安永会计事务所蓄势待发

Mergers,acquisitionsandcapitalraisinginminingandmetals2010trends2011outlookUngearedforgrowth• ThedataisprimarilysourcedfromThomsonFinancial.ThisdatahasbeensupplementedwithIHSHerolds,CapitalIQ,MergermarketandFactiva.• Commodityanalysisisbasedontheprimarycommodityproduced.• Unlessotherwisestated,allvaluesareinUSdollars.Notesonthedata:Mergersandacquisitions(M&A)• Only completed deals are included. Deals identified as incomplete,pending,partlyincomplete,unconditionalorintendedasof31December2010wereexcluded.• Theacquirercountryisbasedontheultimateowner’sgeographicheadquarters.Thetargetcountryisdeterminedbywheretheprimarytargetedassetorcompanyislocated.• Country-basedreferstodomesticandinbounddeals.• Acountry’sacquisitionreferstodomesticandoutbounddeals.• ThevalueofM&Aactivitybycommodityincludesdealswherethegivencommodityistheacquirerand/ortarget’sprimarycommodity.Commoditychartsillustratethevalueofdealswherethegivencommodityisthetarget.• Thedatadoesnotcapturethevalueoftransactionswherethisinformationisnotpubliclyavailable.• “Megadeals”refertoalldealswithavalueequalto,ormorethan,$1b.Equitycapital:initialpublicofferings(IPOs),secondaryequityandconvertiblebondsTheprimarysourceforthisdataisThomsonFinancial,supplementedbyinformationfromstockexchangewebsites.• Only original IPOs – the first time that a company issues equity to thepublic–areincluded.• Equityissuesaregeographicallycategorizedbytheprimaryexchangewheretheissuer’sstocktrades,exceptwherestated.WhereacompanyoffersGlobalDepositaryReceiptsorAmericanDepositaryReceipts,theissueisallocatedtothedestinationmarketofthoseshares.Aboutthisstudy1Mergers,acquisitionsandcapitalraisingintheminingandmetalssectorThisErnst&Youngstudyexaminestransactionsandfinancingintheminingandmetalssectorfor2010,anddiscussestheoutlookfor2011.Itprovidesanin-depthanalysisofthemajorglobalminingandmetalstransactions,capitalmarketsandresultingcapitalflows,byconsideringmergersandacquisitions(M&A),initialpublicofferings(IPOs),bonds,loansandprojectfinance.ThedataisprimarilysourcedfromThomsonFinancialGroup.ThomsonFinancialhasgrantedErnst&Youngalicencetousetheirdataservicesandpublicationsinaccordancewithouragreedlicenceterms.Thisreportwasauthoredby:MichaelLynch-BellGlobalMining&MetalsTransactionsLeader,Ernst&Young,UKTel:[e-mail]ng&MetalsLeader,Ernst&Young,AustraliaTel:[e-mail] AustraliaTel:[e-mail]&MetalsLeader,Ernst&Young,UKTel:[e-mail],Mining&Metals,Ernst&Young,UKTel:[e-mail]lyst,Mining&Metals,Ernst&Young,USTel:[e-mail]alyst,Mining&Metals,Ernst&Young,UKTel:[phone](x.51086)[e-mail]&Young’sglobalMining&MetalsteamMergers,acquisitionsandcapitalraisinginminingandmetals—2010trends,2011outlookContents3Mergers,acquisitionsandcapitalraisingintheminingandmetalssectorExecutivesummary4Majorminingandmetalstrends—backtothefuture10Mergers&acquisitions14Trends,drivers,andtransactionvaluesandnumbers15Regionalanalysis25Countryoverview26Outlook27Capitalraising28Equitycapitalraising—IPOs,follow-onissuesandconvertiblebondissues33 Outlook45AppendixCommodityanalysis—M&Aandcapitalraisingtrends46Aggregates47Aluminium49Coal51Copper53Gold55Ironore57Nickel59Potash61Silver,lead,zinc63Steel65Uranium67AppendixCountryanalysis—M&Aandcapitalraisingtrends70AfricanCountries71GhanaandMali71Guinea71Namibia72SouthAfrica72Tanzania74Zambia74Zimbabwe74Argentina76Australia77Brazil80Canada83Chile87China89Colombia94India96Japan99Mexico102Mongolia104Peru106Russia108SouthKorea112UnitedKingdom114UnitedStates117ExecutivesummaryTherewasatrendtowardsorganicgrowthin2010withthemarketsetforrobustgrowthin2011.5Mergers,acquisitionsandcapitalraisingintheminingandmetalssectorInmanycountries,theminingandmetalssectorledtheeconomyintorecoveryascommoditypricessoaredonthebackofbuoyantdemandfromemergingmarkets.Theyearendedverystrongly,withtheindustrypoisedforstronggrowthin2011.Yet,recoverywasunevenandtingedwithcaution.UncertaintyaroundresourcetaxationandeconomicconcernsinEuropeandtheUSsubduedmarketvalues.Thelower-gearedmajorslargelyreliedonorganicgrowthtorebuildshareholdervalueratherthantransactagainstanuncertainbackground.Fewcompanieswerecomfortablewithtransformationaldeals,leadingtoapreferenceformorestrategicbolt-ondealstodiversifygeographicreachandproductportfolios.Recordbondproceedswereraised,withissuerstakingadvantageofhistoricallylowinterestrates,butdebtmarketscontinuedtobewaryofthemidandjuniorplayers,makingthesecompanieslargelyreliantonequityforcapitalraising.Thestrengthofrecoveryalsovariedgreatly!# dealvaluesurgedon2009levels,targetinggold,coalandsteel.Meanwhile,companiesfromNorthAmericareactivatedinaroundofmarketconsolidation,whiletheemergingmarketsinLatinAmericama