西方礦業(yè)企業(yè)與新興市場生產商之間的競爭越來越激烈，反映出高質量礦業(yè)資產日益稀缺?，F有的礦正趨于枯竭，而過去十年幾乎沒有發(fā)現什么新的大型礦區(qū)。
The growing competition between western mining companies and emerging market producers reflects the fact that high-quality mining assets are increasingly scarce. Established mines are reaching the end of their lives and few new major mineral discoveries have been made in the last decade.
90年代末上一次大宗商品價格低迷時期，大型礦業(yè)企業(yè)削減勘探預算，數百家小型勘探商破產。如今該行業(yè)開始重新投資，但要找到新的礦藏需要數年，而使其投產可能要花十年以上，因此，此前削減勘探預算造成的影響依然存在。
During the last downturn in commodities prices, in the late 1990s, large mining companies slashed exploration budgets and hundreds of smaller explorers went bust. The industry is now investing again but it takes years to find new deposits and sometimes more than a decade to bring them into production, so the effects of the previous cutbacks are still being felt.
盡管大型礦商正在推進的有機增長項目頗多，但要發(fā)揮這些項目的潛能仍需要時間。收購現有的礦藏，則能使企業(yè)立即利用價格高企的大好時機。
Although the large miners have impressive pipelines of organic growth projects, these will take time to fulfil their potential. Buying existing mines enables companies to cash in on high prices immediately.
但待售的資產越來越少。全球許多開采中的礦由國有企業(yè)或家族企業(yè)控制，這使大型上市礦業(yè)集團在收購時面臨的選擇更少了。一位倫敦礦業(yè)分析師表示："可以收購的大型一流資產很有限，用一只手就能數清。"
But the number of assets up for sale are dwindling. Many of the mines in production around the world are controlled by state- or family-owned companies, giving the big listed mining groups less choice in what they can acquire. "The number of world-class, large-scale assets that can be bought are finite, you could count them on the fingers of one hand," said one London-based mining analyst.
這意味著收購高品質資產的價格將會很高，力拓對加拿大鋁業(yè)的高昂收購報價，可能會變得更加常見。Frontier Strategy Group的戈爾巴斯基表示，礦業(yè)企業(yè)高管們別無選擇。"這些企業(yè)的收購價格看上去的確很高。然而，企業(yè)增長乏力的風險和成本同樣巨大。你要么為企業(yè)成長而溢價收購，要么成為被收購的目標。"
This means the price of securing quality assets will be high, and the kind of lofty price tag seen in Rio's bid for Alcan could become more commonplace. Mr Gorbansky at Frontier Strategy Group says mining executives have no alternative. "Companies do look expensive. However, the risk and cost of not being able to grow your business, which is the alternative, is cataclysmic. You either pay a premium to grow, or you become a target."
The growing competition between western mining companies and emerging market producers reflects the fact that high-quality mining assets are increasingly scarce. Established mines are reaching the end of their lives and few new major mineral discoveries have been made in the last decade.
90年代末上一次大宗商品價格低迷時期，大型礦業(yè)企業(yè)削減勘探預算，數百家小型勘探商破產。如今該行業(yè)開始重新投資，但要找到新的礦藏需要數年，而使其投產可能要花十年以上，因此，此前削減勘探預算造成的影響依然存在。
During the last downturn in commodities prices, in the late 1990s, large mining companies slashed exploration budgets and hundreds of smaller explorers went bust. The industry is now investing again but it takes years to find new deposits and sometimes more than a decade to bring them into production, so the effects of the previous cutbacks are still being felt.
盡管大型礦商正在推進的有機增長項目頗多，但要發(fā)揮這些項目的潛能仍需要時間。收購現有的礦藏，則能使企業(yè)立即利用價格高企的大好時機。
Although the large miners have impressive pipelines of organic growth projects, these will take time to fulfil their potential. Buying existing mines enables companies to cash in on high prices immediately.
但待售的資產越來越少。全球許多開采中的礦由國有企業(yè)或家族企業(yè)控制，這使大型上市礦業(yè)集團在收購時面臨的選擇更少了。一位倫敦礦業(yè)分析師表示："可以收購的大型一流資產很有限，用一只手就能數清。"
But the number of assets up for sale are dwindling. Many of the mines in production around the world are controlled by state- or family-owned companies, giving the big listed mining groups less choice in what they can acquire. "The number of world-class, large-scale assets that can be bought are finite, you could count them on the fingers of one hand," said one London-based mining analyst.
這意味著收購高品質資產的價格將會很高，力拓對加拿大鋁業(yè)的高昂收購報價，可能會變得更加常見。Frontier Strategy Group的戈爾巴斯基表示，礦業(yè)企業(yè)高管們別無選擇。"這些企業(yè)的收購價格看上去的確很高。然而，企業(yè)增長乏力的風險和成本同樣巨大。你要么為企業(yè)成長而溢價收購，要么成為被收購的目標。"
This means the price of securing quality assets will be high, and the kind of lofty price tag seen in Rio's bid for Alcan could become more commonplace. Mr Gorbansky at Frontier Strategy Group says mining executives have no alternative. "Companies do look expensive. However, the risk and cost of not being able to grow your business, which is the alternative, is cataclysmic. You either pay a premium to grow, or you become a target."