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A rock, not a hard place 选石的，不选硬的 Boom time for miners in a resource-hungry region 资源饥渴地区的矿业繁荣 Nov 11th 2010 | Hong Kong IT CAN sometimes feel as if bankers in Asia are shifting their focus backwards along the economic food chain. First they moved from manufacturing to property. Now it’s the turn of rocks. 有时候，银行家在亚洲的一举一动让人感到他们是在逆经济食物链而动。他们先是将注意力从制造业转向房地产。现在则轮到了矿石。 In Hong Kong alone seven mining and natural-resources firms have gone public this year, raising HK$36 billion ($4.6 billion) in the process. Another 13 listed in 2009, raising HK$58 billion, up from not very much the year before. A further 10-15 firms are due to list over the next year and the sums raised will almost certainly be bigger than before, thanks to Asia’s appetite for raw materials and inexorably rising commodities prices. 光是在香港，今年以来便已有7家矿产和自然资源公司上市，总融资额高达360亿港币。2009年全年共有13家矿产类公司在香港上市，融资580亿港币，较清淡的2008年有所增长。明年还有10~15家公司等着上市。由于亚洲对原材料的巨大需求和不断上涨的商品价格，总融资额达到空前高度已是板上钉钉。 One of the more meteoric ascents has been that of Sino Prosper State Gold Resources Holdings, a Hong Kong-listed company which a year ago was barely more than a shell company. It had an agreement to buy what was thought to be a small mine in Inner Mongolia, along with five undeveloped tracts of land in a remote area of Heilongjiang, in China’s north-eastern tip. The firm was valued on the Hong Kong stock exchange at HK$400m. Since then the price of gold has spiked, and the mine has been bought and turned out to be not so very small after all. Sino Prosper’s valuation is currently HK$3.5 billion and it has become a beacon for other minerals firms. 矿产类股票中火速蹿升，其中中盈国金控股有限公司的表现尤其耀眼。这家香港上司公司一年前还是个皮包公司，手里握有一张协议，内容据说是关于收购内蒙古一家小型金矿和黑龙江省边远地区五块未开发地皮的，去年的市值为4亿港币。从那儿以后，金价开始飙涨，于是小金矿摇身一变成了大宝库，中盈国金的市值目前已高达35亿港币，成了矿业股中的明星。 Hong Kong’s Canadian Chamber of Commerce this week held an invitation-only conference on mining. It was packed with Canadian companies in search of capital either through a direct listing (difficult, given profitability requirements at the Hong Kong stock exchange) or a partial investment by a cash-laden, resource-hungry Chinese firm. Investors seemed less concerned by the risks of digging up minerals, more by potential political obstacles in the wake of the Canadian government’s intervention to block BHP Billiton’s hostile takeover of Potash Corporation. 上周，众多加拿大公司出席了一个由香港加拿大商会（Canadian Chamber of Commerce）举办的凭柬入场矿业会议，或是争取直接上市（这比较困难，因为香港股票交易所对上市公司盈利能力要求较高），或是寻求手握重金又急切需要资源的中国企业作为部分投资人，以获得资本。投资者们似乎不太担心挖矿风险，而是更加顾忌潜在的政治障碍——加拿大政府干预叫停了必和必拓（BHP Billiton）对Potash公司的敌意收购。 Enthusiasm for minerals firms is not found just in Hong Kong. There are stirrings in less likely places, too. The Mongolian stock exchange, located in a lovely old cinema in Ulan Bator, has been transformed into a meeting place for international bankers. Locally listed miners are booming. A tie-up between the Mongolian bourse and the London Stock Exchange is expected to be announced by the end of the month. 并非只有香港出现了矿业公司狂热。在某些意想不到的地方，矿业股也是热火朝天。位于乌兰巴托一座漂亮的老剧院内蒙古证券交易所最近成了国际银行家的聚会之地。本地的上市矿业公司非常火爆。蒙古证券交易所与伦敦证券交易所（London Stock Exchange）的合作预计将于本月末公布。 Only two large mines are currently being developed—gold and copper in Oyu Tolgoi, coal in Tavan Tolgoi—but there are numerous smaller mines throughout the country and 15 major deposits that are the source of serious discussions between global mining giants and the government, says Ganhuyag Chuluun Hutagt of TenGer, a bank holding company. Financiers are on the hunt for investment opportunities in other businesses, too. Mr Hutagt calls Mongolia a wolf economy, hungry and eager. Just like the bankers. |
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