministry of finance projects developing the analysis report, said that 2013 during the first three quarters, Chinese enterprises ' foreign mining investments are small in amount and quantity decline: mine dealt with 103 cases of overseas mining investment projects in China, down 8%; 3.136 billion dollars the total investment of the project agreement, fell 10.9%.
Mine opinion, miners in China's overseas investment has been from the exploration period, a period of consolidation, rapid development period and entered a period of sustained and contradictions with more time. "In the future, (mineral) prices shocks, market trend downward is a more general consensus, this period how long do not necessarily. "Often Xingguo said.
Ministry of land and resources information Center Director Chen Liping told China economic weekly, mining worldwide has more than 180 countries, including more than 100 mines opening, of whom more than 60 countries mining accounted for an important position in the national economy. Huge amount of information to which countries to invest, investment, investment in what way, what risks, for businesses are highly complex decision-making.
China Gold group said Tong Junhu, overseas development Ministry, mineral resources have "industrial food" said, for the insurance industry "food security", mining enterprises "going out" is very important. Chinese companies "started going out", was not very satisfactory, but as a Chinese company, it is necessary to "go out" one.
Failure rates as high as 80%, not "the stones"
Mining Executive Vice President Wang Jiahua told the China economic weekly, the previous "mining fever", a large number of non-mining enterprises of geological prospecting units have "go" to invest overseas, lessons, however painful.
2013 only during the first three quarters, there are a lot of big miners deal ended in failure.
In January, the world's largest gold miners Barrick ending Africa's stake in the company owned by China Gold Group on its bid, the Ministry of Commerce website, the differences between them are mainly concentrated on issues such as pricing and revenue-sharing to purchase. In April, hanlong group with up to 1.4 billion Australian dollar takeover of Australian iron ore company Sundance stopped, Sundance's announcement said that because of the financial terms of the deal reached, the wholly-owned acquisition plan was terminated.
Some media reported that the "Eleven-Five" Chinese companies access to the sea during the success rate of less than 20%, including many large projects are from mining.
"China's investment in overseas mining, about 80% of the failure rate. "Wang Jiahua blunt China international mining Conference in the year, many firms are still in the" stones ".
XING Guo believes that inadequate specialization are important constraints for Chinese enterprises to invest abroad. He said lay mainly in businesses across industries, across mine, trans-national investments in the process. In addition, financial institutions to invest in mining, although the finance is very good at, but there is a lack of mineral industry knowledge.
Pan Guocheng, hanking China Holdings Limited Chief Executive also said that is the key to business success going localization of development of Internationalized talent team and operations team. Pan Guocheng alert other private enterprises, overseas investments must not gamble-style adventure, especially the initial overseas mergers and acquisitions business, to hire a mergers and acquisitions Adviser, conducted a detailed investigation and feasibility study, "in a very mature way out of developing ideas and strategies to carry out overseas mergers and acquisitions. ”
Yan Zhang, managing partner of blue ocean mining Fund believes that because of the mining market bubbles are no longer "practical" to investors that sales growth is expected to fall short in the way of the future and, more importantly, is a professional level. He said now funds only invest in listed companies, and require a large project pre-feasibility study report or feasibility study.
BOCI Asia Ltd, Cheng Yan, Managing Director of the China economic weekly said that when warmer in the capital markets, with the acquisition of target assets value as leverage "empty nothing for something," operation is feasible, and down in the market process, investors will focus more on the enterprise after the acquisition of assets of a going concern.
Fierce competition is affecting mineral mining enterprises overseas, one of the important reasons. Lu Qingcheng, Deputy Chief Executive of the China-Africa Development Fund, told the China economic weekly, at present Africa's most profitable and strong, tastes good mineral resources in the hands of three miners in the West (Rio Tinto Group, BHP Billiton and Brazil's Vale company) hands, but focus on grabbing high quality resources and do not focus on infrastructure "Western model" already unsustainable. At present, African countries also hope that Chinese enterprises ' investment in cooperation with local companies to speed up the development of local mineral resources and infrastructure construction. This leads to domestic companies compete with each other.
Luan Zhengming, Director of rain Beijing Ren law firm said that competition between domestic mining enterprises affected their development. Many international mining takeovers from China has been found in domestic companies raise a price competing projects.
Mining finance already exists
Wang Jiahua introduced said, currently my on overseas investment mining of enterprise roughly points four class: one is private mining enterprise, is has (economic) strength, but scale smaller; second is geological exploration class enterprise, expertise is technology support, but economic total lower; third class is large mine enterprises, has technology management advantage, forces strong; fourth class is financial enterprise, its capital volume maximum, but on and technology, and throughout mining and development of management is disadvantage. However, even so, the market has already become miners "sea" an important force.
