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Diamonds, sparkling under an African sun, have an attraction commensurate(相称
Diamonds, sparkling under an African sun, have an attraction commensurate(相称
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2024-09-22
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问题
Diamonds, sparkling under an African sun, have an attraction commensurate(相称的)with their high price and beauty. For Anglo-American the opportunity to get their hands on some more has proved too much to resist. On November 4th the global mining giant announced that it would acquire the 40% of De Beers, a company that mines two-fifths of the world’s diamonds, from the Oppenheimer family for $5.1 billion. This takes Anglo-American’s stake in De Beers to 85% ; the rest is owned by the government of Botswana, where the firm digs up its gems.
The price looks right. Demand for diamonds has bounced back after the credit crisis in 2008 and the following recession in the rich world. More and more wealthy Indians and Brazilians seem keen to sport a "rock" to show just how well they are doing. And the shrewd Oppenheimers do not seem to be getting out of the business because its future looks bleak. There is apparently no family member who wants to take on diamond mining. Nicky Oppenheimer, De Beers’s chairman, foresaw the sale in February when he stood down from the board of Anglo-American.
For Anglo-American it resolves the issue of its non-controlling stake in De Beers. Analysts have long reckoned it should either sell or try to increase its stake. In fact the firm might yet spin off De Beers with an IPO. The terms of the deal allow the Oppenheimers to pocket some more cash from a flotation(债券发行)or sale in the next couple of years, suggesting that such an outcome is not unlikely.
It would also make sense. Anglo-American is a different beast to the global diversified mining giants that would count as its competitors. It stood apart from the wave of mining mega-mergers over the past decade or so—except as a potential target. The consolidation and the emergence of huge markets for the world’s resources have propelled BHP Billiton, for instance, to become one of the world’s biggest listed companies.
Many would claim that Anglo-American has suffered as a result. Once one of the world’s biggest miners, it now ranks alongside Xstrata, a company just ten years old, which in 2009 even attempted a nil-premium takeover of Anglo. It also has a significant portion of its assets in South Africa. And unlike its peers it has a large platinum business, as well as all the diamonds.
Anglo-American’s recent strategy has been to diversify out of South Africa, where the threat of nationalization, scarcely credible but a fear for investors none the less, hangs over it. Black-empowerment laws, a scarcity of water and electricity as well as an obstinate workforce make it a difficult place to operate. Botswana is far more accommodating, but it might also make sense to get out of diamonds: it is a business that is more about branding the rocks and less about the savvy(懂行的)capital deployment and logistical(物流的)know-how that are the hallmarks of the mining business. If that is Anglo’s eventual aim, then the deal looks like a smart move. [br] What does the word "that" in the last paragraph indicate?
选项
A、Branding the rocks.
B、Deploying capital wisely.
C、Hallmarking the mining business.
D、Getting out of the diamond business.
答案
A
解析
语义题。根据文章最后一段最后两句可知,博茨瓦纳的投资环境则要宽松得多,但是它脱离钻石业可能也是明智的:钻石业更多依靠的是“石头”的品牌化,而不是精明的资本配置和物流技术,这些却都是采矿业的标志。如果that指的是英美资源集团的最终目标,那么此次交易看上去是个明智之举,文中冒号后面的内容是在解释说明为什么退出钻石业是明智的,而英美资源集团购人在博茨瓦纳的钻石公司,如果说是明智的话,应与上文解释相反,可见,其中的that指代的是[A]。
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