Huang Caili Yang Qunzhou
(Henan Bureau of Nonferrous Metals Geology and Minerals)
Since the founding of New China, in terms of mineral exploration, the exploration funds mainly come from the state financial input. After the reform and opening up, some social funds also entered the exploration market. According to Liu Yikang's research, the total investment in solid mineral exploration in China in 22 was 1.98 billion yuan, of which 84 million yuan was invested by the central and local governments, accounting for 42.7% of the total investment. Social investment was 1.14 billion yuan, accounting for 57.3% of the total investment. Social investment includes mining investors, mining enterprises, self-financing by geological prospecting units, foreign capital, etc. Among them, private capital has accounted for a considerable proportion. In 22, the social capital investment in solid mineral exploration exceeded the national financial investment, which was an important historical turning point in the history of mineral exploration in China. In recent two years, due to the impact of the international financial crisis, social investment has been greatly reduced, and government investment has been greatly increased to stimulate domestic demand. Mineral exploration is a high-risk field, and the success rate of prospecting is less than 5%. It is worth discussing to invest a lot of government funds in this high-risk field. The financing system of Canadian risk exploration companies may give us some enlightenment.
first, the financing system of Canadian risk exploration companies
At present, Canada's capital market is one of the most important mining capital markets in the world, especially in raising risk exploration funds, which has unique advantages. By the end of 25, * * * there were 19 senior mining companies listed on the senior board (equivalent to the main board, TSX), and the stock market value exceeded 13 billion Canadian dollars; In addition, there are more than 9 primary mining companies (also known as resource companies) listed on the venture capital board (TSX-V), accounting for 35% of the total market value of the entire venture capital board. Canada's mining stock market value accounts for about 48% of the world's mining stock market value.
In the past few years, Canada has carried out a major reform of the national stock exchanges, merging the former regional primary stock exchanges in Vancouver, Albert, Quebec and Montreal into a single primary market, namely the Canadian Risk Exchange. Later, the Canadian Risk Exchange was merged into the Vancouver Stock Exchange, forming a single national capital market in Canada-Toronto Stock Exchange Group. At present, the Canadian stock market consists of a senior stock market and a junior stock market. Toronto Stock Exchange deals with mature companies, while Vancouver Venture Exchange deals with junior companies.
Vancouver Stock Exchange has low requirements for initial listing of risk exploration, so the following conditions can be met:
Study on technical and economic management of geological prospecting
It is relatively easy for primary mineral exploration companies to be listed on Vancouver Stock Exchange, but it is difficult to raise funds. Success in listing is not equal to success in raising funds. No senior independent exploration geologist has recognized your "prospecting story", and the leadership of the company, which is not well-known in the exploration circle, will not have many people buying your risk exploration stocks.
Small mining companies in Canada, like developing a software, can raise funds by private placement and then go public on the Growth Enterprise Market. In fact, risk exploration is just like researching new drugs and developing new software. The key is an idea. In the field of risk exploration, it is necessary to tell a good story and convince investors that mines can be found in a certain area. Some institutions and people will buy his shares. Once the prospecting is successful, the share price will rise several times and dozens of times.
The "story" of primary mining companies attracting investors is quite important, and it cannot be told by itself, but by independent exploration geologists. Whether investors buy your stock will depend on whether your team is good or not. If this team has made money for investors in history, they may continue to support it. There is another situation, that is, the discerning eye knows the real gold. Although this person is not famous, his ideas are very creative, and investors may be willing to spend a sum of money for him.
In addition, rewarding geologists with talented ideas is also an important reason why risk exploration companies in Canada and other countries can spread all over the world. According to reports, "it is normal for a technical backbone with key technologies and key ideas to get millions, tens of millions or even more income after successful exploration." An important reason for their success is that a mature risk exploration mechanism is playing a role.
At present, there are many foreign companies conducting risk exploration in China. According to incomplete statistics, there are 37 companies in Canada alone (Table 1).
