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The following article was published in our article directory on September 29, 2010.
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CVRD Want to Take Root In Asia

Article Category: Business Management

Author Name: xia zihui

The world's largest iron ore producer - Brazil's CVRD on Sept. 25 announced that its Board of Directors has approved its share of depositary receipts (HDR) in the form of the Hong Kong Stock Exchange. Vale said that Asia, especially China has become the most important market for the company, listed in Hong Kong to directly enter the Asian financial (3.15, -0.01, -0.32%, the economy through real-time quotes) market. In addition, the board also approved a scale of up to 20 billion share repurchase program, and decided in January 2011 a total dividend payout to shareholders around 2.75 billion.

Listed in Hong Kong "linkage" Global stock markets

Vale on September 25 issued a statement listing plan, said: "Asia is our main market, its position is increasingly important." Vale said, I hope with the stock exchange in Asia, one of the most important - HKEx listed on the direct access to Asian capital markets to attract Asian investors; In addition, global investors can also provide coverage to the United States, Europe and Asian trading hours in all time zones, including the company's shares trading a variety of options to consolidate its position as the large multinational companies.

CVRD shares are traded on the HKEx on its liquidity, shareholder base and the stock price has a positive expectation. However, some analysts warned that the company's shares issued in Hong Kong are likely to fall into after Prudential suffered the plight of the lack of liquidity. CVRD said the company's procedures for listing on the HKEx stock is still subject to regulatory approval, is expected to be completed end of 2010 listing.

Statistics show that in addition to production CVRD copper, manganese and other minerals, but also operating energy business, there are eight hydroelectric plants in Brazil. The stock is currently in Sao Paulo Stock Exchange, the New York Stock Exchange, Paris Stock Exchange and the Madrid Stock Exchange, worth about 148 billion U.S. dollars or so.

As the world's largest iron ore provider, the world's second largest integrated mining company, CVRD announced to Hong Kong listing is the world's top three mining companies listed in China in the first. Earlier, Australia's third largest mineral producer FMG Group Chief Executive (CEO) Andrew Frist said, FMG hope to the Shanghai Stock Exchange.

In the entire Asian market, China is the world's net imports of iron ore than any other country. Data show that since 2009, CVRD iron ore production reached 238 million tons, of which 142 million tons sold in China, the company sold 57% of total revenue contribution of demand from China, the Chinese market has become the most important CVRD The profit growth.

CVRD executive director of non-ferrous minerals Joseph Carlos Martins said that China is the world's largest buyer of iron ore, CVRD is expected in 2010 demand from China will grow by about 10%. National Bank analyst Felipe of Spain, said Rees, the European market, a serious decline in the second quarter CVRD plans to move the products sold in Europe in Asia, especially China, the formation of a new high in sales.

Changes in market demand in China for iron ore price fluctuations also have important implications. Martins announced early in September, will be based on the Chinese spot market prices for iron ore price index seasonally adjusted, in October to iron ore price from 150 U.S. dollars / ton reduced by 10%, to $ 135. This will be the first cut quarter of this year, CVRD agreed price.

As China's iron ore trade is an important strategic position in the iron ore market price and the strong influence, Vale 10, announced that it has with China Exim Bank and Bank of China (4.07,0.00,0.00%, the economy through real-time quotes) reached an agreement to loans $ 1,229,000,000, for the construction of 12 Chinamax ore carriers. It is reported that Vale shipbuilding loan equivalent to 80% of the funds required, the repayment period is 13 years. Vale said that the cooperation is running in low-cost long-term development under extremely important part. According to reports, the ore carrier named "China's very large," probably because of the huge ship was built specifically for the Chinese market.

Prior to that, 3.8 billion investment in the construction of Qingdao port, 40 tons of ore terminal has been introduced across the board through bridge approach embankment. Analysts pointed out that Qingdao Port Vale has been hope and cooperation in the industrial area, ore distribution center should be part of the cooperation between the two sides. PKU Management Consulting Jiang Chen, Executive Director of the view that Vale set up "China Fleet" is likely intended to Qingdao port "butt." While analysts believe that if the Vale through to create their own carriers, effective control of transportation costs, then the company's iron ore exports to China will be more number, and with Rio Tinto and BHP Billiton competition advantage.

1.7 billion to shareholders

September 25, listed in Hong Kong announced plans at the same time, CVRD Board of Directors also approved a 5% stock repurchase program, valued at up to 20 billion U.S. dollars, and decided to shareholders within the next 5 months dividend 27.5 billion. Brazil's CVRD to the documents submitted by the securities regulatory authorities, said the company plans to repurchase up to 6481 million shares of common stock and 9836.7 million shares preferred stock, total 20 billion U.S. dollars, the company's total outstanding capital stock equivalent to about 5%.

In addition, CVRD Executive Committee also approved a dividend proposal will be January 2011 before the payment of 1.25 billion dividend and the second installment of the minimum additional dividend of $ 500,000,000, totaling 1.75 billion dividend; 1, 2011 month, another dividend Vale Jiangzai $ 1,000,000,000, dividend proposal will be submitted to the Board of Directors for approval. Vale said the dividend in accordance with the Company to May 2, 2010 disclosed the way, will sell its aluminum assets in 2010 from returns to shareholders.

CVRD announced on July 30 reported a second quarter, soaring raw material prices due to the global steelmaking, the company's quarter net profit of 3.71 billion U.S. dollars, growth of more than 4 times; the same period grew 95.3% to 99.3 billion U.S. dollars. Vale said the strong cash generation ability and good performance prospects, strong balance sheet while maintaining the structure of the company, it is also the return on investment for shareholders in the 12 months to 60 billion U.S. dollars.

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