BMO Capital Markets Investment Banking Pitch Book
BMO Capital Markets
Precedent Base Metal Transaction Premiums
7
1-Week Premium
240%
120%
60%
30%
15%
15%
Centerra/
Thompson Creek
(Nov-16)
Lundin/
Josemaria
(Dec-21)
Glencore/
Volcan
(Mar-18)
30%
Sandfire/
MOD
(Jun-19)
South32/
Ariz Mining
(Jun-18)
CO-
Rio Tinto /
Turquoise Hill
(Initial Rio Tinto Offer)
(Mar-22)
Nova/
KAZ
(Jan-21)
Zijin/
Nevsun
(Mar-19)
OZ/
Cassini
(Jun-20)
IGO /
Western Areas
(Mar-22)
60%
1-Day Premium
Rio Tinto /
Turquoise Hill (HUSP)
(Aug-22)
OZI
Avanco
(Sep-18)
120%
Source: Bloomberg, company filings, FactSet
1.
Based on median peer performance since unaffected date of 11-Mar 22 to Rio Tinto's initial offer, peers include Capstone. Ero, Filo, First Quantum, Hudbay, Ivanhoe, Los Andes,
Lundin Mining, NGEX, Solaris, SolGold, and Western Copper
Nevsun/
Reservoir
(Apr-16)
240%
PROJECT ASTERIXView entire presentation