基于品位分布的净现值评估方法优化研究

发布时间：2018-02-04 00:04

本文关键词： 净现值法品位分布 3DMine 实物期权　出处：《武汉理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：矿业权是指矿产资源使用权,包括探矿权和采矿权。矿业权评估是对所评估的矿产地价值的判断。矿业权评估结果的准确与否,影响到矿业权交易或转让的公平性,也影响到国家对矿产资源的管控。为了能够客观、公正地获得矿业权评估价值,评估方法的科学性与合理性尤显重要,因此,开展评估方法的研究工作具有重要意义。本文在介绍矿业权评估理论及其评估方法体系的基础上,着重分析了矿业权评估传统净现值法所存在的问题。现行的净现值法进行矿业权评估,采用了储量估算获得的平均品位,而矿体中矿石品位的分布是不均匀的,因此,影响了评估结果的准确性。利用3DMine三维矿业工程软件的强大功能,建立了反映品位分布的储量计算矿体模型,在矿业权净现值评估法中,考虑品位的分布对评估结果的影响,使得矿业权评估结果更加符合实际。探讨了实物期权在矿业权评估中的作用,以及实物期权与净现值法的联系,通过实物期权法评估矿山投资项目的期权价值。在有详细的地质资料的基础上,考虑矿体上下层品位的差异,利用三维矿业软件的块体模型对传统净现值法进行基于品位分布的优化,进行矿业权评估能更加真实的反映矿山项目的真实价值。实物期权法是对传统净现值法的有利补充,矿业投资项目的总价值即是评估的净现值与项目的实物期权溢价之和。通过这些优化能够使评估所获得的结果更加接近所评估项目的真实价值。
[Abstract]:Mining right refers to the right to use mineral resources, including prospecting right and mining right. The evaluation of mining right is the judgment of the value of mineral land assessed, and whether the result of mining right evaluation is accurate or not. It affects the fairness of the transaction or transfer of mining rights, and also affects the national control of mineral resources. In order to obtain the evaluation value of mining rights objectively and impartially, the scientific and reasonable evaluation methods are particularly important. Therefore, it is of great significance to carry out research on evaluation methods. On the basis of introducing the theory of mining right evaluation and its evaluation method system, this paper emphatically analyzes the problems existing in the traditional net present value method of mining right evaluation, the present net present value method carries on the mining right appraisal. The average grade obtained by reserve estimation is used, and the distribution of ore grade in ore body is uneven, therefore, the accuracy of evaluation results is affected. Based on the powerful function of 3D mining engineering software of 3DMine, a ore body model reflecting grade distribution is established. The influence of grade distribution on the evaluation results is considered in the evaluation method of net present value of mining right. Make the result of mining right evaluation more in line with the reality. Discuss the role of real option in mining right evaluation and the relationship between real option and net present value method. The option value of mine investment project is evaluated by real option method. On the basis of detailed geological data and considering the difference of grade between upper and lower layers of ore body, the traditional net present value method is used to optimize the grade distribution by using the block model of 3D mining software. The evaluation of mining right can reflect the real value of mine project more truthfully. The real option method is a favorable supplement to the traditional net present value method. The total value of the mining investment project is the sum of the estimated net present value and the real option premium of the project.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.1

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