Sustainability Scale Expertise Diversification
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Skorpion Zinc a Jewel in the Desert
January 2018 FACT SHEET SKORPION ZINC A JEWEL IN THE DESERT • Key to the vision of Vedanta Zinc International (VZI) for a Southern African zinc complex of international standing • Aiming to become the safest, socially responsible 1Mtpa integrated zinc producer, in the Q1 median of the global cost curve Lisheen Mine OVERVIEWIRELAND Skorpion Zinc (Skorpion), a part of VZI, is located 25 kilometres north of the town of Rosh Pinah in the //Karas region of Head office southern Namibia. NAMIBIA Skorpion With Black Mountain Zinc Mining and the new, Black Mountain Mining flagship Gamsberg mine Gamsberg project across the border in South Africa’s Northern Cape SOUTH AFRICA province, Skorpion is a key component of VZI’s vision for a Southern African zinc complex of international standing. PAGE 1 SKORPION ZINC: A JEWEL IN THE DESERT Skorpion is the largest integrated zinc producer in Africa and the 8th largest zinc mine in the world. It is a conventional open pit oxide mine where the zinc oxide is quarried and then passed through a complex refining and metallurgical process, producing special high grade (SHG) zinc. It is the only Zinc Refinery in Africa. RESERVE AND RESOURCE The current reserve and resource is 26Mt The Pit 112 expansion, currently under There are further prospects for Skorpion (3Mt zinc), giving a life of mine (LoM) way, has allowed Skorpion to continue Zinc to play an important role in VZI’s vision to 2020. mining beyond 2017. for a Southern African zinc complex. See The Pit 112 expansion on page 3 for See Looking ahead on page 3 for more more information. -
Cairn India Limited
RED HERRING PROSPECTUS Please read Section 60B of the Companies Act, 1956 Dated 27 November, 2006 100% Book Built Issue CAIRN INDIA LIMITED (Incorporated as a public limited company under the Companies Act, 1956 on 21 August, 2006) The registered office of the Company was changed from Lentin Chambers, 3rd Floor, Dalal Street, Fort, Mumbai 400 023 to 401 Dalamal Towers, Nariman Point, Mumbai 400 021, India, its current registered office on 12 October, 2006 Tel: +(91) (22) 2287 2001; Fax: +91 (22) 2287 2002 Principal Business Office: 3rd and 4th Floor, Orchid Plaza, Suncity, Sector 54, Gurgaon, 122 002 Tel: +(91) (124) 414 1360; Fax: +(91) (124) 288 9320; Website: www.cairnindia.com Contact Person: Preeti Chheda; E-mail: [email protected] PUBLIC ISSUE OF 328,799,675 EQUITY SHARES OF RS. 10 EACH (‘‘EQUITY SHARES’’) FOR CASH AT A PRICE OF RS. [ɀ] PER EQUITY SHARE OF CAIRN INDIA LIMITED (THE ‘‘COMPANY’’) AGGREGATING TO RS. [ɀ] (THE ‘‘ISSUE’’). THERE WILL ALSO BE A GREEN SHOE OPTION OF UP TO 49,319,951 EQUITY SHARES FOR CASH AT A PRICE OF RS. [ɀ] PER EQUITY SHARE AGGREGATING TO RS. [ɀ] (THE ‘‘GREEN SHOE OPTION’’). THE ISSUE AND THE GREEN SHOE OPTION, IF EXERCISED IN FULL, WILL AGGREGATE TO 378,119,626 EQUITY SHARES AMOUNTING TO RS. [ɀ]. THE ISSUE WILL CONSTITUTE 18.63% OF THE FULLY DILUTED POST-ISSUE EQUITY SHARE CAPITAL OF THE COMPANY ASSUMING THAT THE GREEN SHOE OPTION IS NOT EXERCISED AND 20.84% ASSUMING THAT THE GREEN SHOE OPTION IS EXERCISED IN FULL. -
EUROZINC MINING CORPORATION TAKEOVER PROPOSAL for VEDANTA RESOURCES Plc
Private and Confidential August 28, 2006 EUROZINC MINING CORPORATION TAKEOVER PROPOSAL FOR VEDANTA RESOURCES plc TABLE OF CONTENTS Sl. No. Particulars Page No. I Market Data and Valuation Summary 1-1a II Key Financial and Operational Parameters at a Glance 2-5 III Basic Financial and Operational Data 6-8 IV Share Structure and Key Valuation Assumptions 9 V Background 10-11 VI Operations, Resources and Exploration 11-22 VII Industry Trend 23-34 VIII Peer Group Comparison Snapshots 35-42 IX Canada Base Metal Hot Deals 43-47 X EuroZinc and Lundin Merger Announcement 48-52 XI EuroZinc’s 2nd Qtr Management’s Discussion & Analysis (Jun 06) 53-63 APPENDICES I EuroZinc’s 2nd Qtr Financial Report (Jun 06) 1-13 II EuroZinc’s Consolidated Financial Statements (2005-04) 1-29 III Lundin’s 