Análisis y valoración financiera de empresas mineras de cobre: el caso de Cerro Verde y Minera Escondida
Date
2017-07-12
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Publisher
Pontificia Universidad Católica del Perú
Abstract
De acuerdo con la información presentada por el Ministerio de Energía y Minas (2016),
en los últimos cinco años se ha presentado la caída del precio de las materias primas y la
desaceleración de la economía china, lo cual afectó la inversión y el desarrollo, principalmente
en los países emergentes en cuyas economías existe preponderancia en la explotación de los
recursos naturales, como es el caso de los países de América Latina. Entre los recursos naturales,
el cobre constituye un recurso estratégico para el mundo por su importancia en la industria de la
construcción y la tecnología. Asimismo, tal como indica la Comisión Chilena de Cobre (2016),
los principales países productores del cobre son Chile, China y Perú, que representan el 48% de
la demanda mundial. Debido al entorno económico mundial y al ser Chile y Perú los principales
productores cobre, se han seleccionado a Minera Escondida y Cerro Verde como empresas
representativas con el propósito de identificar cuáles han sido los elementos económicos y
financieros que impactan en la determinación del valor fundamental.
En ese sentido, en el presente trabajo de investigación se ha desarrollado una revisión del
entorno económico de Perú y Chile y un análisis financiero de Cerro Verde y Minera Escondida
a partir del entendimiento de la estructura financiera, los componentes de los estados de situación
financiera y estados de resultados integrales que han sido afectados principalmente por la
disminución del precio del cobre en los últimos cinco años.
Hemos utilizado esta información como base para determinar el valor fundamental de
Cerro Verde y Minera Escondida y, para ese propósito, se han identificado las variables más
relevantes que impactan el valor de estas empresas
According to the information presented by the Ministry of Energy and Mines (2016), in the last five years there has been a fall in the price of raw materials and a slowdown in the Chinese economy, which has affected investment and development, especially in the emerging countries whose economies have a preponderance in the exploitation of natural resources, as is the case of Latin American countries. Among natural resources, copper is a strategic resource for the world because of its importance in the construction and technology industries. Also, as indicated by the Chilean Copper Commission (2016), the main copper producing countries are Chile, China and Peru, which represent 48% of world demand. Due to the global economic environment and since the main producers are Chile and Peru, Minera Escondida and Cerro Verde have been selected as representative companies in order to identify the economic and financial elements that have an impact on the determination of the fundamental value. In this sense, this research work has developed a review of the economic environment of Peru and Chile and a financial analysis of Cerro Verde and Minera Escondida from the understanding of the financial structure, the components of the balance statements and comprehensive income statements that have been affected mainly by the decrease in the price of copper in the last five years. We have used this information as basis to determine the fundamental value of Cerro Verde and Minera Escondida and, for that purpose, we have identified the most relevant variables that impact the value of these companies
According to the information presented by the Ministry of Energy and Mines (2016), in the last five years there has been a fall in the price of raw materials and a slowdown in the Chinese economy, which has affected investment and development, especially in the emerging countries whose economies have a preponderance in the exploitation of natural resources, as is the case of Latin American countries. Among natural resources, copper is a strategic resource for the world because of its importance in the construction and technology industries. Also, as indicated by the Chilean Copper Commission (2016), the main copper producing countries are Chile, China and Peru, which represent 48% of world demand. Due to the global economic environment and since the main producers are Chile and Peru, Minera Escondida and Cerro Verde have been selected as representative companies in order to identify the economic and financial elements that have an impact on the determination of the fundamental value. In this sense, this research work has developed a review of the economic environment of Peru and Chile and a financial analysis of Cerro Verde and Minera Escondida from the understanding of the financial structure, the components of the balance statements and comprehensive income statements that have been affected mainly by the decrease in the price of copper in the last five years. We have used this information as basis to determine the fundamental value of Cerro Verde and Minera Escondida and, for that purpose, we have identified the most relevant variables that impact the value of these companies
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Valor -- Finanzas
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