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  • Canadian Mining Eye - Q3 2015 - EY - Canada
    29 2015 The offer price represented a premium of 71 8 to the 30 day volume weighted average price VWAP of each company s respective shares After the completion of the transaction existing OceanaGold and Romarco shareholders will own approximately 51 and 49 respectively of the combined entity This combined entity will be a low cost intermediate gold producer diversified across New Zealand Philippines and USA and producing over 540kozpa starting in 2017 with a top quartile AISC of US 600 oz Romarco s principal asset Haile is a US 331 million open cut mine which is expected to commence production in Q4 2016 at AISC of just US 414 oz in its first year of operation Analysts expect the Romarco acquisition to be dilutive at present but will become EPS accretive in 2017 18 once Haile commences production The transaction closed on October 1 2015 5 6 New Gold sold its 30 interest in Chile based El Morro to Gold Corp for US 90 million in cash and a 4 royalty stream on gold production from El Morro on August 27 2015 As part of the deal New Gold s US 93 million project loan will be cancelled Under the streaming agreement New Gold will have an option to buy El Morro s 4 gold production at US 400 oz up to 217koz with 1 per year increase after the first 217koz In July 2015 New Gold entered into a US 175 million streaming arrangement with Royal Gold to develop the Rainy River project Analysts expect that these two deals and the existing cash balance of US 327 million should negate any additional financing requirements for New Gold in the near future Following the acquisition Gold Corp became the 100 owner of the project and announced a 50 50 JV with Teck Resources combining El Morro and Relincho projects in Chile El Morro has P P reserves of 8 9moz with low grades high capex requirement and substantial permitting issues As such it is not beneficial to New Gold or Gold Corp s model independently but significant synergies can be realized by combining with Teck s Relincho project The transaction is expected to close in the fourth quarter of 2015 7 8 Endeavour Mining announced a strategic partnership with La Mancha on September 21 2015 Under the agreement La Mancha offered its i 55 interest in Société des Mines SMI ii US 63 million cash including US 25 million cash held in SMI and iii commitment to invest up to US 75 million in additional funds In return La Mancha will be issued 177 1 million shares representing 30 interest in Endeavour Mining which involves a two year equity lock up This deal will increase Endeavour s gold production rate to 580kozpa grow its P P reserves by 23 to 8 5moz gold and reduce net debt by c US 80 million to US 159 million Deal proceeds will be used to fully fund the next phase of development of the Hounde project based in Burkina Faso 9 Fund raising Pretium Resources closed a construction financing package of US 540 million with the Orion Mine Finance and Blackstone Tactical Opportunities on September 21 2015 The financing package comprises of i a senior secured credit facility and offtake of US 350 million at 7 5 interest rate maturing December 2018 ii an 8 callable streaming agreement of US 150 million on 7 1moz gold and 26 3moz silver production and iii a private placement of US 40 million of 3 85 million common shares at US 5 1975 per share The company will use proceeds of the financing package to fund approximately 70 of estimated US 747 million capex requirement to develop a mine at its Brucejack project where construction is expected to commence immediately with production targeted for 2017 Analysts expect Pretium to generate sufficient free cash flows in 2018 19 to pay the credit facility in 2019 though they remain skeptical of its ability to buy back 100 of the streaming agreement 10 11 Alacer Gold signed its previously announced a US 250 million senior secured project finance facility with BNP Paribas ING Bank and Société Génerale on September 21 2015 The facility has a seven year maturity at LIBOR plus 2 50 2 95 interest rate without any mandatory gold hedging requirements or early repayment penalties The proceeds will be used to de risk and advance growth of Copler Sulfide project 12 Western Potash closed its previously announced private placement of 240 4 million common shares at CDN 0 34 per share on September 16 2015 raising gross proceeds of CDN 80 7 million Under the transaction Beijing Tairui Innovation Capital and CBC subscribed 238 2 million and 2 1 million shares and subsequently gained 51 0 and 10 1 ownership in Western Potash respectively The proceeds will be used to develop company s Pilot plant on the Milestone project 13 North American Palladium closed its previously announced rights offering of 8 4 million common shares raising gross proceeds of approximately CDN 50 million on September 15 2015 Pursuant to subscription privilege approximately 7 7 million shares were subscribed by Brookfield and 0 4 million by Polar The proceeds of the rights offering will be used to repay the amounts owed under the bridge loan facility with Brookfield and ongoing operations at its flagship LDI Mine Earlier in the year North American Palladium underwent a restructuring including workforce reduction and management changes 14 Imperial Metals closed its previously announced financing package of CDN 80 million on August 24 2015 which included i rights offering of 5 5 million common shares at CDN 8 0 share raising gross proceeds of CDN 44 million ii private placement of 0 7 million common shares at CDN 8 4 share raising gross proceeds of CDN 6 million and iii private placement of convertible debentures bearing 6 0 p a interest rate maturing August 2021 raising gross proceeds of CDN 30 million

