Over the past few months, mining companies have raised, or are raising, USD 52bn outside the banking system, all of it from investors (or each other), and not a penny of it from bail out packages. The biggest single number comes from Rio Tinto, which wants to sell USD 7.2bn in convertibles to Chinalco, a smaller rival based in China, and a further USD 12.3bn by selling various equity stakes in some of its prized assets, also to Chinalco. The deal remains controversial and is yet to pass regulatory and other hurdles.Measured by company number, rather than money quantity, it has been mostly gold names that have been raising capital outside the banking system, most often in the form of bought deals. Brokers typically buy a chunk of fresh equity from a miner, and then on-market it to investors, for a commission. This week saw Moto Goldmines, a developer, announce a bought deal to raise the equivalent of USD 40m. Silver miners have also conducted a number of sought after raisings, as seen in the case of Silver Standard.In the past few weeks, rights issues have also come from some distressed mining sectors. Such issues inevitably entail huge dilutions for existing shareholders, as seen in the cases of Gem Diamonds, which represents one of the biggest names from the most afflicted mining subsector of all. The recent success of diversified miner Xstrata in raising just over USD 6bn in an issue, not matter how highly dilutive, has apparently encouraged miners outside the gold and silver field to utilize investor appetite. Aquarius Platinum, for one, has announced a daring rights issue under the clouds of platinum prices that remain under a cloud, but have also bounced sharply.While rights issues and convertibles (a form of quasi debt, with an equity sweetner) have been the most popular vehicles for capital raising, BHP Billiton, the world's biggest diversified resources company, and with one of the strongest balance sheets in the industry, recently announced USD 3.23bn in bonds, and a separate EUR 2.25bn, also in bonds.Anglo American, a mining major with certain debt challenges, this week also announced bonds in an amount of USD 2bn. The rates (which are yet to be finalised) tell a story: the BHP Billiton 2019 USD bonds are priced at 6.5%, where the Anglo American USD bonds for the same year are offered at 9.375%.SELECTED RECENT MINING CAPITAL RAISINGS

EQUITY ISSUES

Current

Market

New

Price

To

stock

value

shares

per

raise

price

USD bn

sold (m)

share

USD m

Lundin

CAD 2.08

0.818

92

CAD 2.05

152.18

Puget Ventures

CAD 0.40

0.003

5.75

Various

1.67

Moto Goldmines

CAD 2.83

0.200

17.86

CAD 2.80

40.35

Cons.Thompson

CAD 2.77

0.266

35.65

CAD 2.60

74.79

Gem Diamonds

GBP 1.26

0.118

75.00

GBP 1.00

60.52

Etruscan Resources

CAD 0.45

0.054

26.32

+ 6.9m warrants

8.47

Mechel

USD 4.79

1.994

138.76

RUR 10.00

41.56

Mineral Deposits

CAD 0.68

0.264

63.60

Various

27.00

Yunnan Aluminium

CNY 7.47

1.151

200.00

CNY 6.31

184.64

Terramin

CAD 0.70

0.055

N/A

N/A

12.41

Kopane Diamonds

GBP 0.06

0.016

50.00

GBP 0.035

2.59

Cluff Gold

GBP 0.36

0.062

20.29

GBP 0.40

12.02

Linear Gold (1)

GBP 0.03

0.018

4.55

GBP 1.10

7.40

Aquarius

GBP 2.37

1.308

46.33

GBP 2.67

183.18

First Quantum

CAD 38.65

2.147

8.13

CAD 37.00

242.57

Quadra

CAD 6.00

0.320

16.20

CAD 4.65

60.78

Alcoa

USD 8.07

7.855

150.00

USD 5.25

787.50

Greystar

CAD 3.62

0.154

6.58

CAD 1.83

9.71

Integra Mining

CAD 0.00

0.065

70.00

AUD 0.20

9.68

Discovery Metals

AUD 0.23

0.026

12.70

AUD 0.18

1.62

Auex Ventures

CAD 2.25

0.053

6.37

Various

10.75

Gindalbie

AUD 0.60

0.219

190.66

AUD 0.85

114.91

Dorato Resources

CAD 0.66

0.020

10.00

CAD 0.50

4.03

Alamos

CAD 9.20

0.794

10.41

CAD 8.00

59.05

Patagonia Gold

GBP 0.11

0.066

120.00

GBP 0.08

13.77

European Nickel

GBP 0.07

0.047

86.00

GBP 0.05

6.37

Sundance

AUD 0.08

0.108

62.50

AUD 0.08

3.55

Paramount Gold

USD 0.78

0.048

12.00

CAD 0.75

7.26

Iamgold

CAD 8.48

3.096

34.30

CAD 8.75

242.16

Cameco

CAD 21.69

6.867

26.67

CAD 17.25

371.16

Simmer & Jack

ZAR 2.31

0.282

49.34

ZAR 2.24

12.12

Pike River Coal (11)