Table 1 Canadian listed companies conducting risk exploration in China
Continued Table
II. Domestic risk exploration financing status
At present, listed companies in several mining circles in China are also active, such as Fujian Zijin Mining Co., Ltd., Shandong Zhaojin Group Co., Ltd., Western Mining Co., Ltd., Lingbao Gold Co., Ltd., Luomo Group, shenhuo group, etc. are all increasing investment in commercial mineral exploration, obtaining exploration rights and prospecting. Some powerful enterprises are also developing in this respect, such as Chinalco and Yongmei Group. Generally speaking, several listed companies have done a good job in this respect.
In addition, the geological exploration teams in China are not so flexible in terms of mechanism and salary. Because most geological teams are compiled by institutions, the funds are allocated by the state. Even if several wells are drilled in the mine, they are all planned at the beginning of the year. If changes are to be made, an examination and approval report must be made, and so on. The procedure is very cumbersome. If a good mine is really found, as the technical backbone of this mine, a "May 1 Labor Medal" and then bonuses of 1, and 2, are far worse than the returns of risk exploration companies. If the exploration team also offers millions or tens of millions of rewards, the system will not allow it.
in addition to the mechanism, the highly prosperous and active mining rights transactions and capital markets in Canada and other countries have also made risk explorers successful in the world. In contrast, in China, mining listed financing is still rare.
third, high returns in high risks
The following is an example of Henan Faende Mining Co., Ltd..
Henan Faende Mining Co., Ltd. is a limited liability company established by Henan Nonferrous Metals Geology and Minerals Co., Ltd., a subsidiary of Henan Nonferrous Metals Geology and Minerals Bureau, and VictorMin-ing Ltd, a wholly-owned subsidiary of Canada's Silvercorp Metals Inc, mainly engaged in risk exploration and development of mineral resources such as Shagou lead-zinc mine in Luoning County, Henan Province. Canada Sylvie Metal Co., Ltd. is a company listed on the Canadian First Board Exchange (Toronto) and has strong financing ability. At present, Canada Silvermetal Co., Ltd. accounts for 77.5% of the company's equity, and Henan Nonferrous Geology and Minerals Co., Ltd. accounts for 22.5% of the company's equity.
The main reasons for foreign investment here are: the large metallogenic background is favorable and it is located at the edge of the basin; In the range of large-scale 1 ∶ 2, silver anomalies; There are aeromagnetic and gravity anomalies (it is inferred that there is a hidden rock mass in Zhaiwao); There are 1 ∶ 5, dispersion flow anomalies; There are many ore-bearing structural fractures in the mining area, and more than 3 have been found, mainly distributed in the range of 4km2 in the northwest of the mining area, which are basically densely distributed in parallel. The extension direction of ore-bearing fracture zones is mainly NE and NNE, followed by nearly N-S; There are mines on the surface and near the surface (although most of them have been mined out); There are mines in the deep part (ZK816).
the investment in exploration in the past two years is as follows: ① in 24, the investment in exploration was 6.5 million yuan, and the excavation footage of pit exploration was 145m and the tunnel drilling was 51m m. ② In 25, 34 million yuan was invested in exploration, and 22,662 m of pit excavation and 12,143 m of drilling (78 boreholes) were completed. (3) In 26, 47 million yuan was invested in exploration, and 3,1 m of pit excavation and 33,47 m of drilling (132 boreholes) were completed.
Through the above work, a silver-medium lead-zinc-silver deposit is obtained.
Henan faende mining co., ltd. obtained the mining license of yuelianggou lead-zinc-silver mine at the end of March 26, and realized sales income of more than 2 million yuan in that year, sales income of more than 7 million yuan in 27 and net profit of more than 5 million yuan. China has benefited a lot economically from this cooperation, and the share price of Canada Silvermetal Co., Ltd. has also been greatly increased (up by more than 7 times) in cooperation with China. At present, it is the highest and most successful company among dozens of Canadian listed mining companies conducting risk exploration in China.
IV. Enlightenment from the financing system of Canadian risk exploration companies
As mentioned above, mineral exploration is a high-risk field, and it is problematic to invest a lot of government funds in this high-risk field. In the field of financing, China should learn from western countries, especially Canada. They don't need "two rights price", "fund project" and so on, just rely on the risky stock market. In addition, it is also a good choice to introduce the lottery mechanism into the financing of risk geological exploration.