Xingguo said the current depth through both a and h shares, financial capital is involved in mining.
According to the Federation of mining statistics, 2013, during the first three quarters, 10 publicly traded companies from the a-share market as an investment agreement the amount of $ 1.153 billion accounted for more than one-third miners overseas investment. More acquisitions and mine construction investment projects, less expansion project. In addition, since many mainland companies listed in Hong Kong, into the realm of mining capital markets through Hong Kong equities. In particular, many private equity as a strategic investor, participation on mining continue to increase.
"Mining finance already exists, rather than an advertisement. "Xingguo said.
Chinese enterprises ' overseas mining investment, "discovered" case
In June 2009 could become China's largest overseas acquisition of the Group Chinalco and Rio deal terminated. Aluminum Group intends to invest 19.5 billion dollars in Rio Tinto to outperform its 19% shares. However, the plan after several twists and turns, but ultimately failed due to a Rio Tinto break. According to the agreement, Rio Tinto to pay Chinalco $ 195 million "break fee".
In June 2010, zijin mining ended Australia equity acquisition of Indophil Resources NL. Company announcement said terminated because "several acquisitions prerequisite for difficult to reach."
April 2011 Minmetals resources limited the proposed takeover of Australian copper miner Equinox Minerals taken from them by the world's largest gold miners Barrick. Equinox Minerals and Barrick finally reached 7.3 billion Canadian dollars (US $ 7.6 billion) deal.
September 2012 because of difficulties in obtaining regulatory approval of Mongolia, Aluminum Corporation of China thoroughly terminated its takeover of southgobi resources Ltd, about 920 million-dollar deals ultimately fell through.
(Edit: SN091)November 26, 2013 China economic weekly(中国海外矿业投资八成失败 矿企出海进入持续期|企业|投资|矿业_新闻资讯
《中国经济周刊》 记者 谢玮 | 天津报道
对中国矿业企业来说，出海淘金，目前似乎不是一个好时机。
受世界经济形势影响，全球矿业发展势头放缓。自2011年以来，大宗矿产品价格不断探低。日前，普华永道发布报告指出，仅过去一年，加拿大多伦多证券交易所矿业板块排名前100位的公司市值已累计下跌44%。
来自中国矿业联合会的数据显示，2013年前三季度，中国企业海外矿业投资小幅下滑。于11月3日在天津开幕的第十五届中国国际矿业大会上，超过50个国家和地区的逾5000名代表参会，很多来自俄罗斯、澳大利亚、阿根廷、苏丹和格陵兰等国家和地区的矿业界人士表示，期待与中国进一步加强矿业领域合作，走出低迷。
“虽然当前全球矿业还处在深度调整期，但从长期来看，新一轮矿业发展的‘超级周期’仍在持续。”国土资源部部长姜大明表示，当前全球新兴经济体和发展中国家的工业化、城镇化正持续推进，在未来相当长一段时间内，矿产资源将保持强劲的需求动力。
海外投资下滑 矿企进入持续期
