1. present value method
It is a method to evaluate through the income path. Methods An appraisal method is used to determine the value of the appraised assets by estimating the present value of the expected future income of the assets. The principle of this method is to regard the exploration and development of mineral resources pointed by exploration right as a cash flow project system. From the point of view of the project system, all currencies flowing into and out of the project system are called cash flow, the difference between cash inflow and cash outflow in the same period (year) is called net cash flow, and the sum of the present value of net cash flow in the project system is the evaluation value of exploration rights. The discount rate used to calculate the present value of net cash flow reflects the average rate of return of exploration right investment, which is called the discount rate of exploration right. The evaluation value of exploration right reflects the price that should be paid at present for the future benefits created by this exploration right.
The prerequisite for using this method is that the assessed object has independent profitability and can be measured; The future income of the appraised object can be measured in currency. It is mainly applicable to the evaluation of mining rights above the level of detailed investigation.
2. Present value method
It is a method to evaluate through the income path. The basic principle of this method is to regard the development of mineral resources pointed by mining rights as a cash flow project system. From the point of view of the project system, all currencies flowing into and out of the project system are called cash flow, and the difference between cash inflow and cash outflow in the same stage (year) is called net cash flow. The sum of the present value of the remaining net cash flow after the net cash flow of the project system is distributed to the development investors is the evaluation value of mining rights. This method is mainly suitable for mining right evaluation of proposed (newly built) and under construction mines.
3. Comparable sales method
This is a method of evaluation through market channels. The method principle is basically the same as the meaning principle of market method, current market method and market comparison method used in asset appraisal. When evaluating the value of a certain exploration right, according to the principle of substitution, the technical and economic parameters such as geology, mining and type selection of mining rights with similar environment and geological characteristics are compared, the differences are analyzed, the value of benchmark mining rights is adjusted, and the adjusted value is taken as the value of the evaluation object. As long as it meets the requirements of the method, it is suitable for both mining right evaluation and exploration right evaluation.
The precondition of applying this method is that there is a developed and active mining right market; Similar reference objects can be found; Comparable indexes and technical parameters of reference objects and mining rights to be evaluated can be collected. At present, China's mining rights trading is still very limited and immature, and it is difficult to find a pair of the same mining rights trading objects. It is not mature to adopt the comparable sales method, but with the maturity of the market, it should be said that this method is the most effective method close to the market value. This method is suitable for mining rights and exploration rights with higher working level.
4. Income method
The principle of evaluating the value of assets is based on the principle of expected income and the principle of contribution. Using income method to evaluate mining rights is to estimate the sum of residual net present value after deducting reasonable income distributed to development investors from the expected future income of mining rights to be evaluated according to the idea of seeking profits for capital, which is the evaluation value of mining rights. The basic idea of this method is that when any rational mining investor buys mining rights, the money he is willing to pay will not be higher than the present value of the benefits that can be brought by the implementation of mining rights. This method is mainly suitable for mining right evaluation of production mines.
5. Exploration cost-benefit method
This method is an evaluation method designed on the principle of cost and utility according to the characteristics of low exploration degree of exploration rights. The basic principle is that the value of some exploration rights with low exploration degree can be expressed as the present value of exploration cost modified by utility coefficient. This method is suitable for the exploration right evaluation in the pre-exploration stage, where only sporadic projects are exposed on the surface or shallow, or the exploration prospect is still uncertain after systematic exploration.
6. Geological element sorting method
The basic principle of this method is to determine the exploration investment utility and exploration right value according to the prospecting potential and resource utilization prospect of the assessed object. Different from the exploration cost-utility method, the exploration degree of the evaluation object is relatively high in the scope of application. It is mainly applicable to the exploration right evaluation in the exploration stage, and also to the exploration right evaluation in the pre-investigation stage that can meet the above preconditions.
7. Other assessment methods
(1) Equivalent investment-discounted cash flow method: It can be regarded as a variant of discounted cash flow method when it is used to evaluate exploration rights. It is the distribution of future investment income of exploration right according to the investment amount of buyers and sellers. This method is mainly used for detailed investigation of the above exploration areas.
(2) Cash flow discount-risk coefficient adjustment method: firstly, the income method, that is, the "cash flow discount method", is used to estimate the basic value of exploration rights; Then the geological risk coefficient of mineral development is determined, and the value depreciation caused by geological risk factors is deducted from it to get the value of the assessed object. This method is similar to the "expected value method" in Australia. The precondition of this method is that the coal seam is stable and the surrounding operation degree is high; Predictable future income after the completion of the mine; Through the analysis and analogy of geological risk factors, we can preliminarily predict and quantify the depreciation of value. It is suitable for prospecting and evaluation of sedimentary minerals with stable occurrence, and is generally used in exploration areas with low exploration degree (detailed investigation or below) of large deposits.
(3) Rough estimation method: due to the low degree of work, the error and information can not meet the requirements. According to market analysis, including the ratio of price to income and the ratio of price to cash flow, the appraisers make a rough estimate of the exploration right in the exploration area, which is called rough estimation method. It is suitable for prospecting evaluation in exploration areas with small exploration volume and incomplete exploration data.
(4) Income equity method: an evaluation method for calculating the value of mining right by adjusting the present value of sales income through the equity coefficient of mining right, which is characterized by replacing the calculation process of residual net profit or residual net cash flow with the equity coefficient of mining right; The required information is less than other evaluation methods; Because the coefficient of mining rights and interests is based on the statistical results of other mining rights evaluation values, it is not enough to reflect the geological, mining and mining conditions and operating conditions of mining rights themselves. It is suitable for the evaluation of mining rights with small production scale and reserve scale and production service life less than 5 years.