The basic situation of 1

Laiyuan Copper Mine belongs to Hebei Metallurgical Group Company and is located in Laiyuan County, Hebei Province. There are four planned mining deposits in Laitong County, and Xiaoligou deposit in this assessment is only one of them.

Laiyuan Copper Mine was founded in 1970, and was planned and designed by Beijing Nonferrous Design Institute, and officially put into production in 1972. According to the design scheme, the first mining deposit has been basically mined, and the mining of Xiaoligou deposit has been fully launched.

Laiyuan Copper Mine has excellent location conditions, close to Jingyuan Railway, and the highway runs through the mining area, so the traffic is very convenient. The mining area is rich in power supply, labor resources and reserve mineral reserves, which has certain development prospects. At present, the mine has a concentrator with a daily mineral processing capacity of 300 tons, complete underground mining facilities, and basically realized mechanized mining and transportation; Ground supporting facilities include power supply, exhaust, tailings dam, maintenance workshop, residential building, school, etc. In addition, there are several subordinate mines with better production efficiency.

2 evaluation unit

Xxx resources and assets appraisal firm.

3 the purpose of the assessment

It provides reference for the transfer and transformation of mining rights of mineral resources assets in Xiaoligou deposit.

4 Evaluation base date

199265438+February 3 1.

5 evaluation date

1March 993.

6 evaluation principle

(1) fair science. Based on the actual operation of the mine, in-depth investigation and study of relevant information, so as to be fair and accurate; Adopt scientific and reasonable evaluation method and select reasonable parameters for calculation.

(2) objectivity. Respect science, combine production practice with past practice, and objectively evaluate the production capacity of mines and the service life of reserve resources. Listen to the opinions of relevant personnel on some parameters in various ways, absorb their reasonable suggestions and modify the selected parameters.

(3) predictability. Predict the changes of market prices and production and operation costs of mineral products in the future, and make reasonable inferences about future economic policies and social changes.

(4) Simple and feasible.

7 evaluation basis

(1) Geological exploration data of field investigation, including relevant inputs, reserve delineation, block grade and hydrogeological data collected by the original exploration unit; Mining, mineral processing, concentrate transportation and processing; Mining recovery rate, loss rate, dilution rate, mineral processing recovery rate, output rate and mining and dressing cost. Mine production and operation data include comprehensive cost, income, profit and tax over the years. In addition, I also learned orally or consulted the relevant documents of the higher authorities of the mine and the written history of mine development.

(2) National, local and departmental regulations and documents.

8 Selection of evaluation methods

Income present value method.

9 evaluation process

(1) Calculation formula of income present value method.

Using the present value method of income to evaluate the value of mineral resources assets is to discount the expected income of the evaluated resources in each year to the evaluation benchmark date at an appropriate discount rate. The formula is:

Asset value of mineral resources = present value of mine production income = ∑ [(surplus) expected income in each year × discount factor in each year]

Here:

Expected income = annual sales income of mineral products-all expenses related to mine production and operation-capital profit.

(2) Selection and calculation of relevant evaluation parameters.

① Calculation of service life of surplus resources. 1At the end of 992, Xiaoligou Copper Mine * * mined about 1 13929 tons of ore; According to the exploration reserves 1062798.4 tons submitted by Hebei Geological Team 6 on 1980, there are 948869.4 tons left. Judging from the reserves delineated by exploration, the average grade of the whole deposit is 2.43%, with more than 90% above 1% and 40% above 2%. Less than 1%, less than 10% is between 0.35% and 0.70%. According to the current copper mining and dressing technology in China and the fact that the grade of Lai copper is above 1% in recent years, the reserves submitted by exploration are all within the planned mining, that is, they are all economically recoverable reserves. According to the design daily processing capacity of 300 tons and annual working time of 300 days, the annual processing capacity is 90,000 tons. In fact, according to the throughput statistics in recent years, the average throughput is only 837 1 1 ton/year. The formula for calculating the production scale according to the economic and reasonable service life is:

P (mine production scale)

= =Qk ε mining /T( 1-p)

So:

T = qk ε mining/p ( 1-p)

Among them: Qk is recoverable reserves, and the remaining economic recoverable amount is 948,869.4 tons; ε mining is the mining recovery rate, taking 1990, 199 1 and 1992 as the average value of 85.62%; P is the production scale of the mine, and the actual annual processing capacity of the mine is 837 1 1 ton; ρ is the mining dilution rate, and the average value of 1990, 199 1 and 1992 is 24.52%.

