Mineral resources become a new hot spot for trust investment this year

Last weekend, a high-end investment communication of less than 20 people was held in a low-key manner at Taiyuan Longcheng International Hotel. The mineral resources products introduced by the investment director of a certain trust company in Beijing have aroused great interest among the high-end investors in Shanxi. During the “12th Five-Year Plan” coal resource consolidation trend, the demand for funds from ore enterprises with the same characteristics as “real estate accounts for a high proportion” has gradually increased. The trust is being favored by major mining companies with its flexible mechanism. . Mineral trusts are becoming a favorite on the market. Shanxi's timing of coal integration is even more of an area where such products are concentrated, and the average yield is close to 10%. Then, after the real estate trust, what kind of investment opportunities exist in mineral resource trusts? What are the risks behind high revenue?

[Market Performance]

The average yield of 157 products issued during the year was close to 10%

With property investment becoming more and more depressed, mineral resources trusts may become a new destination for attracting a large number of real estate investors. In the second half of 2011, although the country did not directly stop real estate trusts, the supervisory authorities repeatedly issued risk warnings to the real estate trust business, requiring each trust company to strictly control the scale of development of real estate trusts, control the issuance speed, and require all trust companies to be involved in the future. Real estate-related businesses must go to the regulatory authorities for approval one by one.

Although there was no direct suspension, the actions of the regulators undoubtedly hindered the development of the real estate trust business. For a time, ever-lightening real estate trusts gradually faded. Immediately after the real estate industry, mineral resource companies began to become the new direction of trust funds. “The depreciation of the US dollar has led to the continued bullishness of international commodity prices, which has also led to expectations of rising mineral resource prices. At the same time, with the gradual implementation of the “12th Five-Year Plan” coal resource integration work, it has a similar proportion to real estate. The demand for funds from mining companies with higher ratios has gradually increased, so trusts have been favored by major mining companies with their flexible mechanisms, and mineral trusts have become a favorite on the market and they will have tremendous growth in the future. Space, said Yang Chaoyang, general manager of Haiyin Wealth Shanxi Branch.

According to statistics, a total of 36 trust companies participated in the issuance of 157 mineral resources trust products in 2011, with a issuance size of 48.129 billion yuan. Compared with 2010, the number of products increased by 161.67%, and the issuance scale increased year-on-year. 253.92%. In terms of revenue, the average maturity of the 157 mineral resource trust products was 1.81 years, and the average yield was 9.8%, and it continued to increase. In the fourth quarter, it exceeded 10%. On the one hand, the increase in the overall industry revenue level is an important factor driving the increase in the revenue of such products. On the other hand, due to the credit crunch, corporate financing demand is booming, and corporate financing costs continue to increase.

[Market Watch]

The most high-yield products in Shanxi's market are attracting funds. In fact, in the international market, mineral trusts have always attracted attention. At present, the international mineral trust business is mostly concentrated in oil, natural gas and other fields, while China's mineral trust products are mostly concentrated in mineral resources companies, especially coal mines are highly favored.

For example, in the past year, with the timing of coal integration in our province, CITIC Trust has launched the largest coal trust in the country, the "Xinan Remittance Gold Mining Coal Investment ** Collective Trust Plan." According to statistical data, mineral resources trusts in 2011 were mainly distributed in areas rich in mineral resources such as Shanxi, Inner Mongolia, Shaanxi, Shandong, Xinjiang, Guangdong, Guizhou, and Yunnan. Among the 157 products issued, investment was made. There were 31 types of mining companies in Shanxi, raising funds to RMB 201.12 billion, which accounted for 41.79% of the total issuance size. There were 17, 14, and 13 funds invested in Inner Mongolia, Shaanxi and Shandong respectively, and the raised funds accounted for 12.69 respectively. %, 14.08%, and 3.29%.

However, the staff of the Noah Fortune Taiyuan Branch stated that the mineral resource trust is still just a rising market in China. Various domestic companies are still in a phase of exploration and have not formed a certain scale or stability. The profit growth point. After all, mineral trusts are an investment that is not very easy to understand. Compared with other companies’ financial reports, the mining companies’ financial reports are flooded with professional data such as proven reserves and “recoverable reserves” that confuse the capital market. This requires trust companies to have talent, knowledge, and experience in mineral resources. Reserve. However, the trust companies currently lack professional talent in this area.

However, these do not prevent the funds from paying attention to such products. "After all, in the current situation of an overall downturn in the investment environment, the 10% annual return is still quite attractive." The above-mentioned staff said.

[Investment Advice]

Multiple factors affecting investment risks High-yield products have always been sought after, and the increase in mineral trust products has provided investors with more opportunities to intervene, but at the same time, under the background of credit tightening, the financial pressure of mineral enterprises has also increased investment. Investor risk. “Large mining companies generally do not lack funds. The lack of money is often the result of small-scale mining companies. However, these enterprises are not high in the level of management and personnel quality, and are likely to cause risks in the operation of enterprises.” Yang Chaoyang, a wealth manager of Haiyin Bank, stated that Compared with other trust products, high risk makes the mineral resource trust more stringent for the requirements of risk control.

Mineral resources belong to underground resources. As there is no authoritative value assessment agency on the market at present, the assessment of the value of mineral resources involved in the plan is very subjective. The value of mineral appraisal and the output of the enterprise in the actual mining process will exist. Inaccuracy, at the same time, actual mining volume and the ultimate income of the company are also difficult to estimate, and these factors will increase the external risk of trust products.

In addition to the valuation risk, the mining business risks are not to be underestimated. The mining industry has always been a high-risk operation industry. In recent years, large-scale mine accidents have frequently broken out. In the event of an accident, the supervisory authorities will require the suspension of operations to carry out safety rectification. Some even require stopping the exploration and development of mines. The attack on miners is deadly. “So although the income of mineral trusts is relatively large, trust companies are also more cautious when they participate in mineral trusts. For investors, it is necessary to carefully examine the qualifications of the counterparties of trust products, the use of funds, and past experiences. Assess the investment risk."