Vale launches $1.1 bln bid for S.Africa's Metorex

[bingogo]

vale apportera sans doute du cash pour booster la prod et l'exploration

[bingogo]

Vale launches $1.1 bln bid for S.Africa's Metorex
2011-04-08 16:18:52 GMT (Reuters)


By Ed Stoddard and Denise Luna

JOHANNESBURG/RIO DE JANEIRO, April 8 (Reuters) - Brazil's Vale, the world's largest iron ore producer, bid $1.1 billion for Metorex Ltd to tap into its copper and cobalt operations and drive growth via resource-rich Africa.

The 7.5 billion rand offer at 7.35 rand per Metorex share was a 20 percent premium to the South African miner's closing price on March 25, the last business day before a cautionary announcement related to the matter was made.

"I don't think the shareholders would get much more than that in this current market," said Abri du Plessis, chief investment officer at Cape Town-based Gryphon Asset Management.

He added that he would not be surprised if Vale was not looking at other, bigger mining acquisitions in South Africa.

Analyst Daniella Maia of the brokerage Ativa Corretora described the move as positive for Vale, but thought the price was high.

"Based on my calculations, Vale is paying above the fair value, though that may have been a question of the strategic vision the company has for the asset," Maia said.

Vale said last year it plans to boost copper output by 45 percent to 1 million tonnes by 2015 as it seeks to diversify away from its main business of iron ore.

The company also has copper production in Brazil, Chile and Canada, where copper is produced together with nickel at the Voisey's Bay and Sudbury mines. Copper represented 3.5 percent of Vale's revenues in 2010 compared to 57 percent for iron ore.

The takeover is the latest in a series of high profile moves into Africa by firms in emerging market giant Brazil. Metorex would give Vale exposure to copper and colbalt resources in Zambia and the Democratic Republic of Congo.

Analysts also said it signalled Brazilian investors were serious about Africa to help drive their own growth plans.

"The fact that a big Brazilian global partner is having a look at African assets might signal something for some of the other majors around the world," said Sasha Naryshkine, an analyst at Johannesburg-based Vestact.

"Because if you aren't afraid of mining in the Democratic Republic of Congo, you are not afraid of anything," he added.

(For a special report on Brazil's presence in Africa, click)

Metorex, which will be delisted in Johannesburg if the deal goes through, recently raised its copper and cobalt reserves estimates.

Its output has also been rising. It said earlier this week that its January-March copper output rose 8 percent from the previous quarter to 13,344 tonnes, while cobalt production increased by 10 percent to 1,041 tonnes.

Metorex said in March that with a busy project pipeline and potential for other brownfields expansion it seeks to more than double its current annual copper production of around 50,000 tonnes.

Metorex's share price was 0.56 percent lower at 7.05 rand, underperforming the broader all share index in Johannesburg which was 0.35 percent higher.

[Laf1986]

Je pense que Chibuluma peut être pris comme 30% de la valeur de l'OPA.

En prenant ensuite notre part de 15% on trouve une valeur d'environ 56 millions de dollars soit 63 centimes par titres

Par mal pour l'un des plus petits actifs

[indibleu]

Production cu Chibuluma en 2010 environ 18000 tonnes ; cash cost un peu moins de 3000$ la tonne ; durée de vie à préciser mais sans doute moyenne ; 15% pour Zccm soit 2700 tonnes ;

Equivalence actuelle de production Zccm plus de 100000 tonnes.
Si le chiffre de LAF de 63 centimes est bon , on peut extrapoler grossièrement et multiplier par 40 et on arrive bien à une valeur actuelle de plus de 20 euros . La grande nouveauté par rapport aux ( longues....) années passées, c'est que les calculs de valo sont depuis cette année basés sur la réalité des faits : la ou les OPA en cours ou à venir.