Panzhihua vanadium and titanium high-priced purchase mine accused tricky Qidashan Iron overvalued
 
Two months later, the second edition of Panzhihua vanadium and titanium additional program looks good faith. August 10, the program was announced, the strong limit of Panzhihua vanadium and titanium. But a closer analysis of the contemplated purchase the texture of assets, such optimistic expectations but in reality can not withstand scrutiny. To be injected into the estimate of $ 130 billion in assets, whether it is with the end of 2011, Angang injection Mining compared Anqian, or with other listed companies, the purchase price is not cheap.
 
Some investors said the two-month period, the assessed value of the asset down from 17 billion yuan to 130 billion yuan, the largest shareholder of the Anshan Iron and Steel Group, is difficult to distance themselves from the urgent suspicion of misappropriating cash.
 
Qidashan Iron overvalued
 
According to the announcement, the Anshan Iron and Steel Group's desire to sell the Panzhihua vanadium and titanium assets, including iron ore and concentrator Qidashan assets (hereinafter referred to as "Qidashan consolidated assets), the assets of 13 billion yuan through the preliminary assessment of the value of reduced corresponds to the development and utilization of the program design ore (to recoverable reserves) to 321 million tons. Then calculated according to the value of the assets of 13 billion yuan, intends to inject assets tons reserves worth $ 40.5.
 
Contrast the end of 2011, the Anshan Iron and Steel Group restructuring Panzhihua vanadium and titanium injection Anqian valuation of mining assets, according to the time of the announcement, the asset to maintain reserves of 1.15 billion tons of recoverable reserves of 370 million tons, the assessed value at the time eventually identified as 5.989 billion yuan.
 
According to mineral assessment professionals, to maintain reserves the real proven mineral reserves after deducting the amount of exploitation and loss reserves. It reflects the reality of the mine mineral resources; recoverable reserves refers to the part of the current technical and economic conditions of industrial production and mining, mined from usable or may take advantage of the proven reserves.
 
Therefore, the calculation of the tons of resources reserves value selection recoverable reserves of more scientific. Then this calculation, the Mining Anqian tons of reserves value of $ 16.22, only the consolidated balance Qidashan ton reserves about 40% of the value.
In addition, according to the source, the revaluation of the mining assets are mainly derived from the value of the value-added of the mining rights.
 
Injection in the second half of 2011 Anqian Mining mining rights of the assessed value of $ 1.5 billion, estimates the mine tons of the value of the mining rights for 4.05 yuan / ton (15/3.7);, and the issuance of mining warrants Qidashan estimated value of 58 billion yuan, this calculation to estimate the value of 18.06 yuan / ton (58/3.21) tons of mining, the saddle thousands of mining tons of four times the value of the mining rights.



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