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Due diligence, also known as "cautious investigation", refers to a series of activities conducted by investors in the field investigation and data analysis of all matters related to the investment of the target enterprise after reaching a preliminary cooperation intention with the target business.

（盡職調查，又稱“謹慎調查”，是指投資者在與目標企業達成初步合作意向後，進行與目標企業投資有關的所有事項的實地調查和數據分析的一系列活動。）

In the large-scale aboard mining investment projects , generally will organize a team or entrust a third party department to carry out due diligence work, but in the small and medium-scale mining investment, the work is always ignored, while due diligence is the most important part in risk control, its importance should be taken serious treatment. Based on my personal recognition and superficial experience, I tried my best to show the elements of due diligence of mining investment projects abroad to you, but because of my ability and writing level is limited, inadequate, please correct.

（在大型的國外礦業投資項目，一般會組織一個團隊或委託第三方部門開展盡職調查工作，但在中小規模的礦業投資，這項工作往往被忽視，而盡職調查是風險控制的重要組成部分，其重要性應嚴肅處理。基於我個人的認識和膚淺的經驗，我盡力向您展示海外礦業投資項目盡職盡責的因素，但由於我的能力和寫作水平有限，不足之處，請改正。）

In western countries, traditional due diligence mainly focus on the legal, financial and tax aspects, so as to ensure the legal validity of investor owned investment projects, to ensure the accuracy and reliability of investors investment projects past profits and assess the potential return on investment. Nowadays, many industry acquisition/MA are still around to investigate these three aspects, however, because of the particularity and complexity for mining investment projects, if you only investigate these three aspects, and you will ignore the most fundamental problems, namely investment in mineral project economic feasibility, technical feasibility, and the external environment.

（在西方國家，傳統的盡職調查主要集中在法律，財務和稅務等方面，以保證投資者自有投資項目的合法效力，保證投資者投資項目過往利潤的準確性和可靠性，評估潛在投資回報。 如今，很多行業收購/ MA（併購）還在圍繞這三個方面進行調查，但是由於礦業投資項目的特殊性和複雜性，如果只對這三個方面進行調查，而忽略了最根本的問題，即礦業投資 項目經濟可行性，技術可行性和外部環境。）

Therefore, in western countries, the due diligence of mining investment projects is more comprehensive and detailed, including (1) Using the international recognized standard and transparent assessment rules, analysis and determine the mineral resources and reserves; (2) Comprehensive analysis of the project, including the selection of professional analysis, hardware condition analysis and investment environment analysis; (3) The integration issues after acquisition/MA; （4）The prediction of product market price trend, including supply and demand trend and financial situation analysis. (5) Finance simulation analysis; (6) the traditional three elements of due diligence.

（因此，在西方國家，礦業投資項目的盡職調查更加全面和詳盡，包括：（1）採用國際公認的標準和透明的評估規則，分析確定礦產資源和儲量; （2）項目綜合分析，包括專業分析選擇，硬件條件分析和投資環境分析; （3）收購後的整合問題/ MA; （4）產品市場價格走勢預測，包括供求趨勢和財務狀況分析。 （5）財務模擬分析; （六）傳統的三要素盡職調查。）

For Chinese enterprises, the most lack person is who have international mining operation experience as well as mining knowledge and business mind, so it is very critical to make an appropriate list of due diligence. No matter whether organizing a team or entrust a third party department to be in charge of the due diligence work, it can be carried out one by one according to the elements of the list, collecting materials, establishing files, and summarizing them to the highest decision-making level. I will list the main points of the due diligence of oversea mining investment projects as below:

（對於中國企業來說，最缺乏人才是具有國際採礦經驗以及挖掘知識和經營頭腦的人才，因此，做出適當的盡職調查是非常關鍵的。 無論是組建一個團隊還是委託第三方負責盡職調查，都可以按照清單的要素逐一進行，收集資料，建立檔案，並總結為最高 決策層面。 我將列出海外礦業投資項目盡職調查的要點如下：）、

1. Using the international recognized standard and transparent assessment rules, analysis and determine the mineral resources and reserves; such as JORC（Joint Ore Reserves Committee）and NI43-101；JORC standard has become the most widely recognized classification standard for mineral resources and ore reserves in the world.

To investigate and verify the amount of resources and reserves, for mineral company it is not a problem, but for non-mineral company it will need more extra attentions, Many companies also conscious to improve the quality and increase the reserves and other indicators, so as to improve the price, these situation is widely seen in mining project transaction.

