专访Colin Moorhead：聚焦Xanadu Mines（ASX：XAM）公司控制权可能变局背后的影响

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2025-06-06 06:26:00 来源：《澳华财经在线》 编辑：Cathy 文章类型：原创

█ 文｜ACB News《澳华财经在线》 Cathy

（访谈原文请点击视频播放器观看）

【背景.导读】

在全球铜金资源战略价值日益凸显的大背景下，蒙古国Kharmagtai铜金矿这一世界级项目正成为国际资本角力的焦点。

作为该项目38.25%权益的持有方，ASX澳交所铜金矿勘探开发公司Xanadu Mines（ASX: XAM）的控股地位或将面临重构。

今年5月19日，Xanadu Mines公告称，已收到来自Bastion Mining Pte Ltd的现金全面收购要约，拟以每股0.08澳元的价格收购其尚未持有的全部股份。

Bastion由新加坡Boroo集团与Xanadu董事会现任董事Ganbayar Lkhagvasuren联合组建，Boroo在南美、东南亚等地拥有多项金矿运营经验，其核心资产包括秘鲁Lagunas Norte金矿。

与此同时，Bastion已完成对Xanadu的1720万澳元定向增发认购，取得13.04%持股，为全面要约奠定基础。若要约完成，Bastion及其关联方将取得对Kharmagtai合资项目超50%的间接控制权。

值得注意的是，Xanadu与全球矿业巨头紫金矿业自2021年起搭建了合资平台Khuiten Metals Pte Ltd，共同推进Kharmagtai项目开发，并已完成PFS预可行性研究。

此前业界普遍认为，Kharmagtai项目拥有巨大的铜金矿资源量和进一步勘探的潜力，和紫金矿业未来几年提升其铜、金年产能的雄心和战略目标高度契合。

然而，Bastion对Xanadu公司要约收购的出现，令Kharmagtai项目未来走向生变。

按当前要约估值，Xanadu在合资项目中的38.25%权益相当于1.6亿澳元，此举也为Kharmagtai在资本市场上首次树立起清晰的价值锚点。

Xanadu董事会已设立独立收购委员会，并建议股东在无更优方案前提下接受该报价，同时指出此次交易不影响紫金在合资架构中的既有权益。

Xanadu Mines公司上周公告，要约收购书和Bastion提交的《投标人声明书》也已于上周五向股东寄出。

Xanadu董事会下属的独立收购委员会一致建议股东在没有更优方案且独立专家持续认为要约 “公平合理” 的前提下，接受该收购要约。

目前本次收购要约设定的截止时间为2025年7月1日（澳洲东部时间）下午7点。

此次Xanadu被Bastion要约收购之时，正值紫金矿业宣布将其位于中国境外的海外八大黄金矿山资产整合至“紫金黄金国际”并赴港上市之际。详见《紫金矿业拟重组旗下境外8座金矿资产分拆控股子公司紫金黄金国际至香港联交所主板上市》

5月下旬，ACB News专访了Xanadu Mines执行主席Colin Moorhead，并就相关市场和投资人关注的话题展开对话。

澳洲矿业老兵Colin Moorhead (图片来源：《澳华财经在线》）

Colin Moorhead 是澳洲冶金矿业协会（AusIMM）特许专家及前任主席，拥有逾30年国际矿业项目开发、融资、运营和并购经验，曾主导多项跨国资源资产交易。

以下为基于5月上旬的访谈对话编发的稿件，访谈原文请点击视频观看。

ACB News《澳华财经在线》专访：Xanadu Mines 董事局执行主席 Colin Moorhead

● 采访时间：2025年5月21

● 主持人：Hannah（ACB News）

● 受访嘉宾：Colin Moorhead，Xanadu Mines（ASX: XAM）董事局执行主席兼董事总经理

ACB News《澳华财经在线》：Last month we spoke with the Executive Chairman of Xanadu Mines about the company's 25% put option and its exclusive discussions with Zijin Mining. Since then, a significant development has emerged. On 19th of May Xanadu Mines announced a cash takeover offer of 8 cents per share from Bastion Mining.

Today we have invited Colin Moorhead back for an interview to explore this new offer in detail and discuss how it may affect Xanadu's existing partnership and the strategic alignment with Zijin Mining.

上个月，我们采访了Xanadu Mines的执行主席，探讨了公司与紫金矿业之间的独家谈判情况，以及其在Kharmagtai项目中的25%卖出期权安排。

在那之后，该公司迎来了一项重大进展。5月19日，Xanadu Mines宣布收到来自Bastion Mining的每股0.08澳元现金收购要约。

今天，我们再次邀请Colin Moorhead接受采访，深入解析这一最新要约，并探讨其对Xanadu与紫金矿业合作关系及战略协同的潜在影响。

ACB News《澳华财经在线》：Good morning Colin, with Xanadu Mines cash takeover offer of $0.08 per share recently announced by Bastion, what are the offer conditions? how might this impact Xanadu's strategic partnership with Zijin mining?

