关键词: 采矿权, 期权, Black-Scholes模型, 期权期限

Abstract: Characteristics of traditional net present value method of mining rights evaluation were carefully analyzed, started from marketable value study of mineral resources mining rights. Practical mining activities characteristics of mineral resources were discussed combined with concrete cases. The improved Black-Scholes model was used in mining rights value evaluation. The reasonable term of mining rights value calculation was proposed which was equal to the sum of mining rights service time and basic construction period before mine commissioning. Using this model in mining rights evaluation of a mine, the following results were obtained: mining rights value present trend of increased at first and then decreased with the increasing of mining rights option term, mining rights value increased with the longer term of mining rights of same clan mining claim at a certain time range. Mining rights evaluation results were obtained through this evaluation model which could be much close to marketable value of mineral resources, accordance with mining rights value development trend in the process of development and utilization of mineral resources, would be helpful to practical investment analysis and management decision, and to confirm reasonably  mining rights granting term for government functional department.

Key words: Mining rights, Option, Black-Scholes model, Option term