    Original URL path: http://www.ey.com/CA/en/Industries/Mining---Metals/Canadian-Mining-Eye-Q3-2015 (2016-02-10)
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  • Mining & Metals: Watch insights by video - EY - Global
    Entrepreneur Of The Year EY Strategic Growth Forum Foreign direct investment Funding and finance IFRS Infrastructure Innovation Mergers and acquisitions Operational effectiveness Public policy Reporting Risk Transformation Women in business 5 insights for executives Browse by megatrends Digital future Entrepreneurship rising Global marketplace Health reimagined Resourceful planet Urban world Industries Automotive Transportation Consumer Products Retail Financial Services Wealth Asset Management Banking Capital Markets Insurance Government Public Sector Health Life Sciences Media Entertainment Mining Metals Oil Gas Power Utilities Private Equity Real Estate Hospitality Construction Technology Telecommunications Services Advisory Actuarial Customer Cybersecurity Finance Financial Services Risk Management Internal Audit People Advisory Services Program Management Risk Assurance Risk Transformation Strategy Supply Chain and Operations Technology Assurance About Assurance Services Accounting Compliance and Reporting Climate Change and Sustainability Services Financial Accounting Advisory Services Financial Statement Audit Fraud Investigation Dispute Services Tax About Our Global Tax Services Country Tax Advisory Cross Border Tax Advisory Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Industries Mining Metals Watch our video insights Watch our video

    Original URL path: http://www.ey.com/GL/en/Industries/Mining---Metals/Mining-Metals-our-videos (2016-02-10)
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  • EY - Global oil and gas transactions review 2015 - EY - Global
    opportunities for Asian companies in 2016 Download the report Global oil and gas transactions review Press release Contact us Infographic Global oil and gas transactions at a glance 2015 review Related content Webcast Global oil and gas transactions review 2015 Oil and gas Capital Confidence Barometer Upstream sees largest decline 2015 tested the oil and gas industry s threshold for sustained depressed oil and gas prices driving home the message that capital discipline is critical Shell s pending acquisition of BG Group was the largest upstream acquisition in over five years and accounts for 54 of the 2015 total US 153 billion disclosed upstream deal value Removing this deal from the total the number and value of upstream M A transactions was the lowest in the past five years 909 deals for a total value of US 71 billion a more than 55 reduction We also saw upstream capex cut by a record US 147 billion in 2015 as public and national companies of all sizes moved to preserve precious cash Although some of the decline in value from 2014 to 2015 can be attributed to lower commodity prices data also highlights a steady five year decline in deal volume In 2015 just under half the number of deals were disclosed as compared with 2014 volume and just under a third as compared with 2011 Upstream oil and gas transactions reported deal value by region and global volume 2015 was a year in transition for upstream M A and we see four key themes developing in 2016 Continued low M A value with some recovery in volume Distressed transactions of higher quality assets portfolios will feature as hedges run out lender covenants tighten capital commitments loom and the low price environment depletes cash Increasingly complex transaction structures Swaps strategic alliances and milestone payments may become more common as transaction structures increase in complexity and buyers and sellers look to manage their exposure to commodity price volatility and other future uncertainties Relentless focus on capital discipline Large scale development projects will be reworked and only transactions with sustainable economic returns will be able to attract large capital investment from both existing and new participants Fewer megadeals In 2016 there will likely be fewer transactions valued at US 1 billion as valuations drop reset and because quality opportunities continue to be scarce We expect to see portfolio optimization transactions and some more sizeable divestment campaigns Midstream rallies with megadeals Midstream transaction volumes and disclosed values decreased in 2015 Although reported deal value of US 149 5 billion was down from US 166 billion in 2014 this remains at a historically high level recognizing the record values posted in 2014 As in prior years midstream transaction activity both in volume and value was dominated by activity in the US and Canada which accounted for 84 of all deals and about 97 of the global midstream disclosed value Midstream oil and gas transactions reported value by region Downstream outperforms the subsectors In 2015 there

    Original URL path: http://www.ey.com/GL/en/Industries/Oil---Gas/EY-global-oil-and-gas-transactions-review-2015 (2016-02-10)
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  • EY - Driving operational performance in oil and gas - EY - Global
    Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Industries Oil Gas Driving operational performance in oil and gas Driving operational performance in oil and gas Inside Low oil price highlights the need for operational excellence The anatomy of operational excellence Driving operational performance in oil and gas Share The oil and gas industry is currently facing a crisis that threatens even the most stable of organizations The sustained reduction in oil and gas prices coupled with a forecast of modest recovery requires the industry to apply increased focus and rigor to operations performance While new exploration and growth will always be a cornerstone of upstream operations achieving a balance between new asset development and existing asset optimization is becoming increasingly important Failure to improve operational performance and economics could have lasting effects on a company s long term growth and viability In the current low price environment performance gaps have become even more prominent due to a heightened awareness among investors stakeholders and employees The present low oil price is disruptive by nature and calls for more than just rapid reduction of cost through downsizing or budget cuts across the organization The direct impacts of the current low price scenario indicate the reasons for expediting operational excellence Operational stability is best achieved through operational excellence programs focused on continued measured improvement that systematically addresses recurrent business issues Current state of industry usage and benefits We researched 30

