China's Appetite for Nickel Drives a Symbiotic Alliance

中国的镍企正在悄无声息地聚敛小型镍矿的股权，此举可以保证中国未来镍的供应，也有望帮助小型企业实现产量目标。中国拥有巨大的建设项目和出口市场，是世界上最大的不锈钢消费国，而镍是不锈钢生产的重要原料之一。不过随着中国镍矿石消费速度超过镍矿生产速度──中国镍消费需求约有23%要靠进口来满足，中国一直以来都在大量进口镍。Bloomberg News中国在加拿大收购了大量的小矿产商因此，出于对确保未来镍供应的渴望，中国开始收购资源丰富的小型镍矿，其中很多都位于加拿大。此外，为进一步确保供应，中国开始将一些持股扩大到了收购。咨询公司CRU分析师戴维森(Vanessa Davidson)说，中国的镍不能自给自足，如果中国想自给自足，就需要协商新的原材料合同，因为中国本身的储量没有那么大。正因为如此，中国开始收购小矿的股权。自去年融资枯竭信贷收紧以来，很多小矿都陷入了困境。不过中国的镍企却以收购股权和承购协议的形式给小矿们提供了另外一种选择。根据承购协议，中国企业同意以固定价格收购镍矿的部分产量。简而言之：小矿有材料，中国有冶炼厂和资金。小矿能减少负债，重启已经关闭的项目，重新开始镍矿开发。而中国则为不断扩张的冶炼厂确保了镍的供应。BMO Capital Markets分析师柯特瑞尔(David Cotterell)说，我的感觉是，中国倾向于作为持很大股权的投资者，确保今后的原料供应。柯特瑞尔说，西方企业往往善于生产，中国企业似乎乐于让他们经营镍矿，然后获得生产成果。柯特瑞尔说，在数家小矿持股可以分散风险，至少有一个项目可能会有所收获。分析师们说，小矿相对于力拓(Rio Tinto Ltd.)等大企业的低调可以降低政治风险。5月份，吉林吉恩镍业股份有限公司完成了一桩斥资3,000万美元收购加拿大镍矿企业Liberty Mines Inc.的交易。吉恩镍业目前是Liberty最大的股东，持有该公司普通股的51%。由于获得了这笔资金，Liberty本月重新开始采矿业务。吉恩镍业发言人说，在镍业形势惨淡之际，这是一个让中国企业参与海外镍业的一个良机。我们是中国第二大镍企，我们需要从海外获得更多的镍。这位发言人说，公司倾向于收购所产矿石中镍含量至少1%的中小型矿业公司。Liberty首席执行长纳什(Gary Nash)说，公司通常将一半的产量卖给吉恩镍业，剩下的卖给Xstrata PLC，这要根据价格决定是把镍运到Xstrata位于加拿大安大略的冶炼厂划算，还是运到更远的中国划算。吉恩镍业在加拿大Victory Nickel Inc.和Goldbrook Ventures Inc.也有投资。Victory首席执行长戈理普(Rene Galipeau)说，吉恩镍业有冶炼厂和冶炼技术，对Victory的镍精矿生产来说是个好的目的地。他说，他们是个很有实力的股东，对融资有帮助，也是潜在的客户。Devon Maylie相关阅读中国海外并购为何舍得花大钱？ 2009-06-26中石化买Addax 中国海外收购之最 2009-06-24中国五矿走出海外资源收购成功路 2009-06-12中国石油从经济低迷中看到收购契机 2009-05-13中国公司海外收购 金融企业免谈？ 2009-03-03


Chinese nickel companies are quietly collecting stakes in junior nickel miners, in a move that guarantees future supplies for China and could help the small companies meet output targets.With its huge construction projects and export market, China is the world's biggest consumer of stainless steel, of which nickel is an important ingredient. But with the country's consumption of nickel ore outstripping its own mines' output -- China needs to import about 23% of its consumption needs -- the country has traditionally imported large amounts of the refined metal.So, eager to ensure its future supply, China is buying stakes in resource-rich junior nickel miners, many of them based in Canada. And as a further guarantee of supply, it is parlaying some of its holdings into takeovers.'China isn't self-sufficient in nickel,' said Vanessa Davidson, an analyst at consultancy CRU. 'If it wants to be self-sufficient, it needs to negotiate new contracts for [raw material] because it doesn't have that much in the ground.'That is where the stakes in small miners come in. Many small miners have been struggling since finance dried up and credit tightened last year. But Chinese nickel companies are offering the small miners an alternative, in the form of stake acquisitions and offtake agreements, where Chinese companies agree to buy part of the miners' output at a fixed price.In short: The juniors have the material and China has the smelters and the financial firepower. The juniors are able to reduce debt, restart closed projects and resume mine development. And China secures nickel supplies for its expanding smelters.'My sense is that the Chinese prefer to be an investor with significant stakes that secures stuff for the future,' said BMO Capital Markets analyst David Cotterell.Mr. Cotterell said Western-owned companies tend to be good at producing, and the Chinese companies appear to be happy to let them run the mine and then get the output results.Taking stakes in several small miners spreads out risk -- at least one of the projects is likely to be fruitful, Mr. Cotterell said. And the lower profile of the junior miners compared with that of big companies such as Rio Tinto Ltd. minimizes the risk of political problems, analysts say.In May, Jilin Jien Nickel Industry Co. completed a $30 million deal to buy a stake in Canadian nickel miner Liberty Mines Inc. It is now the company's largest shareholder, with 51% of common shares. Liberty restarted mining operations this month as a result of the funding.'With bleak nickel conditions it's a good opportunity for Chinese companies to be involved in overseas nickel operations,' a Jilin Jien spokesman said. 'We are the second-largest nickel producer in China and we need more nickel' from overseas. The Jilin spokesman said the company likes small-to-medium mining operations producing ore with a nickel content of at least 1%.Liberty Chief Executive Gary Nash said the company normally sends half of its output to Jilin and the rest to Xstrata PLC, with price determining whether it is more feasible to ship to Xstrata's smelter in Ontario, Canada, or farther afield to China.Jilin also has investments in Canada's Victory Nickel Inc. and Goldbrook Ventures Inc.Victory Chief Executive Rene Galipeau said that with its smelters and refining technology, Jilin is a good destination for Victory's nickel concentrate output. 'They're a strong shareholder, a plus for financing and a potential customer,' he said.Devon Maylie