NZD 0.82

0.162

58.57

NZD 0.70

23.77

Great Basin (1)

CAD 1.60

0.411

100.00

CAD 1.30

104.89

Lihir

AUD 3.10

5.187

172.00

AUD 3.00

365.88

Jaguar

CAD 7.23

0.454

13.92

CAD 6.20

69.61

Novagold (11)

CAD 3.58

0.525

57.69

CAD 1.30

75.00

Medusa

AUD 1.68

0.198

20.30

AUD 1.21

17.42

Westgold

AUD 0.26

0.032

34.19

AUD 0.20

4.85

Rusoro Mining

CAD 0.56

0.239

133.33

CAD 0.60

64.55

Silver Standard

USD 15.88

1.090

5.83

USD 17.00

99.04

Gold Wheaton (1)

CAD 0.23

0.261

460.00

CAD 0.25

92.79

Allied Gold

AUD 0.39

0.131

61.65

AUD 0.50

21.86

Victoria Gold

CAD 0.32

0.035

16.68

CAD 0.45

6.06

Focus Minerals

AUD 0.03

0.024

1250.00

AUD 0.02

17.73

Int'l Tower Hill

CAD 2.90

0.114

2.00

CAD 2.50

4.03

Hecla Mining

USD 2.14

0.465

36.80

USD 2.05

75.44

ECU Silver

CAD 0.54

0.122

25.00

CAD 0.70

14.12

Queenston Mining (3)

CAD 3.87

0.179

Two units

CAD 3.85

14.52

Freeport-McMoRan

USD 41.87

17.237

26.80

USD 28.00

750.40

Xstrata

GBP 5.41

23.476

1960.00

GBP 2.10

6095.22

Newmont

USD 45.38

21.715

34.50

USD 37.00

1276.50

Newcrest

AUD 30.79

10.562

27.80

AUD 27.00

532.22

Kinross

USD 16.91

11.674

20.90

USD 17.25

360.53

Agnico-Eagle (1)

USD 52.92

8.216

9.20

USD 31.52

289.98

Katanga Mining (2)

CAD 0.39

0.065

953.29

USD 0.28

265.30

Osisko (1)

CAD 5.65

1.163

88.55

CAD 4.55

325.09

Silver Wheaton

CAD 8.45

2.429

35.94

CAD 8.00

231.98

Red Back

CAD 8.08

1.493

17.15

CAD 3.50

48.43

Red Back

CAD 8.08

1.493

20.00

CAD 7.50

121.03

Harmony

USD 10.08

4.292

10.50

ZAR 93.20

107.35

Alamos Gold

CAD 9.20

0.794

9.40

CAD 8.00

60.68

First Uranium

CAD 6.50

0.795

20.50

CAD 3.00

49.62

Centamin Egypt

CAD 1.04

0.829

92.31

CAD 0.65

48.41

Denison

CAD 0.90

0.164

28.75

CAD 1.65

38.28

Minefinders (1)

CAD 9.50

0.452

9.20

CAD 4.35

32.29

Metorex

ZAR 1.55

0.126

370.00

ZAR 2.00

81.14

Mercator (1)

CAD 0.78

0.068

33.35

CAD 0.56

18.80

Linear Gold (1)

CAD 1.26

0.033

13.04

CAD 1.15

12.10

Dynasty Metals

CAD 4.94

0.141

2.50

CAD 4.00

8.07

Laramide

CAD 1.30

0.071

5.00

CAD 1.75

7.06

Romarco

CAD 0.52

0.115

54.00

CAD 0.38

16.56

Banro

CAD 2.25

0.113

10.00

USD 1.40

14.00

Anatolia

CAD 3.04

0.281

31.45

CAD 1.85

46.95

Lake Shore Gold (3)

CAD 1.65

0.283

30.62

CAD 1.55

38.29

Lake Shore Gold (3)

