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作者 標題 銅融資幾乎垮台 中國財團卻高價收購秘魯銅礦 2014年4月15日
時間 2014年06月14日 Sat. AM 01:26:20
請注意：這篇新聞報導日期是2014年4月14日
來源網址：http://dealbook.nytimes.com/2014/04/...Search&mabReward=relbias:s
Glencore to Sell Peruvian Mine to Chinese Group for $6 Billion
HONG KONG — A consortium of state-owned Chinese companies led by the China Minmetals Corporation, one of the country’s biggest metals miners, announced an agreement on Monday to buy a giant copper mine in Peru from Glencore Xstrata for more than $6 billion.
In a deal that demonstrates how Chinese regulators are influencing global mergers and acquisitions far beyond China’s borders, Glencore said it would sell its Las Bambas copper mine project to the Chinese group for $5.85 billion in cash plus development costs. The sale of the mine was a condition stipulated last year by China’s Commerce Ministry before it approved the $30 billion purchase by Glencore International, a Swiss commodities trader, of the mining company Xstrata.
MMG Limited, a subsidiary of China Minmetals that is listed in Hong Kong, leads the buyers’ consortium with a 62.5 percent stake. Guoxin International Investment Corporation, a state-owned infrastructure and resources company, has a stake of 22.5 percent, while Citic Metal, the metal trading unit of the state-owned Citic Group conglomerate, owns 15 percent.
In addition to the $5.85 billion, the buyers have also agreed to cover all costs of developing the mine between the start of this year and the formal closing of the transaction, which is expected to take place by the end of September — a deadline imposed by Chinese regulators. Glencore said that so far those expenses amounted to $400 million in the first quarter.
The Commerce Ministry, which enforces China’s antimonopoly law, took more than a year before finally approving the merger of Glencore with Xstrata in April 2013. Citing antitrust concerns, the regulator ordered the divestment of the Las Bambas project, an open-pit mine in the advanced stages of construction that is expected to have initial production of two million tons of copper a year.
In addition, the Commerce Ministry required Glencore to agree to guarantee the supply of copper, zinc and lead to Chinese companies through 2020 by signing long-term supply contracts.
Ivan Glasenberg, chief executive of Glencore, said that since the Xstrata deal was completed in May, “our team has taken decisive steps to de-risk Las Bambas, which has culminated in this compelling offer from the consortium.”
“Our willingness to sell reflects the level of the offer and our conviction that we can utilize the sale proceeds to create additional shareholder value,” Mr. Glasenberg said.
MMG Limited is being advised by Bank of America’s Merrill Lynch unit and Citigroup, and it will receive debt financing from the China Development Bank, the Industrial and Commercial Bank of China and the Bank of China. China Minmetals was advised by Deutsche Bank. Glencore was advised by BMO Capital Markets and Credit Suisse.
Glencore said the sale of the mine to the consortium was subject to shareholder and regulatory approvals, including approval by China’s Commerce Ministry.
Separately, a subsidiary of Glencore agreed on Monday to acquire Caracal Energy for 5.50 pounds a share, or about $9.20, in cash, in a deal valued at about £806 million. The price represents a 61 percent premium over Caracal’s closing price on Friday.
After receiving an unsolicited offer from Glencore, Caracal canceled an agreement to merge with TransGlobe Energy and paid a $9.25 million termination fee. Caracal is a Canadian international oil exploration and development company active in the Republic of Chad.
The Glencore deal, which is expected to close in the second quarter, is subject to approval by Caracal’s shareholders. There is a $15 million termination fee.
“This transaction and the significant premium it places on our shares is an excellent outcome for our shareholders,” Gary S. Guidry, Caracal’s president and chief executive, said in a statement. “Glencore has been an important supporter and partner of Caracal in Chad, and this is a natural progression in the development of this portfolio.”
Chad Bray contributed reporting from London.
![[圖]](http://s1.djyimg.com/i6/1404150927412270--ss1.jpg)
正值外界擔心中國經濟增長放緩、國際銅價年內來下跌10%之際，卻傳出中國五礦集團為首的財團週日(4月13日)完成以至少58.5億美元收購嘉能可(Glencore)旗下秘魯拉斯邦巴斯(Las Bambas)銅礦項目，成為中國迄今最大一樁海外礦業收購案。圖為銅管製品。(網路圖片)
由於銅庫存量過大，國際銅價跌已至5年來低點，人們擔心中國經濟放緩會造成銅供應過剩，更擔心銅在中國作為銀行貸款和其他融資抵押品的前景。此時卻傳出中國五礦集團為首的財團週日(4月13日)以至少58.5億美元高價收購嘉能可(Glencore)旗下秘魯拉斯邦巴斯(Las Bambas)銅礦項目，成為中國迄今最大一樁海外礦業收購案。
不少專家認為這樁收購存有風險。《華爾街日報》引述IG市場策略師盧卡斯(Evan Lucas)的意見稱，中國進口的銅中有多達60%至80%被用作銀行貸款抵押品。中國經過多年的放貸潮之後，不良貸款開始湧現，違約增加可能導致銅被大量拋售。
另一家大宗商品商力拓(Rio Tinto)已經推遲擴大蒙古Oyu Tolgoi銅礦的計劃。
據報導，如今尚在建設的Las Bambas定於明年投入運營。嘉能可預計，前五年每年將生產45萬噸銅，在之後的運營壽命期間每年將產銅30萬噸。約佔中國每年進口的13%。
在大宗商品融資交易幾乎垮臺的背景下，中國在海外收購大型銅礦之舉難免令人生疑。有市場人士懷疑：中國是不是打算買下它然後直接把它關掉，或是繼續人為地維持高銅價，使原本已在中國影子銀行體系中搖搖欲墜的銅融資得以繼續下去。
銅價或創五年新低
由於銅需求佔全球總需求40%的中國經濟放緩，以及中國國內銅融資的持續性，國際銅價年內已跌10%。週一(4月14日)，倫敦(LME)3月期銅價跌至每公噸6,670美元。去年8月曾處於7,420美元高位。
湯森路透旗下金屬諮詢公司GFMS上週發佈2014年修正版的銅調查報告預計，今年每公噸銅均價跌破7000美元，是2009年以來首見，下半年可能跌至6000美元。
該報告提到，價格看跌主要原因之一是庫存高企。中國今年2月沿海城市保稅區的精銅庫存量接近100萬噸。作為衡量銅市場供需平衡的重要指標，中國的這部份精銅庫存在全球最為集中，存量比全球三大金屬交易所的庫存總和還多一倍多。如果中國經濟惡化，這類庫存可能大批拋售，加大今年銅價下行壓力。
除了庫存高企，中國第一季度GDP增長確定將再次下滑，融資銅的風險大幅增加。
上月中旬連兩天國際銅價掉了4.6%而引起市場關注。《華爾街日報》稱，銅價下跌顯示出中國政府面臨的挑戰。銅和其他工業金屬在中國信貸市場扮演抵押品的角色，凸顯出借貸者冒險採用極端手段，同時也顯示出中國政府管制金融市場過成中形成的變相扭曲現象。
據《華爾街日報》透露，中國對Las Bambas銅礦感興趣的買家除了五礦集團外。知情人士稱，江西銅業以及中鋁礦業國際也參與了競購。
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※ 作者: cliff465 時間: 2014-06-14 01:26:20
※ 編輯: cliff465 時間: 2014-06-14 02:56:16
※ 看板: China 文章推薦值: 0 目前人氣: 0 累積人氣: 103
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