经济学人216:智利国家铜业公司对战英美资源集团

 　　Business

　　商业报道

　　Codelco v Anglo American

　　智利国家铜业公司对战英美资源集团

　　Ore war

　　矿石之战

　　A mineral battle in business-friendly Chile

　　商业环境友好的智利爆发矿产之争

　　LEADERS of countries at war have long warned voters not to throw them out before the shooting stops.

　　战争期间的国家领导人早就提醒过选民，在枪击停止前不要把他们甩在一边。

　　Although Chile has been at peace since it restored democracy in 1990, its state copper¹ company, Codelco, is embroiled² in a fierce legal fight with Anglo American, a global mining conglomerate³, over the ownership of rich metal deposits.

　　尽管智利在1990年恢复民主后一直处于和平状态，其国家铜业公司Codelco还是为了与英美资源集团争夺金属富矿的所有权而被卷入到的激烈法律争端中。

　　And it will now have to wage that battle without its boss, Diego Hernandez, who quit his job on May 24th.

　　现在Codelco不得不在没有主帅的情况下进行这场斗争—其执行总裁埃尔南德斯于5月24日辞职。

　　Chile's mining industry has boomed under a hybrid⁴ structure, in which Codelco, the world's biggest copper firm, competes with private rivals.

　　作为世界上最大的铜业公司，Codelco与私营企业不断竞争—智利的采矿工业 在这种混合结构下繁荣起来。

　　The company hired Mr Hernandez, who had previously⁵ worked at BHP Billiton, another global miner, mainly to oversee⁶ expansion.

　　Codelco雇佣曾供职于必和必拓的Mr Hernandez，主要是为了让他负责公司的扩张战略。

　　Mr Hernandez soon found a tempting⁷ acquisition target in Anglo American's Sur project, consisting of two mines, a smelter, and two recently discovered deposits in the Andes, which are thought to hold a whopping 2.1 billion tonnes of ore.

　　Mr Hernandez很快就发现了一个诱人的收购目标——英美资源集团的苏尔项目，该项目包括两处矿山、一个冶金厂和两处最近在安第斯山发现的两处矿床。

　　In 1978 Codelco acquired an option to buy up to 49% of Sur during a one-month window every three years.

　　1978年Codelco就签订了收购苏尔49%股权的期权的合同，每三年开放一次窗口。

　　In January the company exercised it. Its contract contains a formula for calculating the price, which is based in part on Sur's profitability in the five years before purchase.

　　今年一月Codelco宣布行使期权。这份合同包含一个公式，能够根据苏尔在收购前五年的盈利能力等因素计算出其价格。

　　Codelco says this equation values the project at $13.5 billion.

　　Codelco称根据这个公式该项目价值135亿美元。

　　It secured a $6.75 billion loan from Mitsui, a Japanese firm, to pay for its share.

　　Codelco已经从日本三井物产获得67.5亿美元的担保贷款来购买这些股权。

　　However, the formula takes no account of the new finds at Sur or Anglo American's investment in it.

　　但是，这个公式没有考虑到苏尔公司新发现的矿产或者是Anglo American对苏尔的投资。

　　To fend⁸ off Codelco, Anglo agreed with Mitsubishi, another Japanese trading house, to sell a 24.5% stake for $5.4 billion.

　　为了抵制Codelco的收购，Anglo同意向日本三菱公司以54亿美元的价格出售苏尔集团24.5%的股份。

　　Anglo said Codelco would have to settle for a smaller slice after the Mitsubishi deal closes.

　　Anglo表示，在与三菱公司的交易完成后，Codelco 只能收购在苏尔集团的剩余的部分股份 。

　　Mr Hernandez accused Anglo American of breaching⁹ its contract.

　　Mr Hernandez起诉Anglo American违反合约，

　　The two sides went to court.

　　双方对簿公堂。

　　Then on May 22nd they suspended proceedings¹⁰ and agreed to talk.

　　5月22日，双方又推迟诉讼，打算和谈，

　　They gave themselves 30 days to reach a deal.

　　原本计划在30天内达成一致意见，

　　But two days later Mr Hernandez abruptly¹¹ quit.

　　但2天后，Mr Hernandez突然辞职。

　　He said his departure had nothing to do with the Anglo spat¹²,

　　Mr Hernandez表示他的离职与Anglo争端无关，

　　but rather with the company's board, which he accused of micromanagement.

