| With the rapid economic development, the need of mineral resources in China isrising, while the back-up reserves and the reserve base of mineral resources have beenrelatively insufficient. So the degree of dependence on international market willcontinue to increase, which resulted that our resource security problems have becomeincreasingly urgent and the mining crisis will occur at any time. Therefore, rationaldevelopment and utilization of mineral resources, tapping the potential mineralresources of the existing mine and finding new mineral resources were imminent.Which were resolved by circulation of mineral rights in the market, attractinginvestment in mining production, achieving optimal allocation of resources, thesuccessful completion of mining reproduction cycle. Mining rights must be evaluatedand this will benefit to the healthy and orderly development of the mining rightsmarket. So the development of market economy was promoted. But our mining rightassessment was a late beginning, the theoretical basis and the underlying data are lesscomplete, the mineral rights value did not reach a consensus in the academiccommunity, different ways and means of assessment were used by different values,many problems were difficult to solve in the mining right assessment practice.The following studies were addressed in this article:First, the mineral rights value was redefined in the previous existing research,and influencing factors and uncertainties were analyzed, which laid the foundationfor the choice of assessment methods and the adjustment of parameters. The value ofmineral resources was determined by the theory of scarcity value, theory of laborvalue, theory of marginal utility, in which exploration value, natural values andenvironmental values were included; Second, determined the constitute of mining rights value, which include the value of mineral resources, the developer’spre-development and construction investment, the average profit of the communityand all excess profits of the developer’s of four parts. In the last, pointed out that thecontents of mining right valuation would vary depending on assessment purposes,the object of assessment, the development stage of mine and assessment methods.Second, the defects of traditional mineral rights valuation methods were analyzed,which include ignoring mining investment projects with high-risk, future uncertainty,irreversibility, inadequate understanding of changes in reserves and no consideringfuture changes in the market, etc. In contrast, real option pricing can reflect the valueof flexible management and the additional value uncertainty factors bring, which wasmore scientific evaluation of mining projects.Third, parameters of mineral rights valuation model were adjusted. Such asrestoring the mine geological environment governance margin separately as anexpense included in cost of production; the cost of implementation was respectivelydefined according to the development stage of mine; cash flows were identified, thecash flow of being operated mines does not contain the fixed assets investment ofbeginning, because it was the expenditure occurring in the past and should be seen asone part of the value of mining rights.Fourth, On the basis of the definition and adjustment of parameters, the articleused the evaluating method of mining right value，which is based on the real optionstheory, to evaluate the mineral rights value of Copper point of Kowloon County inSichuan Province, and to the assessment results of Diseounied Cash Flow Method forcomparison, selected commodity prices, risk-free rate and operating costs of threeuncertain factors as the analysis object, which have been conducted sensitivityanalysis to come to commodity prices is the most important factor that affect themineral rights value, and verified that real option pricing model has more advantagesthan discount cash flow method, one of the reasons is that it has introduced pricevolatility into the model and taken full account of the uncertainty of future market. |
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