2nd Qtr Financial Report (Jun 06) 1-26 IV Lundin’s Financial Statements (2005-04) 1-57 Prepared By: Dr. S. S. Mohanty President & CEO SMART Intl. Holdings, Inc. Private & Confidential August 28, 2006 EUROZINC MINING CORPORATION MARKET DATA SUMMARY TSX (SYMBOL: EZM) AMEX (SYMBOL: EZM) CURRENT MARKET PRICE: (August 25, 52-Week High: 2006) CDN$ 3.49 /US$3.25 TSX: CDN$ 3.31 Low: AMEX: US$ 2.97 CDN$ 0.77/ US$1.05 STOCK RATING: MARKET OUTPERFORMER INDUSTRY OUTPERFORMER EZM VS. S&P TSX COMPOSITE EZM VS. S&P TSX CAPPED MATERIALS VALUATION SUMMARY MARKET MULTIPLE APPROACH (Based on 2007P) UNDERVALUED CAPM Assumptions: Cost of Capital: 8.8% MULTIPLE APPROACH 2 YEAR 2 YEAR 2 YEAR 2 YEAR FORWARD FORWARD FORWARD FORWARD P/E P/CF P/SALES EV/EBITDA (Industry (Industry (Industry -
Redstone Commodity Update Q3
Welcome to the Redstone Commodity Update 2020: Q3 Welcome to the Redstone Commodity Moves Update Q3 2020, another quarter in a year that has been strongly defined by the pandemic. Overall recruitment levels across the board are still down, although we have seen some pockets of hiring intent. There appears to be a general acknowledgement across all market segments that growth must still be encouraged and planned for, this has taken the form in some quite senior / structural moves. The types of hires witnessed tend to pre-empt more mid-junior levels hires within the same companies in following quarters, which leaves us predicting a stronger than expected finish to Q4 2020 and start to Q1 2021 than we had previously planned for coming out of Q2. The highest volume of moves tracked fell to the energy markets, notably, within power and gas and not within the traditional oil focused roles, overall, we are starting to see greater progress towards carbon neutrality targets. Banks such as ABN, BNP and SocGen have all reduced / pulled out providing commodity trade finance, we can expect competition for the acquiring of finance lines to heat up in the coming months until either new lenders step into the market or more traditional lenders swallow up much of the market. We must also be aware of the potential impact of the US elections on global trade as countries such as Great Britain and China (amongst others) await the outcome of the impending election. Many national trade strategies and corporate investment strategies will hinge on this result in a way that no previous election has. -
Most Environmentally and Socially Controversial Companies of 2010 Zurich, December 15, 2010 / Karen Reiner
Most Environmentally and Socially Controversial Companies of 2010 Zurich, December 15, 2010 / Karen Reiner According to the reputational risk radar RepRisk, the top ten most environmentally and socially controversial multinational companies in 2010 were: 1. Transocean Ltd 6. Chevron Corp 2. BP PLC 7. BG Group PLC 3. Vedanta Resources PLC 8. Royal Dutch Shell 4. ExxonMobil Corp 9. Sinar Mas Group 5. Foxconn Electronics Inc 10. Magyar Aluminium (MAL) Companies on the list have been severely criticized by the world’s media, governmental organizations and NGOs for issues including human rights abuses, severe environmental violations, impacts on local communities, corruption and bribery, as well as breaches of labor, and health and safety standards. Rankings are based on the Reputational Risk Index (RRI), as measured by RepRisk throughout 2010. The RRI is directly derived from the negative pr ess captured by RepRisk and its calculation is strictly rule-based. RepRisk does not measure a firm's overall reputation. Instead, by capturing criticism, RepRisk computes a firm's exposure to controversy and therefore provides an indicator for reputational risk. RepRisk is used by asset owners and asset managers, commercial and investment bankers, supply chain managers, and corporate responsibility experts. The Reputational Risk Index (RRI) ranges from zero (lowest) to 100 (highest) and its calculation is based on the reach of news sources, the frequency and timing of news, as well as its content, i.e. severity and novelty of the issues addressed. The RRI is an indicator of a company's exposure to controversial issues and allows an initial assessment of risks that are attached to investments and business relationships. -