Substituting the above values into the formula, we get:

t =(948869.4×85.62%)/[837 1 1×( 1-24.52%)]

= 12.8 (year)

② Annual sales revenue of mineral products. There are two points to explain here: first, the associated elements such as gold, silver and sulfur in the refined copper powder sold should be priced and included in the price of electrolytic copper; Secondly, electrolytic copper and copper concentrate are converted into the price of electrolytic copper, and the product cost and expenses are also calculated as electrolytic copper after weighted adjustment.

First, the output of electrolytic copper. Since the sale of electrolytic copper in Laiyuan Copper Mine, the average annual output of electrolytic copper is 1070 tons according to the average smelting recovery rate and average annual output (electrolytic copper and copper concentrate) in recent three years. Because there is no big technical renovation plan, 1070 tons/year is chosen as a constant.

Second, the price forecast of electrolytic copper. The forecast basis is as follows:

First of all, according to the forecast of the British Economist Intelligence Agency, the demand for copper in western countries will increase by 3. 1% in the next three years, and the demand for copper in developing countries will increase at an average annual rate of 6.2%. Starting from 1993, copper prices will rise in a curve. By 1995, the annual average price of copper will rise to $2,800/ton, while by 1996, it will be $2,688/ton. The average annual price growth rate of 199 1 ~ 1995 was 4.3%, and that of 199 1 ~ 1996 was 2.6%.

Secondly, the domestic copper price is due to the strong demand of 199 1 year. All the way up to 1.992, breaking through the 20,000 yuan/ton mark, which is several hundred yuan higher than the international market price converted at the published exchange rate. Since 1993, the spot transaction has been maintained at more than 20,000 yuan/ton, and the futures contract price is also close to this value. Former ministry of materials and equipment professionals believe that the future domestic copper market will be a trend of "stabilizing first and then rising".

Thirdly, considering the international and domestic copper price forecasts, it is certain that copper prices will show an upward trend in the future. Considering the development trend of domestic economy, the adjustment of exchange rate, the improvement of domestic import and export policies of mineral products and the deepening of China's economic system reform, the operating mechanism of mining enterprises will change to market, the technical transformation and management level will be improved to a certain extent, and the growth rate of copper output will gradually approach the growth rate of consumption, so that the price will rise steadily. Taking all factors into consideration, we think it is more appropriate to choose a price growth rate of 3.5%.

Fourth, as far as Laitong itself is concerned, due to over-investment in extended infrastructure in previous years, repayment or joint venture was determined through consultation according to the output of electrolytic copper in that year, and the price was less affected by the general trend. It is understood that the repayment period will last until 1996. Therefore, we determined that the average price of electrolytic copper in Laitong for two years (1993, 1994) was 19000 yuan/ton, and that for two years (1995, 1996) was 20000 yuan/ton.

