Hedging Strategies For Protecting Mining Profits In Dallas Forex Market – An Empirical Analysis of the Effects of Ownership Model (Public vs. Private) on the Efficiency of Urban Railway Companies
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Hedging Strategies For Protecting Mining Profits In Dallas Forex Market
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By Juan David González-Ruiz Juan David González-Ruiz Scilit Preprints.org Google Scholar 1, * , Juan Camilo Mejia-Escobar Juan Camilo Mejia-Escobar Scilit Preprints.org Google Scholar 2 and Giovanni Franco-Sepúveda Scilit Giovanni Franco-Sepúlveda. org Google Scholar 3
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Departamento de Economía, Facultad de Ciencias Humanas and Económicas, Universidad Nacional de Colombia, Sede Medellín, 050034 Medellín, Colombia
Received: 11 August 2021 / Revised: 4 September 2021 / Accepted: 6 September 2021 / Published: 15 September 2021
The purpose of this study is to analyze the existing literature on Project Finance (PF) with a comprehensive understanding of the status quo and research trends in the mining industry. Therefore, this study uses a scientometric review of global trends and structure of PF and mining research from 1977 to 2020 using techniques such as co-author, co-word, co-citation, and cluster analyses. A total of 80 bibliographic records from the Scopus database were analyzed to generate the study’s research through scientometric networks. The findings show constant growth in the research area, which includes Environmental, Social and Governance criteria. The most significant contributions have originated mainly from the United States, Australia, the United Kingdom, and South Africa. The main research trends identified a number of issues relating to risk, management and funding. This study provides researchers and practitioners with a comprehensive understanding of the status quo and research trends of ontology research within PF in the mining context and promotes further studies in this area.
Although the first appearance of Project Finance (PF) was many centuries ago, when the British Crown financed silver mines through non-recourse loans from Italian commercial banks , nowadays, it has a central role, especially for the development of infrastructure systems . The development of public and private infrastructure systems is capital intensive . Based on data from the Global Infrastructure Outlook (2019), the World Economic Forum (2019) estimates that the world faces an infrastructure systems gap of $15 trillion by 2040. It is mainly represented by the Americas ($6.5 Trillion), Asia ($4.6 Trillion), Europe ($2 Trillion), Africa ($1.7 Trillion), and Oceania ($0.2 Trillion) [4, 5].
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In this regard, the growing demand for capital and infrastructure investment remains significant given the globalization of markets, new regulations in key industries, and the privatization of public entities around the world. In this way, in order to increase not only the scope but also to improve the quality of the infrastructure systems, both socially and economically, sustainability issues are more important than years ago . Therefore, infrastructure development is an appropriate way to achieve the Sustainable Development Goals (SDGs) [6, 7, 8, 9].
PF is one of the most important techniques for developing infrastructure systems [10, 11]. This has been used extensively along with Public Private Partnerships (PPPs) to encourage private investors to participate in the development of greenfield and brownfield projects, which include airports, hospitals, mining, highways, power generation, mines, sewage treatment, among others. [12, 13, 14]. In this way, the recent growth of PPPs is closely related to PF, given the characteristics that make it suitable for the development of infrastructure systems [12, 15]. Therefore, given the limitations on public funds available for investment in infrastructure, governments encourage private sector entities to enter into contractual agreements for the financing, development and implementation of capital-intensive projects , such as there are some mining. Based on this issue, private investors and governments have used PF as PPPs to raise financial resources and therefore, to close the coverage gap .
In this context, PF has played a fundamental role as an investment vehicle for the development of infrastructure systems and as a mechanism for risk sharing and mitigation . Therefore, based on financial needs, sustainable financial mechanisms, especially bridging bonds (green bond subset), play a central role in developing sustainable mining projects. It is important to highlight the fact that all financial mechanisms, in the short to medium term, should be aligned with the Sustainable Development Goals; this applies to all sectors and projects. Considering the importance of the mining sector in different industries and sectors, there is a need for research that allows a better understanding of funding strategies. Therefore, studies of how PF has been used in the mining sector and its relationship with the SDGs will improve project development standards.
Although PF is often compared to corporate finance, there is an essential difference between the two. In PF, the debt is loaned to the Special Purpose Vehicle (SPV), while in corporate finance, the debt is taken over by the company [18, 19]. As a result, corporate finance acquires in the form of on-balance sheet finance, while PF deals as off-balance sheet finance as the contract is not evident on the sponsors’ accounting statements ; therefore, infrastructure systems are financed by a compensatory or limited debt financing structure and focus on one specific project . In this way, PF appears as an opportunity to increase the borrowing capacity of the sponsors, with insignificant repercussions on their credit metrics [20, 21, 22].
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PF involves structured financing for a specific economic entity, also known as an SPV . This is created by sponsors using equity and debt to finance the project’s assets, which are the two main sources of funding  with a more significant proportion in debt, and the leverage ratio could be between around 70% and 100% . For that reason, the cash flow generated by the SPV must be sufficient to cover operating costs (Opex), debt service (interest plus principal), and return to equity [11, 24]. In this regard, high leverage offers opportunities to incorporate debt aligned with the Sustainable Development Goals into the capital structure.
Similarly, vol.  defines the SPV as the creation of a legally independent project society financed with equity from one or more sponsors and unclaimed debt to invest in a capital asset. Therefore, financial resources and assets must be managed by an SPV, which allows the sponsors to be protected from the risks inherent in the projects . Thus, the SPV allows lenders to obtain a real and tangible guarantee, which they could require in case of project default , and therefore, lenders have no claim to any other assets apart from the project itself .
As is logical, there are companies of different sizes within the mining sector; they are also distributed in various activities within their value chain such as exploration, production, processing and/or transport, which may be unique or multiple for some companies. This profile size and activities are key to determining the funding possibilities, the difficulties faced, and the relationship between PF and SDGs.
Companies that focus on manufacturing and processing, and more, generally have multiple options when it comes to getting money. At the same time, small companies exploring and looking for work face significant barriers to financing projects, relying to a large extent on external funding. In the first case, large companies tend to prefer internally generated funds as finance, while small companies, which have limited internal funds and are viewed with suspicion by lenders for corporate debt, tend to use schemes unclaimed as PF or other innovative mechanisms to secure the financing of their projects.
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As can be observed, considering all these special features, PF research has trends in the existing literature, which have been diverse. It has ranged from studies in project management, finance, economics, strategic planning to sustainable development, particularly in project management, risk, capital structure, contracts, PPPs, infrastructure, investment, and others, relevant to social infrastructure systems and economic. As a result, the relationship between sustainability and PF is a broad and complex research area with many uses in different disciplines and industries, which has led to a significant potential area for quantitative and descriptive research. Therefore, going beyond this topic is encouraged by the potential for the development of new financial theories, and therefore, publications on this topic in journals and textbooks have been increasing in recent years.
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