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In the current situation, how to "go out" and how to go further is one of the hot spots of China's mining industry.
On May 26, at the National Prospecting Conference (the 7th Geological Team Leaders Symposium), the organizers held a symposium on overseas mining mergers and acquisitions of Chinese enterprises, analyzed the filing data of overseas mining investment, and invited Zijin Mining Group, Representatives from five units including the Henan Bureau of Geology and Minerals introduced the overseas mergers and acquisitions of the unit and the problems encountered.
At this meeting, Wang Jiahua, executive vice president of China Mining Association, together with the delegates, analyzed the current situation of going out and proposed a solution.
Wang Jiahua said that Chinese mining companies must use an international perspective when they "go global". They must recognize that each country's situation is different. It is necessary to adopt different coping strategies and strategies for different countries and avoid a model.
According to him, from the perspective of general classification, the common points of developed countries are: mining policies, sound laws, strong environmental protection, relatively consistent implementation of market economy laws, strong protection for indigenous peoples, and high attention to the use of human resources in the country. The labor price is extremely high; the commonalities of developing countries are mainly: the legal system is basically sound but the implementation is not in place, the labor force is sufficient, but the labor price is gradually rising. There is still a lot of vacancies in the environmental protection, and the mineral resources abundance has considerable potential. The dominant role is obvious; the common point of the economically backward countries is: the abundance of mineral resources is large, the shallow resources of -500 meters have not been explored and utilized, the basic geology is very weak, the cheap labor is abundant, and the mining laws and systems have great expansion space. The government is relatively corrupt and the infrastructure is backward.
The reasons for his unsatisfactory transcripts of China's mining industry “going out†are: the production mode of small producers that are mainly backward in form; the lack of international modern vision in the concept; the dissatisfaction with the operation, the environment, Indigenous people, labor and other problems; not in line with the international standards; lack of support in the organization, are "single fly"; the division of labor in the strategy is not clear, the advantages are not good, the disadvantages are revealed.
“So we must update our concepts, innovative forms, build platforms, guide operations, establish standards, strengthen organization, and reshape our strategy.†He said that only by focusing on the strategy of “going out†and moving forward can we go further.
However, we need to create a wind survey market like Australia and Canada. Without this platform, it is empty talk for Chinese mining industry to “go outâ€.
Wang Jiahua believes that the first stage is to build a demonstration base for mining finance reform in Tianjin, and it is planned to form a "four in one" pattern, that is, to run the mining conference and create a platform for the role of mobilization, liaison and information exchange. It is necessary to transform and upgrade the existing Tianjin Mining Rights Exchange and become a market platform for exploration and exploration of the exploration results and capital. To form a third-party service system, the element system for providing services to the wind survey market, including law firms, mining rights assessment firms, accounting firms, drilling companies, and laboratory companies. It is necessary to build a “capital reservoir†because this is the “gas station†and “ammunition depot†of the wind exploration market. This “capital reservoir†includes various special funds, private equity funds, various financial products of financial institutions, and mining enterprise funds.
He also vividly compared the wind exploration market platform to the "aircraft carrier combined fleet." The aircraft carrier itself has four systems. The power system is injected into government resources, including the public resources of the Ministry of Land and Resources, the National Development and Reform Commission, the Ministry of Industry and Information Technology, and the Ministry of Commerce. The radar system is a collection of intelligence information, such as real-time information of the mining countries. Including mining policy, investment environment, risk, etc.; communication system is to establish overseas contact points, access points, such as the establishment of mining counselors in the embassy; supply system is the "capital reservoir."
"The carrier aircraft on the aircraft carrier is truly productive." He emphasized that the "reconnaissance plane" is a geological exploration unit for prospecting and prospecting. The "fighter aircraft" is a private enterprise and geological exploration unit attacked by small capital, "bomber" It is a large-scale enterprise and financial enterprise developed by large capital, and the early warning aircraft is an overseas Chinese-funded enterprise.
"Fleet construction should form a complete and three-dimensional attack and defense system. The single aircraft carrier is not enough. Mineral exploration and development, mergers and acquisitions of overseas mining projects, higher risk determines the need to form a 'carrier battle group' He stressed that there must be a "frigate", that is, a third-party service system and a "destroyer", that is, a wind market trading platform.
At the end of the symposium, he also presented the “going out†roadmap for China's mining industry on behalf of the China Mining Association: private enterprises are charging and geotechnical cooperation is among them. The mining industry will take over and the financial support will not be relaxed. The people’s land has been retired, and dividends have been paid for shares. Large enterprises are listed for development, and several parties win together to be heroes.
He introduced that the strategy of “going out†is a combination of various enterprise elements, and the advantages of various enterprises are brought to the limit, and the disadvantages are minimized to be successful. The private enterprise's charge is that its mechanism is flexible, and the overseas merger approval process is relatively simple. Mergers and acquisitions must seize the ever-changing opportunities, so private enterprises are better at rushing. Risk exploration must be supported by technology. Geological exploration units can raise funds for exploration, or cooperate with enterprises to conduct exploration. The combination of the two is better. In addition, whether it is grassroots exploration or project mergers and acquisitions, whether it is the special investment of private enterprises or the combination of private and geological exploration, they all face the problem of “receiptâ€, and must think about exit before entering. Large-scale M&A decisions are slow, and the “take-in†approach can reduce M&A costs. Private enterprises and geological prospecting units must form new prospecting productivity through the transfer of equity, and make the advantages better, but also leave some original shares, and obtain stable income through the long-term mechanism of mining development.
Regarding the specific path, he said that for the acquisition of large-scale special funds, the acquisition target is a primary exploration company with a capital chain that is already in a fracture stage and has better mining assets, controlling 15% to 20% of its equity. Return, but as a reserve, to grow or be realized or transferred to a mining company. For the commercial mergers and acquisitions of enterprises, under the current situation, the projects of commercial mergers and acquisitions should be pre-feasibility study or bank feasibility study, and the target of mergers and acquisitions should be listed companies; the team of mergers and acquisitions should be suitable for teams with rich operational experience. The strategy is the primary strategy; the assets of M&A are suitable for mature projects at this stage, so as to facilitate the rapid formation of cash flow; the project sites of M&A are legally sound, friendly to China, infrastructure, and less uncertain factors. The price of mergers and acquisitions is suitable for the current market value; the strategy of mergers and acquisitions should be supported by private, geological prospecting, large enterprises and financial institutions; the timing of mergers and acquisitions should be rational and decision-making.
China's mining industry "going out" strategy and strategy
Abstract: Doing a good job of various elements to form an "aircraft carrier battle group" - Wang Jiahua, executive vice president of China Mining Association, talks about the strategy and strategy of "going out" of China's mining industry. Under the current situation, how to "go out" and how to go Going further is one of the hot spots of the Chinese mining industry. May 2...
Doing a good job of various elements to form an "aircraft carrier battle group" - Wang Jiahua, executive vice president of China Mining Association, talks about the strategy and strategy of "going out" of China's mining industry