Greed and ineptitude: when will we ever learn
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KALGOORLIE, Australia (Reuters) - As world bullion prices galloped to record highs, all things gold dominated the annual outback Diggers and Dealers mining conference, from debates over the next hot exploration prospects and hostile
Day said Australia may still be attractive for Chinese gold investors, like Zijin Mining , China's top gold producer, which has bought just under 17 percent of Norton Gold Fields , potentially as a beachhead for further offshore expansion.
The decision by the then Treasurer Peter Costello and the Reserve Bank in November 1997 to sell Australia's gold reserves was questionable at the time. Now with gold nudging $1700 an ounce - how much has it cost? How great has the country's loss been?
The last such discovery was BHP's Olympic Dam, according to geologist Ian Lambert of Geoscience Australia. This find came about when Western Mining Corporation, now owned by BHP, happened upon an enormous copper, gold and uranium deposit while
In this 1943 adaptation of Cole Porter's Broadway hit, hoofer Ball had the lead role as a golddigging nightclub singer, opposite fellow comic Red Skelton and a rising song-and-dance man named Gene Kelly. She was billed in the movie's trailer as "Queen
Dealtalk, charged the miners could turn more hostile bids ...
The rate of supply of resources has accelerated in recent weeks, putting the industry on track to top a record $ 120 billion in transactions this year, Ernst & Young predicts.
Offers are driven by miners eager to implement the loot from the commodity markets booming, and some are forced to enter new sectors or regions, as the number of available assets of the main level is thin.
"There are fewer world class assets out there, and people become more and more desperate, they will have no choice but to go hostile," said Tim Day, chief of the Perth office of UBS, told Reuters.
Knowing that the suitors are hungry, acquisition targets with bullish expectations remain strong bids, while the weak capital markets have depressed their shares, making it harder for deals to be sealed.
To help close that gap assessment and get deals done, the suitors have to go hostile, including a Peabody and top steelmaker ArcelorMittal in their pursuit of Australian coal miner Macarthur.
"With all announced acquisitions, most of them have been friends. That could change," said Paul Murphy, Asia Pacific, mining and metals operations leader of Ernst & Young, told reporters.
NEW HORIZONS
Miners digging up the acquisitions are pushing into new sectors or geographic regions, partly to avoid the pitfalls of competition, as BHP Billiton ( BHP.AX ) ( BLT.L ) Has made a wave of $ 17 billion to U.S. producers shale gas and Barrick Gold ( ABX.TO ) Made its $ 7.7 billion acquisition of copper miner Equinox Minerals.
"What we're seeing now is that they can not afford to accumulate cash. Some are forced to do mergers and acquisitions," said Murphy.
Gold miners, horseback record prices for gold, looking for companies with resources outside of Australia for acquisition opportunities.
Australia is increasingly seen as over-scan and expensive to operate in. At the same time, Africa is increasingly seen as too risky, unrest following in countries like Burkina Faso and Ivory Coast, the Day of UBS, said .
"South America is becoming the new gold people are excited jurisdiction," he said.
Mining the gold resources in South America include Troy Resources ( TRY.AX ) And Mundo Minerals ( MUN.AX ).
Asia-Pacific regional president of Barrick Gold Gary Halverson agreed that the objectives in Australia was "turning expensive."
"We are looking for other acquisitions and opportunities, but we do not feel compelled to jump into anything," Halverson said the Diggers Distributors annual conference, attended by over 2,000 companies in the mining and exploration, stockbrokers, bankers , investors, financial and mining service.
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Victoria and the Australian gold mines in 1857, with notes on the overland route from Australia via Suez
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Edward Dowling, CEO of Alacer Gold, is forecasting about a 20% increase in gold production by 2015.
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