（1.採用國際公認的標準和透明的評估規則，分析和確定礦產資源和儲量;

調查核實資源量和儲量，對礦產企業來說不是問題，但對於非礦產企業則需要更多的額外關注，很多企業也有意識地提高質量，增加儲量等指標，所以 為提高價格，這些情況在礦業項目交易中普遍存在。）

2. Professional analysis of mining and mineral process. The key elements for the production and operation of the mining project also contain the mining and mineral process, such as mining conditions, difficulty degree and mineral processability, etc. Generally speaking, the survey work for these elements needs some experts with rich practice experience to the spot for on-site inspection and analysis of past information and data. If necessary, samples should be collected for comprehensive analysis and experiment to verify the authenticity of the data provided by the seller.

（2.採礦和礦物過程的專業分析。 採礦項目生產經營的關鍵要素還包括開採條件，難度，礦物加工性等礦山開採過程。一般來說，這些要素的調查工作需要一些具有豐富實踐經驗的專家 現場檢查和分析過去的信息和數據。 如有需要，應收集樣本進行綜合分析和實驗，以驗證賣方提供的數據的真實性。）

3. Analysis of the external environment. After analyzing the geology, mining and mineral processing of the project, we need to consider the external environment, including the infrastructure and construction conditions related to the project, and the circumstance, community and politics of the mining area.

（3.分析外部環境。 在分析項目的地質，採礦和選礦過程之後，需要考慮外部環境，包括項目相關的基礎設施和施工條件，以及礦區的情況，社區和政治。）

Ignoring the hardware conditions is one of the most important reasons of mining investment projects failure abroad. In some projects, just outside the infrastructure investment will occupy 60-70% of the whole investment, they need not only construct production and living system of the mine and mining, but also they need construct the ports, railways, power stations, desalination infrastructure system, etc. any one’s investment is a large amount of money, so any element cannot be ignored;

（忽視硬件條件是國外投資項目失敗的重要原因之一。 在一些項目中，基礎設施投資以外只佔全部投資的60-70％，不僅需要建設礦山生產生活系統，還需要建設港口，鐵路，電站，海水淡化基礎設施 制度等方面的投入是大量的金錢，所以任何因素都不容忽視;）

The investment environment, including the political and legal environment, social and cultural environment, etc. Political and legal environment, including political system, political stability and continuity of policies, laws and regulations are comprehensive or not and judicial environment is strong or not; Many Chinese companies have paid a lot of tuition for social and cultural environment problems, including local citizen's education level, religious culture and customs and habits etc.

（投資環境包括政治法律環境，社會文化環境等。政治，法治環境包括政治制度，政治穩定，政策法規延續性，綜合與否，司法環境強， 許多中國公司為社會和文化環境問題付出了很大的代價，包括當地公民的教育水平，宗教文化習俗等等。）

The education level will judge the quality of the main labor force during the project's construction and operation period; because of religious activities or holidays affect the duration and even lead to contradictory is often seen and reported. In some places, the mountains and rivers near the community are often regarded as gods. The exploitation of resources means the blasphemy of the gods. Therefore, they must not allow the entry and development of the outside world.

（教育水平將決定項目建設和運行期間主要勞動力的素質; 由於宗教活動或節假日的影響，甚至導致矛盾常被看到和報道。 在一些地方，社區附近的山川往往被視為神。 資源的開採意味著神的褻瀆。 因此，他們不能讓外部世界的進入和發展。）

4. The integration issues after acquisition/MA.

（4.收購/併購後的整合問題）

There are several common phenomena of integration issues after acquisition/MA. (1) Attention to acquisition/MA and ignore integration. After acquisition/MA, what kind of management system is needed to take over the purchased enterprises is widely neglected. Some foreign reports show that poor integration is the main reason for the poor results of the acquisition / MA of most projects. (2) Attention to working ability and ignore behavioral ability. In most project aboard, working ability is the most element to consider, and behavioral ability is often been ignored. However if they do not have corresponding behavioral abilities to deal with different cultures, nationalities, languages, values, and legal systems, it will cause a lot of trouble for later stage. （3）Attention to appoint and ignore the local. It is understandable that enterprises have the power to appoint new teams or individuals to acquisition/MA project to manage and supervise. However, how to smooth transition and develop the company for long are also important things which need to be considered. (4) Attention to balance and ignore adjustment. After the completion of the acquisition/MA, some projects continue to retain the original team as they cannot find the right new team in short time, so that the continuity and smooth transition of the work are ensured. However, maybe there are some difference in ideas, thoughts or behavioral capabilities between the team and the buyer

Therefore, the integration of acquisition/MA is also one of the essential points for the due diligence of mining investment projects.