Bastion最近提出以每股0.08澳元收购Xanadu Mines，这项要约有哪些条件？它会对Xanadu与紫金矿业的战略合作关系产生什么影响？

Colin Moorhead：Good Morning Hannah, the conditions are that from our side our independent expert opinion which is due in 2 or 3 days’ time considers the value $0.08 to be fair and reasonable and that there's no superior offer that lands on the table between now and next week and also is conditional upon us not exercising the put option.

早上好，这项要约实施的前提条件包括，公司这边需要等待2-3天后独立专家对要与收购出具的意见，确认每股0.08澳元的收购价是公平合理的；此外，没有更优的竞标在此期间出现；最后就是我们不行使此前的卖出期权。

From their side, the bid becomes unconditional once they acquire 50.1% and that no material adverse conditions have arisen in that period.

从Bastion的角度来看，一旦其持股比例达到50.1%，且在要约期间未发生重大不利事件，这项收购要约将自动转为无条件执行。

There is 50%/50% Joint Venture between Zijin and Xanadu and whilst the control of Xanadu may change the relationship between Xanadu and Zijin in a JV sense doesn't change.

Xanadu与紫金矿业就Kharmagtai铜金矿项目组建了一家双方各持50%权益的合资企业。即便Xanadu的控股权发生变化，双方在合资框架下的合作关系仍将保持不变。

ACB News《澳华财经在线》：Is the board confident Bastion can secure 50.1% ownership? Especially after cancelling the 25% put option?

董事会对Bastion可以获得50.1%的控股权是否有信心？尤其在准备放弃25%的卖出期权之后？

Colin Moorhead：We haven't cancelled our 25% put option yet, we will do that once the placement goes through so the company will have 17 million Australian dollars in the bank when it makes that decision to cancel the EGM resolution

我们尚未取消这项25%的卖出期权。只有在此次定向增发完成、1700万澳元认购款公司转至公司账户后，我们才会取消相关的股东特别大会（EGM）决议。

With the placement Bastion starting position will be approximately 13%, and we have letters of intent from members of the board, from our second largest shareholder in Singapore which get some fair way towards that 50% quickly so I would expect they'll get to 50.1% relatively quickly given the premium to market and in the absence of a superior offer

此次定增将使Bastion在Xanadu公司的初始持股比例达到13%左右，此外我们还收到来自董事会成员和位于新加坡的公司第二大股东的意向函，离50%已相当接近。如果没有更优报价，我预计他们持股会较快地达到50.1%。

ACB News《澳华财经在线》：What happens to Xanadu if Bastion do not reach the compulsory threshold?

如果Bastion未能达到强制收购门槛，会对Xanadu造成什么影响？

Colin Moorhead：I can't get to 90% compulsory acquisition threshold unless Zijin agree to sell their share, they hold 18%, but once they get to 50.1% they're in control of the company.

除非紫金愿意出售其18%的股份，否则Bastion无法达到90%的强制收购门槛。但Bastion一旦获得50.1%的股份，就掌握了Xanadu上市公司的控制权。

So they'll be able to control the narrative or the agenda from there on with Zijin about whether Zijin will sell their share or whether they would just want to keep things the way they are.

因此，他们将能够主导与紫金之间的沟通，包括紫金是否会出售股份，或者是选择维持现状。

ACB News《澳华财经在线》：Why does the offer complete 45 days after receipt? When is the deadline for a Superior Bid?

为什么该要约将在收到后45天完成？是否有更优报价的截止日期？

Colin Moorhead：A superior bid can come in anytime. The bid opens next week, and obviously if there is a serious bid, the sooner it comes in the better

随时都可能出现更优报价。该要约将在下周开放，很明显，如果有更具吸引力的竞标，当然是越早提出越好。 (备注：本采访时间为5月下旬，目前收购要约已经开始)

Because as the bid opens next week, as I said Bastion will get a significant percentage quickly, so to be successful, the earlier the better

正如我所说，Bastion将在要约开放初期迅速获得大量股份，因此若想竞标成功，越早提出越有优势。

The 45-day period is really set by Australian takeover law, not by anything else

45天的期限是由澳大利亚并购法规定的，并不是其他人为设定的。

So, the bid period needs to be a minimum of 30 days after the target and bidder statements come out etc., so that's where the 45-day period comes from, it's just nothing else

法律规定目标收购公司与要约收购方发布声明之后的最短并购期为30天，加上一些流程安排，总共约为45天，仅此而已。

ACB News《澳华财经在线》：Why is Xanadu placing Bastion A$17.2 million in scrip?

为什么Xanadu要以增发形式向Bastion配售1720万澳元？

Colin Moorhead：Well, that's money that helps Xanadu get through the bid period which could be months.

这笔资金可以帮助Xanadu度过可能持续数月的收购要约期。

So it covers transaction costs, it covers working capital, and also covers our contributions to the JV and the project that will occur through that time

增发融资用于支付交易费用并用于提供运营资金，用于我们在合资企业中的出资和项目相关支出。

And it also gives Bastion—they'll become a significant shareholder in the company

此外，这也使Bastion成为公司重要股东之一。

So it's really mostly about financing the company through the bid period

这项安排的主要目的是为在要约收购期间为公司提供资金支持。

ACB News《澳华财经在线》：Let us talk about Zijin. Why didn't Zijin proceed with its Non-Binding offer during the exclusivity period? Are they still interested?

