| Economics | Socium | Environment |
|---|---|---|
Environmental Economics and Sustainable Development, 2019, 6 (25): 71-75
DOI: https://doi.org/10.37100/2616-7689/2019/6(25)/11
UDC 330.15 : 336.777.7 : 519.86 :553
JEL CLASSIFICATION: C13, L71, L72, O13
Vоlоdуmуr Matyukha
Candidate of Technical Sciences,
Senior Researcher, Kyiv
ORCID: -
GRAPHOANALYTICAL METHODOLOGICAL APPROACH TO THE COST ESTIMATION OF MINERAL DEPOSITS
Abstract: The importance of cost estimation of mineral resources in modern economic theory is noted in the article. It is noted that all currently existing methodical and methodological approaches to the valuation of minerals by their economic nature are in fact an analysis of the economic feasibility of realization of investment projects for the development of deposits, which actually answers the question: is the investment project for the development of the field economically viable. Based on the analysis of literary sources, it is established that at the present stage of development of the world economy, the interest in the economic evaluation of the efficiency of development of mineral resources is not waning. However, methodological approaches are different and there is still no unity in them. Experts point out that the current methods require improvement due to the low accuracy of calculations, since the size of the cost estimate depends on the amount of rental payments for the use of mineral resources in mining and the starting price of the sale of a special permit for the development of deposits at auction. For the first time in the economic theory economics, a graphoanalytic method for the cost estimation of mineral deposits has been proposed. The features of this methodological approach based on integral calculus, including the integration of continuous functions, as well as the method of discounting cash flows with simultaneous consideration of the life cycle scheme of deposits, namely mining and geological conditions of mining are opened. The step-by-step sequence of realization of the proposed method is resulted. It is stated that this approach will allow to obtain a more exact cost estimate of a deposit or subsoil by taking into account the following factors: the life of the deposit, the market conditions of the mineral resources, capital and current expenses connected with extraction of minerals and costs of the subsoil user in the post-mining a period of time related to the closure of mines and quarries and the reclamation of disturbed lands formed during the extraction of minerals.
Key words: cost estimation, cash flow discounting, methodology, graphoanalytic method, integral calculus, integrability of continuous functions, the scheme of ability to live of a deposit
Language version: Ukrainian
References
1. Agoshkov, M.I. (1984). Razvitie idei i praktiki kompleksnogo osvoeniia nedr [Development of ideas and practice of complex soil mining]. Gornyi Zhurnal, 3, 3-6 [in Russian].
2. Egorushkina, T.N. (2008). Obosnovanie kriteriia ekonomicheskoi otcenki effektivnosti ispolzovaniia mineralno-syrevykh resursov na osnove audita nedropolzovaniia [Substantiation of the criterion of economic assessment of efficiency of mineral resource usage on the basis of subsoil use audit]. Audit i finansovyi analiz, 6, 25-34 [in Russian].
3. Melekhin, E.S., & Medvedeva, O.E. (2003). Otcenka stoimosti mestorozhdenii poleznykh iskopaemykh [Assessment of the value of mineral deposits]. Voprosy otcenki, 1, 54-60 [in Russian].
4. Pogrebitckii, E.O. & Ternovoi, V.I. (1974). Geologo-ekonomicheskaia otcenka mestorozhdenii poleznykh iskopaemykh [Geological-economics assessment of mineral deposits]. L.: Nedra [in Russian].
5. Velmer, F.-V., Dalkhaimer, M., & Vagner, M. (2008). Ekonomicheskie otcenki mestorozhdenii [Economic Evaluations in Exploration]; per. s angl. Otv. red. A.V.Kvas. Kyiv: Kniga [in Russian].
6. Petrosov, A.A., Kopylov, A.S., & Ivanov, V.A. (2014). Organizatciia gosudarstvenno-chastnogo partnerstva v tceliakh kompleksnogo osvoeniia malomasshtabnykh mestorozhdenii zolota [Organization of state-private partnership for the purpose of complex mastering of low-scale gold deposits]. Gornyi Zhurnal, 7, 55–59 [in Russian].
7. Zhikaliak, N.V. (2013). Gosudarstvennoe regulirovanie rentnykh otnoshenii v gornoi promyshlennosti Ukrainy [State regulation of rent relations in Ukrainian mining]. Donetck: NAN Ukrainy, Institut ekonomiki promyshlennosti. [in Russian].
8. Priputnikov, A.A. (2011). Kriterii otcenivaniia prirodnykh resursov [Criteria of apparisal of natural resources]. Uchenye zapiski Tavricheskogo natcionalnogo universiteta im. V.I. Vernadskogo. Seriia «Ekonomika i upravlenie». 24(63), 3, 127–131 [in Russian].
9. Silifonkina, S.V. (2011). Analiz metodologicheskikh podkhodov k otcenke kapitalizatcii territorii [Analysis of methodological approaches to the territory capitalization assessment]. Molodoi uchenyi, 1, 100-107 [in Russian].
10. Pankov, S.A. (2011). Ekologo-ekonomicheskaia otcenka mestorozhdenii mineralnogo syria (na primere obshcherasprostranennykh poleznykh iskopaemykh) [Ecological-economic assessment of mineral deposits (on example of wide-spread minerals], 2-e izd., ispravlennoe i dopolnennoe. Stavropol: Izd-vo SGU [in Russian].