Printmgr File
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended immediately to seek your own personal financial advice from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000. If you have sold or otherwise transferred all of your shares in Cairn Energy PLC, you should pass this document, the accompanying form of proxy and the Annual Report and Accounts of Cairn Energy PLC for the financial year ended 31 December 2016 without delay to the stockbroker, bank or other person who arranged the sale or transfer so they can pass these documents to the person who now holds the shares. CAIRN ENERGY PLC (incorporated in Scotland with registered number SC226712) Notice of Annual General Meeting Proposed New Long Term Incentive Plan and Proposed renewal of authority to dispose of or reduce the Group’s residual interest in Cairn India This document should be read as a whole and in conjunction with the accompanying Form of Proxy. Your attention is drawn to the letter from the Chairman of Cairn which is set out in Part I of this document recommending, on behalf of the Directors, that you vote in favour of the resolutions to be proposed at the Annual General Meeting referred to below. Notice of the 2017 Annual General Meeting of Cairn to be held in the Castle Suite of The Caledonian, a Waldorf Astoria Hotel, Princes Street, Edinburgh EH1 2AB at 12.00 noon (BST) on Friday 19 May 2017, is set out at the end of this document. -
(Volcan) and Vedanta Resources Limit
Further Clarification in relation to the transaction with Volcan Volcan Investments Limited (Volcan) and Vedanta Resources Limited, the parent companies of Vedanta Limited, holding more than 50%, have played a significant role in shaping and building Vedanta Limited businesses in a visionary and entrepreneurial manner. Volcan owns a 21% stake (voting interest) in Anglo American Plc (AA Plc). AA Plc is a globally diversified mining business that comprises of De Beers (largest diamond producer), copper, platinum and other precious metals, iron ore, coal and nickel. Cairn India Holdings Limited (CIHL), an overseas subsidiary of the Company, was offered the opportunity by Volcan to invest some of its surplus cash resources in a structured investment representing the economic interest in upside potential of ~24.71 million shares (~1.8% of outstanding shares) of AA Plc. The structure provides significantly higher returns compared to other overseas cash management investments that would typically return around 2%. After careful consideration of the risk adjusted returns of this opportunity relative to other available investments, it elected to invest a portion (which is less than 5% of Group’s cash and cash equivalent of around US$5.0bn) of its available cash resources, as part of its cash management activity. The ownership of the underlying shares, and the associated voting interest, remains with Volcan. The investment now has full capital and downside protection to ensure that the interests of Vedanta Limited shareholders’ are protected. The investment was made on an arm’s length basis in December 2018, after meeting all governance requirements. The economic interest was valued by an independent valuer and approved by the boards of CIHL and Vedanta Ltd. -
Vedanta Limited and Cairn India Revise Terms for Merger
