Since mining rights of coal resources(for short MRCR) could be regarded as a multi-stage compound real option,the evaluation for MRCR can be better solved using op- tion theory than the NPV.In the former research,we d...Since mining rights of coal resources(for short MRCR) could be regarded as a multi-stage compound real option,the evaluation for MRCR can be better solved using op- tion theory than the NPV.In the former research,we developed a two-factor model of evaluating MRCR when the coal spot price and convenience yield are stochastic based on option theory.On the basis of this two-factor model,we set up a three-factor model of evaluating MRCR when the interest rate followed a stochastic process.Through a real example application,we found the model can get higher values than the two-factor model and the NPV.This is because considering the volatility of interest rate can improve the executive opportunity of MRCR.展开更多
MRCR could be regarded as a multi-stage compounding real option,based on option theory,assuming the convenience yield of coal reserves to be constant,built a one-factor model of valuating MRCR with the stochastic valu...MRCR could be regarded as a multi-stage compounding real option,based on option theory,assuming the convenience yield of coal reserves to be constant,built a one-factor model of valuating MRCR with the stochastic value of coal reserves.On the basis of our one-factor model,set up a two-factor model of evaluating MRCR assuming the convenience yield follows the mean-reverting process.When applied to valuate the MRCR of a coalmine,this model gives higher values than the one-factor model and the NPV.This is because the increase of convenience yield can improve the executive oppor- tunity of MRCR.展开更多
The limited character of minerals must be recognized in the development of mining activities, as well as the necessity to form bonds that allow mining advantages to be enjoyed long after natural resources have been co...The limited character of minerals must be recognized in the development of mining activities, as well as the necessity to form bonds that allow mining advantages to be enjoyed long after natural resources have been consumed. Because mining activities have the potential to affect a wide variety of environmental entities and are of interest to a large range of stakeholder groups, the sector has a lot of room to improve its sustainability. According to studies, the economic advantages of copper mining operations in Zambia are not allocated equally among stakeholders in the process of granting mining rights to potential investors. This paper examines how the existing system of granting mining rights in Zambia impacts the distribution of economic gains among copper mining project stakeholders.展开更多
Mining right asset securitization is a market financing pattern for mineral resources, and it is a creative application of financial asset securitization. Nowadays, because of world energy price decline, the world ene...Mining right asset securitization is a market financing pattern for mineral resources, and it is a creative application of financial asset securitization. Nowadays, because of world energy price decline, the world energy market is facing weak investment and financing sharply under pressure. Under this background, this paper aims at briefly commenting on the content, processes and impact of mining right asset securitization, understanding the international mining right asset securitization specific practices, and then combining the situation of China(Shanghai) Pilot Free Trade Zone so as to give advice for the development of mining right asset securitization in China. For instance, mineral mining rights and expenses system design are not clear, so the mineral values do not reflect their true costs and the need to speed up market credit system construction.展开更多
文摘Since mining rights of coal resources(for short MRCR) could be regarded as a multi-stage compound real option,the evaluation for MRCR can be better solved using op- tion theory than the NPV.In the former research,we developed a two-factor model of evaluating MRCR when the coal spot price and convenience yield are stochastic based on option theory.On the basis of this two-factor model,we set up a three-factor model of evaluating MRCR when the interest rate followed a stochastic process.Through a real example application,we found the model can get higher values than the two-factor model and the NPV.This is because considering the volatility of interest rate can improve the executive opportunity of MRCR.
基金the National Natural Science Foundation of China(90410014)
文摘MRCR could be regarded as a multi-stage compounding real option,based on option theory,assuming the convenience yield of coal reserves to be constant,built a one-factor model of valuating MRCR with the stochastic value of coal reserves.On the basis of our one-factor model,set up a two-factor model of evaluating MRCR assuming the convenience yield follows the mean-reverting process.When applied to valuate the MRCR of a coalmine,this model gives higher values than the one-factor model and the NPV.This is because the increase of convenience yield can improve the executive oppor- tunity of MRCR.
文摘The limited character of minerals must be recognized in the development of mining activities, as well as the necessity to form bonds that allow mining advantages to be enjoyed long after natural resources have been consumed. Because mining activities have the potential to affect a wide variety of environmental entities and are of interest to a large range of stakeholder groups, the sector has a lot of room to improve its sustainability. According to studies, the economic advantages of copper mining operations in Zambia are not allocated equally among stakeholders in the process of granting mining rights to potential investors. This paper examines how the existing system of granting mining rights in Zambia impacts the distribution of economic gains among copper mining project stakeholders.
基金the Key Research Project of Shanxi Provincial Federation of Social Sciences(No.SSKLZDKT2014043)
文摘Mining right asset securitization is a market financing pattern for mineral resources, and it is a creative application of financial asset securitization. Nowadays, because of world energy price decline, the world energy market is facing weak investment and financing sharply under pressure. Under this background, this paper aims at briefly commenting on the content, processes and impact of mining right asset securitization, understanding the international mining right asset securitization specific practices, and then combining the situation of China(Shanghai) Pilot Free Trade Zone so as to give advice for the development of mining right asset securitization in China. For instance, mineral mining rights and expenses system design are not clear, so the mineral values do not reflect their true costs and the need to speed up market credit system construction.
