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Face Value In A Deep Hole

机译:深孔的面值

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Even as a young man, Tom Albanese gathered that there was much more to mining than digging big holes in the ground. Shortly after arriving at the University of Alaska at Fairbanks, he persuaded the authorities to create a new degree course for him combining geology, the subject of a true mining man, with economics, an area of study that geologists often regard with bafflement and suspicion. But he had wisely noted that the business of mining is as much about judicious dealmaking when the commodity cycle is in your favour as it is about digging riches directly from the earth-and he wanted to be prepared.rnSince becoming chief executive of Rio Tinto, one of the giants of the mining industry, in May 2007, Mr Albanese has grappled with three big deals, which have come to dominate both Rio's fortunes and his own. In the first, just a few months into his tenure, he outbid Alcoa, an American aluminium firm, to secure Al-can, a Canadian rival, for $38 billion. A few months later, he spurned a second deal, a takeover bid from rival bhp Billiton. Both those decisions now look like mistakes, in the light of the subsequent collapse in commodities prices. So Mr Albanese has responded by concocting a third deal, with Chinalco, a largely state-owned Chinese aluminium firm. But many of Rio's shareholders have already lost faith in his dealmaking prowess.
机译:汤姆·阿尔巴尼塞(Tom Albanese)还是个年轻人,他发现采矿的意义远不止在地下挖大洞。到达阿拉斯加大学费尔班克斯分校后不久,他就说服当局为他开设了一个新的学位课程,将地质学(一个真正的采矿工人的学科)与经济学相结合,这是地质学家经常感到困惑和怀疑的研究领域。但是他明智地指出,在商品周期对您有利的情况下,采矿业务既涉及明智的交易,也涉及直接从地球上挖掘财富的事情。他想做好准备。自从成为力拓首席执行官以来,作为采矿业的巨头之一,阿尔巴尼塞(Albanese)先生在2007年5月完成了三项大交易,这三项大交易已成为力拓(Rio)和他自己的财产的主要支配者。在任职仅几个月后的第一个月,他就以380亿美元的价格超过了美国铝业公司美国铝业(Alcoa)的价格,从而获得了加拿大竞争对手加拿大铝业(Al-can)的保证。几个月后,他拒绝了第二笔交易,来自竞争对手必和必拓的收购要约。鉴于随后的商品价格暴跌,这两个决定现在看起来都是错误的。因此,阿尔巴尼塞先生已与中国国有的大型铝业公司中国铝业(Chinalco)达成第三笔交易,以做出回应。但是,力拓的许多股东已经对他的交易能力失去信心。

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    《The economist》 |2009年第8619期|70|共1页
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