The Mining Valuation Handbook: Mining and Energy Valuation for Investors and Management, 4th Edition

The Mining Valuation Handbook: Mining and Energy Valuation for Investors and Management, 4th Edition

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Book description

The essential guide to investing in mining opportunities, now in its Fourth Edition

A comprehensive guide to mining investment analysis designed for use by financial and mining analysts, executives, and investors, The Mining Valuation Handbook: Mining and Energy Valuation for Investors and Management has become an essential resource for assessing the value and investment potential of mining opportunities. Fully revised and updated, this fourth edition of the classic text provides new and up-to-date information to better explain the mysteries surrounding the resources industry.

Written by Victor Rudenno, a leading global expert on mining investment analysis and consultant to mining companies, financial bodies, and governments, The Mining Valuation Handbook: Mining and Energy Valuation for Investors and Management, Fourth Edition covers a wide range of essential topics, including: feasibility studies, commodity values and forecasting, classification of resources and reserves, indicative capital and operating costs, valuation and pricing techniques, qualifying risk, the impact of exploration and expansion, and more.

Packed with invaluable mining information for the financial industry and financial information for the mining industry, The Mining Valuation Handbook is the definitive guide to assessing and investing in mining opportunities.

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Table of contents

  1. Cover
  2. Title Page
  3. Table of Contents
  4. Foreword
    1. Dedication
    2. Acknowledgements
    3. Introduction
    1. What resource companies do
    2. What makes resource companies different from industrials?
    3. Commodity price volatility
    1. Capital costs
    2. Revenue
    3. Operating costs
    4. Other costs
    5. Depreciation
    6. Taxation
    7. Cash flow
    8. Worked example
    1. Components
    2. Corporate and project debt
    3. When things go wrong
    4. A question of forecasting or best guessing
    1. Commodity price forecasting
    2. Statistical - mean reversion
    3. Futures
    1. Exploration
    2. Confidence level
    3. Calculating resources
    4. Geostatistical estimation and kriging
    5. Estimating oil and gas resources
    6. Test of wells
    1. Definitions
    2. Diamond exploration
    3. Reporting coal resources and reserves
    4. Reporting oil and gas reserves
    1. Surface mining
    2. Underground mining
    3. Oil and gas drilling
    4. Marketing
    5. Mineral and hydrocarbon processing
    6. On-site hydrometallurgical recovery
    7. Mineral and metallurgical problems
    8. Oil and gas processing
    9. Infrastructure
    10. Smelting and refining
    1. Indicative capital costs - rule of thumb
    2. Indicative operating costs - rule of thumb
    3. Gold and platinum
    4. Base metal mining
    5. Offshore mining
    6. Oil and gas
    7. Diamonds
    8. Mineral sands
    9. Iron ore
    1. Exchange-traded futures
    1. Taxation
    2. Government and state/territory royalties
    3. Accounting standards for exploration
    1. Fundamental value
    2. Income approach
    3. Market approach
    4. Cost base approach
    5. Charting, technical analysis and nomograms
    1. Takeovers and mergers
    1. Sensitivity analysis
    2. Probability analysis
    1. Initial estimate
    2. Impact on fundamental value
    1. Value in the ground
    2. Options value
    3. Real options
    1. Valuing an initial discovery
    2. High grade is best
    3. Development time frame
    4. Disappearing resource
    5. Project expansion
    1. Resource company betas
    2. Capital asset pricing model
    3. Weighted average cost of capital
    1. Exploration discovery
    2. Ore reserves and waste
    3. Cutoff grade
    4. Mining schedule
    5. Feasibility study
    6. Fundamental value
    7. Sensitivity analysis
    8. Probability analysis
    1. Aluminium, Alumina and Bauxite
    2. Chromium
    3. Coal
    4. Cobalt
    5. Copper
    6. Diamonds
    7. Gold
    8. Heavy mineral sands
    9. Iron ore
    10. Lead
    11. Lithium
    12. Magnesium (Magnesite)
    13. Manganese
    14. Natural gas
    15. Nickel
    16. Oil and oil shale
    17. Phosphate
    18. Platinum group metals (PGMs)
    19. Potash
    20. Rare earths
    21. Silver
    22. Tantalum
    23. Tin
    24. Tungsten
    25. Uranium
    26. Zinc
    27. Other commodity prices
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