For the downstream steel enterprises, the layout of Rio Tinto's coking coal resources should be vigilant, because in addition to iron ore, coking coal is another important raw material for steel enterprises, and Rio Tinto has formed an intentional or unintentional monopoly in the upstream raw material industry. experience
Australian mining giant Rio Tinto has set its sights on the coking coal industry. On December 23, Rio Tinto issued a statement on the official website that it had signed a transaction contract with the listed company Riversdale Mining Limited (hereinafter referred to as RML), and Rio Tinto invested in the purchase of RML tradable shares and non-tradable shares. According to the statement, Rio Tinto plans to bid for A$3.9 billion (US$16 per share) to acquire RML.
At the same time, RML responded positively to the acquisition. According to reports, an RML executive said, "Major shareholders will respond positively to Rio Tinto's takeover offer. But these shareholders have not yet decided whether to accept the offer."
WISCO or encounter resistance
In fact, the quotation of 16 Australian dollars per share is Rio Tinto's second bid for RML. Previously, Rio Tinto had valued it at 15 Australian dollars (A$3.55 billion), but it was not strongly responded by RML.
It is worth noting that RML is not only "involved" with Rio Tinto, but China and India are also directly or indirectly connected to the two major coking coal consumers. It is reported that India Tata Steel has a 24.16% stake in the company and a 35% stake in the Benga project. Previously, China's large steel company WISCO signed a memorandum of understanding with RML in June this year, to spend $800 million to acquire a 40% stake in the Zambeze coal project, and to subscribe for an RM8% stake at a price of $10 per share. .
"Obviously, WISCO encountered resistance from Rio Tinto." Yesterday, an industry insider told the International Finance News reporter, "Especially Rio Tinto's offer is obviously richer than WISCO. For WISCO, it may have to raise the bid. The way to get the 8% stake it wants." At the same time, the media have also speculated that WISCO's acquisition plan may be aborted. However, a report by the Royal Bank of Scotland earlier pointed out that Rio Tinto may need to raise the offer by 25% to 4.9 billion US dollars in order to finally successfully acquire the controlling stake in RML.
In addition, RML executive director Steve Mallyon told the media, "Passport Capital, the company's third-largest shareholder, has pledged to place a certain number of shares in a pre-bid agreement, giving Rio Tinto more than 14.9% of Riversdale shares. The choice."
Steel enterprise costs rise?
The above-mentioned insiders believe that for the downstream steel enterprises, the layout of Rio Tinto's coking coal resources should be vigilant. "Because of the iron ore, coking coal is another important raw material for steel enterprises, and Rio Tinto is interested in the upstream raw materials industry. Unintentional monopoly, quite experienced." The data shows that coking coal accounts for 20% to 30% of the raw material costs of the steel industry.
“For Chinese steel companies, Rio Tinto has a great influence on the coking coal industry.†Yesterday, a coal analyst who did not want to be named told reporters that “on the one hand, although China is a big coal producer, it is now increasingly dependent on it. Imports, and China's high-quality coking coal resources are abnormally lacking, and in the future may have to endure the cost pressure caused by the increase in coking coal prices caused by monopoly of companies such as Rio Tinto; on the other hand, Rio Tinto may want to further squeeze into international coking coal negotiations, Gradually grasp the right to speak in the coking coal industry, which will have a subtle impact on Chinese steel companies."
It is understood that although China does not participate in international coking coal negotiations (mainly Japan, South Korea and other steel companies and Australian coking coal suppliers negotiate, is also a quarterly pricing model), but will refer to the price agreement set by Japan, Australia and other countries, once the agreement As prices rise, China's imported coking coal prices will also rise, which in turn will increase the cost pressure on Chinese steel companies. In addition, the data also shows that compared with foreign self-sufficient steel companies, such as ArcelorMittal's coking coal self-sufficiency rate of about 64%, China has not yet formed a true sense of layout.
"Rioto is still unable to talk about a complete monopoly. After all, most steel companies in China still use their own coking coal resources." He Rongliang, an analyst at the China Merchants Productivity Promotion Center, told reporters yesterday: "But one phenomenon is that many steel companies in China The newly established blast furnace must cooperate with high-quality coke, while most of the coking coal in Shanxi and Hebei in China is not high-quality and does not meet the demand of Chinese steel blast furnace."
All-round layout
“What’s even more frightening is that Rio Tinto not only pays attention to iron ore and coal resources, but also develops all-round, global resources in other resource areas.†The coal analysts said frankly, “This is a typical example for Chinese companies. Learning object."
Rio Tinto said in several press releases issued to this reporter that it has obtained the right to develop copper and gold mines in the Mongolian Tolgoi area and cooperated with Chinalco to develop the Simandu iron ore resources in West Africa. In addition, Rio Tinto continues to work in the diamond market – also yesterday, it was reported that Russian state-owned diamond miner Alrosa plans to sell 49% of its shares to Rio Tinto for $400 million.
It is worth noting that Japanese steel companies may benefit from the development of Rio Tinto's current round. Mitsui Properties (holding Nippon Steel Trading Co., Ltd., a 20.132% stake in Nippon Steel Co., Ltd.) has clearly stated that it will invest $1.2 billion in Rio Tinto's joint venture to increase its iron ore production capacity.
