Economic Evaluation Research For A Overseas Non-ferrous Metal Mine Project

With great initiative of "one belt one road",China's "going out" mining enterprises increased year by year,in addition to the coal mine,mainly project investment is metal mine project,the main characteristics of this kind of project investment activities is: investment irreversibility,uncertainty throughout the entire project life,investment timing choice can change the project results.For economic evaluation of mining projects is a key work before mining enterprise investment decision-making,the accuracy of the evaluation results directly affect the correctness of the enterprise decision-making,the mine project economic evaluation is generally include technical,financial,social,political and other comprehensive evaluation,in addition,overseas metal mine economic evaluation,the local tax,legal,environmental,construction standards,etc still need to consider.The main purpose of this paper is to analyze and study when the domestic mining enterprises to do overseas metal mine economic evaluation,how to select the appropriate evaluation method,the selection of key index in evaluation process,and what kind risk need to pay attention.In this paper use A overseas non-ferrous metal mine project as an example,successively use the discounted cash flow technique(DCF)and real option method(ROV)and risk value evaluation method(VAR)to evaluate the project.Discounted cash flow technique is often adopt in the evaluation methods of domestic mining projects,mainly on the condition that regardless of uncertainty of the project to analyze and evaluate the project,compute net present value of the project,internal rate of return,etc.Real option method is mainly on the condition that considering the project uncertainty,analyze,evaluate the value of A project,when conduct the real options evaluation in this paper,mainly use the Black-Scholes option pricing model calculation method for A project to make the analysis and evaluation.Risk value evaluation method is adopted in this paper,mainly reference risk assessment process of some foreign consulting company when they conduct the risk assessment,and combining with the risk of A project may need to be considered in the process of execution and the corresponding mitigation,prevention measures.The thesis points out "general disease" of the domestic mining enterprises,when they carry out projects economic evaluation of oversea nonferrous metal mines,and presents solutions,and also what should pay attention to during the process of evaluation.This thesis is divided into two parts,introductory text and the main text part.Introductory part,is mainly research background and research significance of this paper,internal and external research situation,the main content and research methods of this paper.The second chapter to the seventh chapter is the main text part.The second chapter mainly introduces the related concept and the economic evaluation theory,mainly includes project financial basic concept,static evaluation and dynamic evaluation index of discounted cash flow method.The third chapter is the case,using the discount cash flow method is introduced to A oversea non-ferrous metal mine project economic evaluation,including the profit ability,debt paying ability analysis and uncertainty analysis.The fourth chapter introduces mining project economic evaluation method of the foreign enterprise,by comparing the domestic usual practice at present,analyzes the characteristics of evaluation methods,experience and enlightenment is achieved.The fifth chapter is by the means of the case analysis of A oversea non-ferrous metal mine project economic evaluation,find out the problems existing in the process of economic evaluation,and further analyses the causes of the problem.Based on previous theoretical analysis,chapter six conduct economic evaluation once again for A oversea non-ferrous metal mine project,and puts forward some countermeasures to optimize the project economic evaluation and suggestion.At last the seventh chapter gives the conclusion and the next step research direction.