普华永道:2014年全球矿业交易展望(15 页)

    2014-04-04

    普华永道:2014年全球矿业交易展望(15 页)


    Deal trends to look for in 2014:
    Thinking in twos: Expect to see a notable uptick in joint ventures. As opposed to assuming all the risk associated with financing a project, mining companies are using joint ventures as a way to de-risk their projects. Don Lindsay, CEO Teck, is a fan of this approach sharing with us "We're always looking for high quality, sustainable growth opportunities that align with our business objectives. We're open to partnering if the fit is right."
    Mid-tiers step-up: While many majors will remain sellers of assets, more mid-tier companies will be active buyers in 2014. Brett Mattison, SVP Gold Fields, noted "History has shown that the mid-tiers are probably slightly more aggressive... I think we are going to see them be far more bold."
    Decision time for juniors: We predict an increase in earn-in-type arrangements in the junior sector, which is positive from an exploration angle and should help increase junior's valuations moving forward. "Now is the right time to build a portfolio of partnerships with junior exploration and development companies", Derek White, CEO KGHM International, shared with PwC.
    Mines opening: New mines coming into production are providing companies with more money to fund activities such as M&A. Also, the companies' development teams, that just finished bringing these mines into production, are ready to work on new projects. All of this should help to spur M&A in 2014. David Garofalo, CEO Hudbay shared, "It is the process of drilling out new reserves and de-risking mine projects through construction that creates all the value in our industry." He argued for the industry to attract investors companies need to make decisions that will provide investors with leverage to the commodity price.
    [报告关键词]: 矿业
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