Article publication date: 2019
Date of online version: 2019
DOI: https://doi.org/10.37100/2616-7689/2019/6(25)/11
UDC 330.15 : 336.777.7 : 519.86 :553
JEL CLASSIFICATION: C13, L71, L72, O13
Vоlоdуmуr Matyukha
Candidate of Technical Sciences,
Senior Researcher, Kyiv
ORCID: -
GRAPHOANALYTICAL METHODOLOGICAL APPROACH TO THE COST ESTIMATION OF MINERAL DEPOSITS
Abstract: The importance of cost estimation of mineral resources in modern economic theory is noted in the article. It is noted that all currently existing methodical and methodological approaches to the valuation of minerals by their economic nature are in fact an analysis of the economic feasibility of realization of investment projects for the development of deposits, which actually answers the question: is the investment project for the development of the field economically viable. Based on the analysis of literary sources, it is established that at the present stage of development of the world economy, the interest in the economic evaluation of the efficiency of development of mineral resources is not waning. However, methodological approaches are different and there is still no unity in them. Experts point out that the current methods require improvement due to the low accuracy of calculations, since the size of the cost estimate depends on the amount of rental payments for the use of mineral resources in mining and the starting price of the sale of a special permit for the development of deposits at auction. For the first time in the economic theory economics, a graphoanalytic method for the cost estimation of mineral deposits has been proposed. The features of this methodological approach based on integral calculus, including the integration of continuous functions, as well as the method of discounting cash flows with simultaneous consideration of the life cycle scheme of deposits, namely mining and geological conditions of mining are opened. The step-by-step sequence of realization of the proposed method is resulted. It is stated that this approach will allow to obtain a more exact cost estimate of a deposit or subsoil by taking into account the following factors: the life of the deposit, the market conditions of the mineral resources, capital and current expenses connected with extraction of minerals and costs of the subsoil user in the post-mining a period of time related to the closure of mines and quarries and the reclamation of disturbed lands formed during the extraction of minerals.
Key words: cost estimation, cash flow discounting, methodology, graphoanalytic method, integral calculus, integrability of continuous functions, the scheme of ability to live of a deposit
Language version: Ukrainian
References
1. Agoshkov, M.I. (1984). Razvitie idei i praktiki kompleksnogo osvoeniia nedr [Development of ideas and practice of complex soil mining]. Gornyi Zhurnal, 3, 3-6 [in Russian].
2. Egorushkina, T.N. (2008). Obosnovanie kriteriia ekonomicheskoi otcenki effektivnosti ispolzovaniia mineralno-syrevykh resursov na osnove audita nedropolzovaniia [Substantiation of the criterion of economic assessment of efficiency of mineral resource usage on the basis of subsoil use audit]. Audit i finansovyi analiz, 6, 25-34 [in Russian].
3. Melekhin, E.S., & Medvedeva, O.E. (2003). Otcenka stoimosti mestorozhdenii poleznykh iskopaemykh [Assessment of the value of mineral deposits]. Voprosy otcenki, 1, 54-60 [in Russian].
4. Pogrebitckii, E.O. & Ternovoi, V.I. (1974). Geologo-ekonomicheskaia otcenka mestorozhdenii poleznykh iskopaemykh [Geological-economics assessment of mineral deposits]. L.: Nedra [in Russian].
5. Velmer, F.-V., Dalkhaimer, M., & Vagner, M. (2008). Ekonomicheskie otcenki mestorozhdenii [Economic Evaluations in Exploration]; per. s angl. Otv. red. A.V.Kvas. Kyiv: Kniga [in Russian].
6. Petrosov, A.A., Kopylov, A.S., & Ivanov, V.A. (2014). Organizatciia gosudarstvenno-chastnogo partnerstva v tceliakh kompleksnogo osvoeniia malomasshtabnykh mestorozhdenii zolota [Organization of state-private partnership for the purpose of complex mastering of low-scale gold deposits]. Gornyi Zhurnal, 7, 55–59 [in Russian].
7. Zhikaliak, N.V. (2013). Gosudarstvennoe regulirovanie rentnykh otnoshenii v gornoi promyshlennosti Ukrainy [State regulation of rent relations in Ukrainian mining]. Donetck: NAN Ukrainy, Institut ekonomiki promyshlennosti. [in Russian].
8. Priputnikov, A.A. (2011). Kriterii otcenivaniia prirodnykh resursov [Criteria of apparisal of natural resources]. Uchenye zapiski Tavricheskogo natcionalnogo universiteta im. V.I. Vernadskogo. Seriia «Ekonomika i upravlenie». 24(63), 3, 127–131 [in Russian].
9. Silifonkina, S.V. (2011). Analiz metodologicheskikh podkhodov k otcenke kapitalizatcii territorii [Analysis of methodological approaches to the territory capitalization assessment]. Molodoi uchenyi, 1, 100-107 [in Russian].
10. Pankov, S.A. (2011). Ekologo-ekonomicheskaia otcenka mestorozhdenii mineralnogo syria (na primere obshcherasprostranennykh poleznykh iskopaemykh) [Ecological-economic assessment of mineral deposits (on example of wide-spread minerals], 2-e izd., ispravlennoe i dopolnennoe. Stavropol: Izd-vo SGU [in Russian].
Article publication date: 2019
Date of online version: 2019