    Original URL path: http://www.ey.com/GL/en/Industries/Oil---Gas/ey-driving-operational-performance-in-oil-and-gas-1-low-oil-price-highlights-the-need-for-operational-excellence (2016-02-10)
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  • Capital Confidence Barometer, October 2015: Oil and gas| 13th Edition - EY - Global
    About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Industries Oil Gas Capital Confidence Barometer October 2015 Oil and gas 13th Edition Share Capital Confidence Barometer October 2015 Oil and gas 13th Edition Deal activity to accelerate While the 13th edition of our Global Capital Confidence Barometer finds companies in most industries pursuing deals at a rate not seen this decade M A activity in the oil and gas sector has been stymied by continued uncertainty in the global oil and gas markets Oil and gas market trends Oil and gas deal value through the third quarter of 2015 has fallen below comparable levels for 2014 and 2013 and when one takes into account that almost 70 of 2015 YTD value derives from a single deal 2015 oil and gas M A activity seems even more lackluster Oil price volatility challenges M A While we did see some optimism for oil and gas dealmaking in the second half of 2015 the midyear retreat of oil prices to January levels put the brakes on M A activity The resilience of US tight oil and other non OPEC production in the face of lower prices combined with OPEC s decision to maintain production levels as well as the expectation that additional Iranian crude supply will reach the global market in 2016 have overwhelmed demand

    Original URL path: http://www.ey.com/GL/en/Industries/Oil---Gas/EY-capital-confidence-barometer (2016-02-10)
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  • EY - Joint ventures for oil and gas megaprojects - EY - Global
    Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Industries Oil Gas Joint ventures for oil and gas megaprojects Joint ventures for oil and gas megaprojects Navigation Joint ventures for oil and gas megaprojects Evaluating JV performance JV critical success factors Infographic Avoiding the obstacles in oil and gas joint ventures Share On projects with delivery challenges maximizing the positive potential of a joint venture JV is likely to be a critical component of project success having a key impact on schedule performance and ease of access to capital However when these relationships go wrong they can be extremely disruptive particularly to project schedules and key decision points Aside from the disruption of the core business arbitration and legal proceedings relating to any failure can be costly time consuming distractions for the management of both the JV and the parent organizations We took a close look at joint ventures as part of our oil and gas capital projects series Why do we see more projects delivered through JVs JVs can provide the benefits of collaboration and risk sharing while maintaining corporate independence and avoiding the economic and political risk associated with a merger or acquisition This risk sharing and additional route to capital funding is particularly attractive to oil and gas companies as they attempt to deliver major capital projects in an environment of increasingly uncertain geopolitics and market price instability Reasons for entering a JV relationship Capital intensity Projects can be too big for a single company to finance on its own both in terms of access to funding and cost exposure in the event of overrun Risk mitigation Single companies may not wish to assume full exposure to a speculative investment or invest into a new region or unproven reserve or technology Access to technology Owners of proprietary technology may restrict or limit access to projects where they are invited to participate within a JV style agreement Similarly project developers may seek to partner with technology owners where project success and potentially competitive advantage is predicated on access to technology or expertise Access to resources The project developer may need the help of a JV participant with the capital or skills to develop the resources to its maximum potential Supply chain optimization Supply chains can be optimized across disparate geographies by pooling participant s assets For example distribution costs can be reduced dramatically if participants with similar manufacturing requirements contract manufacture for one another in geographically dispersed locations Market positioning and scale Pooling the assets of participants or leveraging collective political influence may allow a JV to develop a marketing leading position in a particular geography thereby providing advantages that no participant could attain working alone Similarly