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION 22 July 2016 VEDANTA LIMITED AND CAIRN INDIA REVISE TERMS FOR MERGER Vedanta Limited, Cairn India Limited (“Cairn India”) and Vedanta Resources plc (“Vedanta plc” together with its subsidiaries, the “Group”), today announce revised and final terms to the recommended merger between Vedanta Limited and Cairn India (the “Transaction”), that was announced on 14 June 2015. Key Highlights o The Boards of Vedanta Limited and Cairn India have today approved revised and final terms for the Transaction, taking into account prevailing market conditions and having regard to underlying commercial factors. o Pursuant to the revised and final terms, each Cairn India minority shareholder will receive for each equity share held: - 1 equity share in Vedanta Limited; and - 4 Redeemable Preference Shares with a face value of INR 10 in Vedanta Limited, with a coupon of 7.5% and tenure of 18 months from issuance. - Implied premium of 20% to one month VWAP of Cairn India share price. o The recent commodity price environment has further strengthened the strategic rationale of the Transaction outlined at the announcement: - Diversified Tier-I portfolio de-risks earnings volatility and drives stable cash flows through the cycle. - Strong historical evidence over the last 10 years, of diversified resources companies generating total shareholder returns superior to single-commodity companies. - Improved ability to allocate capital to the highest return projects across the portfolio. -
Skorpion Zinc Refinery Sulphide Conversion Amendment to EIA Report
94 Mandela Avenue, Klein Windhoek, Namibia PO Box 81808, Windhoek, Namibia Tel: (+264) 61 248 614 Fax: (+264) 61 238 586 Web: www.gcs-na.biz Skorpion Zinc Refinery Sulphide Conversion Amendment to EIA Report Version – Final 25 August 2015 Skorpion Zinc (Pty) Ltd GCS Project Number: 14-756 Client Reference: Order Number - 4100019309 GCS (Pty) Ltd. Reg No: 2006/717 Est.2008 Offices: Durban Johannesburg Lusaka Ostrava Pretoria Windhoek www.gcs-na.biz Director: AC Johnstone Skorpion Zinc (Pty) Ltd Skorpion Zinc Sulphide Conversion Report Version – Final 25 August 2015 Skorpion Zinc (Pty) Ltd 14-756 DOCUMENT ISSUE STATUS Report Issue Final GCS Reference Number 14-756 Client Reference Order Number - 4100019309 Title Skorpion Zinc Refinery Sulphide Conversion AmendmentName to EIA Signature Date Author Eloise Carstens 28 July 2015 Document Reviewer Andrew Johnstone 28 July 2015 Director Andrew Johnstone 28 July 2015 LEGAL NOTICE This report or any proportion thereof and any associated documentation remain the property of GCS until the mandator effects payment of all fees and disbursements due to GCS in terms of the GCS Conditions of Contract and Project Acceptance Form. Notwithstanding the aforesaid, any reproduction, duplication, copying, adaptation, editing, change, disclosure, publication, distribution, incorporation, modification, lending, transfer, sending, delivering, serving or broadcasting must be authorised in writing by GCS. 14-756 25 August 2015 Page ii Skorpion Zinc (Pty) Ltd Skorpion Zinc Sulphide Conversion EXECUTIVE SUMMARY Skorpion Zinc life of mine will end in 2019. This will have an economic impact on both Rosh Pinah and the Namibian economy as a whole. In order to extend the life of the refinery and maintain the design production rate beyond 2019, Skorpion Zinc is planning to treat zinc sulphide concentrates in parallel to the oxide stream from 2017 to 2021. -
Bharat Aluminium Company Limited
November 20, 2017 Bharat Aluminium Company Limited Summary of rated instruments Instrument* Rated Amount Rating Action (in Rs crore) Non-convertible Debenture 1,000 [ICRA]AA- (Stable) reaffirmed Term Loan 2,700 [ICRA]AA- (Stable) reaffirmed (Enhanced from Rs 2,350 crore) External Commercial Borrowings US$ 125 million [ICRA]AA- (Stable) reaffirmed (reduced from US$ 258 million) Fund-based Facilities 500 [ICRA]AA- (Stable) reaffirmed Non-fund Based Facilities 2,650 [ICRA]A1+ reaffirmed Commercial Paper 2,000 [ICRA]A1+ reaffirmed Total Rs. 8,850 crore and US$. 