Dilemma of directions of value increasing in mining companies: mergers and acquisitions or exploration?
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Gospodarka Surowcami Mineralnymi – Mineral Resources Management 2009;25(2):61–74
In the paper, it was presented the dilemma of value creation in mining industry through exploration or mergers and acquisitions. Besides, it was identified the actual situation in mining sector in the world and non balance between exploration and M&A processes which are cheaper to mining companies. Mining companies found in M&A processes the easy way of value creation. The boom in the market supports these transactions because mining companies had a lot of money to spend without any operational risk. In that way, it became some diversified companies. Strategies of value creation in mining enterprises caused strong polarization in the sector and specialization in mining activity among companies. In the effect mining firms become price makers not price takers like in the past. There are two areas that must return to equilibrium, firstly it cannot cost less to acquire reserves than discover and develop them. Secondly, mining companies cannot continue to acquire reserves in undervalued market. Diversified mining companies decreased value of exploration budgets and increase account of deals by mergers and acquisitions. But the structure of mining market shows that exploration works are driven by junior companies. There are many juniors in market which are listed on alternative stock exchange like: AIM or TSX-V. Analyses of strategies of most diversified mining companies show decreasing risk activity by separating exploration works from operational activity. After succeeded effects of exploration the estimated mineral deposits is taken by diversified mining companies.
Dylematy kierunków wzrostu wartości przedsiębiorstw górniczych: fuzje i przejęcia czy eksploracja?
górnictwo, fuzja, przejęcie, eksploracja, wzrost wartości
W referacie przedstawiono dylematy kierunków wzrostu wartości przedsiębiorstw górniczych realizowanych poprzez fuzję i przejęcia oraz eksplorację. Zaprezentowano aktualną sytuację w branży górniczej na świecie oraz wskazano nierównowagę pomiędzy poszukiwaniem nowych złóż na rzecz przejęć, które z punktu widzenia przedsiębiorstw górniczych są tańsze. Ponadto zidentyfikowano tendencję zachowań firm górniczych, które realizując strategię wzrostu wartości doprowadziły do polaryzacji rynku oraz specjalizacji, która w efekcie spowodowała możliwości oddziaływania na ceny surowców mineralnych przez firmy branży górniczej.
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