在第十五届中国国际矿业大会上，中国矿业联合会(下称中矿联)发布了受国土资源部、商务部委托撰写的《中国企业2013年前三季度境外矿业投资情况分析》报告。中矿联国际与地矿金融项目部负责人常兴国分析报告时指出，2013年前三季度，中国企业海外矿业投资在金额和数量上均小幅下滑：中矿联共受理中国企业境外矿业投资项目103例，同比减少8%；项目协议投资总额31.36亿美元，同比下降10.9%。
中矿联认为，中国矿企海外投资已经由探索期、巩固期、快速发展期而进入持续期，也是矛盾比较多的时期。“未来，(矿产品)价格下调震荡，市场趋势向下是比较普遍的共识，这个时期持续多久并不一定。”常兴国说。
国土资源部信息中心处长陈丽萍告诉《中国经济周刊》，目前全球有180多个国家拥有矿业，其中100余国矿业对外开放，其中又有60余国的矿业占国民经济中的重要地位。面对庞大的信息量，到哪些国家去投资，投资什么，以什么样的方式投资，遇到风险怎么办，对于企业来说是非常复杂的决策。
中国黄金集团公司海外开发部总经理童军虎表示，矿产资源有着“工业的粮食”之称，为保工业“粮食安全”，矿企“走出去”十分重要。目前中国企业“刚开始走出去”，成绩并不太令人满意，但是作为中国企业，必须要过“走出去”这一关。
失败率高达八成，不能“摸着石头过河”
中矿联常务副会长王家华告诉《中国经济周刊》，前一阶段“矿业热”时期，大批非矿企业及地勘单位纷纷“走出去”投资海外，然而教训惨痛。
仅2013年前三季度，就有大量大型矿企并购案以失败告终。
1月，全球最大的金矿商巴里克终止了中国黄金集团对其旗下非洲公司部分股权的收购交易，商务部网站显示，双方的分歧主要集中在收购价和税收分担等问题上。4月，汉龙集团与澳洲铁矿企业Sundance高达14亿澳元的收购案终止，Sundance发布公告称，由于交易的融资条件没有达到，因此终止了此项全资收购计划。
有媒体报道称，“十一五”期间中国企业出海的成功率不足20%，其中很多大的项目都来自矿业。
“中国在海外的矿业投资，大概有80%的失败率。”王家华在今年的中国国际矿业大会期间直言，许多企业仍在 “摸着石头过河”。
常兴国认为，专业化程度不足是中国企业进行海外投资的重要掣肘。他介绍说，非专业性主要表现在企业跨行业、跨矿种、跨国家投资的过程中。此外，金融机构投资矿业，虽然财务很擅长，但却缺乏矿产行业常识。
中国罕王控股有限公司总裁潘国成也表示，企业成功走出去的关键是建立国际化的人才团队和本土化的运营团队。潘国成提醒其他民营企业，在海外投资时切忌赌博式的冒险，尤其是初次进行海外并购的企业，必须聘请并购顾问，进行细致的调查和可行性研究，“要以非常成熟的走出去的发展思路和战略进行海外并购。”
蓝海矿业基金执行合伙人张焱认为，由于矿业市场泡沫不再，“卖故事”向投资者销售未来增长预期的方式已经行不通，更重要的是专业水平。他表示，目前自己的基金只投资上市公司，并要求具备项目预可研报告或者可行性研究报告。
中银国际亚洲有限公司董事总经理程雁也向《中国经济周刊》表示，在资本市场较热时，以收购目标资产价值为杠杆的“空手套白狼”的操作是可行的，而在市场下行的过程中，投资者将更注重企业获得资产后的持续经营能力。
矿源地的激烈竞争也是影响矿企海外表现的重要原因之一。中非发展基金副总裁鲁庆成告诉《中国经济周刊》，目前非洲绝大部分盈利性强、品位较好的矿产资源掌握在西方国家三大矿企(力拓集团、必和必拓公司和巴西淡水河谷公司)手中，但是注重抢占优质资源而不注重基础设施建设的“西方模式”已经不可持续。目前非洲国家更希望中国企业投资与当地企业合作，加快开发当地矿产和基础设施建设。这就导致了国内企业的相互竞争。
北京雨仁律师事务所主任栾政明则表示，国内矿企之间的竞争影响了自身的发展。许多国际矿业并购案中都发现了来自中国本土企业抬价争项目的情况。
矿业金融已经存在
王家华介绍说，目前我国对海外投资矿业的企业大致分四类：其一是民营矿业企业，很有(经济)实力，但规模较小；其二是地质勘查类企业，专长是技术支撑，但经济总量较低；第三类就是大型矿企，具有技术管理优势，势力较强；第四类就是金融企业，其资本量最大，但对与技术、整个开采与开发的管理处于劣势。然而，即便如此，资本市场已经成为推动矿企“持续出海”的重要力量。
常兴国表示，目前金融资本正在通过A股和H股两个平台深度介入矿业领域。
根据矿业联合会统计，2013年前三季度，来自A股市场的10家上市公司以投资协议额11.53亿美元占到矿企海外投资的三分之一以上。其投资项目多选择并购和矿山建设，勘察项目较少。此外，由于许多内地企业在香港上市，资本市场也通过港股流入矿业领域。特别是许多私募基金作为战略投资者，对矿业的参与度持续加大。
“矿业金融已经存在，而非一个号召。”常兴国表示。
中国企业海外矿业投资“折戟”案例
2009年6月 本可能成为中国海外最大并购案的中铝集团与力拓的收购交易终止。中铝集团拟向力拓注资195亿美元以增持其19%股份。然而，计划几经周折，但最终由于力拓毁约而宣告失败。依据协议，力拓向中铝支付了1.95亿美元“分手费”。
2010年6月 紫金矿业终止了对澳大利亚Indophil Resources NL的股权收购。公司公告称，终止原因在于“若干项收购先决条件难以达成”。
2011年4月 五矿资源有限公司拟收购的澳洲铜矿商Equinox Minerals被全球最大的金矿商巴里克夺走。巴里克与Equinox Minerals最终达成73亿加元(合76亿美元)的收购协议。
2012年9月 由于难以获得蒙古国相关监管方的批准，中国铝业股份有限公司彻底终止了对南戈壁资源有限公司的要约收购，约为9.2亿美元的交易最终告吹。
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