(Original title: The cost is equivalent to 8,300 yuan / ton of LCE! The purchase price exceeds the “Lith King” Ganfeng Lithium Snowway Mining Equity Auction, which is accused of “killing red eyes”)
Financial Associated Press, May 21 (Reporter Li Zijian)The protracted “auction war” of Snowway Mining finally came to an end, and 54.29% of the shares were acquired by the mysterious Tan Wei at an “astronomical price” of nearly 2 billion yuan.
Previously, a reporter from the Financial Associated Press pointed out in the report “Revealing the Hidden Past of the Dechalongba Lithium Mine: 95% of Snowway Mining’s shares were sold for 470,000 yuan, and some officials were “fallen out” because of this”. The fourth prospecting right reservation of the Dechalongba Lithium Mine is progressing slowly and there is a risk of losing the mining right.
Although Snowway Mining’s Dechalongba lithium mine has obvious flaws, in order to compete for the hot lithium mine resources, capital is willing to pay a high premium for it. If considering the equity consideration, debts and the increase in the price of exploration minerals, the price of this auction corresponds to a single ton of LCE of nearly 8,300 yuan. The Cailian reporter learned through calculation and comparison that the price is even higher than buying the “lithium king” Ganfeng Lithium. Industry (002460.SZ) is still expensive.
According to the “Assessment Report on Detailed Exploration and Exploration of Dechalongba Lithium Mine and Quartzite Mine in Yajiang County, Sichuan Province” based on June 2021, the retained resource reserves of Dechalongba Lithium Mine are 24.92 million tons, and Li2O It is 293,200 tons, with an average grade of 1.18%; there are also associated resources such as Ta2O. The conversion factor of lithium oxide and lithium carbonate equivalent LCE is 1:2.47, that is, the Dechalongba lithium mine has 720,000 tons of LCE.
But in addition to the equity transfer price of 2 billion yuan, the mysterious man Tan Wei may have to pay additional costs.
According to the “Announcement of the Manager of Yajiang Snowway Mining Development Co., Ltd. on the Fourth Open Recruitment of Intended Investors”, as of December 31, 2021, Snowway Mining has confirmed that the amount of creditor’s rights is 1 billion yuan.
In addition, in August 2016, Snowway Mining failed to pay 1.279 billion yuan for the price of “increasing exploration mineral types” announced by the Sichuan Provincial Department of Land and Resources for the prospecting rights of Dechalongba lithium mine and quartzite mine. expired.
If the amount of creditor’s rights and the price of increased exploration minerals are converted according to the proportion of 54.29% of the equity, the amount is 1.237 billion yuan, and the 2 billion yuan of equity auction is added, and the total consideration may be as high as 3.237 billion yuan.
Taking the 720,000 tons of LCE owned by Dechalongba Lithium Mine as a percentage of equity, the LCE cost of this auction may be as high as 8,300 yuan / ton, which is almost the highest in the major lithium mine acquisitions publicly disclosed since 2022. of.
A reporter from the Financial Associated Press found that Yichun Times, a subsidiary of Ningde Times, bid for the prospecting right of the Jianxiawo mining area, and the equivalent consideration was 132 yuan/ton LCE; Zijin Mining acquired 70% of the equity of Tibet Lagocuo Lithium Salt Lake, and the equivalent consideration was about 3269 yuan/ton LCE; Xinyu Ganfeng, a subsidiary of Ganfeng Lithium, acquired Songshugang tantalum-niobium mine at a consideration of about 719 yuan/ton LCE.
What’s more worth noting is that the relevant research report of Zhongtai Securities shows that by the end of 2021, Ganfeng Lithium’s equity resources will be about 30 million tons of LCE. If calculated based on the total market value of Ganfeng Lithium’s closing price of 174.7 billion yuan on May 20, the equivalent consideration is 5,823 yuan / ton of LCE.
This means that even without considering Ganfeng Lithium’s production capacity and technology, the LCE-equivalent consideration for buying Snowway Mining is more expensive than buying “Lithium King” Ganfeng Lithium.
Some analysts said that the scramble for resources has become fierce, including the 3Q, Lagocuo and other resources acquired by Zijin before. If they are not bound, the auction is likely to cause irrational bidding behavior by the participants. It also said that this price needs to be viewed rationally, “the high-priced acquisition may be a reflection of strong demand in the future, but we need to be vigilant not to become a victim of the lithium cycle.”
(Editor: Cao Jingchen)