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www.EmpireCPolicyandOpportunity
-ChinaMiningandmetalsindustry
RoyPenn,Ph.D,CIO
EmpireCapitalManagement
Oct.20th,2011www.EmpireCPolicyandOpportunityGovernmentpolicyupdatesandexpectationsonthefutureindustryregulations；EvaluationofChina’slongtermresourceacquisitionstrategy;CurrentstatusofChineseoutboundinvestmentdealsandacquisitionsThe
efficientwaytoinvestinChina’sdomesticminingmarket;ThenewwaytoinvestinglobalminingmarketwithChinacompanieswww.EmpireCGovernmentpolicyupdatesandexpectationsonthefutureindustryregulationsIndustryintegration(M&A),especiallycoalindustryandrareearthindustryNaturalresourcestaxcollectionmethodchangesfromtheamountleviedtoAdvalorem(basedonmarketprice).SPRCstrategicreservesmanagement(China’scopperinventorieswere1.9millionmetrictonsattheendof2010)www.EmpireCEvaluationofChina’slongtermresourceacquisitionstrategyFromimportcommoditiestobuymineequityFrombuymineequitytostartjointventuretomineandimportDiversificationfromtraditionalareastoAfricaandCentralAsiawww.EmpireCCurrentstatusofChineseoutboundinvestmentdealsandacquisitionsDuringlast10years,Chinacost50blnUSDtobuy370mines.CICisgoingtoinvestaboutUSD300millioninaMongolianironoremine.MongonliaTTcokingcoalmine(1.8blntons,40%share)byShenhuaGroup.Chileironmine(76%share)byaGuangdongcompany.AustraliaRMLsold$800millionpriceofitsAfricancoalprojectandthecompany's40%sharetoaWuhanCompany.www.EmpireCOpportunitiesinChinadomesticmineindustryLiquiditycontrol
byPBoCpushesminersseekcapitalfrombankloantoPEfund.ResourcesintegrationpolicyaddsM&Aopportunityintheindustry,especiallycoalminers.HigheroilpricemakescoalwhichChinahashugereservesbeaneconomicalsubstitute.www.EmpireCThe
efficientwaytoinvestinChina’sdomesticminingmarket
ThetraditionalwayisforeigninvestoracquiresamineinChina,includingthroughJV,andwaitsfortime-consuminggovernmentpermission.NowhecanjoinaChinabasedPEfundasaqualifiedforeignlimitedpartner(QFLP).Atpresent,theQFLPquotaisonly6blnUSD,ofwhichEmpireCapital(EmpireMineFund)has1blnUSD.www.EmpireCThenewwaytoinvestinglobalminingmarketwithChinacompaniesThetraditionalwayisforeigninvestorbuyamineoutsideofChinawithaChina’scompanyatthesametimeandthesameprice.NowhecanuseasmallamountofcapitaltoinjecttheminerandmaketheminemorematureforChina’sState-owedcompanies,includingCIC,tobuyatahigherprice.China’sState-owedcompaniescanaskpolicybankstogiveleverageloantoclosethedeal.www.EmpireCWhoisEmpireCapital?EmpireCapitalManagementLLPisaglobalassetmanagementcompanywiththreemajorbusinesslines:hedgefund,privateequityfund(PE)andinvestmentconsulting.
Dr.RoyPenn(PengJunming)isthefoundingpartnerandChiefInvestmentOfficerofEmpireCapital.Withalmost10yearsofinvestmentexperiencesintwoofthemostprestigiousinvestmentinstitutionsinChina:StateAdministrationofForeignExchange(SAFE)andChinaInvestmentCorporation(CIC),Dr.Pennisreadytousehisexperiencesandskillstohelpmoreinvestorstoachievetheirfinancialgoals.Dr.Penn’sstrongtrackrecordhasprovenhisabilityofmaintainingapositivereturnunderdownsidemarketenvironments.In2008,attheworstmomentsofthefinancialcrisis,manytop-tierinvestmentcompaniessufferedunprecedentedhugelosses.Atthattime,Dr.Pennwasmanaginga$40billionSAFEportfolioinNewYork.ThankstoDr.Penn’sexceptionalknowledge,experience,andaccuratejudgment,theportfolioachievedamorethan10%positivereturnin2008.www.EmpireCDr.PennandProf.Chen,hisadvisorRoyPenn(PengJunming)CIO,EmpireCapitalManagementSeniorEconomist,XinhuaNewsAgencySeniorFellow,CenterforChinaForeignStrategy,RenminUniversityofChinaFormerCICandSAFEofficialwitharound9yearsglobalmarketexperience.Prof.ChenXuemingChiefGeologist,EmpireCapitalManagementProfess
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