BMO Capital Markets Investment Banking Pitch Book
BMO Capital Markets
Precedent Copper Transactions
Includes Copper Transactions Greater than US$1.0 bn since 2010
Announcement
2011
2011
2016
2011
2020
2016
2016
2014
2015
2010
2021
2022
2022
2014
2017
2011
2018
2012
2015
2022
2021
2022
2011
RT Offer at C$43
Mitsubishi-24.5% AA Sur (Anglo American)
Jinchuan - Metorex
Sumitomo - 13% Morenci (Freeport)
Barrick Gold - Equinox Minerals
Nova Resources - KAZ Minerals
BHR Partners - 24% Tenke Fungurume (Lundin)
China Moly - 56% Tenke Fungurume (Freeport)
Lundin - 80% Candelaria (Freeport)
Antofagasta 50% Zaldivar (Barrick)
Equinox Minerals - Citadel
Sandfire - MATSA (Mubadala & Trafigura)
BHP- OZ Minerals
Metals Acquisition Corp CSA Copper Mine (Glencore)
MMG-led Consortium - Las Bambas (Glencore)
Glencore - Mutanda Mining
Minmetals Resources - Anvill
Rio Tinto Turquoise Hil (Street, incl. Restricted Brokers)
Zin Resources - Nevsun Resources
First Quantum - Inmet
Guangdong Rising - PanAust
Rio Tinto Turquoise Hill (Street)
South32 - Sierra Gorda (Sumitomo)
Rio Tinto Turquoise Hill (Model)
KGHM Polska - Quadra FNX
Source: Company Rings, FactSet, stretch
Note: Excludes merger of equals transactions
Note: Medianexclude Rio Tinto-Turquoise Hill and BHP-02 Minerals.
Producer Transactions
Developer Producer
Median 1.04x Median 1.17x
0.81x
Developer Transactions
0.89x
0.78x
0.78x
0,71x
0.70x
1.04x
0.99x
0.99x
1.21x
1.21x
1.18x
1.17x
1.14x
1.13x
1.09x
1.07x
1.36x
1.33x
1.29x
1.76x
Implied TRO
Share Price Based
on Model NAV (CS)
$106.47
$86.03
$82.29
580.45
$78.20
$73.22
$73.20
$71.17
$70.90
$68.77
$68.13
$65.94
$64.75
$62.63
$59.97
$59.66
$55.98
$53.65
$49.00
$46.94
$42.36
PROJECT ASTERIXView entire presentation