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Roger Agnelli, a South American who has a rough face and a rough face, is about to be ousted. Vale has issued an announcement and they decided to let the current CEO who once gave shareholders a good return to leave next week. Because the Brazilian government eventually made Vale's main controlling shareholder, the Brazilian pension fund, an investment company of the Brazilian National Development Bank, the Brazilian National Social and Economic Development Bank direct investment department, and Mitsui and Elétron, nominated from Vale for their origins in nickel and basics. Murilo Ferreira of the Metals Sales Department is the CEO. Through the above shareholders, the Brazilian government holds a 60.5% stake in Vale, but for the poor Roger Agnelli to be ousted, the former needs to get about 15% of the voting rights from the private bank to get 75% of the shareholders. Voted through. Around Roger Agnelli, Vale is staged a scene against the financial consortium against the government consortium. Financial shareholder Roger Agnelli has built Vale into the world's largest mining company in ten years. He has always emphasized the huge potential of the Chinese iron ore market and insisted on changing the traditional iron ore price mechanism. Following BHP Billiton adopted an index pricing system that “more reflects the spot market and has high transparencyâ€. He values ​​the return to the consortium of shareholders, and even ignores the Brazilian government's requirements for domestic investment and employment. So the government decided to send him away. According to local media reports, the Brazilian government spent nearly half a year convincing the major consortium to vote for Roger Agnelli to leave. For most of the shareholders, Roger Agnelli may have done a good job. He followed the advice of shareholders, large-scale acquisition and integration of mineral resources, and hoped to see iron ore pricing as "basic metals and crude oil markets, in each Under the influence of various factors, the transition from bilateral fixed prices to market pricing." However, Roger Agnelli is just a shadow. The real "playing tickets" is Goldman Sachs. On January 28, 2010, Goldman Sachs converted its $1.11 billion preferred stock from Sumitomo Mitsui, Japan, into common stock. The move helped Goldman Sachs indirectly hold the Vale. This is a crucial moment. The iron ore negotiations between China and the three major mining companies are deadlocked. The three major mining companies insist on changing the traditional long-term price and revoking the index-based quarterly pricing. At this time, investment banks such as Goldman Sachs, Morgan, UBS and others have predicted that iron ore prices will increase by 10%-20% in 2010. Australia's Goldman Sachs JBWere said that the price agreement between the steel mill and the three major iron ore suppliers should be “not early in the morning†because the current iron ore spot price is already 80% higher than the 2009 senior price. And steel mills are likely to make greater price concessions for Australian iron ore, even more than the 20% increase expected earlier. Among the world's major mining companies, financial consortiums have a strong voice. Whether it is Vale, BHP Billiton and Rio Tinto, there are international financial predators behind Goldman Sachs, JP Morgan, Citigroup, HSBC, etc. They use a variety of hidden agent funds to bring a lot of money from around the world. Into the traditional iron ore field. Compared with Vale, Rio Tinto and BHP Billiton's shareholders have more to come from the financial sector. For example, the top 20 shareholders of Rio Tinto Australia hold 72.41% of Rio Tinto's shares, including more than 43% of banks, insurance and investment companies from Citigroup, HSBC, UBS, Bank of New Zealand and Australian Security Life Insurance. BHP Billiton UK's share of these financial investments has reached 55.95%. The agent company is worth noting that most of the three major mining companies are not directly holding shares, but by setting up dazzling various agent companies in Brazil, Australia, the United Kingdom, and the United States. share. A person from HSBC Hong Kong explained that the agent company holds shares and is different from the direct holding of the bank. The agent company is usually set up when it needs to conduct cross-border investment, so as to avoid the government supervision of the mining country. It is understood that the agent company is similar to the investment fund company established under the banking group. It is not a concept with direct banking companies and investment companies. They are separate legal entities. Although they belong to the same group of banks, they do not interfere with the business and investment behavior of all parties. The money of these agent companies may come from financial institutions or from some more mysterious consortia and individuals. Unlike the direct strategic investment or acquisition of the banking group, the main purpose of these agents' investments is to obtain the immediate return on investment. In recent years, China's rapid development has led to an increase in demand for raw materials such as iron ore, coking coal, and petroleum. The market is optimistic about the prices of these raw materials. D Morgan Engmann, managing director of JP