Research On Investment Decisions Of Mining Projects In Consideration Of Environmental Cost

This thesis is based on“The research on the risk assessment of overseas mining investment and management and on early warning system”(Item NO.12CGL008),which is the project of the National Social Science Foundation of China.This essay propose that the environmental costs should be included in the total cost of enterprise to make decisions and analysis in the stage of investment decision-making by analyzing the difficulties of controlling high pollution which is produced by mining enterprise.To the environmental costs of mining enterprise into the total cost of enterprise as a starting point,and analyze the component factors and features of environmental costs of enterprise;take the life cycle of mining construction and exploitation as time line to calculate the environmental costs mining enterprise,and analyze what influence the environmental costs have made to the investment decision of mining enterprise,finally draw the conclusion.The main research contents and conclusions of this thesis are as following:Firstly,this thesis has analyzed mining and the features of mining investment,and summarized the existing methods of investment which mainly divides into the Static Investment Decision methods and Discount Cash Flow methods.The main method is produced in detail and appraised the advantages and disadvantages of it.Finally the method of DCF model was intended to be the investment decision-making method of this thesis.Secondly,through the comprehensive related data at home and abroad,analyzed the definition of the research on environmental costs,the current situation of the researches at home and abroad,the achievements that relevant scholars at home and abroad had made and pointed out that quantifies the environment costs was the biggest difficulty to added the environmental costs to the enterprise total costs.Through the analysis of the environmental costs of several current quantitative methods,with the domestic use of metal mine underground mining way as the research object,determined the quantitative method of environmental costs for the protection and recovery payments shall be used in this thesis.Thirdly,by analyzed the life cycle on mining enterprise in mining,draw a conclusion that the environmental costs need to be calculated separately because the factors and ways they produced was different in different operation stage.In thisthesis,the mining life cycle is divided into three phases which are infrastructure(construction),production period and reduction.Determined that the main factors of the underground mining of metal mine environmental costs are waste gas,waste water,solid waste and noise and the cost of land reclamation.In this thesis,also determined the main way of governance through a large number of mining example analysis and field investigation and determined environmental cost calculation formula separately in different stages and with different factors.Lastly,took metal mine in someplace for example to analysis,researched the investment decision-making process of this mining enterprise by applying the method of Cash Flow without adding the environmental costs,then calculated the costs of mine environment with the environmental cost measurement model we had studied in this thesis.At last integrated the mine site and data to study the production status,and join the DCF model method to evaluate the environmental costs.The results showed that the mining investment project was from“possible”to“ impossible ” after joining the environmental costs.That indicated that the environmental cost accounting system and measurement model have good application value and popularization value,that the environmental costs of mining enterprise have great influence in the investment decision of enterprise,and that it is feasible and also of great importance to add environmental cost to total cost of enterprise for decision and analysis.