Research On Value Realization Of Mineral Resources Based On The Perspective Of "Resources-Assets-Capital"

Mineral resources, which were in the form of natural resources stored in the earth's surface or crust, experienced the mining production process including the mineral exploration and exploitation before transformed into minerals available for industrial development and utilization. During the process, natural resources are formed into mineral resources assets because of the investment, while the money capital used in the investment is also transformed into mining capital appropriately.The scarcity and exhaustion of mineral resources determines the changes and the eventual extinction in its physical form, while the capital cycles with the mining production process, which could realize the appreciation on the basis of the preservation in the possible conditions. Therefore, this paper discussed value realization of mineral resources from the perspective of"resources - assets - capital".Firstly, this paper reviewed the theory system including value theories, property rights theory, rent theory, sustainable development theory as well as externality theory, and then argued that the value of mineral resources assets should include five parts, which are natural value of mineral resources, labor value of mineral exploration, equity value, environmental value and the depletion of mineral resources assets. Based on the theoretical framework, this paper constructed the theoretical model of value structure of mineral resources assets, considered as the theoretical foundation of value realization of mineral resources.Secondly, according to the analysis of mining production process and transaction characteristics of mineral resources, this paper discussed the formation path and value realization of mineral resources, and discovered that the value of mineral resources were achieved ultimately via the market, including mineral products transaction and mineral rights transaction. Thus, this paper established the value structure and benefits allocation model of mineral resources to analyze the value realization of mineral resources by mineral products transaction. Thirdly, this paper discussed the value calculation of mineral rights to analyze the value realization of mineral resources by mineral rights transaction. Based on the analysis of the value rule and option properties of mineral rights, this paper reviewed real options theory, and then built the compound option model for mineral rights assessment as a reasonable pricing mechanism.Finally, this paper discussed the guarantee mechanism of value realization of mineral resources. According to the analysis of the situation and risk structure of mining capital market in China, this paper concluded that it is possible to raise finance for mining enterprises via mining capital market because of the profit-driven specialty of capital and the high-risk & profit in mining industry. However, finance raise could not be realized from capital market by mineral exploration activities considered as the first step of value realization of mineral resources. Therefore, this paper proposed that the exploration risk-sharing mechanism of the trinity of"government– enterprise– the public"should be constructed to guarantee sufficient funds invested into exploration activities continuously in order to protect mineral exploration industry and ensure the value realization of mineral resources ultimately.