Australian mining giant Rio Tinto has set its sights on the coking coal industry. On December 23, Rio Tinto issued a statement on the official website that it had signed a transaction contract with the listed company Riversdale Mining Limited (hereinafter referred to as RML), and Rio Tinto invested in the purchase of RML tradable shares and non-tradable shares. According to the statement, Rio Tinto plans to bid for A$3.9 billion (US$16 per share) to acquire RML.
At the same time, RML responded positively to the acquisition. According to reports, an RML executive said, "Major shareholders will respond positively to Rio Tinto's takeover offer. But these shareholders have not yet decided whether to accept the offer."
WISCO or encounter resistance
In fact, the quotation of 16 Australian dollars per share is Rio Tinto's second bid for RML. Previously, Rio Tinto had valued it at 15 Australian dollars (A$3.55 billion), but it was not strongly responded by RML.
It is worth noting that RML is not only "involved" with Rio Tinto, but China and India are also directly or indirectly connected to the two major coking coal consumers. It is reported that India Tata Steel has a 24.16% stake in the company and a 35% stake in the Benga project. Previously, China's large steel company WISCO signed a memorandum of understanding with RML in June this year, to spend $800 million to acquire a 40% stake in the Zambeze coal project, and to subscribe for an RM8% stake at a price of $10 per share. .
"Obviously, WISCO encountered resistance from Rio Tinto." Yesterday, an industry insider told the International Finance News reporter, "Especially Rio Tinto's offer is obviously richer than WISCO. For WISCO, it may have to raise the bid. The way to get the 8% stake it wants." At the same time, the media have also speculated that WISCO's acquisition plan may be aborted. However, a report by the Royal Bank of Scotland earlier pointed out that Rio Tinto may need to raise the offer by 25% to 4.9 billion US dollars in order to finally successfully acquire the controlling stake in RML.
In addition, RML executive director Steve Mallyon told the media, "Passport Capital, the company's third-largest shareholder, has pledged to place a certain number of shares in a pre-bid agreement, giving Rio Tinto more than 14.9% of Riversdale shares. The choice."
Steel enterprise costs rise?
The above-mentioned insiders believe that for the downstream steel enterprises, the layout of Rio Tinto's coking coal resources should be vigilant. "Because of the iron ore, coking coal is another important raw material for steel enterprises, and Rio Tinto is interested in the upstream raw materials industry. Unintentional monopoly, quite experienced." The data shows that coking coal accounts for 20% to 30% of the raw material costs of the steel industry.
“For Chinese steel companies, Rio Tinto has a great influence on the coking coal industry.†Yesterday, a coal analyst who did not want to be named told reporters that “on the one hand, although China is a big coal producer, it is now increasingly dependent on it. Imports, and China's high-quality coking coal resources are abnormally lacking, and in the future may have to endure the cost pressure caused by the increase in coking coal prices caused by monopoly of companies such as Rio Tinto; on the other hand, Rio Tinto may want to further squeeze into international coking coal negotiations, Gradually grasp the right to speak in the coking coal industry, which will have a subtle impact on Chinese steel companies."
It is understood that although China does not participate in international coking coal negotiations (mainly Japan, South Korea and other steel companies and Australian coking coal suppliers negotiate, is also a quarterly pricing model), but will refer to the price agreement set by Japan, Australia and other countries, once the agreement As prices rise, China's imported coking coal prices will also rise, which in turn will increase the cost pressure on Chinese steel companies. In addition, the data also shows that compared with foreign self-sufficient steel companies, such as ArcelorMittal's coking coal self-sufficiency rate of about 64%, China has not yet formed a true sense of layout.
"Rioto is still unable to talk about a complete monopoly. After all, most steel companies in China still use their own coking coal resources." He Rongliang, an analyst at the China Merchants Productivity Promotion Center, told reporters yesterday: "But one phenomenon is that many steel companies in China The newly established blast furnace must cooperate with high-quality coke, while most of the coking coal in Shanxi and Hebei in China is not high-quality and does not meet the demand of Chinese steel blast furnace."
All-round layout
“What’s even more frightening is that Rio Tinto not only pays attention to iron ore and coal resources, but also develops all-round, global resources in other resource areas.†The coal analysts said frankly, “This is a typical example for Chinese companies. Learning object."
Rio Tinto said in several press releases issued to this reporter that it has obtained the right to develop copper and gold mines in the Mongolian Tolgoi area and cooperated with Chinalco to develop the Simandu iron ore resources in West Africa. In addition, Rio Tinto continues to work in the diamond market – also yesterday, it was reported that Russian state-owned diamond miner Alrosa plans to sell 49% of its shares to Rio Tinto for $400 million.
It is worth noting that Japanese steel companies may benefit from the development of Rio Tinto's current round. Mitsui Properties (holding Nippon Steel Trading Co., Ltd., a 20.132% stake in Nippon Steel Co., Ltd.) has clearly stated that it will invest $1.2 billion in Rio Tinto's joint venture to increase its iron ore production capacity.
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