经济学人下载:智利国家铜业公司对战英美资源集团

Business
商业报道

Codelco v Anglo American
智利国家铜业公司对战英美资源集团

Ore war
矿石之战

A mineral battle in business-friendly Chile
商业环境友好的智利爆发矿产之争

LEADERS of countries at war have long warned voters not to throw them out before the shooting stops.
战争期间的国家领导人早就提醒过选民，在枪击停止前不要把他们甩在一边。

Although Chile has been at peace since it restored democracy in 1990, its state copper company, Codelco, is embroiled in a fierce legal fight with Anglo American, a global mining conglomerate, over the ownership of rich metal deposits.
尽管智利在1990年恢复民主后一直处于和平状态，其国家铜业公司Codelco还是为了与英美资源集团争夺金属富矿的所有权而被卷入到的激烈法律争端中。

And it will now have to wage that battle without its boss, Diego Hernandez, who quit his job on May 24th.
现在Codelco不得不在没有主帅的情况下进行这场斗争—其执行总裁埃尔南德斯于5月24日辞职。

Chile's mining industry has boomed under a hybrid structure, in which Codelco, the world's biggest copper firm, competes with private rivals.
作为世界上最大的铜业公司，Codelco与私营企业不断竞争—智利的采矿工业 在这种混合结构下繁荣起来。

The company hired Mr Hernandez, who had previously worked at BHP Billiton, another global miner, mainly to oversee expansion.
Codelco雇佣曾供职于必和必拓的Mr Hernandez，主要是为了让他负责公司的扩张战略。

Mr Hernandez soon found a tempting acquisition target in Anglo American's Sur project, consisting of two mines, a smelter, and two recently discovered deposits in the Andes, which are thought to hold a whopping 2.1 billion tonnes of ore.
Mr Hernandez很快就发现了一个诱人的收购目标——英美资源集团的苏尔项目，该项目包括两处矿山、一个冶金厂和两处最近在安第斯山发现的两处矿床。

In 1978 Codelco acquired an option to buy up to 49% of Sur during a one-month window every three years.
1978年Codelco就签订了收购苏尔49%股权的期权的合同，每三年开放一次窗口。

In January the company exercised it. Its contract contains a formula for calculating the price, which is based in part on Sur's profitability in the five years before purchase.
今年一月Codelco宣布行使期权。这份合同包含一个公式，能够根据苏尔在收购前五年的盈利能力等因素计算出其价格。

Codelco says this equation values the project at $13.5 billion.
Codelco称根据这个公式该项目价值135亿美元。

It secured a $6.75 billion loan from Mitsui, a Japanese firm, to pay for its share.
Codelco已经从日本三井物产获得67.5亿美元的担保贷款来购买这些股权。

However, the formula takes no account of the new finds at Sur or Anglo American's investment in it.
但是，这个公式没有考虑到苏尔公司新发现的矿产或者是Anglo American对苏尔的投资。

To fend off Codelco, Anglo agreed with Mitsubishi, another Japanese trading house, to sell a 24.5% stake for $5.4 billion.
为了抵制Codelco的收购，Anglo同意向日本三菱公司以54亿美元的价格出售苏尔集团24.5%的股份。

Anglo said Codelco would have to settle for a smaller slice after the Mitsubishi deal closes.
Anglo表示，在与三菱公司的交易完成后，Codelco 只能收购在苏尔集团的剩余的部分股份 。

Mr Hernandez accused Anglo American of breaching its contract.
Mr Hernandez起诉Anglo American违反合约，

The two sides went to court.
双方对簿公堂。

Then on May 22nd they suspended proceedings and agreed to talk.
5月22日，双方又推迟诉讼，打算和谈，

They gave themselves 30 days to reach a deal.
原本计划在30天内达成一致意见，

But two days later Mr Hernandez abruptly quit.
但2天后，Mr Hernandez突然辞职。

He said his departure had nothing to do with the Anglo spat,
Mr Hernandez表示他的离职与Anglo争端无关，

but rather with the company's board, which he accused of micromanagement.
而是对公司董事会事无巨细的微观管理方式不满。

In 2010 Chile overhauled Codelco's administrative structure, transforming the board from a mere rubber stamp into a real check on management.
2010年智利政府对Codelco的行政结构进行了整改，董事会获得了对公司管理层的监管权力，不再像以前那样只是个橡皮图章。

Industry observers say the new organisation has led to better decision-making.
业内观察家认为新的组织架构可以更好地作出决策。

But Mr Hernandez apparently grew tired of having to explain himself at every turn in interminable meetings.
但是Mr Hernandez显然已经厌倦了在没完没了的会议上一遍又一遍的解释自己的做法。

His successor is Thomas Keller, the company's chief financial officer, formerly of Royal Dutch Shell.
Mr Hernandez的继任者是公司首席财务官托马斯.凯勒，曾在荷兰皇家壳牌公司工作过。

Industry observers say Mr Keller is a more open boss than Mr Hernandez.
业内观察家认为相比Mr Hernandez ，Mr Keller是一个思想更为开放的老板。

Although Mr Keller will probably pursue a similar corporate strategy, Anglo American may try to take advantage of the turmoil to adopt an even tougher stance in negotiations.
尽管Mr Keller很可能继续推行与Mr Hernandez相似的公司战略，Anglo American可能会利用这段混乱期，以在谈判中采取更强硬的立场。

How the government-appointed board will advise the new boss remains to be seen.
政府委任的董事会将对这位新经理提出怎样的建议，目前还不得而知。

Chile would love to get its hands on Sur, and will face domestic pressure not to buckle:
智利政府十分希望能够拥有苏尔项目，同时也将面对难以克服的国内压力：

politicians and union leaders have accused Anglo American of trying to rob the country of its God-given copper, and public opinion frowns on foreign control of mines.
政客和工会领导人来控诉Anglo American试图强占本属该国的铜矿资源，公共舆论也对外国控制国内矿山表示不满。

But Chile also wants to protect its relationship with Britain and its reputation as one of Latin America's safest places to invest.
但与此同时，智利政府也希望保持与英国的关系，并维护好自己作为拉丁美洲最安全的投资国的名声。

Mr Keller may guide Codelco to a settlement, but he might soon find himself as frustrated as Mr Hernandez was with a process that is as much about politics as it is about business.
Mr Keller可能会引导Codelco合理解决现有问题，但今后他除了经营公司，还要应付许多政治活动—这可能很快会让他变得和前任Mr Hernandez一样沮丧。