CAD 1.65

0.283

6.62

CAD 2.00

10.68

Colossus Minerals (1)

CAD 2.02

0.090

11.50

CAD 2.15

19.95

Platmin

CAD 0.83

0.248

184.89

CAD 0.85

126.80

Platmin

CAD 0.83

0.248

73.53

CAD 0.85

50.43

Hunan Valin

CNY 6.18

2.475

600.00

CNY 3.13

275.05

SALES OF UNDERLYING SHARES

Harry Winston

CAD 3.64

0.180

Package

Various

150.00

Rio Tinto

GBP 24.96

53.374

Equity stakes

N/A

12300.00

Rio Tinto

GBP 24.96

53.374

Jacobs Ranch

N/A

761.00

Rio Tinto

GBP 24.96

53.374

Potash assets

N/A

850.00

Rio Tinto

GBP 24.96

53.374

Iron ore (Vale)

N/A

750.00

Simmer & Jack (4)

ZAR 2.31

0.282

19.6

CAD 4.60

72.75

Anglo American (5)

GBP 13.95

27.742

N/A

N/A

434.00

Anglo American (5)

GBP 13.95

27.742

N/A

N/A

1280.00

Teck (6)

USD 6.55

3.125

N/A

N/A

110.00

Eldorado (7)

USD 8.76

3.243

N/A

N/A

70.00

NON-BANK DEBT

Anglo American

GBP 13.95

27.742

Bonds

N/A

2000.00

Centenario

CAD 1.61

0.067

Convertibles

N/A

12.50

Terramin

AUD 0.70

0.055

Notes

N/A

20.00

Petaquilla

CAD 0.38

0.029

Notes

N/A

40.00

Gold Wheaton

CAD 0.23

0.261

Notes

+ 125m warrants

92.79

BHP Billiton

GBP 14.56

129.979

Bonds

Euro

3019.16

Aquarius

GBP 2.37

1.308

Convertibles

N/A

73.15

Barrick

USD 31.57

27.564

Bonds

N/A

750.00

BHP Billiton

GBP 14.56

129.979

Bonds

Various

3250.00

Alcoa

USD 8.07

7.855

Convertibles

5.25%

500.00

Rio Tinto

GBP 24.96

53.374

Convertibles

N/A

7200.00

Newmont

USD 45.38

21.715

Convertibles

N/A

517.50

De Beers (8)

N/A

N/A

N/A

N/A

500.00

European Nickel

GBP 0.07

0.047

Offtake

N/A

350.00

Hunan Valin

CNY 6.18

2.475

Bonds

N/A

438.91

EMED Mining

GBP 0.06

0.022

Convertible

N/A

8.50

Century Mining

CAD 0.16

0.021

Non-bank loan

65.00

DIRECT PLACEMENTS

Perilya (9)

AUD 4.80

0.045

197.7

AUD 0.33

46.08

Fortescue (10)

AUD 2.50

5.010

225.0

AUD 2.48

395.66

Fortescue (10)

AUD 2.50

5.010

35.0

AUD 2.48

61.55

Uranium One

CAD 2.74

1.038

117.0

CAD 2.31

217.86

OTHER

Glencar Mining

GBP 0.04

0.014

Various

N/A

40.00

First Uranium

CAD 6.50

0.795

Royalty-type

N/A

75.00

First Uranium

CAD 6.50

0.795

Royalty-type

N/A

50.00

PGM (12)

CAD 1.46

0.080

Option

N/A

10.00

PGM

CAD 1.46

0.080

Part option

N/A

10.00

African Copper

GBP 0.01

0.003

Private loan

N/A

1.50

Wega Mining

NOK 1.25

0.063

Firesale

N/A

Almaden Minerals

USD 0.78

0.035

Option

N/A

8.00

TOTAL

51727.41

NOTE: not all raisings shown are closed/finalised.

(1) Sold units of one share and half a warrant.

(2) This deal is incomplete and conditional.

(3) Two issue prices apply.

(4) Sold shares it owned in First Uranium.

(5) Sold shares it owned in AngloGold Ashanti

(6) Various gold asset sales

(7) Sale of São Bento to AngloGold Ashanti

(8) Loans from shareholders for 2009

(9) Shares sold to Shenzhen Zhongjin

(10) Shares sold to Hunan Valin

(11) One share and one warrant

(12) USD 10m five year option for 30% of War Springs.

Source: Market & company information, compiled by Barry Sergeant