The global mining giant Rio Tinto's acquisition of Australian coking coal producer Riversdale Mining seems to be inevitable. Yesterday, in order to increase its odds, it raised its bargaining again – raising the bid from A$16 per share to A$16.50 per share, and extending the bid to the effective date. April 1. Rio Tinto said, “If there are no bidders, this will be the final offer.†Riversdale has two coal mining projects, BENGA and ZAMBEZE, in Mozambique, Africa, and anthracite coal mines in South Africa. In recent years, with the sharp increase in global crude steel production, as the upstream product of steel, coking coal prices have also risen sharply, gradually becoming the second resource after iron ore to restrict the profitability of steel companies. Chinese steel companies that have suffered large losses on iron ore are also actively looking for coking coal projects in the international market. The Wuhan Iron and Steel Group is one of them. On June 23 last year, WISCO and Riversdale signed a non-binding memorandum of understanding to acquire an 8% stake in the latter at a price of AUD 10 per share, while WISCO will also own a 40% stake in the ZAMBEZE coal mine. The right to buy at least 10% of the coking coal reserves in the BENGA coal mine, the total investment amounted to 800 million US dollars. But on December 23 last year, Rio Tinto smashed out and proposed to bid about A$3.9 billion, or $16 a share, for a wholly-owned acquisition of Riversdale. Since then, the market once reported that WISCO will be defeated. However, Deng Qilin, general manager of WISCO Group, said in an interview with the “First Financial Daily†that “Wugang has not given up this project. No matter which one wins, it should hope that WISCO will participate. After all, WISCO is the downstream industry of coking coal. In addition to Rio Tinto, India's Tata's shareholding in Australia's Riversdale Mining Company has increased from 24.2% to 27.1%, and Riversdale's second largest shareholder, Brazil's National Black Metallurgical Steel Company, has increased its shareholding ratio to 19.9%. In an interview with this newspaper, many experts believe that with the increasing size of the blast furnace in the domestic steel industry, high-quality coking coal resources are likely to become the second "iron ore", and the right to speak will gradually be controlled by large international coking coal producers. . In fact, the right of the international mining giant to focus on coal has gradually increased. Recently, a number of media reports, Anglo American has reached an agreement with the largest steel producers in Japan in the second quarter, Nippon Steel and JFE. The FOB price of the high-quality low-volatility German Creek hard coking coal supplied by Anglo American will be determined. US$330/ton, up 46% from the first quarter. "After the news is confirmed, it means that the coking coal price in the second quarter will be significantly higher than the previous market expectations, and will also set a record high price of 300 US dollars / ton set in 2008." Wang Ling, a joint metal coal coke analyst told The newspaper. Not only that, but BHP Billiton, the world's largest diversified mining company, has informed major Japanese steel companies that they will be pricing monthly for coking coal in April 2011 to replace quarterly pricing.
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