Mutengo wegoridhe uye kuderedzwa kwekuchengetedza kutyaira M&A - BofA

Huwandu hwekutengeserana hunokosha hwekubatanidzwa uye kutora muchikamu chechipiri chegore hwakasvika madhora 2.86 bhiriyoni muzvibvumirano gumi nezviviri, nevatengi vekuChina vachiwana midziyo yegoridhe uye makambani madiki anobatana kuti vave vagadziri vepakati-tier, Bank of America Securities inodaro mushumo mutsva. .

Bhengi rekudyara rakaona kuti kutengeserana gumi nembiri kwakamiririra huwandu hwepamusoro hwekota kubvira chikamu chechina cha2012, uye kukosha kwedhora kwakada kupetwa kaviri iyo yakaonekwa mumadhiri eM&A mukota yekutanga ya2020.

Yakaratidzawo kuti imwe yemafambiro muchikamu chechipiri yaive yekuda kwemidziyo yatove mukugadzirwa kana kupotsa mukugadzirwa. "Zvitanhatu zvegumi nembiri zvekutengeserana muQ2'20 zvaive zvemidziyo iri mukugadzirwa," inodaro mushumo.

Ichitsanangura mamiriro ekudyara aripo se "musika wemutengi wemakambani," Bank of America (BofA) yakataura kuti zvishanu zvekutengeserana nematura zvakaitika muchikamu chechipiri chegore "zvakaderedzwa ne23% kune goridhe riripo. mutengo, pazasi penhoroondo siyana kubva -20% kusvika +10%.

"Iyo data inoratidza kuti H1'20 yaive imwe yenguva dzakanakisa dzekuva mutengi wemakambani egoridhe, migodhi nemapurojekiti," bhanga rakapedzisa.

"Pakutengesa kambani yegoridhe, mitengo yekutenga, zvichienderana nemutengo wegoridhe uripo, waive paavhareji padanho rakaderera kubva 2011 uye yechipiri pasi kubva 1998."

Bhanga iri rakataurawo kuti "mapurojekiti makuru adzoka mufashoni," achitaura nezvekutora mari kwaArtemis Gold kweC$190 miriyoni yeprojekti yeNew Gold's Blackwater muBritish Columbia, imwe yenzvimbo dzakakura dzegoridhe dzakachengetwa muCanada, iyo "yakawedzera mari inopfuura $200. mamiriyoni emutengo mutsva wemusika” kumutengi.

"Izvi zvinogona kudzosera kutarisisa kumakambani anogara pamamiriyoni emamiriyoni oz. yakaderera giredhi goridhe megaprojects."

Pamusoro pezvo, pazvibvumirano gumi nezviviri muchikamu chechipiri, vanomwe vaive nematura uye vashanu vaive nezviwanikwa-chete.

"Nzou mukamuri" yaive yeSSR Mining ine hushamwari hwemadhora 1.71 bhiriyoni yekubatanidzwa kweAlacer Gold muna Chivabvu 11 2020," inodaro, iyo yakagadzira +600,000 oz. mugadziri wegoridhe.

“Matengesi gumi nerimwe asara akakura kubva pamadhora 27 miriyoni kusvika pamadhora mazana maviri nemakumi matatu nemasere. Vagadziri vepasirese vakuru vaive vasipo paM&A circus muQ2'20. "

Uyezve, hafu chete yekutengeserana kweQ2 yaive munzvimbo dzine hushamwari hwemigodhi (Canada, Australia neGhana), zvichiratidza kuti "kugadzikana kwezvematongerwo enyika [kwakanga] kushoma muQ2'20."

Iyo M&A dhizaini inoyerera haigone kunonoka muhafu yechipiri yegore, fungidziro yebhangi, nemitengo yakakwira yegoridhe uye kudiwa kwekuzadza matura.

"Kune H2 2020, kudiwa kwekutsiva nzvimbo dzakacherwa muna 2020 pamwe nemutengo wepamusoro wegoridhe zvichabatsira kufambisa imwe M&A," BofA yakataura mumushumo wayo waChikunguru 9. "Mushure memakore ekudyara zvishoma, tinoona maprofile ekugadzira ari pasi pekumanikidzwa uye matura ari kudzikira. Humbowo hwacho hwakanyanya kuoneka kuti hauregererwe…Pakupera kwegore ra2019 goridhe rakazara revagadziri vegoridhe repasi rose rakasvika 612 miriyoni oz., pasi ne30% kubva pamusoro pe875 miriyoni oz. pakupera kwegore ra2012, zvakaenzana nekudzikira kwereserve life indexes.”

Inofanotaura kuti negoridhe rinogadzira $1,750 per oz., mhedzisiro ichave "mhepo yemahara yekuyerera kwemari uye kuwedzera kukosha kwekuwanda" izvo zvinotaridzika zvakanyanya senguva yerekodhi M&A pakati pa2010 na2013. Vagadziri vepakati-tier vasingaite inotaura nezve“ngozi yoku‘siiwa’ nevezera ravo riri kukura nokukurumidza.”

"Mhosva isingatarisirwe yeasiri-musimboti kutengeswa kweasset nevagadziri vegoridhe vakuru (post iyo mega kubatanidzwa mukupera kwa2018-kutanga 2019) zvakakonzera kuwedzera kwe'senior' yepakati-tier chikamu chevagadziri chakamisikidzwa negoridhe kubuda mu1.0-1.75 miriyoni oz . siyana,” inodaro mushumo wacho. "Ava vagadziri vezvemvura vakakura vari kuuya kune vanoisa goridhe pasi rose (zvichida nekuda kwevadiki vanogadzira goridhe repakati [0.5-1.0 miriyoni oz.]."

Bhanga iri rinonyora makambani masere ari epakati/ epakati-tier anogadzira ayo anotenda kuti ane “zvinonakidza” migodhi uye kana zvirongwa zvekusimudzira: Pretium Resources, Victoria Gold, Torex Gold, Wesdome Gold Mines, New Gold, Lundin Gold, Teranga Gold nePerseus Mining. .

Pamberi pekuongorora nekusimudzira, BofA inoti rondedzero yayo yemakambani ane zvinhu zvinonakidza ine: Gold Road Resources, Osisko Mining, Rubicon Minerals (yava kunzi Battle North Gold), Great Bear Resources, Gold Standard, Orla Mining, Sabina Gold & Silver, Marathon. Ndarama, Okio Resources, International Tower Hill, Novagold, INV Metals, Premier Gold, MAG Silver, Midas Gold, Algold Resources, Eastmain Resources, West African Resources, Belo Sun Mining, Artemis Gold, uye Sirios Resources.

Chinhu chimwe chinogona kudzikisira M&A pasi, hongu, kusakwanisa kwemakambani panguva yedenda riripo kushanya saiti yezvingangotorwa. Nekuda kweizvozvo, "vanotora vanokunda pa 'desktop' kuongorora midziyo vanogona kuwana 'mupendero' pamusoro pevakwikwidzi vavo."

@Nick Sun      [email protected]