（中資企業在國外礦業收購/併購後普遍存在以下幾種現象：（1）重併購，輕整合。併購之後，企業需要以什麼樣的管理體系去接管被購企業，被廣泛忽視；國外有資料顯示，整合工作不力是多數項目收購/併購結果不理想的主要原因；（2）重業務，輕行為。人的能力分業務能力和行為能力，在中資海外項目中，往往重視的是個人的業務能力，而輕視了行為能力，對於不同文化、民族、語言、價值觀、法律體系等的挑戰，不具備相應的行為能力，將會給後期造成極大的麻煩；（3）重委派，輕當地。企業有權力委派新的團隊或個人去收購/併購後的企業去進行管理和監督，這無可厚非，但短期內如何平穩過渡，長期內如何紮根當地，長足發展是應當考慮的；（4）重平穩，輕調整。項目完成收購/併購後，有的企業因為無法找到合適新團隊，繼續留任原有團隊，這樣保證了工作的連續性，平穩過渡，但該團隊與中資企業要求的思路、理念以及行為能力可能不太相符

因此收購/併購後的整合問題，也是投資項目的盡職調查不可或缺的要點之一；）

5. The prediction of product market price trend. The product is the main revenue source of the investment project, so the prediction of the product market price trend is obviously important. The life of the mining investment project is long, so it cannot just use short term’s data to be the basis for the trend prediction. The prediction of market price should be based on a product price fluctuation cycle at least, combined with market supply and demand, industrial macro regulation, product value in industry or finance and other parameters to analyze and predict.

（5. 產品市場價格趨勢預測。項目開發的產品是項目的收益來源，因此對產品市場價格的預測就顯得尤為重要。礦業投資項目的週期較長，不能僅憑短期內的漲跌趨勢作為預測的依據。市場價格的趨勢預測，應至少以一個產品價格波動週期為單位結合市場供需情況，產業宏觀調控，產品在工業或金融上的價值趨勢等參數來進行分析和預測。）

6. Financial simulation analysis. Financial simulation analysis is the basis of weighing the reliable economic benefits of the project. Pre-project cost, project construction cost, production cost, equipment depreciation cost, financial cost and production operation proceeds will be the important components of financial simulation analysis.

（6. 財務模擬分析。財務模擬分析是權衡項目能否具有可靠經濟收益的依據。前置手續成本、項目建設成本、生產成本、設備折舊、財務費用以及生產運行收益等參數，將是財務模擬分析的重要組成因素；）

7. The traditional three elements of due diligence.

(1) Financial due diligence. When conducting financial due diligence, we must first understand some basic financial situations of the project, and then have a comprehensive understanding of its accounting policies and tax policies. Then we should investigate the reliability and authenticity of the financial statements. Besides, we should make a comprehensive analysis of the change trend and influencing factors of the cost and income of the project as well as the change of the cash flow of the project.

(2)Tax due diligence. It includes the investigation of the status of tax compliance, the level of tax rating and the proposals for tax planning, etc.

(3) Legal due diligence, mainly including mining law, land law, environmental law, labor law, foreign exchange control and mineral products restrictions.

The above elements are the points which need to be paid attention to in the due diligence investigation of mining investment projects aboard, they are also the common problems which are often met. Of course, different countries or regions and different projects have their particularities and need to be treated differently. The more detailed, more objective, more accurate, and more accurate, can we provide the more solid support for the project decision - making layer.

（7.傳統盡職調查三要素

（1）財務盡職調查。在進行財務盡職調查時，首先要了解該項目的一些基本財務情況，然後要對其會計政策和稅費政策進行全面瞭解。隨後還應對企業財務報表的可靠性和真實性進行調查，另外該項目的成本和收入的變化趨勢和影響因素，以及項目現金流的變化都應進行綜合分析；

（2）稅務盡職調查。包括稅務合規狀況的調查、稅務健康程度的調查以及稅務規劃建議等；

（3）法律盡職調查，主要包括礦業法、土地法、環保法、勞工法、外匯管制和礦產品限制等方面。）

以上內容為個人認為的國外礦業投資項目的盡職調查需要注意的要點，也是普遍存在的需要面對的問題，當然不同國家和地區、不同項目具有其特殊性，需要區別對待。只有盡職調查工作做得越詳細、越客觀、越準確全面，才能為項目決策層提供最堅實的支持。

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