矿产资源估值

Valu

A

tion

矿·产·资源·估·值

Shaun Barry, Principal Consultant (Project Evaluation)

主任咨询师（项目评估）

第一节

Valuation Codes 估值准则

Definition of Mineral Assets

矿产资产定义

Legislative Framework 法律框架

Definition of Value 价值定义

Purpose of Valuations 估值目的

Valuation Codes & Standards

估值准则&标准

Globally, there are many valuation codes that cover: 在全球范围内，有诸多估值准则涵盖：

• Real estate or property 不动产或物业

• Tangible plant and equipment 有形厂房和设备

• Businesses 商业交易

• Mineral Assets 矿产资产

The overarching standard is set by the International Valuation Standards Council – IVSC. 总体标准是由国际评估标准委员会（IVSC）制定的。

The objective is to promote consistency and professionalism in the public interest. 目的是维护公共利益时保持一致性和专业性。

Valuation Codes 估值准则

Specific Mineral Valuation Codes include:具体矿产估值准则包括：

• VALMIN Code 2015 (Australia) 2015版VALMIN准则（澳大利亚）

• SAMVAL Code 2016 (South Africa) 2016版SAMVAL准则（南非）

• CIMVAL Code 2019 (Canada) 2019版CIMVAL准则（加拿大）

• SME – Mineral Valuation Standards (USA) SME – 矿产估值标准（美国）

Overarching Standard for Mineral Assets:矿产资产总体标准：

• IMVAL Template – International Mineral Valuation Committee IMVAL模板 – 国际矿产评估委员会

• IVS and the USA’s Uniform Standards of Professional Appraisal Practice (USPAP) contain valuation standards to mineral property valuation. IVS和美国专业评估实践统一标准（USPAP）包含了对矿产资产的评估标准。

• IMVAL, developer of the IMVAL Template, is an international committee comprised of representatives of SAMVAL, CIMVAL, VALMIN, the SME Valuation Standards Committee and International Institute of Minerals Appraisers (IIMA). IMVAL是IMVAL模板的开发者，它是一个由SAMVAL、CIMVAL、VALMIN、SME评估标准委员会和国际矿产评估师协会（IIMA）的代表组成的国际委员会。 

• Royal Institution of Chartered Surveyors (RICS, UK) was also involved in IMVAL’s early deliberations. 英国皇家特许测量师学会（RICS）也参与了IMVAL的早期审议。

• The IMVAL Template is a principles-based template providing a common set of minimum requirements for national codes or standards concerning the valuation of Real Property mineral assets (Mineral Property). IMVAL模板是一个基于原则的模板，提供了一套关于不动产矿产资产（矿产资产）估值的国家准则或标准的通用最低要求。

Fundamental Principles of VALMIN Code: VALMIN 准则的基本原则:

• Competence –  required relevant experience 胜任性–需要相关经验

• Materiality – document all relevant information and assumptions 实质性–记录所有相关信息和假设

• Transparency – clear, unambiguous, not to be misleading or omission of information 透明性–清晰、明确，不产生信息误导或遗漏

• Independence – impartial and free from bias 独立性–公正无偏

Also principles of IMVAL 这些也是IMVAL的原则

Accepted Codes for Mineral Assets valuation: 认可的矿产资产估值准则：

• HKEX 香港交易所 -  VALMIN, CIMVAL or SAMVAL

• SGX 新加坡交易所– VALMIN, CIMVAL or SAMVAL

• LSE/AIM 伦敦证券交易所/另类投资市场（英国--VALMIN, CIMVAL, or SAMVAL

• TSE 东京证券交易所– CIMVAL

•  ASX 澳大利亚证券交易所– VALMIN

• JSE 约翰内斯堡证券交易所 – SAMVAL

• NYSE 纽约证券交易所 – Only SME Mineral Valuation Standards 只认可SME矿产估值标准

Mineral Assets 矿产资产

     ‘means all property including (but not limited to) tangible property, intellectual property, mining and exploration Tenure and other rights held or acquired in connection with the exploration, development of and production from those Tenures. This may include the plant, equipment and infrastructure owned or acquired for the development, extraction and processing of Minerals in connection with that Tenure.’ – VALMIN 2015

“系指所有财产，包括（但不限于）有形资产、知识产权、采矿和勘探权属以及与这些权属的勘探、开发和生产有关的持有或获取的其他权利。其中可能包括与该权属相关的矿产开发、开采和加工所拥有或收购的工厂、设备和基础设施。” – VALMIN 2015

• No specific mention of the minerals in the ground. 未特别提及地下矿产

Definitions in IVS: IVS中的定义：

• Real Property – all rights interest and benefits relating to ownership of real estate 不动产–与不动产权相关的所有权益和利益

• Real Estate – land and all things that are natural part of the land, e.g. trees, minerals and things attached to the land, e.g. buildings and site improvements and all permanent building attachments, e.g. mechanical and electrical plant providing services to a building, that are both below and above ground. 房产及地产-土地和所有属于土地自然组成部分的物体，例如树木、矿产和附着在土地上的物品，例如建筑物和场地设施以及所有永久性建筑附属物，例如为建筑物提供地面和地下服务的机械和电气工厂。