125 million *Instrument details are provided in Annexure-1 Rating action ICRA has reaffirmed the [ICRA]AA- (pronounced ICRA double A minus) rating assigned to the Rs. 1,000-crore1 non-convertible debenture (NCD) programmes, Rs 2,700-crore term loans (increased from Rs 2,350 crore), Rs 500-crore long-term fund-based bank facilities and US$125 million external commercial borrowings (ECB, reduced from US$ 258 million) of Bharat Aluminium Company Limited (Balco)2. The outlook on the rating is Stable. Though the ECB facility of the company is denominated in foreign currency, ICRA’s rating for the same is on a national rating scale, as distinct from an international rating scale. ICRA has also reaffirmed the [ICRA]A1+ (pronounced ICRA A one plus) rating assigned to the Rs. 2650.00-crore short-term non-fund based bank facilities and the Rs 2,000-crore Commercial Paper programme of Balco. Rationale The ratings take into account the steady increase in international aluminium prices and the expected improvement in Balco’s debt-protection metrics, a result of the production ramp up from its 0.325-million metric tonne per annum (MMTPA) aluminium smelter, at a time when aluminium prices have improved to buoyant levels. -
G20 Subsidies to Oil, Gas and Coal Production
G20 subsidies to oil gas and coal production: India Vibhuti Garg and Ken Bossong Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Korea (Republic of) Mexico Russia Saudi Arabia This country study is a background paper for the report Empty promises: G20 subsidies South Africa to oil, gas and coal production by Oil Change International (OCI) and the Overseas Turkey Development Institute (ODI). It builds on research completed for an earlier report The fossil United Kingdom fuel bailout: G20 subsidies to oil, gas and coal exploration, published in 2014. United States For the purposes of this country study, production subsidies for fossil fuels include: national subsidies, investment by state-owned enterprises, and public finance.A brief outline of the methodology can be found in this country summary. The full report provides a more detailed discussion of the methodology used for the country studies and sets out the technical and transparency issues linked to the identification of G20 subsidies to oil, gas and coal production. The authors welcome feedback on both this country study and the full report to improve the accuracy and transparency of information on G20 government support to fossil fuel production. A Data Sheet with data sources and further information for India’s production subsidies is available at: http://www.odi.org/publications/10073-g20-subsidies-oil-gas-coal-production-india priceofoil.org Country Study odi.org November 2015 Background remained substantial at $11 billion in 2014–15 (MoPNG, India has substantial fossil fuel reserves, including 61 2015b). Similar consumer subsidies of approximately billion tonnes of coal, 5.7 billion barrels of oil and 1.4 $12 billion in 2012–13 existed in the electricity sector. -
Running an Oil Company in India by Sastry Karra
RUNNING AN OIL COMPANY IN INDIA BY SASTRY KARRA FROM 1999 – 2009 INTRO 1 INDIA BACKGROUND • POPULATION 1.3 BN • AREA - 3.3 MM SQ KM, A THIRD OF CANADA • 5,000 YEARS (OR MORE) OF HISTORY • YOUNG POPULATION - AVERAGE 24 YEARS OLD • SIZEABLE ILLITERACY AND POVERTY STILL REMAINS • PROBLEMS ARE MYRIAD • MANY CHALLENGES 2 INDIA AND CHINA ACCOUNTED FOR 75% OF WORLD GDP IN THE 15TH CENTURY UNLIKELY THEY WILL REACH BUT ROBUST GROWTH WILL AND INDIA, FOURTH TODAY THIS FIGURE AGAIN PUSH CHINA AS THE NO 1 WILL REACH 3RD POSITION ECONOMY SOON TECHNOLGY BILLION CELL PHONESPACE MOST NUMBER OF CELL PHONES ACHIEVEMENTS IN SPACE MANY FIRSTS JUST LAUNCHED A VESSEL TO MARS 3 FROM OUT-SOURCING AND BACKOFFICE TO INTERNET AND CORPORATE POWER • FINANCIAL ANALYSIS FOR MOST USA, CANADIAN AND EUROPEAN BANKS • A YOUTH FROM HYDERABAD NOW CEO OF MICROSOFT • ANOTHER YOUNG MAN FROM CHENNAI CEO OF GOOGLE • SEVERAL CEOS OF WESTERN BANKS • CEO OF PEPSI • MAJORITY ON THE DIAMOND COUNCIL IN ANTWERP 4 OIL AND GAS SITUATION • ONLY 4% OF WORLD’S SEDIMENTARY BASINS IN INDIA SERVING 18% OF POPULATION • STILL MANY AREAS REMAIN TO BE EXPLORED • YEAR 2002 WAS A GREAT YEAR WITH RELIANCE MAKING BIOGENIC GAS DISCOVERIES IN THE KRISHNA GODAVARI (KG) BASIN DEEP WATER • CAIRN MADE MEGA DISCOVERIES IN RAJASTHAN • CURRENT IMPORTS 4 MMSTB OF OIL PER DAY AND 15 MMT/YR OF LNG • DEMAND SOARING AND DOMESTIC PRODUCTION ON DECLINE 5 FOREIGN OIL COMPANIES IN INDIA • FEW EXPLORATION WELLS DRILLED PRIOR TO THE EIGHTIES WITH NO SUCCESS • EARLY NINETIES SAW THE ENTRY OF CAIRN ENERGY, HARDY OIL, NIKO