Morgan, said that financial forces are pouring into some raw materials industries such as iron ore, in order to achieve better returns. The act of capital gains is self-evident. He said that many investment banks, including JP Morgan, are currently researching some financial instruments to better avoid the impact of market fluctuations on investment. Because there are a large number of financial agent companies among major mining companies, Luo Bingsheng, executive vice president of China Steel Association, once accused that the iron ore market has actually been manipulated by financial consortiums hiding behind these mining companies. Pursue short-term returns to these financial shareholders, regardless of the long-term maintenance of the entire industry chain. Luo Bingsheng also said that on the one hand, financial institutions control the price of ore and sea freight through some means, on the other hand, they will release a report on the price of high-speed iron ore during the sensitive period of iron ore negotiations, providing opportunities for market speculation. In addition, among the shareholders of major mining companies, there are several common banking groups from JP Morgan, Citigroup and HSBC. In the view of China Steel Association, serving the common shareholder institutions has further consolidated the monopoly between mining companies. In 2008, when BHP Billiton proposed to acquire Rio Tinto and establish an iron ore joint venture with Rio Tinto in 2009, the leaders of the China Iron and Steel Association once said that they were almost a company, but they had to merge further. At present, people cannot directly see the situation in which a financial bank has a dominant position in the mining company. However, through various hidden agent companies, the role of financial institutions is being played within the mining company. More importantly, most of the members of the mining company's board of directors have a financial background, which is becoming more and more obvious. Entering the Board of Directors In August 2009, BHP Billiton selected former Ford CEO Jac Nasser as its new chairman. Jacques Nasser has a history of financial systems. After leaving Ford Motor Company in 2001, Jacques Nasser became a senior partner of Global Equity Partners, a global equity firm of JPMorgan Chase. At the time, another candidate for BHP Billiton's chairman was John Schubert, chairman of the Commonwealth Bank of Australia. In addition to Jacques Nasser, most of BHP Billiton's other board members have a financial background. John Buchanan, Chairman of the Labor Remuneration Committee, was a former executive director and chief financial officer of BP, and director Carlos Cordeiro was a partner and general manager of the Goldman Sachs Group. His Risk and Audit Committee Chairman David Crawford worked for KPMG and served as a director of the Western Pacific ( 11.94 , -0.23 , -1.89% ) banks. Carolyn Hewson, a board member and risk management committee member who joined the board in March 2010, has more than 25 years of experience in the investment banking and finance industries and has also worked for Westpac. Even Baroness Shriti Vadera, who just entered the board in 2011, has worked exclusively in investment banking consulting at UBS Warburg, and has served as a member of the World Bank Zoellick Senior Committee. Rio Tinto's board of directors also has a financial background. The newspaper found that the financial people entered the mining company in the last decade by consulting the data of the three major mining companies. According to Xu Xiangchun, director of information for “My Steelâ€, this is not accidental. According to the mining company's structural model, the impact of financial institutions on mining companies can be achieved through the appointment of management. “The iron ore pricing system, step by step from the long association to the quarter, to the final spot, and the generation of tools such as indices and futures, are what financial institutions want.†August 2010, at BHP Billiton At a performance report, its CEO, Goris, received inquiries from investment clients in the financial world, including Goldman Sachs, Morgan, UBS, Merrill Lynch, and Citigroup. Among them, Heath Jansen from Citigroup expressed a hedge against the spot market. With regard to hedging concerns, he wondered how Gauris considered how to use financial instruments to maintain profitability. Gorris’s answer was, “We don’t have genes in this area when considering hedging or hedging.†But he also said that more than 90% of BHP Billiton's products have achieved market pricing. Rio's global CEO Ai Bo Nian has said that index pricing may become a tool for financial institutions to develop derivatives, but these derivatives are the seeds of the crisis. Ma Dingsi, executive director of Vale's iron ore business, also believes that iron ore will not become a financial product due to the inability to store iron ore, and the intermediate role is small, and neither the miners nor the steel mills want to see iron ore. Stone has developed in the direction of financialization. But the problem now is that as financial factors gradually penetrate into mining companies, it seems that iron ore has become a place for financial speculation. This situation has developed to this day, and it is no longer the control of mining companies and steel mills.