The value of a mining business comprises several assets:采矿业务的价值包括多种资产：

• Mineral Resource / Ore Reserve 矿产资源/矿石储量

• Real property 不动产

• Mining Right – permitting and approvals 采矿权 – 许可和批准

• Plant and equipment 厂房及设备

• Stockpiles and metal in process 矿堆和加工中的金属

• Site improvements – building, shafts, declines, open pit ramps, etc. 现场开发工程 – 建筑、竖井、斜井、露天斜坡道等。

• Goodwill – intangible assets that include technical knowledge, marketing skills, management skills, etc  商誉 – 无形资产，包括技术知识、营销技能、管理技能等

• Mining Information. 采矿信息。

When doing a valuation, one needs to be clear which assets are included. 进行估值时，需要明确包括哪些资产。

Legislative Framework 法律框架

In general, around the world – Minerals are owned by the State. 一般来说，在世界范围内-矿产归国家所有。

In Australia: 在澳大利亚：

• Minerals are administered by Mining Acts 矿产由《采矿法》管理

• Real Property is administered by Land Use legislation (e.g. Lands Act) 不动产由土地使用法规（例如《土地法》）管理

• Each State has it own Mining Act and Land Use legislation 每个州都有自己的《采矿法》和《土地使用法规》

• The Mining Act provides for grant of Exploration Permits or Mining Leases《采矿法》规定授予勘探许可证或采矿租约

• Leaseholder requires a land access agreement with freehold of the land and pays compensation 租赁人需要获得永久业权的土地使用协议并支付补偿金

• Leaseholder pays a royalty to the State for mining the Mineral Resource 租赁人向政府支付开采矿产资源的特许权使用费

In Australia,Construction Materials such as hard rock, sand and gravel: 在澳大利亚, 建筑材料，例如坚硬岩石、沙子和砾石等：

• Generally owned by the freehold of Real Property 一般属于不动产的自由保有权

• In VIC, in some cases only up to 15 m. Below 15 m in VIC - State owned 在VIC，某些情况下仅限长达15 m的。在VIC，15 m以下的 - 国有

• In WA, if Crown Land then Mining Lease is required; overlaps with Mining legislation 在WA ，如果是王室土地，则需要采矿租约；与采矿法规重叠 

• In TAS, SA and NT, a Mining Lease is required; administered by Mining legislation 在TAS、SA和NT，均需要采矿租约；由采矿法规管理

• All require some level of development approval from local councils administering land use 所有这些都需要当地土地管理委员会在一定程度上批准开发

Definition of Value 价值定义

Value is a generic term: 

价值是一个通用术语：

• Market Value 市场价值

• Fair Market Value 公平市价

• Fair Value 公允价值 

• Technical Value 技术价值

• Investment Value 投资价值

• Strategic Value 战略价值

• Liquidation Value 清算价值

•  …and others 其他

Market Value “means the estimated amount of money (or the cash equivalent of some other consideration) for which the Mineral Asset should exchange on the date of Valuation between a willing buyer and a willing seller in an arm’s length transaction after appropriate marketing wherein the parties each acted knowledgeably, prudently and without compulsion” – VALMIN 2015

市场价值“是指在适当的市场营销后，在买卖双方之间自愿进行的公平交易中，矿产资产在估值日应交换的估计金额（或其他对价的现金等价物） ，其中，双方都是有意识的、审慎、无强迫的” – VALMIN 2015

Market Value 市场价值

• same intended meaning as IVSC Market Value. 与IVSC市场价值的内涵意义相。 

• same intended meaning as Fair Market Value. 与公平市价的内涵意义相同。     

Technical Value “is an assessment of a Mineral Asset’s future net economic benefit at the Valuation Date under a set of assumptions deemed most appropriate by a Practitioner, excluding any premium or discount to account for market considerations”. – VALMIN 2015

技术价值“是指根据从业者认为依据最合适的一组假设，对矿产资产在估值日的未来净经济收益的评估，不考虑市场因素的任何溢价或折价”。– VALMIN 2015

Technical Value has an intended meaning that is similar to the IVSC term Investment Value. 技术价值的内涵意义类似于IVSC的投资价值术语。

Fair Value “is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”. – AASB

公允价值“是指在计量日，在市场参与者之间进行的有序交易中，出售资产所收取的价格或转移负债所支付的价格”。 – AASB

Fair Value is an accounting concept specifically used for financial reporting purposes. It is not always an identical concept to Market Value, although it is generally defined in a similar way.

公允价值是一个专门用于财务报告目的的会计概念。尽管通常以类似的方式定义，但它并不总是与市场价值概念相同。

Purpose of Valuation 估值目的

In public reporting, the Basis of Valuation must be stated: 在公开报告中，必须说明估值基础:

Market Value 市场价值

• Independent Expert Reports 独立专家报告

• Stamp Duty印花税

Technical Value 技术价值

• Scoping Studies 概略研究

• Pre-Feasibility and Feasibility Studies 预可行性研究和可行性研究

• Acquisitions 并购

 未完待续