　　而是对公司董事会事无巨细的微观管理方式不满。

　　In 2010 Chile overhauled¹³ Codelco's administrative¹⁴ structure, transforming the board from a mere¹⁵ rubber stamp into a real check on management.

　　2010年智利政府对Codelco的行政结构进行了整改，董事会获得了对公司管理层的监管权力，不再像以前那样只是个橡皮图章。

　　Industry observers say the new organisation¹⁶ has led to better decision-making.

　　业内观察家认为新的组织架构可以更好地作出决策。

　　But Mr Hernandez apparently¹⁷ grew tired of having to explain himself at every turn in interminable meetings.

　　但是Mr Hernandez显然已经厌倦了在没完没了的会议上一遍又一遍的解释自己的做法。

　　His successor is Thomas Keller, the company's chief financial officer, formerly¹⁸ of Royal Dutch Shell.

　　Mr Hernandez的继任者是公司首席财务官托马斯.凯勒，曾在荷兰皇家壳牌公司工作过。

　　Industry observers say Mr Keller is a more open boss than Mr Hernandez.

　　业内观察家认为相比Mr Hernandez ，Mr Keller是一个思想更为开放的老板。

　　Although Mr Keller will probably pursue a similar corporate¹⁹ strategy, Anglo American may try to take advantage of the turmoil²⁰ to adopt an even tougher stance in negotiations²¹.

　　尽管Mr Keller很可能继续推行与Mr Hernandez相似的公司战略，Anglo American可能会利用这段混乱期，以在谈判中采取更强硬的立场。

　　How the government-appointed board will advise the new boss remains²² to be seen.

　　政府委任的董事会将对这位新经理提出怎样的建议，目前还不得而知。

　　Chile would love to get its hands on Sur, and will face domestic pressure not to buckle²³:

　　智利政府十分希望能够拥有苏尔项目，同时也将面对难以克服的国内压力：

　　politicians and union leaders have accused Anglo American of trying to rob the country of its God-given copper, and public opinion frowns on foreign control of mines.

　　政客和工会领导人来控诉Anglo American试图强占本属该国的铜矿资源，公共舆论也对外国控制国内矿山表示不满。

　　But Chile also wants to protect its relationship with Britain and its reputation as one of Latin America's safest places to invest.

　　但与此同时，智利政府也希望保持与英国的关系，并维护好自己作为拉丁美洲最安全的投资国的名声。

　　Mr Keller may guide Codelco to a settlement, but he might soon find himself as frustrated²⁴ as Mr Hernandez was with a process that is as much about politics as it is about business.

　　Mr Keller可能会引导Codelco合理解决现有问题，但今后他除了经营公司，还要应付许多政治活动—这可能很快会让他变得和前任Mr Hernandez一样沮丧。

　　1.democracy n.民主国家；民主；民主制

　　The election demonstrates democracy in action.

　　这次选举是以实际行动体现了民主。

　　2.conglomerate n.联合企业；密集体；城郊混合区

　　An American conglomerate holds a major share in the company.

　　一家美国的大联合企业持有该公司的大部分股份。

　　3.hybrid n.混合物；杂种；混血儿

　　The music was a hybrid of western pop and traditional folk song.

　　这种音乐融合了西方流行音乐和传统民歌。

　　4.expansion n.膨胀；扩展；扩充

　　Metals undergo expansion when heated.

　　金属加热时会膨胀。

　　5.formula n.配方；公式；规则

　　What is the formula for water?

　　水的分子式是什么？

1 copper   

n.铜；铜币；铜器；adj.铜(制)的；(紫)铜色的

参考例句：

• The students are asked to prove the purity of copper.要求学生们检验铜的纯度。
• Copper is a good medium for the conduction of heat and electricity.铜是热和电的良导体。

2 embroiled   

adj.卷入的；纠缠不清的

参考例句：

• He became embroiled in a dispute with his neighbours. 他与邻居们发生了争执。
• John and Peter were quarrelling, but Mary refused to get embroiled. 约翰和彼得在争吵，但玛丽不愿卷入。 来自《简明英汉词典》

3 conglomerate   

n.综合商社，多元化集团公司

参考例句：

• The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
• An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。

