澳洲矿业投资之无冕之王
新浪博客
澳洲矿业投资之无冕之王
供应紧张给企业带来的压力。因此沙钢早走一步，扩充自己的‘粮草’阵地。
（二）资本运作，以“小”吃“大”
上世纪90年代以来，米塔尔以国际资本市场为纽带，攻城拔寨，迅速成长为世界上最大的钢铁集团。
资本运作是一个神奇的“魔方”，如能充分地利用好，能够帮助企业强化主业，完善产业链和提高核心竞争力。
附录：彭博社2008年9月25日对ABM与Grange合并的报道
China's Shagang Takes 45% Stake in Australia's Grange
By Jesse Riseborough
Sept. 25 2008 (Bloomberg) -- Jiangsu Shagang Group Co., China's biggest closely held steelmaker, agreed to take a 45 percent stake in Grange Resources Ltd. to help lock up future sales from a planned $1.6 billion iron ore project in Australia.
Grange will combine with the Shagang-controlled Australian Bulk Minerals, the operator of an iron ore mine in Tasmania, in a transaction to create a company with a market value of A$1 billion ($836 million), Perth-based Grange said today in a statement.
Shagang's involvement will boost Grange's funding capacity and help speed development of the Southdown iron ore project in Western Australia as lending seizes up because of the global credit crisis. China's steelmakers, including Sinosteel Corp., are investing in Australian producers of the raw material to gain supplies amid record prices.
``The long term outlook for iron ore is still pretty good, but there is a good chance that we have seen peak prices,'' John Veldhuizen, a resources analyst at BBY Ltd. who rates Grange a `buy', said today by phone from Sydney. ``The capital markets are very difficult at the moment. It puts Grange in a much better position to move this project forward.''
Grange rose 0.5 percent to A$1.90 at the 4:10 p.m. Sydney time close on the Australian stock exchange. The stock has dropped 30 percent this year and has a market value of A$219 million.
Under the transaction, Grange will issue 380 million new shares, worth A$722 million based on today's closing price, to the holding companies that own Australian Bulk Minerals, Grange said in a statement. Grange shareholders will own 26.1 percent of the new company and the owners of Australian Bulk Minerals, including Shagang, will control 73.9 percent, it said.
Steel Trader
Stemcor Holdings Ltd., a London-based steel trading company, will own 7.4 percent of the new company, closely held, Hong Kong- based Pacific Minerals Ltd. will hold an 8 percent stake and RGL Group Co. Ltd., a Chinese iron ore and steel trader, will control 13.3 percent, the statement said.
Grange Chief Executive Officer Russell Clark will remain in his position and the company will still be based in Perth and retain its name, it said. Azure Capital and UBS AG are advising Grange and Morgan Stanley is advising Shagang.
Grange is seeking to develop the Southdown project near Albany on the south-western coast of Australia in partnership with Japan's Sojitz Corp. The project is expected to produce 6.6 million tons of concentrate annually from 2012. Concentrate is planned to be shipped to a pellet plant in Kemaman, Malaysia.
Sales Talks
``We have a unique opportunity to build a major iron ore group, with Australia's biggest pellet plant, one of Australia's most promising development projects and an ambition to grow further through acquisitions.'','' Shen Wenrong, chairman of Jiangsu unit Shagang International Holdings Ltd., said in the statement.
Grange, which appointed Standard Chartered plc to help negotiate funding for the Southdown project in June, will provide Shagang the right to negotiate for about 80 percent of Grange's share of future sales from Southdown. Iron ore is commonly traded as lump, fines or pellets, all of which are used to produce steel.
``Grange believes the merger will significantly reduce dilution associated with equity funding of the development of Southdown and materially improve the timing and probability of its development,'' the company said. It provides an ``enhanced ability to fund Southdown without requiring the involvement of further joint venture parties,'' Grange said.
The deal is subject to approval from Australia's Foreign Investment Review Board and Chinese authorities. Grange directors unanimously recommended the transaction, the company said.
Savage River
Grange will gain control of the Savage River project in Tasmania state, the country's biggest iron ore pellet producer. Its major customers are Shagang and BlueScope Steel Ltd., Australia's biggest steelmaker. Second half earnings before interest, tax, depreciation and amortization from the mine may be between A$80 million and A$90 million, the statement said.
``Savage River is an excellent project with very robust economics and strong existing cashflows,'' Grange Chairman Anthony Bohnenn said in the statement.
