外媒：Sesa Goa周一股价大跌8.9%

概述：Vedanta Resources意图通过Sesa Goa收购Caitn India20%股份致使Sesa Goa周一股价下跌8.9%。Vedanta Resources拥有Sesa Goa的57%的股份。Sesa Goa需要资金来运营其铁矿石业务并有意参与到钢铁行业。而印度铁矿石禁止出口导致其价格与出口量的众多不确定因素正成为其困扰。

Sesa Goa plummets on Vedanta's move

Parent Vedanta Resources' move to use iron ore miner Sesa Goa to purchase a 20 per cent stake in Cairn India sent the Sesa Goa stock plummeting 8.9 per cent on Monday.

Vedanta Resources holds a 57 per cent stake in Sesa Goa. Though the company has claimed that the deal is earnings accretive, Sesa Goa needs cash to bankroll expansion plans in its core mining business and its proposed forward integration into steel. The latter may be the key to tide over uncertainties such as a possible export ban and pricing pressures now surrounding Sesa Goa's core iron ore business.

Core operations

The 20 per cent stake in Cairn India is expected to cost Sesa Goa between Rs 13,500 crore and Rs 15,400 crore (depending on the outcome of the open offer). The company held Rs 6,900 crore in cash and liquid investments as of March 31, 2010, and generated consolidated net profit of Rs 1,300 crore on sales of Rs 2,400 crore in the first quarter of the current fiscal. These may be supplemented with short-term borrowings to fund this acquisition.

Sesa Goa's expansion plans in its core iron ore mining business to achieve a doubling of capacity may entail an investment of about Rs 1,500 crore over a two-year period. The company has iron ore reserves of 353 million tonnes.

Expansion plans include raising ore production to 50 million tonnes and a steel plant in Jharkhand where the company is also seeking iron ore mines. Setting up a greenfield steel plant of three million tonnes capacity may entail an investment of anywhere around Rs 13,000-14,000 crore.

As a simple comparative, if Sesa Goa had decided to stick to its knitting and spend Rs 14,000 crore acquiring iron ore mines, it may have managed a substantial addition to their reserves. Just under $2 billion was recently spent by Japanese company Sumitomo for a 30 per cent stake in Brazilian iron ore player Usiminas which has reserves of 2.6 billion tonnes.

Uncertainties

Though Sesa Goa has traditionally enjoyed high operating profit margins and generated high cash flows from operations, uncertainties relating to the iron ore mining business to have been on the rise. Recent developments include a ban on iron ore exports in Karnataka where the company cutback production by 70 per cent on account of rising stock piles of iron ore. Karnataka contributed to 18.5 per cent of the company's production in FY2009-10. Even otherwise, moderating iron ore realisations due .

(来源：Business Line)