4 hybrid   

n.(动，植）杂种，混合物

参考例句：

• That is a hybrid perpetual rose.那是一株杂交的四季开花的蔷薇。
• The hybrid was tall,handsome,and intelligent.那混血儿高大、英俊、又聪明。

5 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

6 oversee   

vt.监督，管理

参考例句：

• Soldiers oversee the food handouts.士兵们看管着救济食品。
• Use a surveyor or architect to oversee and inspect the different stages of the work.请一位房产检视员或建筑师来监督并检查不同阶段的工作。

7 tempting   

a.诱人的, 吸引人的

参考例句：

• It is tempting to idealize the past. 人都爱把过去的日子说得那么美好。
• It was a tempting offer. 这是个诱人的提议。

8 fend   

v.照料（自己），（自己）谋生，挡开，避开

参考例句：

• I've had to fend for myself since I was 14.我从十四岁时起就不得不照料自己。
• He raised his arm up to fend branches from his eyes.他举手将树枝从他眼前挡开。

9 breaching   

攻破( breach的过去式 )； 破坏，违反

参考例句：

• The company was prosecuted for breaching the Health and Safety Act. 这家公司被控违反《卫生安全条例》。
• Third, an agency can abuse its discretion by breaching certain principles of judge-made law. 第三，行政机关会因违反某些法官制定的法律原则而构成滥用自由裁量权。

10 proceedings   

n.进程，过程，议程；诉讼(程序)；公报

参考例句：

• He was released on bail pending committal proceedings. 他交保获释正在候审。
• to initiate legal proceedings against sb 对某人提起诉讼

11 abruptly   

adv.突然地，出其不意地

参考例句：

• He gestured abruptly for Virginia to get in the car.他粗鲁地示意弗吉尼亚上车。
• I was abruptly notified that a half-hour speech was expected of me.我突然被通知要讲半个小时的话。

12 spat   

n.口角，掌击；v.发出呼噜呼噜声

参考例句：

• Her parents always have spats.她的父母经常有些小的口角。
• There is only a spat between the brother and sister.那只是兄妹间的小吵小闹。

13 overhauled   

v.彻底检查( overhaul的过去式和过去分词 )；大修；赶上；超越

参考例句：

• Within a year the party had drastically overhauled its structure. 一年内这个政党已大刀阔斧地整顿了结构。 来自《简明英汉词典》
• A mechanic overhauled the car's motor with some new parts. 一个修理工对那辆汽车的发动机进行了彻底的检修，换了一些新部件。 来自《简明英汉词典》

14 administrative   

adj.行政的，管理的

参考例句：

• The administrative burden must be lifted from local government.必须解除地方政府的行政负担。
• He regarded all these administrative details as beneath his notice.他认为行政管理上的这些琐事都不值一顾。

15 mere   

adj.纯粹的；仅仅，只不过

参考例句：

• That is a mere repetition of what you said before.那不过是重复了你以前讲的话。
• It's a mere waste of time waiting any longer.再等下去纯粹是浪费时间。

16 organisation   

n.组织，安排，团体，有机休

参考例句：

• The method of his organisation work is worth commending.他的组织工作的方法值得称道。
• His application for membership of the organisation was rejected.他想要加入该组织的申请遭到了拒绝。

17 apparently   

adv.显然地；表面上，似乎

参考例句：

• An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
• He was apparently much surprised at the news.他对那个消息显然感到十分惊异。

18 formerly   

adv.从前，以前

参考例句：

• We now enjoy these comforts of which formerly we had only heard.我们现在享受到了过去只是听说过的那些舒适条件。
• This boat was formerly used on the rivers of China.这船从前航行在中国内河里。

19 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

20 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

21 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

22 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

23 buckle   

n.扣子，带扣；v.把...扣住，由于压力而弯曲

参考例句：

• The two ends buckle at the back.带子两端在背后扣起来。
• She found it hard to buckle down.她很难专心做一件事情。

24 frustrated   

adj.挫败的，失意的，泄气的v.使不成功( frustrate的过去式和过去分词 )；挫败；使受挫折；令人沮丧

参考例句：

• It's very easy to get frustrated in this job. 这个工作很容易令人懊恼。
• The bad weather frustrated all our hopes of going out. 恶劣的天气破坏了我们出行的愿望。 来自《简明英汉词典》