To contact the reporter on this story: Jesse Riseborough in Melbourne at jriseborough@bloomberg.net
Last Updated: September 25, 2008 02:33 EDT
（二）资本运作，以“小”吃“大”
上世纪90年代以来，米塔尔以国际资本市场为纽带，攻城拔寨，迅速成长为世界上最大的钢铁集团。
资本运作是一个神奇的“魔方”，如能充分地利用好，能够帮助企业强化主业，完善产业链和提高核心竞争力。
附录：彭博社2008年9月25日对ABM与Grange合并的报道
China's Shagang Takes 45% Stake in Australia's Grange
By Jesse Riseborough
Sept. 25 2008 (Bloomberg) -- Jiangsu Shagang Group Co., China's biggest closely held steelmaker, agreed to take a 45 percent stake in Grange Resources Ltd. to help lock up future sales from a planned $1.6 billion iron ore project in Australia.
Grange will combine with the Shagang-controlled Australian Bulk Minerals, the operator of an iron ore mine in Tasmania, in a transaction to create a company with a market value of A$1 billion ($836 million), Perth-based Grange said today in a statement.
Shagang's involvement will boost Grange's funding capacity and help speed development of the Southdown iron ore project in Western Australia as lending seizes up because of the global credit crisis. China's steelmakers, including Sinosteel Corp., are investing in Australian producers of the raw material to gain supplies amid record prices.
``The long term outlook for iron ore is still pretty good, but there is a good chance that we have seen peak prices,'' John Veldhuizen, a resources analyst at BBY Ltd. who rates Grange a `buy', said today by phone from Sydney. ``The capital markets are very difficult at the moment. It puts Grange in a much better position to move this project forward.''
Grange rose 0.5 percent to A$1.90 at the 4:10 p.m. Sydney time close on the Australian stock exchange. The stock has dropped 30 percent this year and has a market value of A$219 million.
Under the transaction, Grange will issue 380 million new shares, worth A$722 million based on today's closing price, to the holding companies that own Australian Bulk Minerals, Grange said in a statement. Grange shareholders will own 26.1 percent of the new company and the owners of Australian Bulk Minerals, including Shagang, will control 73.9 percent, it said.
Steel Trader
Stemcor Holdings Ltd., a London-based steel trading company, will own 7.4 percent of the new company, closely held, Hong Kong- based Pacific Minerals Ltd. will hold an 8 percent stake and RGL Group Co. Ltd., a Chinese iron ore and steel trader, will control 13.3 percent, the statement said.
Grange Chief Executive Officer Russell Clark will remain in his position and the company will still be based in Perth and retain its name, it said. Azure Capital and UBS AG are advising Grange and Morgan Stanley is advising Shagang.
Grange is seeking to develop the Southdown project near Albany on the south-western coast of Australia in partnership with Japan's Sojitz Corp. The project is expected to produce 6.6 million tons of concentrate annually from 2012. Concentrate is planned to be shipped to a pellet plant in Kemaman, Malaysia.
Sales Talks
``We have a unique opportunity to build a major iron ore group, with Australia's biggest pellet plant, one of Australia's most promising development projects and an ambition to grow further through acquisitions.'','' Shen Wenrong, chairman of Jiangsu unit Shagang International Holdings Ltd., said in the statement.
Grange, which appointed Standard Chartered plc to help negotiate funding for the Southdown project in June, will provide Shagang the right to negotiate for about 80 percent of Grange's share of future sales from Southdown. Iron ore is commonly traded as lump, fines or pellets, all of which are used to produce steel.
``Grange believes the merger will significantly reduce dilution associated with equity funding of the development of Southdown and materially improve the timing and probability of its development,'' the company said. It provides an ``enhanced ability to fund Southdown without requiring the involvement of further joint venture parties,'' Grange said.
The deal is subject to approval from Australia's Foreign Investment Review Board and Chinese authorities. Grange directors unanimously recommended the transaction, the company said.
Savage River
Grange will gain control of the Savage River project in Tasmania state, the country's biggest iron ore pellet producer. Its major customers are Shagang and BlueScope Steel Ltd., Australia's biggest steelmaker. Second half earnings before interest, tax, depreciation and amortization from the mine may be between A$80 million and A$90 million, the statement said.
``Savage River is an excellent project with very robust economics and strong existing cashflows,'' Grange Chairman Anthony Bohnenn said in the statement.
To contact the reporter on this story: Jesse Riseborough in Melbourne at jriseborough@bloomberg.net
Last Updated: September 25, 2008 02:33 EDT