    Original URL path: http://www.ey.com/GL/en/Industries/Oil---Gas/ey-joint-ventures-for-oil-and-gas-megaprojects (2016-02-10)
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  • EY - Capital Projects in oil and gas - EY - Global
    Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Industries Oil Gas EY Capital Projects in oil and gas EY Capital Projects in oil and gas Click each section on this compass to learn more Spotlight on oil and gas megaprojects Navigating geopolitics in oil and gas Portfolio management in oil and gas Joint ventures for oil and gas megaprojects Megaprojects selection and development Megaprojects project delivery and handover Regulation on capital projects turning challenges into opportunity Share In Spotlight on oil and gas megaprojects EY researched the performance of 365 oil and gas megaprojects and found 64 face cost overruns and 73 report schedule delays Spotlight on oil and gas megaprojects close Navigating geopolitics in oil and gas examines the complex and ever changing web of external factors that can adversely affect project performance Navigating geopolitics in oil and gas close Portfolio management in oil and gas building and preserving optionality explores why optionality is important and how oil and gas companies can ensure optionality at the corporate portfolio and project levels to allow the development of balanced project portfolios Portfolio management in oil and gas close Related content Joint ventures for oil and gas megaprojects JVs face higher incidence of cost and schedule overruns but fare better on the extent of failure Learn more In this paper we explore the challenges involved in the selection and staged approval of megaprojects projects towards FID and into project delivery Future release Megaprojects selection and development close The size and scale of megaprojects make delivery especially complex In this paper we review the key issues and outline best practice approaches to successfully navigating them Future release Megaprojects project delivery and handover close Changing HSE and local content regulations present a number of challenges especially in remote environmentally sensitive areas Here we explore their impact and the opportunities they create Future release Regulation on capital projects turning challenges into opportunity close Twenty four months after our initial paper we review the ongoing cost and schedule performance of our study projects introducing additional data on performance to the original production projections Future release Spotlight on megaprojects performance and productivity review close With the return of market volatility energy projects are coming under even more scrutiny and at the same time capital projects are becoming more technically complex capital intensive and operationally demanding Despite the importance of these activities Spotlight on oil and gas megaprojects discovered that the industry s track record of successful capital project delivery is disappointing So how can we make it better In EY s Oil and gas capital projects series we will explore the issues in more detail highlighting the risks of inaction as well as industry best practice management and

    Original URL path: http://www.ey.com/GL/en/Industries/Oil---Gas/EY-capital-projects-in-oil-and-gas (2016-02-10)
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  • Global oil and gas tax guide - EY - Global
    Global Trade Global Compliance and Reporting Human Capital Private Client Services Law Tax Accounting Tax Performance Advisory Tax Policy and Controversy Transaction Tax VAT GST and Other Sales Taxes Transfer Pricing and Operating Model Effectiveness Strategic Growth Markets How we help Entrepreneurship EY SGM Initial public offering Venture capital Family business services Transactions About Transaction Advisory Services Corporate Development Divestiture Advisory Services Lead Advisory Operational Transaction Services Restructuring Strategy Services Transaction Support Transaction Tax Valuation Business Modelling Specialty Services Climate Change and Sustainability Services CertifyPoint China Overseas Investment Network Family Business Services French Business Network Global Business Network Japan Business Services Careers Students The EY difference Your role here Your development Life at EY Joining EY Global Delivery Network Experienced Advisory Assurance Tax Transactions Industries The EY difference Your development Life at EY Joining EY Global Delivery Network Alumni Home Services Tax 2015 Global Oil and Gas Tax Guide 2015 Global Oil and Gas Tax Guide This guide summarizes the oil and gas corporate tax regimes in 84 countries Use either the map below or the menu at right to see the guide s information for a country This guide summarizes the oil and gas corporate tax regimes in 84 countries Use the menu below to see the guide s information for a country Select a country Contents Country list Tax regime definitions Foreign currency list Download guide as PDF Share Over the last decade and especially in the last five years governments of exporting countries around the world have gradually introduced or adjusted their fiscal regimes to capitalize on the high oil price environment The dramatic oil price drop exposed the vulnerabilities of many of these tax structures and is forcing jurisdictions to focus on revising them Alexey Kondrashov EY Oil Gas Tax Leader Exporting countries around the world are reconsidering how they tax the oil and gas industry in the wake of ongoing oil price volatility Our 2015 Global Oil and Gas Tax Guide summarizes the oil and gas corporate tax regimes in 84 countries and includes a directory of our global oil and gas tax contacts Competition drives tax policies In competition for exploration investments governments are working on making oil and gas tax regimes competitive and attractive to investors Forward thinking governments review and revise their regimes but with the sudden oil price drop along with other basin challenges governments are looking to quicken regime change Transformation in the spotlight Decreased oil and gas prices have meant unconventional difficult to recover projects as well as many conventional oil and gas projects have become marginal Keeping projects economically viable will require some countries to impose new incentives or make adjustments to existing regimes Governments and the industry continue to see the potential of natural gas and shale projects but with fluctuating oil and gas prices there is a balance to be struck in creating the right conditions for the industry to provide incentives for such projects This year s guide includes four new countries Croatia Greece Guinea

    Original URL path: http://www.ey.com/GL/en/Services/Tax/Global-oil-and-gas-tax-guide---Country-list (2016-02-10)
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