矿业企业对金属价格走强的乐观情绪，是解释当前整合浪潮的一个原因，此外还存在其它方面可以说更为紧迫的原因。
While mining companies' optimism about the strength of metals prices is one factor, there are other, arguably more pressing reasons for the current wave of consolidation.
长期主导该行业的西方矿业企业认为，要想避免自己成为并购目标，它们必须尽可能地扩大规模。这种扩张也出现在钢铁行业，例如米塔尔钢铁(Mittal Steel)以270亿欧元收购阿塞洛(Arcelor)，改变了钢铁业的竞争格局。两个行业的高管们都主张，整合将带来协同优势，并在根据需求安排生产方面更有章法，有助于打破传统的兴衰模式。
The western mining companies that have long dominated the industry feel they need to be as big as possible if they are to avoid becoming targets themselves. This bulking-up is also happening in the steel industry, where Mittal Steel's �27bn takeover of Arcelor transformed the competitive landscape. In both industries, executives argue that consolidation will bring synergies and more discipline in matching production to demand, helping to break the old pattern of boom and bust.
与钢铁业相比，西方矿业企业尤其渴望获得"关键规模"，以抗衡新兴市场的矿业及金属集团。俄罗斯铝业(Rusal)和Norilsk Nickel，巴西的淡水河谷(CVRD)，以及中国五矿集团(Minmetals)正在迅速发展，并在其本土市场以外日趋敢作敢为。
In mining, however, western companies are particularly keen to gain critical mass in order to compete with mining and metals groups from emerging markets. Companies such as Rusal and Norilsk Nickel of Russia, CVRD of Brazil, and China's Minmetals are growing fast and playing an increasingly aggressive role outside their domestic markets.
政治风险咨询公司Frontier Strategy Group的董事总经理亚力克斯o戈尔巴斯基(Alex Gorbansky)表示，力拓竞购加拿大铝业，表明西方大型矿商很紧张。"这主要是因为矿业企业希望做好准备，以迎接采矿业的未来结构--主导该行业的将是发展中世界的国有企业。"
Alex Gorbansky, managing director at Frontier Strategy Group, a political risk consultancy, says Rio's bid for Alcan is a sign that the big western miners are nervous. "This is all about companies positioning themselves for the future structure of the mining industry, which will be dominated by state-owned companies from the developing world."
今年，在对加拿大镍矿商LionOre控制权的争夺中，俄罗斯矿业集团Norilsk Nickel击败了英国上市企业斯特拉塔，证明了自己日益增长的实力。俄罗斯铝业收购本国规模较小的竞争对手Sual，成为全球最大铝生产商，这是使加拿大铝业和美国铝业成为潜在收购对象的一大因素。加拿大铝业和美国铝业曾是该行业规模最大的企业。
This year Norilsk Nickel demonstrated its growing strength when it beat UK-listed Xstrata in the battle to control LionOre, the Canadian nickel miner. Rusal's takeover of smaller Russian rival Sual to become the largest aluminium producer in the world was a major factor in making Alcan and Alcoa, formerly the biggest players, look vulnerable to takeover.
矿业分析师菲奥娜o佩罗特-汉弗莱(Fiona Perrott-Humphrey)表示，西方大型矿业企业正意识到所在行业的新格局，不像以往那么自满了。"大型企业最终意识到，情况已经发生了改变。首先，这并非一个正常的周期。其次，外来者和竞争对手正争夺该行业的资产，它们未必持有相同的周期观点。这些竞争对手突然具备了收购矿业资产的能力，而且充满自信。"
Mining analyst Fiona Perrott-Humphrey says that the big western mining companies are waking up to the new dynamics of their industry and being less complacent. "The big guys have finally realised that the landscape has changed. Firstly, this is not a normal cycle. And secondly, there are interlopers and competitors for assets out there that don't have the same view of cycles. These competitors are suddenly empowered and confident about buying mining assets."
佩罗特-汉弗莱表示，因此，力拓等企业准备在交易实施方面更为大胆。力拓竞购加拿大铝业，将引发采矿业出现数宗其它收购交易。相互竞争的首席执行官们将在未来几个月对自己的地位进行反思。"不能低估该交易对全球各地企业董事会的影响。"
Companies such as Rio Tinto are therefore prepared to be more aggressive in doing deals, Ms Perrott-Humphrey says. Rio's bid for Alcan should trigger several other bids in the mining industry, as rival chief executives will be re-assessing their positions in the coming months. "It can't be underestimated the ripples it will have in boardrooms around the world."
