 |
||||
    |
|
|
||
|
Мы в СМИ05.07.2012 PRIME: FOCUS: Analysts skeptical over possible JV of BHP Billiton, MillhouseAnalysts are skeptical about the possibility of a joint venture between U.K.-Australian mining giant BHP Billiton and Millhouse Group, controlled by Russian billionaire businessman Roman Abramovich, on the development of the Baimskaya area in Russia’s Chukotka Autonomous District. The deposit is valuated at around U.S. $700 million-$750 million, analysts say. Millhouse unit obtained a 25-year license for the Baimskaya area in 2008 at an auction for 1.078 billion rubles. Russia’s leading gold producer Polyus Gold International also planned to take part in the auction, but withdrew its application. Currently, the estimated resources of the Peschanka deposit, a part of the Baimskaya area, amount to 7.9 million tonnes of copper and 450 tonnes of gold. In 2011, Russia’s total gold output amounted to 212.122 tonnes, a 4.7% increase on the year. Russian business daily Kommersant reported that Millhouse was involved in negotiations with BHP Billiton on the joint development of the Baimskaya area. According to the daily, the deal may take place by the end of this year with BHP obtaining a 75% stake in the joint venture and Millhouse’s Aristus Holdings receiving the remaining 25%. Analysts doubt that the project will be implemented, because BHP Billiton’s program for this year involves no large acquisitions. «An appropriate valuation for the joint venture of BHP Billiton and Millhouse is about $700 million. Despite large reserves, the lack of infrastructure and low (gold) content do not allow providing a significant premium to the market estimate of gold reserves,» said Anna Antonova from Metropol. She also noted that in May the management of BHP Billiton decided against approving large deals this year as a result of increased spending and weakening prices of raw materials. «We believe that BHP’s interest in the Baimsky project at the current stage may be tentative, taking into account the unfavorable macroeconomic conditions as well as the situation on the raw materials market,» she added. Lenar Khafizov from Prime Mark also supported Antonova’s view. «It is unlikely that the project will be implemented, considerating current market conditions, which are unpredictable,» he said. At the same time, he also assessed the potential joint venture as having a value of $700 million-$750 million. «Even if we eliminate all risks linked with Russia, including political (risks), we will still be faced with the issue of the project’s quality. This is a high risk project, from the point of view of its resource base,» Khafizov said. Khafizov supposes that Millhouse will be unlikely to manage the project alone. «If they are really negotiating regarding cooperation with BHP, it means that full operating control will be supported by BHP, both financially and in terms of technological resources, whose share (in the joint venture) should be at least 50%,» he said. «BHP should also take into consideration the unsuccessful experience of Barrick Gold, which sold its stake in Highland Gold, when the project’s realization did not occur as the company had expected,» Khafizov added. In April, Canada’s Barrick Gold, the world’s largest gold producer, has sold its 20.37% stake in Highland Gold Mining, which is partly owned by Millhouse, to a group of institutional investors. Barrick said that this stake was not a key asset for the company and was not in line with Barrick Gold’s future strategy. Pavel Yemelyantsev from Investcafe said that BHP’s interest in the Russian project could be real. «Economically-speaking, the project is highly profitable, despite its infrastructure difficulties, all of which can be solved with a definite timeframe and financial spending,» he said. He estimated that corresponding infrastructure could be built at the deposit within four to six years. «Currently, it is very difficult to provide an estimate; however, I think that $1.3 bilion-$1.5 billion looks like a substantial sum for the joint venture,» Yemelyantsev said. «The political risk is far higher. In this case, it is all about the reserves of the Baimskaya area, whose precise volume has not been confirmed. However, it must be said that BHP has expressed interest in a partnership with the company of Roman Abramovich, whose outstanding loyalty to the current government could possibly prevent serious problems,» he added. Yemelyantsev anticipates that BHP may obtain a 75% stake in the Baimsky project, if Abramovich manages to convince the government of the necessity of such distribution of ownership. Currently, the share of foreign companies in Russian strategic deposits cannot exceed 10%. In May, the Natural Resources Ministry proposed increasing the share of foreign participation to 25%. In 2011, the Russian government also supported Canadian gold miner Kinross Gold’s initiative to full gain ownership of the Kupol silver and gold deposit in the Chukotka Autonomous District. The total resource potential of the Baimskaya area is estimated at 27 million tonnes of copper and 1,600 tonnes of gold. Russia has one more large undeveloped gold deposit, the tender for which is continuously being delayed. The gold deposit Sukhoi Log, which is located in the Irkutsk Region, contains reserves and resources amounting to 2,956.4 tonnes of gold and 1,541 tonnes of silver.
|
|||
|
|
||||
К списку новостей
Добавить в портфель
Смотреть портфель
Версия для печати
 |
 |
||
|
|
|||
|
Сайты группы «МЕТРОПОЛЬ» |
||
|
Copyrights © 2025. Все права защищены. |
||