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
The rights and interests value of mineral resources includes the prospecting rights value and the mining rights value. The mining rights value is made up of the min-eral resources value and the compensation value base...The rights and interests value of mineral resources includes the prospecting rights value and the mining rights value. The mining rights value is made up of the min-eral resources value and the compensation value based on the inputs of capitals and labors in different exploration stage, the prospecting rights value should be equal to ex-ploration differential rent of resources. According to the stage characteristic of mineral resources exploration and development, the initial evaluating methods and models are used to evaluate the prospecting rights and mining rights value.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.
文摘The rights and interests value of mineral resources includes the prospecting rights value and the mining rights value. The mining rights value is made up of the min-eral resources value and the compensation value based on the inputs of capitals and labors in different exploration stage, the prospecting rights value should be equal to ex-ploration differential rent of resources. According to the stage characteristic of mineral resources exploration and development, the initial evaluating methods and models are used to evaluate the prospecting rights and mining rights value.
