技术尽职调查的风险和机遇

第3节（共3节）

Technical Due Diligence

技术尽职调查

caveat emptor”

货物售出，概不退换

Let the buyer beware

买方自慎

What, Who, When, Where, How? 

什么，谁，何时，何地，如何？

1	An investigation in the material facts of a proposed transaction which may lead to an investment 可能会导致投资的对拟议交易重大事实进行的一项调查
2	Undertaken by the investing transaction counterparty v由投资交易对手方承担 - Often involves advisors and consultants 通常会涉及顾问和咨询师
3	Usually prior to the investment transaction occurring 通常在投资交易发生之前
4	In the offices and the site of the recipient counterparty 交易对方的办公室和现场
5	Typically involves the checking of legal, commercial and technical data 通常涉及法律、商业、技术数据的审查

Due diligence success

尽职调查成功

Legal

法律

1	Does the tenement exist? 产权是否存在？
2	Does the owner have rights to it?  所有者是否拥有所有权？
3	Are these assignable (i.e. in the proposed transaction)? 是否允许转让（在拟议交易中）？
4	Encumbrances? 债权？
5	Future permits? 未来的许可？
6	Social license to operate (including local people)? 社会许可证（包括当地人）
7	Any government issues? 政府问题？

Commercial

商业

1	Can the development of the tenement possibly make money? (if, then)  矿产开发可以盈利吗？
2	Taxes, rents, rates, royalties, minimum expenditure, validity dates? 税收、租金、费率、矿山使用费、最低消费、有效日期？
3	Expected outcome and potential future NPV? 预期结果和潜在的未来净现值？
4	Any financial encumbrances of the company or tenement owner?公司/产权所有人的债权？
5	Expected outcome and potential future NPV? 预期结果和潜在的未来净现值？
6	Do any committed contracts, formal and informal, exist? 是否有已签订的合同，正式和非正式的？

Technical

技术

1	What are the Resources and Reserves (if any)?  资源和储量是什么（如果有）？
2	If not, what do you hope or expect to eventually be present at this project?  如果没有，您希望或期望这个项目最终能呈现什么？
3	What the processes (mining, extraction) to get the concentrates to a saleable form?  采用哪些工艺（采矿，提取）将精矿变成可销售的形式？
4	Infrastructure, current and required? 基础设施，当前的和要求的？
5	Are the physical characteristics modelled correctly in any potential economic evaluation?  在任何潜在的经济评估中，是否对物理特性正确地进行了建模？

Examples of M&A due diligence

并购尽职调查的例子

1	Exploration project勘探项目  –Single discipline review (geological team) generally 通常是单学科审查（地质组） –Short time frame with positive and negative aspects   to be identified 短时间开发周期，结果是积极的还是消极的有待确定
2	Producing property生产矿产  –Large and multidisciplinary team 大的多学科团队 –Geology, mining, geotechnical, metallurgical and environmental 地质、采矿、岩土、冶金和环境 –Requires significant input from legal team 需要法律团队的巨大贡献 –Time frame will be dependant on level of detail 时间周期取决于细节层次
3	Public company上市公司  –Significant input from legal and accounting teams 需要法律和会计团队的巨大贡献 –Large and multidisciplinary team 大的多学科团队 –Can have a significant time-frame 有重要的时间框架要求

Important considerations for developers and investors

开发商和投资者的重要考虑因素

Types and levels of due diligence

尽职调查的类型和水平

CHRISTMAS

Due Diligence insight summary

尽职调查总结

1	Due diligence is an important multi disciplinary activity which takes place prior to any investment 尽职调查是在投资前开展的一项重要的多学科活动。
2	It varies depending on the scope and scale of the proposed transaction; it can take weeks and thousands, or months and millions  它取决于拟议交易的范围和规模，可能需要数周花费数千，甚至需要数月花费数百万。
3	Important to advance various aspects of due diligence in harmony to optimise timing 协调好尽职调查的各个方面，以优化各时间节点
4	The due diligence exercise should provide the investing company an appreciation of the risks and issues with the proposed transaction 尽职调查是为了使投资公司对拟议交易的风险和问题有所了解
5	All jurisdictions, commodities, project types have risks 所有辖区、商品、项目类型都存在风险
6	Purpose of due diligence remains to make the right decision given the events and timing 鉴于事件和时间安排，尽职调查的目的始终是做出正确的决策

Example - Chinese SOEs overseas acquisition

例子–中国国有企业海外并购 

1	Two/three stages of technical due diligence 技术尽职调查的两/三个阶段
2	Internal technical due diligence – bar raised over the years  内部技术尽职调查– 近年来标准提高了
3	Internal experts, design institutes, university professors 内部专家、设计院、大学教授
4	Engage financial advisors 聘请财务顾问
5	Other legal/accounting/technical advisors 其他法律/会计/技术顾问
6	Due diligence reports have to go through State-owned Assets Supervision and Administration Commission of the State Council (SASAC)  尽职调查报告需要经国务院国有资产监督管理委员会（国资委）批准
7	Bureaucratic, political agenda 形式主义、政治议程
8	Mix up due diligence and solving problems…混淆尽职调查和问题解决...

Summary of key risks

主要风险总结

1	Mined ore grade is lower than expected 出矿品位低于预期品位
2	Mineral processing/ recovery underperformance 选矿/回收效果不佳
3	Commodity price and exchange rate fluctuations 商品价格和汇率波动
4	Marginal orebody 边缘矿体
5	Capital costs overrun 资本成本超支
6	Higher than planned operating costs 比计划的运营成本高
7	Quality of management and technical teams 管理质量和技术团队
8	Geographic, geopolitical, environmental, social 地理、地缘政治、环境和社会

Conclusion

结论

1	Organisations need to actively manage ‘Resource/ Reserve Risk’ 需要有积极管理“资源/储量风险”的组织机构
2	This requires an understanding of mineralogy, grade and tonnage variability and metallurgical recovery early in the project’s life cycle 在项目的早期阶段，需要了解矿物学、品位和吨位变化、选冶回收率
3	Poor understanding of these factors is a common reason for poor performance and/or project failure 对这些因素的不充分理解是造成表现不佳和/或项目失败的常见原因
4	By identifying potentially high risk areas, companies can minimise their impact through good mine planning and blending strategies 通过鉴别潜在的高风险区域，公司可以通过良好的矿山规划和策略结合来将影响降到最小

A Poem to Remember 

Some mines make me happy, Some mines make me blue; But the one that gave me the most joy. Was the one I sold to you. Or should it read … “Was the one I bought from you.”

CHRISTMAS

圣诞

CHRISTMAS

MERRY

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