The Research On Value Appraisal Of Mining Right Of Riwuduo Lead-zinc Mine

There are rich mineral resources in Tibet autonomous region in china,the Nyainqentanglha non-ferrous metal base is one of the top ten mineral base in western China,which has many kinds of mineral resources,high-quality mineralization conditions and resources that development quality is low,so mineral resources has a great deal of value.However,the Tibet area is remote and in high altitude areas,favorable plateau environment is not conducive to the implementation of special supervision,so there exists the mining rich abandoned the poor,chaotic mining phenomenon,and even in parts of undocumented mining,so the waste of mineral resources is a serious problem,and the destruction of the ecological environment is regrettable.China has promulgated a number of laws and regulations to regulate the transfer of mining rights,through strict mining rights management approach to strengthen the supervision of the mineral industry,has achieved some results.Tibet region is also an important lead and zinc mineral resources in China,scientific and rational development of lead and zinc mineral resources can not be separated from the circulation of mining rights.Mining rights as an intangible asset in the market,the rational and orderly flow of natural value of assets can not be separated from the problem.The most commonly used methods for mining right evaluation is the discounted cash flow method,the method of the theory of high maturity,at the same time in the practice of evaluation has also been recognized by the appraiser,at the same time also be accepted by the appraiser in evaluation practice but discounted cash flow method is not perfect,the premise of the continuity assumption determines not considering the value of management flexibility in the mining right appraisal value.The real option method is a kind of asset pricing method evolved from financial options,in recent years,many domestic scholars try to apply the real option method of B-S model on the value of mining rights assessment,in order to achieve the management of mining rights mine flexibility in the value based on the traditional static value,the value of mining rights evaluation more scientific,objective and fair.In this paper,Riwuduo lead-zinc project as an example,based on expounding the theory and method of mining rights evaluation on the comparative analysis of the discounted cash flow method and real option method B-S model two methods,finally,the real option method is used to estimate the mining rights of the Riwuduo lead-zinc mine,B-S model evaluation as a result of the mining rights market value,at the same time to estimate the use of discounted cash flow,in order to verify,value is higher than the discounted cash flow method under the 291.9704 million yuan mining rights final real option method,confirmed the combination of option value with the flexibility of the management of mining rights.In this paper,using two methods to estimate the Riwuduo the value of mining rights,and the main parameters of the method and model are expounded in detail,hope to be helpful for other writing mining rights appraisal the scholars.It is hoped that this method can be used for other scholars who write the mining rights valuation paper.And the study on the evaluation of mining right value of the B-S model of the real option method is also hope to provide some ideas for assessing practitioners the science,considerable and reasonable valuation of mining rights.