Compared with the financial reports of other companies, the financial reports of mining enterprises are full of professional data such as "proven reserves" and "recoverable reserves", which confuses the capital market, but these can not stop the capital from paying attention to high dividends. The annual dividend yield of energy enterprises is often very high, and some even exceed 10%. For example, as a country with large oil and gas reserves, the real annual return on investment of the Canadian Energy Trust Fund is about 7%.

Despite the surge in dividends, this industry has a high threshold, especially for mineral resources enterprises with abundant cash flow. Trust companies have never had the opportunity to intervene in the energy industry on a large scale.

In 20 10, the pace of merger and reorganization of mineral enterprises nationwide accelerated, and the demand for funds of enterprises increased greatly, forming a huge funding gap. This provides an excellent opportunity for trust companies to enter the energy industry.

With the intensification of resource integration and development, the funding gap in China's resources field is also growing. Take coalbed methane as an example, China's coalbed methane reserves are 37 trillion cubic meters, ranking third in the world. By 2020, China's coalbed methane production will reach 50 billion cubic meters, and the total development fund gap will exceed one trillion yuan.

Although the bank loan model has always been the main form of energy finance, under the background of rapid development and changes in the energy industry, there are more and more financing needs, and new financial channels are urgently needed. Due to various factors, traditional banks and capital markets require higher loans for mineral resources enterprises. Except for a few large mining enterprises, most mining enterprises, especially small and medium-sized mining enterprises, cannot meet their financing needs.

In this context, the trust has found its place.

Trust companies provide broad investment and financing channels for mineral resources enterprises with their flexible system design. While winning the favor of mining enterprises, it also took the opportunity to compete for territory in the energy industry. At present, trust companies have developed and designed a series of trust financial products in the fields of coal, refined oil, electric power, chemical industry, photovoltaic, low-carbon industry and circular economy.

The energy trust products issued in recent years have adopted various means such as equity, creditor's rights, asset beneficiary rights and third-party guarantee in the transaction structure. Among them, the risk-return structure, the option agreement on the transfer of trust beneficial rights, the parent-child fund, the redemption mechanism of raised funds and the private equity fund model of "trust+limited partnership" have been used in the design of trust products.

Although the mining trust has increased greatly at present, compared with the real estate trust, its number is really too small. Therefore, due to its particularity, mining industry is difficult to become the next "real estate industry" and become the future profit pillar of some trust companies. According to statistics, in the first half of 20 1 1, the scale of real estate trust issuance reached1552.94 billion yuan, while the mineral trust in the same period was only 7.498 billion yuan.

Risk, "hot potato"

At present, international energy trust business is mostly concentrated in the fields of oil and natural gas, while China's energy trust products are mostly concentrated in mineral resources enterprises. Huge mining safety risks have also become the poison of energy trust. Although many trust companies and PE are optimistic about the mineral energy industry, not many companies really set foot in it.

"This is mainly because the energy industry has a high threshold. In the event of a safety accident, mining enterprises will stop production, affecting cash flow, and the risk of investment is higher than that of real estate. Credit institutions are very cautious about the financing behavior of mineral energy enterprises. " According to Liu Hui, in order to ensure the safety of funds, credit institutions usually attach more conditions or restrictions when applying for financing through enterprises.

In order to ensure the safety of trust funds, when making energy trust products, the most important thing for trust companies is to distinguish between exploration rights and mining rights owned by mineral enterprises.

For mining enterprises with mining rights, mine quality, reserves and logistics costs should also be included in the risk system. Usually, the greater the production capacity of a mine, the lower the average cost and the richer the profit.

Due to the high initial financing cost of mineral resources projects, which may even exceed the financing cost of real estate trust, and the long investment cycle, which is greatly influenced by policies, the underground resources reserves may deviate from the geological exploration results, and the investment risk is great.

Yan Yi, an analyst of usufruct trust, pointed out that it is particularly important to establish a perfect mining right evaluation system because of the great uncertainty in mining right evaluation at present.

In addition, due to the lack of risk control means, the uncertainty of mineral trust is greater, which also limits its scale development. Therefore, although energy trust business appeared in China in 2004, it has not really attracted the attention of the market until now.

Book information

Title: Energy Investment

Authors: (America) Haehser Dunn, (America) Tower Ufer, vivid translation, translated by Zhu Xiaoting.

Publishing House: CITIC Publishing House

Release time: 20 10- 1- 1

ISBN: 97875086 17954

Format: 16

Pricing: 35.00 yuan