我们来谈谈紫金矿业。为什么他们在独家排它期内没有推进其非约束性报价？他们是否仍有兴趣？

Colin Moorhead：I'd like to have that conversation with Zijin one day and they can tell me—to be honest, I'm not sure

我很希望就这个问题有天能和紫金再谈谈，并希望能够了解到他们的想法。但说实话，我也不确定。

I certainly believe that Non-Binding Indicative Offer was genuine, and their interest in the project is genuine.

我相信他们当初提出的非约束性报价是真诚的，他们对项目的兴趣也是真实的。

What they were able to tell me is they were unable to make that commitment at this time

他们早前能够告诉我的是，他们在独家谈判期内无法做出承诺。

So, I suspect there's a lot of things going on in Zijin at the moment

我猜测，紫金目前有很多重要事情正在进行。

We've seen them spinning out their gold business and listing that, and other issues going on in the company

我们看到紫金正在分拆黄金业务并推动上市，还有公司其他层面的计划在推进中。

I think they're probably in terms of timing just not ready to make that commitment

我想在这个时间点上，他们还没有准备好作出收购承诺。

And in reality, a takeover in Xanadu, as we said earlier, doesn't change the JV structure at all

而实际上，正如我们之前提到的，对Xanadu的收购并不会改变合资结构。

ACB News《澳华财经在线》：Besides Zijin and Bastion, who else is in the data room? And how likely is a better offer?

除了紫金和Bastion，目前是否还有还有其它投资机构进入了项目尽调资料室？出现更优报价的可能性有多大？

Colin Moorhead：It's probably fair to say that the whole copper world has watched this

可以说整个铜矿界都在关注这一交易。

I can't really say who's in the data room and who's not

我不能明确透露谁进入了项目尽调资料室谁没有。

But there certainly has been significant interest from both debt and equity providers that have come in there

但确实有很多可提供债权和股权的机构对该项目表现出浓厚兴趣。

We do have a very high-quality data room—we've been happy to share that with people on a confidential basis

我们的项目尽调数据资料室质量很高，并愿意在保密基础上与相关方共享这些信息。

The 8-cent value, which is effectively 160 million dollars for the 38.25% of the project, puts a peg in the sand in terms of value out there

每股8澳分的收购对价，意味着对（蒙古国哈马戈泰（Kharmagtai）铜金矿）项目38.25%的权益估值为1.6亿澳元，这为整个市场树立了一个估值“锚点”。

And the copper world can consider that—and if they think that's a good deal, then maybe a superior offer will come through

全球铜业同行可以此为参考，如果他们认为这是遗产很好的交易机会，或许会出现更优的报价。

But at the moment we're supporting the value that's being offered, and obviously we'll look at anything that comes in

目前我们支持当前的收购报价，但对任何新的报价都持开放态度。

I think Bastion as an acquirer has a lot of merit given their strength in terms of Mongolian operations and Mongolian ownership

我认为Bastion作为收购方颇具优势，特别是在蒙古国的运营经验和本土背景方面。

ACB News《澳华财经在线》：Last question from me, do you believe the market is fully recognising and reflecting the potential value of the Kharmagtai project so far?

最后一个问题：您认为市场目前是否已充分认识并反映出Kharmagtai项目的潜在价值？

Colin Moorhead：I suppose there's two answers to that. As a geologist I would probably say there's always more value there

这个问题可以从两个角度去看。站在地质学家的视角来看，我认为这个矿床还有更大的开发潜力

And the deposit remains open—there could be a huge underground future at Kharmagtai

因为矿床始终保持开放，哈马戈泰未来地下开发方面仍可能拥有巨大前景

The copper market could go anywhere with decarbonization of the economy

随着全球去碳化进程的推进，铜市场未来可能出现巨大变化。

And there's certainly some technological updates and improvements that could be made to the project

项目本身在技术升级和改进方面也还有空间

On the other hand, when you think about it, we're receiving roughly one third of the PFS NPV for a PFS stage project, which is where the market's valuing it right now

另一方面，从市值来看，目前这个处于预可行性研究（PFS）阶段的项目，收购报价对应的是项目净现值NPV的约三分之一，市场对此的定价还是合理的。

And I think for an exploration company that's a good outcome

对于一家勘探型公司来说，这是一个不错的结果。

There's not been a lot of companies successfully get an outcome in Mongolia, and I think this is a good outcome for the shareholders and a good outcome for Mongolia

蒙古国实现项目落地的成功案例并不是很多，我认为这是对股东和蒙古双方都有利的结果。

ACB News《澳华财经在线》：Thank you so much for your answer, this is the end of the interview. We're looking forward to hearing more about the updates of Xanadu Mines

非常感谢您的解答，本次采访到此结束。我们期待Xanadu Mines后续的更多更新消息。

Colin Moorhead：Thank you so much

非常感谢。