Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anglo-american-plc-04f6cda9-c726-4c33-8544-c5046bc74b29" target="_blank" data-smartkarma-citation="entities:28603:1" rel="noopener"></a>Anglo American and Teck Resources merge in a $53 billion deal, creating the world’s fifth-largest copper producer with defensive scale.</li>
<li>The merger promises $800 million in annual cost synergies by the end of 4th year, but execution across multiple jurisdictions will remain a challenge.</li>
<li>Regulatory approval in Canada and key stakeholder positions, including Keevil and Elliott, will be pivotal to deal success.</li>
</ul>



Anglo American and Teck Resources merge in a $53 billion deal, creating the world’s fifth-largest copper producer with defensive scale.
The merger promises $800 million in annual cost synergies by the end of 4th year, but execution across multiple jurisdictions will remain a challenge.
Regulatory approval in Canada and key stakeholder positions, including Keevil and Elliott, will be pivotal to deal success.


Anglo-Teck Merger: Scaling Up to Fortify Copper Empire

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Back on the 16 March, <a href="https://www.smartkarma.com/entities/cardinal-resources-ltd-9e1d58d4-8d9b-48dd-a059-3f04f896e3ee" target="_blank" data-smartkarma-citation="entities:28182:1" rel="noopener">Cardinal Resources Ltd (CDV CN)</a> <a href="https://www.cardinalresources.com.au/wp-content/uploads/2020/03/44g3dcdj1ws0zv.pdf" target="_blank" rel="noopener">announced</a> the receipt of a non-binding Offer from Nord Gold SE (Nordgold) at A$0.45775/share. Nordgold held 19.9% of shares out having acquired 16.4% from Goldfields Limited.
In a <a href="https://www.cardinalresources.com.au/wp-content/uploads/2020/03/44ght29h1n29by.pdf" target="_blank" rel="noopener">30 March update</a>, CDV said it had entered into a confidentiality agreement with Nordgold and had also provided due diligence. There has been no further update.
On the 18 June, CDV <a href="https://www.cardinalresources.com.au/wp-content/uploads/2020/06/2075832.pdf" target="_blank" rel="noopener">recommended</a> a takeover Offer from <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-61153493-5437-47ee-a8d3-aec41fb7f1da" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining Co., Ltd. (1787 HK)</a> at A$0.60/share, a 75.5% premium to CDV's 20-day unaffected VWAP, and a 31.1% premium to Nordgold's proposal.  Here is SGM's <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0619/2020061900061.pdf" target="_blank" rel="noopener">announcement</a>. 
This off-market takeover offer is subject to a 50.1% minimum acceptance condition. SGM has also provided an interim funding package of A$11.96mn via a placement of shares.
CDV’s directors, collectively holding of 6.37% of CDV’s ordinary shares, intend to accept the Offer. 
This deal could get up, even if Nordgold does not tender, but that will be challenging. If on board, this deal is all but done.
But I suspect shares may have more to run from these competing suitors.

Back on the 16 March, Cardinal Resources Ltd (CDV CN) announced the receipt of a non-binding Offer from Nord Gold SE (Nordgold) at A$0.45775/share. Nordgold held 19.9% of shares out having acquired 16.4% from Goldfields Limited.
In a 30 March update, CDV said it had entered into a confidentiality agreement with Nordgold and had also provided due diligence. There has been no further update.
On the 18 June, CDV recommended a takeover Offer from Shandong Gold Mining Co., Ltd. (1787 HK) at A$0.60/share, a 75.5% premium to CDV's 20-day unaffected VWAP, and a 31.1% premium to Nordgold's proposal.  Here is SGM's announcement. 
This off-market takeover offer is subject to a 50.1% minimum acceptance condition. SGM has also provided an interim funding package of A$11.96mn via a placement of shares.
CDV’s directors, collectively holding of 6.37% of CDV’s ordinary shares, intend to accept the Offer. 
This deal could get up, even if Nordgold does not tender, but that will be challenging. If on board, this deal is all but done.
But I suspect shares may have more to run from these competing suitors.

Canada

TMAC Resources Inc. operates as a mineral exploration and development company. The Company focuses on acquisition, exploration, and development of gold mining projects. TMAC Resources conducts business in Canada.

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Tmac Resources (TMR CN)

Anglo-Teck Merger: Scaling Up to Fortify Copper Empire

Anglo and Teck aim to unite in a $53 billion copper powerhouse, boosting scale, defending against rivals, while navigating regulatory and...

Mint Finance

Shandong's Competing Offer For Cardinal

Back on the 16 March, Cardinal Resources Ltd (CDV CN) announced the receipt of a non-binding Offer from Nord Gold SE (Nordgold) at A$0.45775/share....

David Blennerhassett

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