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
文章基于长江经济带非金属矿产数据,利用地理信息系统(geographic information system,GIS)空间分析方法和脱钩模型研究2007—2018年期间该地区非金属矿采矿权分布的时空变化特征。结果表明:非金属矿开采重心呈现出向西部地区移动的趋势...文章基于长江经济带非金属矿产数据,利用地理信息系统(geographic information system,GIS)空间分析方法和脱钩模型研究2007—2018年期间该地区非金属矿采矿权分布的时空变化特征。结果表明:非金属矿开采重心呈现出向西部地区移动的趋势;非金属矿采矿权分布呈现“西南—东北”的空间格局,且非金属矿高开采强度区呈现出收缩趋势;非金属矿采矿权分布具有显著的空间正相关特性,其中,高-高类型区域分布在贵州、江西等省份,低-低类型区域分布在浙江、江苏、安徽等省份;非金属矿采矿权面积与经济增长脱钩状态稳定,脱钩情况理想,经济发展对非金属矿产开发依赖性减小;建筑石料用灰岩采矿权分布的时空规律和非金属矿采矿权分布的时空规律相似,均呈现开采重心向西部偏移的态势。该研究结果反映了在2007—2018年中国经济高速发展期间,长江经济带非金属矿采矿权分布的时空特征变化及其影响因素,为今后非金属矿产资源开发空间布局优化提供空间决策参考。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.
文摘文章基于长江经济带非金属矿产数据,利用地理信息系统(geographic information system,GIS)空间分析方法和脱钩模型研究2007—2018年期间该地区非金属矿采矿权分布的时空变化特征。结果表明:非金属矿开采重心呈现出向西部地区移动的趋势;非金属矿采矿权分布呈现“西南—东北”的空间格局,且非金属矿高开采强度区呈现出收缩趋势;非金属矿采矿权分布具有显著的空间正相关特性,其中,高-高类型区域分布在贵州、江西等省份,低-低类型区域分布在浙江、江苏、安徽等省份;非金属矿采矿权面积与经济增长脱钩状态稳定,脱钩情况理想,经济发展对非金属矿产开发依赖性减小;建筑石料用灰岩采矿权分布的时空规律和非金属矿采矿权分布的时空规律相似,均呈现开采重心向西部偏移的态势。该研究结果反映了在2007—2018年中国经济高速发展期间,长江经济带非金属矿采矿权分布的时空特征变化及其影响因素,为今后非金属矿产资源开发空间布局优化提供空间决策参考。
