Evaluation of Mining Titles Based on Option-Pricing Model
Evaluation of Mining Titles Based on Option-Pricing Model作者机构：School of Management China University of Mining ＆ Technology Beijing 100083 China
出 版 物：《Journal of China University of Mining and Technology》 (中国矿业大学学报（英文版）)
年 卷 期：2006年第16卷第1期
页 面：33-36页
核心收录：
学科分类：0202[经济学-应用经济学] 02[经济学] 020205[经济学-产业经济学]
基 金：Project 50074031 supported by National Natural Science Foundation of China
主 题：Mining titles Option evaluation method Time to maturity of option
摘 要：Limitations exist in applying discounted cash flow and analogy sales methods to evaluate mining titles. In order to find a more appropriate way of evaluating mining titles, the Black-Scholes model is discussed in this paper. The authors pay particular attention to the determination of the time to maturity of the option on the basis of characteristics of the mining industry, pointing out that a reasonable time to maturity of the option should be the remaining time after deducting the essential time, needed by exploitation of the mineral resources within the mining property, from the life of the mining title. Several conclusions, related to the exercise of mineral resource management, are drawn from a case study analysis; extending the life of a mining title within a certain range could increase the revenue to the seller of the mining title. Application of the Black-Scholes model to evaluate mining titles would encourage an expansion of the scale of production.
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