③ Expenses related to production and operation. Including product ex-factory costs, sales expenses and various taxes and fees. Product factory costs include: a. raw materials, fuel power, wages and welfare expenses, workshop expenses, enterprise management fees, etc. In the first three years, the actual factory cost growth rate was 9. 16%. With the continuous implementation of national macro-control measures, the price increase of raw materials will tend to be stable. It is estimated that 1995 to 1997 will be stable at 8%, and then it can be reduced to 5%. B. allocation of geological exploration fees. This is what is missing in the mine financial statements now. During the period of Xiaoligou Copper Mine 1972 ~ 1980, the geological prospecting fee was 37 13900 yuan. To simplify the calculation, we regard it as an investment of 1980. According to the provisions in 1988 and 1990 that the interest rate of the pure appropriation project related to the infrastructure reserve loan of China Construction Bank is 3%, the investment of 37 1.39 million yuan invested in 1980 is calculated according to the compound interest as follows: 371.39× (6544. If the proven reserves are 1062798.4 tons, the geological exploration fee per ton of proven reserves is 5295213.3/1062798.4 ≈ 4.98 yuan/ton. According to the annual ore output of 837 1 1 ton, the annual exploration fee expenditure should be 83711× 4.98 ≈ 41.73 million yuan/year. This is a fixed expenditure. Product sales and other expenses: including wages, employee welfare expenses, transportation expenses, exhibition expenses, advertising expenses, salary increase expenses, education surcharge, technology transfer expenses, development expenses and withdrawn working capital. From the practical point of view, sales expenses account for the bulk, while transportation expenses account for the vast majority of sales. Since 1989, the sales and other expenses of Laitong have gradually decreased (mainly due to the shortened transportation distance), and the freight has increased on 1993, especially the railway freight has increased from 3.85 cents/(ton-km) to 5.35 cents/(ton-km). Therefore, the product sales expenses should be calculated according to the new freight rate and extended to the mine pit closure. Other expenses are calculated according to the increase of product factory cost. The annual ore transportation capacity is 1 1 12.7 tons/year.

Sales tax: mainly including value-added tax, urban construction, education fund, income tax payable, adjustment tax, contract profit, etc. In recent years, the expenditure of mines in this respect has basically stabilized at 6.5438+0.5 million yuan/year. Therefore, the standard tax amount of 6.5438+0.5 million yuan is selected here, which continues until the mine is closed.

4 capital profit. Including two contents, namely, the total capital of the enterprise and the profit rate of capital.

All funds of the enterprise (net fixed assets and fixed working capital). 1990 ~ 1992 is basically stable at more than 25 million yuan. It is understood that at present, the mine has no idea of expanding production scale and carrying out large-scale technological transformation. Therefore, this appraisal is based on the actual net fund at the end of this mine 1992, that is, 25,430,200 yuan.

Profit rate of funds. 1989 ~ 1992 fluctuates greatly. The highest 1992 is 2 percentage points lower than the lowest 199 1, with an average of 5.96% in four years. During the period of 1989 ~ 199 1, the capital profit rate of the national nonferrous metal mining and dressing industry showed a downward trend, which were 1989, 1990 and1respectively. Considering that the Xiaoligou deposit in Laitong is small and rich, the profit level should be high, so the highest year of 7.63% is chosen as the capital profit rate 1993, 1994, 1995, and the profit rate will be stable at 8% in subsequent years. The capital profit rate of 8% may be lower, but due to the complex fixed assets of mines and many facilities unrelated to production, even if the capital profit rate is lower, the amount of capital profit will be considerable after multiplying with the total capital; If the supporting facilities that have little to do with production are removed, the profit rate of funds may be greatly improved. In addition, in the later stage of mine production, the profit rate of funds may be lower than 8% due to the increasing difficulty of mine mining, the lengthening of roadway transportation distance and the aging of equipment. On the whole, for the long-term development, it is also desirable to choose 8% capital profit rate.

⑤ Discount coefficient. According to the social discount rate. According to the provisions of the State Planning Commission document 1990, the social discount rate was adjusted from 10% to 12%.

The formula for calculating the discount factor is:

1/(1+12%) n (n is the mining year)

According to the above analysis and elaboration, the selection and prediction of parameters and the calculation results of various data in various years are integrated into a table.

10 appraisal conclusion

Through the attached table, the calculation results show that the asset value of mineral resources in Xiaoligou Copper Mine is 5.565 million yuan. Therefore, the reserve price of Xiaoligou Copper Mine can be 5.565 million yuan as the reference price.

Attached Table: Comprehensive Table of Mineral Resources Assets Value Evaluation of Xiaoligou Copper Mine in Laiyuan Copper Mine, Hebei Province