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The reserves of mineral resources assets securitization - a case study of Guizhou Province

Author: RuanRenHui
Tutor: LuoTianYong
School:
Course: Finance
Keywords: mineral reserves asset securitization special purpose vehicle (SPV) Guizhou province
CLC: F426
Type: Master's thesis
Year: 2012
Downloads: 244
Quote: 0
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Abstract


Guizhou province is rich with mineral resources, and has a significant advantagein mineral resources field. Meanwhile, there are a difficult issue in the resourceadvantages turn to the capital advantage and economic advantages aspect. Therefore,in order to effectively resolve this issue, this paper proceeded from the properties ofmineral reserves assets, uses the principle of asset securitization to implement thesecuritization of mineral reserves assets, and broaden the effective financing channelsfor enterprises of mining production, and promote the orderly development of themining economy, which will help the construction of Central Guizhou EconomicZone and "the Big Industrial Province" strategy.In this paper, the main structure is as follows: first, we study the properties ofmineral reserves assets in detail, and analysis the power of implementing thesecuritization of mineral reserves assets from the perspective of the financiers,investors and information asymmetry; second, based on the principle of assetsecuritization , we demonstrate that mineral reserves assets suit for securitization fromthe perspective of cash flow, asset homogeneity and asset collateral realization; third,we design the innovative SPV modes for the securitization of mineral reserves assets,and put forward four kinds alternative of SPV modes for the securitization of mineralreserves assets, which domestic SPT mode should be the best choice at this stage;finally, according to degree of exploration of mineral reserves, we divide all reservestypes into four kinds. Through analyzed the risk isolation mechanism and creditenhancement mechanism of asset-backed securitization of mineral reserves, we selectthe trust pattern of sub-partition to realize the risk isolation. Issuing the optimal,superior and junk bonds depend on different credibility of mineral reserves. Through aspecial purpose vehicle, those bonds which are high credibility issue to investorscompletely, and those bonds which are low credibility issue to investors by standbycommitment. Subsequently, through the analysis of the important factors involved inthe securitization process of mineral reserves assets, we put forward the economicevaluation model of mine exploitation and asset-backed bonds pricing model forevaluating the securitization financing efficiency.Implementing the securitization of mineral reserves assets can find an effectiveway to solve the bottleneck problem of capital for which like Guizhou province, bothbeing rich with mineral resources and existing the bottleneck problem of capital, andcan set an example for the future research of other resource assets securitization.

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