1. Cost-profit principle pricing
The price of mining right is determined entirely according to its cost plus a certain profit. Of course, this kind of cost and profit refers to the average value, not the actual quantity of each enterprise. This cost-profit pricing is widely used in mining enterprises that combine exploration and mining. The accounting of mining rights in oil and gas exploration in China is determined according to this principle. The Accounting Standards for Business Enterprises promulgated by the Ministry of Finance stipulates: "Oil and gas exploration refers to geological survey, geophysical exploration, drilling and other related activities to identify exploration areas or identify oil and gas reserves." "Oil and gas exploration expenditure includes drilling exploration expenditure and non-drilling exploration expenditure."
After the completion of drilling exploration expenditure, if it is determined that the proven economic recoverable reserves have been found in the well, the drilling expenditure will be carried forward to the cost of the well and related facilities to form fixed assets; If it is determined that no proven economic recoverable reserves have been found in this well, the drilling expenditure will be included in the current profit and loss after deducting the net salvage value; Non-drilling exploration expenditure is included in the current profit and loss when incurred.
The above expenditures around mining rights are all formed according to the internal price (or budget quota) stipulated by oil and gas enterprises. These internal prices contain statutory profits, so they are called cost-profit pricing. This pricing method is also widely used in the exploration and mining combination of solid minerals.
2. Market formation price
The most representative is the implementation of bidding, auction, listing or transfer of mining rights. This practice is quite common in mining rights transactions below the provincial level. Some provincial governments stipulate that:
(1) Anyone who applies for government-funded exploration or acquisition of the mining right of mineral land must entrust a mining right trading institution to evaluate the mining right price and transfer the mining right with compensation by means of bidding, auction and listing.
(two) where the geological and mineral conditions are simple and can be directly mined, sand, stone, clay and other minerals, on the basis of unified planning and reasonable layout, the mining right shall be transferred through bidding, auction and listing.
(3) If the exploration license and mining license fail to renew their registration according to law upon expiration, and the mining right owner voluntarily gives up the exploration right and mining right, the mining right will be lost. If the mining right is transferred again in the mineral land where the mining right is lost, it shall be transferred in principle through bidding, auction and listing.
If the mining right is sold or transferred by means of bidding, auction or listing, the selling or transferring entity shall put forward the reserve price. Where the mining right is funded by the state, the determination of the reserve price must be evaluated by an intermediary agency with evaluation qualification and approved by the prescribed agency. Before bidding, the transferee still needs to demonstrate repeatedly according to the obtained geological data to determine the highest subscription price, but the transferor's reserve price and the transferee's quotation do not "meet", and finally an agreement is reached through market bargaining. Generally speaking, the highest bidder wins. This kind of competition, if there are no special circumstances, not only makes the subjects who transfer or transfer mining rights get the highest income, but also makes the most reasonable use of mineral resources, thus realizing the optimal allocation of mineral resources at the national level.
3. Agreement pricing between the supply and demand sides
This pricing method is usually negotiated by the supply and demand sides on a one-to-one basis, without the evaluation of intermediaries or even the participation of a third party at all, and depends entirely on the wishes of both parties.
The fourth exploration institute of Shandong Bureau of Geology and Mineral Resources sells Dongzhao iron ore, and after consultation, the mining right price is charged according to the annual output of iron ore per ton of 28 yuan. This has the following advantages: ① Both parties are willing to accept it, the transferor can make money every year, and the transferee can reduce the pressure of one-time payment. (2) The proven recoverable reserves of mining rights do not need to be evaluated and calculated separately, and both parties share the risks, with more opening and more collecting and less opening and less collecting. But the contract requires the annual output of iron ore. ③ The transferor is also insured by the local insurance company. Once the transferee fails to perform the contract after obtaining the mining right, the insurance company will pay the mining right price. The guarantee fee is 2.2% of the price. This price formation mechanism is reasonable.
In addition to the normal evaluation, the Geological Exploration Institute mainly considers the following factors when bidding for mining rights: ① The current price of mineral products in the market. This is a decisive factor. If the market price remains high, the transaction of mining rights can be accelerated. ② Natural conditions of mining. Mainly refers to the geographical and geological conditions, development difficulty. ③ Humanistic environment. Policies of the central and local governments, including existing policies and policies that may be changed; The attitude of local people and their demands for land compensation. (4) The cost of the formation process of mining rights. That is, the real cost of mining rights. ⑤ Expected economic income after the mining right is used. Considering these five items comprehensively, we can get the approximate price. According to their experience, in general metal mines, the mining right price should account for 10%~ 15% of the mineral product price. This is also the basis for the formation of mining rights prices.
4. Option pricing is also an agreement between the two parties, but neither the price is evaluated nor the price is agreed. Instead, after the successful exploration of exploration rights, the shareholding ratio of both parties is agreed in advance and the shares are jointly exploited. Guizhou Provincial Bureau of Geology and Mineral Exploration and Development has provided exploration rights in this way. The specific method is: first, determine a mineral site for further work to attract investors who are willing to continue working. Through careful examination and study of the geological data provided, the investor thought that the deposit was worth further development, so he decided to cooperate with them. Three conditions need to be agreed:
(1) How much capital will investors have to invest to reach the exploitable level, and how much time will it take?
(2) After successful exploration, each party's shareholding ratio, including the proportion of investment in mining, starts with investment in mining.
(three) if the exploration fails and there are no mineral resources available for development, the mining right provider and the investor shall bear their respective responsibilities and risk losses.
The above three items, if concrete, will form a mining right price. For example, it is agreed that the investor will invest 600,000 yuan in exploration fee, and the share ratio after successful exploration will be 4:6, the mining right provider will be 4(40% equity) and the investor will be 6. Then the original mining right price is equivalent to 400,000 yuan. This pricing method is simple and practical, and is suitable for all kinds of exploration rights that have not finished the exploration process. The key to the application of this method lies in the investor's judgment on the mining right to be worked; At the same time, determine the degree of cooperative mining rights exploration. The higher the degree, the higher the proportion of shares due to the original owner of mining rights.
5. Government pricing
This is the pricing when the government occupies a monopoly position in the primary market, that is, the government, as a supplier of mining rights, directly imposes it on the demanders of mining rights. This pricing is divided into two situations: one is that the price (or price) set for a specific mining right is only applicable to a specific mining right. For example, the mining right (with preferential nature) specially granted by a provincial government to attract investment from large enterprise groups is priced in this way. The purpose is to create conditions for the Group to continue to invest in the province; The other is to formulate government pricing of mining rights and stipulate the price of unit resource reserves. According to the regulations of Guizhou Province, the reserve price of mining right unit resources is 1, and the exploration right is adjusted according to the work level. The lower the working level, the smaller the coefficient. See Table 3-2 and Table 3-3 for specific prices.
Table 3-2 Payment Standard of Mining Rights Price in Guizhou Province
Note: Geothermal and mineral water reserves are calculated according to the mining amount within the validity period of the mining license; The reserves of other mineral resources are calculated according to the amount of ore.
Table 3-3 Price Adjustment Coefficient of Exploration Rights in Guizhou Province