MERCHANDISER
Mining M&A Grinds to a Halt China is well positioned to make opportunistic buys and
lead a rebound in global mining M&A, according to a new Mining Deals report from PricewaterhouseCoopers (PwC). Signs point to a slowdown in global mining mergers and acquisitions in the second half of 2011 after a strong start to the year. Deal values and volumes have already decreased by 32% and 19% month-on-month in July, and a further 25% and 7% respectively in August. In H1 2011, 1,379 deals worth US$71 billion were announced, making it the busiest half year of M&A in the mining sector’s history. On an annualised basis, deal volumes and aggregate values were 24% and 2% higher than 2010, and 122% and 32% higher respectively than 2009. Average deal values during H1 2011 were US$104 million – 40% higher than 2010. For the remainder of 2011, however, jittery global equity markets will likely put downward pressure on most mining company valuations for the near-term. Tim Goldsmith, Global Mining Leader, PwC, said: “For the
time being, politics have taken commodity markets hostage. Although a drop off in deal-making is expected, it will not cease altogether as China’s demand for metals, supported by other emerging nations, continues to drive long-term fundamentals”.
All Quiet on the Western Front Despite record overall activity during H1 2011, the usual deal-makers from Canada, Australia and the UK were quiet. There was however, a flurry of activity led by US buyers,
especially in the coal sector. US entities overtook Canadian entities as the most acquisitive buyers with 31% market share by value in announced acquisitions. With 19% market share by value, Canada was bumped to second place, while typically acquisitive Australia stood at only 4%.
China is poised to capitalize on opportunistic downturns
Steelmaking Ingredients Dominate Steelmaking ingredients – notably metallurgical coal and
iron ore – dominated deal making activity during H1 2011 with over 30% of activity. Coal surpassed gold as the most targeted resource by aggregate deal value as company’s sought to consolidate their resources to increase exposure to the raw material needs of the emerging markets. A key threat for western buyers in closing deals, however, stems from increasing shareholder and board pressure to deploy capital into organic growth or share repurchases and dividends. Meanwhile, China has remained relatively quiet so far in
2011, but is poised to capitalize on opportunistic downturns. China is expected to continue acquiring gold and other precious metals, as well as quality industrial resource assets like iron ore, metallurgical coal, fertilizer minerals and base metals. PwC also anticipates China will continue to focus on frontier markets, such as Mongolia and Africa, and further consolidate its fragmented domestic mining sector.
www.pwc.co.uk
Energy Trading Operations & Technology Summit 2011
11 - 12 October | One Whitehall Place | London
The regulatory changes on the horizon are set to fuel major developments within energy trading, demanding even more stringent measures be put in place. This of course has major impact on energy trading companies and investment banks who need to implement better IT and better operational processes.
ETOT 2011 takes place at a time when organisations are eager to react and get as much valuable insight as possible. This senior level summit will give energy traders the ability to return to their organisationm with a clear idea of what they need to do to transform their operations and technology.
Whether you wish to benchmark your operations, discover how to mitigate risk in developing technology projects,hear about industry initiatives or get the regulatory stance on how you should prepare for forthcoming changes, ETOT 2011 is the place to be.
In 2009 the summit attracted 80 senior level participants, with the numbers doubling last year to over 160 delegates. The 3rd Annual Summit in October this year is set to be even stronger in bringing together close to 200 key players in the industry. More than half the places are full; make sure you book straight away.
You won’t want to miss out on the key summit of 2011
- Elaine M. Whiting, Head of SEEL Contracts Shell - Dirk Daveluy, Head of Clearing & Collateral RWE Supply & Trading GmbH - Hugh Brunswick, Head IT & BP, MD EFETnet, European Federation of Energy Traders EFET -Stephen Golliker, Chief Architect Gazprom Marketing and Trading - Chris Potter, Head of Operations, International Standard Bank
- Scott Fenwick, Head of Commodities Flow & Physical IT Barclays Capital - Paul Mather, Global Governance, Risk Manager Total -Dirk Horstrup, Head of ICT and Trading Systems Delivery Manager Stratkraft -Stephen Bell, EMEA & Asia Head of Commodity Operations JP Morgan - Eric Richard, GLobal Head of Commodity Derivative Operations & Standard Comittee Chair FpML, BNP Paribas
You won’t want to miss out on the key summit of 2011
- Andras Hujber, Policy Officer DG Energy European Commission - Udo Dyck, Head of Trade Lifecycle E.ON Energy Trading - Dan Parsons, European Head of Commodity Operations Morgan Stanley - Anthony Waite, Head of IS Strategy and Architecture RWE Supply & Trading - John Herd, Divisional CIO Glencore
Want to know more? Please visit
www.etot2011.com or contact Pooja Samani, Production Director T: +44 20 7111 1615 / E:
poojas@international-research-networks.com
Organised by:
Our key speakers
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