VALUATION METHODOLOGIES FOR MINES AND （为矿山和估值方法）.pdf

Published in Newsletter, American Institute of Minerals Appraisers, Vol. 1, No. 5, December 1995, pages 1-4. VALUATION METHODOLOGIES FOR MINES AND MINERAL TENEMENTS Trevor R. Ellis, CMA, CPG, M.AusIMM Ellis International Services, Denver, CO Introduction A conference, Mineral Valuation Methodologies 1994 (VALMIN94), was held in Sydney, Australia, on 27-28 October 1994. The conference was organized by The Australasian Institute of Mining and Metallurgy (The AusIMM) and its subsidiary organization, Mineral Industry Consultants Association (MICA). The AusIMM has published a proceedings volume of 24 papers, forming a comprehensive reference on methodologies for appraising mines and mineral holdings. This paper reviews important concepts and conclusions presented by the authors. The conference was held as a lead up to the issuance in June 1995 of The AusIMMs Code and Guidelines for Assessment and Valuation of Mineral Assets and Mineral Securities for Independent Expert Reports (the V almin Code) . Industry groups and securities industry regulatory bodies in Australia have endorsed this code. For a review of the Valmin Code, see The Australian Valmin Code for Mineral Appraisals, AIMA Newsletter, Vol. 1, No. 4, Oct. 95. The Valmin Committee was formed in April 1991 to write the Valmin Code. The committee quickly recognized that there are widely divergent views on valuation methodologies. It removed the subject of valuation methodology from the Valmin Code.1 As a result, The AusIMM and MICA decided it was important to hold a conference to review valuation methodologies. Valuations of mines and mineral holdings are performed more commonly in Australia than in the USA. There are at least two reaso