中國的鎳企正在悄無聲息地聚斂小型鎳礦的股權，此舉可以保證中國未來鎳的供應，也有望幫助小型企業實現產量目標。中國擁有巨大的建設項目和出口市場，是世界上最大的不銹鋼消費國，而鎳是不銹鋼生產的重要原料之一。不過隨著中國鎳礦石消費速度超過鎳礦生產速度──中國鎳消費需求約有23%要靠進口來滿足，中國一直以來都在大量進口鎳。Bloomberg News中國在加拿大收購了大量的小礦產商因此，出于對確保未來鎳供應的渴望，中國開始收購資源豐富的小型鎳礦，其中很多都位于加拿大。此外，為進一步確保供應，中國開始將一些持股擴大到了收購。咨詢公司CRU分析師戴維森(Vanessa Davidson)說，中國的鎳不能自給自足，如果中國想自給自足，就需要協商新的原材料合同，因為中國本身的儲量沒有那么大。正因為如此，中國開始收購小礦的股權。自去年融資枯竭信貸收緊以來，很多小礦都陷入了困境。不過中國的鎳企卻以收購股權和承購協議的形式給小礦們提供了另外一種選擇。根據承購協議，中國企業同意以固定價格收購鎳礦的部分產量。簡而言之：小礦有材料，中國有冶煉廠和資金。小礦能減少負債，重啟已經關閉的項目，重新開始鎳礦開發。而中國則為不斷擴張的冶煉廠確保了鎳的供應。BMO Capital Markets分析師柯特瑞爾(David Cotterell)說，我的感覺是，中國傾向于作為持很大股權的投資者，確保今后的原料供應。柯特瑞爾說，西方企業往往善于生產，中國企業似乎樂于讓他們經營鎳礦，然后獲得生產成果。柯特瑞爾說，在數家小礦持股可以分散風險，至少有一個項目可能會有所收獲。分析師們說，小礦相對于力拓(Rio Tinto Ltd.)等大企業的低調可以降低政治風險。5月份，吉林吉恩鎳業股份有限公司完成了一樁斥資3,000萬美元收購加拿大鎳礦企業Liberty Mines Inc.的交易。吉恩鎳業目前是Liberty最大的股東，持有該公司普通股的51%。由于獲得了這筆資金，Liberty本月重新開始采礦業務。吉恩鎳業發言人說，在鎳業形勢慘淡之際，這是一個讓中國企業參與海外鎳業的一個良機。我們是中國第二大鎳企，我們需要從海外獲得更多的鎳。這位發言人說，公司傾向于收購所產礦石中鎳含量至少1%的中小型礦業公司。Liberty首席執行長納什(Gary Nash)說，公司通常將一半的產量賣給吉恩鎳業，剩下的賣給Xstrata PLC，這要根據價格決定是把鎳運到Xstrata位于加拿大安大略的冶煉廠劃算，還是運到更遠的中國劃算。吉恩鎳業在加拿大Victory Nickel Inc.和Goldbrook Ventures Inc.也有投資。Victory首席執行長戈理普(Rene Galipeau)說，吉恩鎳業有冶煉廠和冶煉技術，對Victory的鎳精礦生產來說是個好的目的地。他說，他們是個很有實力的股東，對融資有幫助，也是潛在的客戶。Devon Maylie相關閱讀中國海外并購為何舍得花大錢？?2009-06-26中石化買Addax 中國海外收購之最?2009-06-24中國五礦走出海外資源收購成功路?2009-06-12中國石油從經濟低迷中看到收購契機?2009-05-13中國公司海外收購 金融企業免談？?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

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