紫金礦業斥巨資收購西方礦商資產

Zijin Mining is to buy assets and pursue long-term ventures with two western miners, underscoring China’s importance as a strategic partner for some of the industry’s leading companies.

紫金礦業(Zijin Mining)將向兩家西方礦商收購資產，並與它們開展長期合資經營，突顯中國作爲戰略合作伙伴對一些領先礦業企業的重要性。

Zijin, one of China’s largest miners, is paying $298m for a joint venture with Barrick Gold whereby each company will own 47.5 per cent of Porgera, a gold mine in Papua New Guinea.

紫金礦業是中國最大的礦商之一。該公司將斥資2.98億美元與巴里克黃金(Barrick Gold)開展一個合資項目：兩家公司將分別擁有巴布亞新幾內亞波爾蓋拉(Porgera)金礦47.5%的股份。

The wider significance is the companies’ partnership to collaborate on further investments. Barrick, the world’s largest gold miner by annual output, has been expected to try to find a Chinese partner since John Thornton, who is well connected in Beijing, took over as chairman last year.

更廣泛的意義在於，兩家公司結成合作夥伴關係後，將在更多投資項目上合作。按年產量計算，巴里克是全球最大黃金礦業公司。自約翰•桑頓(John Thornton)去年接任董事長以來，各方一直預期該公司將試圖尋找中國合作伙伴，因爲桑頓在中國有深廣的人脈。

“A 21st-century mining company with global reach and the intention to become an industry leader must, by definition, have a distinctive relationship with China,” said Mr Thornton.

“一家21世紀的礦業公司，業務覆蓋全球，並有志成爲行業領導者，當然必須與中國建立一種特別的關係，”桑頓表示。

“China has become both the largest producer and consumer of gold, and a major source of capital and expertise for the mines of the future.”

“中國已成爲黃金的最大的生產國和消費國，以及開發未來金礦所需的資本和專業知識的一大來源。”

Barrick is one of a number of mining companies saying they are likely to turn to partnerships to fund the escalating cost — and bear the risk — of projects. The Canadian company was badly burnt by a massive cost overrun at its Pascua-Lama project in the Andes, where work is suspended.

包括巴里克在內，多家礦業公司都表示，他們很可能求助於合作伙伴關係，以承受不斷上漲的項目成本，並分擔風險。總部位於加拿大的巴里克，近期受到安第斯山脈Pascua-Lama項目大幅超支的沉重打擊；目前該項目已經停工。

Zijin is also extending its partnership with Ivanhoe Mines, the vehicle of the wealthy mining entrepreneur Robert Friedland. Having taken a stake of 9.9 per cent in Ivanhoe this year, Zijin is to acquire 49.5 per cent of the Canadian company’s Kamoa copper project in the Democratic Republic of Congo for $412m, with a potential option for majority ownership.

紫金礦業還擴大了與艾芬豪礦業(Ivanhoe Mines)的合作伙伴關係。艾芬豪是礦業企業家羅伯特•弗裏德蘭(Robert Friedland)旗下企業。繼今年早些時候購得艾芬豪9.9%股份之後，紫金將斥資4.12億美元，收購這家加拿大公司在剛果民主共和國卡莫阿(Kamoa)銅礦項目49.5%的股份，外加獲得多數股權的潛在選擇權。

Kamoa is one of the biggest copper projects in development and will cost about $1.4bn to reach first-phase output of 100,000 tonnes of concentrate annually, with a long-term target of 300,000 tonnes. Ivanhoe has spent $337m so far at Kamoa. It is Mr Friedland’s biggest copper project since selling the Oyu Tolgoi mine in Mongolia to Rio Tinto.

卡莫阿是目前在開發的最大銅礦項目之一，將投資約14億美元，一期目標是實現10萬噸銅精礦年產量，長期年產量目標是30萬噸。艾芬豪迄今已在卡莫阿投入3.37億美元。自蒙古奧尤陶勒蓋(Oyu Tolgoi)銅金礦被出售給力拓(Rio Tinto)以後，這是弗裏德蘭最大的銅礦項目。

Jeff Couch, head of metals and mining Emea at BMO Capital Markets, an adviser to Ivanhoe, said: “Zijin are astute, and this is a world-class copper project. Robert Friedland and Ivanhoe have a longstanding relationship with China. For ‘world class’ assets there remains a strong demand.”

艾芬豪的顧問、加拿大蒙特利爾銀行資本市場(BMO Capital Markets)的歐洲、中東和非洲金屬及礦業負責人傑夫•科奇(Jeff Couch)表示：“紫金很精明，這是一個世界級的銅礦項目。羅伯特•弗裏德蘭和艾芬豪與中國有着長期的合作關係。對‘世界級’資產的需求仍然強勁。”

Credit Suisse advised Barrick on the sale of Porgera. It is the Canadian miner’s second announced asset sale in two days, after it sold the Cowal gold mine in Australia for $550m to Australia’s Evolution Mining.

瑞信(Credit Suisse)在出售波爾蓋拉金礦股份事宜上向巴里克提供諮詢。這是這家加拿大礦商連續第二天宣佈資產出售，此前它將澳大利亞的科瓦爾(Cowal)金礦以5.5億美元出售給澳大利亞Evolution Mining公司。

Barrick also plans to sell a share of its Zaldívar copper mine in Chile to help meet a target of cutting its $10bn net debt by about 30 per cent this year.

巴里克還計劃出售其在智利的薩爾迪瓦(Zaldívar)銅礦的部分股份，以幫助實現在今年內將100億美元淨債務削減約30%的目標。