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example here is with ad valorem property taxes, levied by most state and local governments. The difficulty with value estimation of a mineral property for taxation purposes is that a single value is required for property worth.
Most states have enacted tax provisions that attempt to approximate the value of amineral property through a formula or other mechanism that rarely serves as an adequate measure of property value for an actual sale. These mechanisms are seldom based on strong economic foundations and only serve as a convenient proxy for mineral property values. As a result，significant discrepancies can occur between the appraised value of a property for tax purposes and the value as perceived in the marketplace. (7) Financing
The mode, mechanism, and magnitude of financing new mining properties or ventures are functions of the estimated property or project value. Certainly, the risk of default must also be considered in mining and must be assessed in regard to the perceived intrinsic value of the property. This aspect is becoming increasingly important in view of the popularity of international joint ventures as a means of dispersing project risks.
The fundamental concern of lending institutions is not whether a specific rate of return is achieved by the project owner, but rather that the project will generate adequate cash flows to service the acquired debt. Thus lenders approach mine valuation studies from a different perspective. (8) Regulatory Requirements
Even the federal government has found it necessary to the problems
iated with estimating the value of federally controlled mineral lands. This results from the fact that the leasing of federal lands for some mineral commodities is through the competitive bidding process, and the government is obligated by law to accept no bid that is less than the fair market value of the mineral occurrence. As a result，the federal government is often required to estimate the value of certain leases prior to competitive bidding in order to assure that bonus bids and royalty provisions represent fair market value and are therefore acceptable. The federal government is faced with a similar valuation problem when determining or negotiating royalty provisions on other leased minerals.assoc
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Vocabulary duress n.强迫,监禁 salvage value剩余价值 replacement value 折旧后价值 capitalized value 资产总值 book value资产原值 insured value账面价值 pertain vi. 关于；有关；存在；适用 acquisition n.并购；获得；得到 transpire vi(事实，秘密等）被人知道，泄露，显露；发生 valorem] adv.按价，按照价格（价值）；计税 (9) Mine Feasibility Studies 矿山可行性研究 Feasibility studies are the heart of the mine evaluation process. A feasibility study of a mining project represents an engineering/ economic appraisal of the commercial viability of that project. As such，it is the result of a relatively formal procedure for assessing the various relationships that exist among thefactors that directly orindirectly affect the project in question. In essence, the objective of a feasibility study is to clarify the basic factors that govern the chances for project success. Once all the factors relative to the project have been defined and studied, an attempt is made to quantify as many variables as possible in order to arrive at a potential value or worth of the property.
As a mining project progresses from raw exploration through to the time when a management decision is made to develop and mine the property，a number of analyses will be conducted on the property，each of which will be based on increasing amounts of data, will require increasing amounts of time ( and therefore expense) to prepare, and will have increasing degrees of accuracy. For example, as exploration occurs on a mining property, the intersection of mineralization by a few drillholes typically triggers lhe need for some type of initial analysis to assist with necessary decision making. Ihesetypes of studies are identified by various names, but in each case they are designed to answer questions pertaining to ：
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1) 2) 3) 4)
What magnitude of deposit mightexistrather than what is known to exist Should further expenditures be incurred to look for what might exist Should the project be abandoned.
What additional effort and/or expense is necessary before making any ofthese decisions?
Assuming a favorable decision for continuation of the project ,the next sequence ofdecisions must be predicated on studies utilizing much more detailed information. Theseso-called prefeasibility studies or intermediate economic studies are based on increasingamounts of data pertaining to geologic information，preliminary engineering designs andplans for mining and processing facilities, and initial estimates of project revenues andcosts. They are constructed to support a continuum of decisions relating to the next majorspending requirement. Intermediate economic studies of this type typically contain thefollowing information and analysis (Gocht et al.1988)：
(1) Project description：geographic area, existing access routes, topography, climate，project history，concessionary terms，schedule for development of mine and any processing facilities.
(2) Geology：regional geology, detailed description of the project area，preliminary reserve calculations, plans for detailed target evaluation.
(3) Mining：geometry of the ore body，proposed mining plan ( and alternatives)，required plant and equipment.
(4) Processing：technical descriptions of the ore and concentrate, processing facilities.
(5) Otheroperating needs：availability of energy, water, spare parts, and equipment (diesel oil, explosives, replacement parts，etc.)
(6) Transportation：description of the additional, necessary transportationfacilities (roads，air strips，bridges, harbors, rail lines)
(7) Towns and related facilites：housing for workers, school for children of workers,medical facilities, company offices.
(8) Labor requirements：estimates of work force broken down according to qualifications (skills) and local availability.
(9) Environmental protection：plans to reduce or minimize environmentaldamage，description of relevant environmental legislation.
(10) Legal considerations：review of mining laws, taxation, foreign-investment
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regulations and political risk.
(11) Economic analysis ： cost estimates for plant and equipment，infrastructure ’materials, labor, market analysis, including production, consumption, and price formation for the relevant minerals, revenue forecasts based on expected production and mineral prices, cash flow and net present value analysis, sensitivity analysis.
Assuming the project continues to appear favorable throughout the intermediate economic studies, as these studies progressively focus more on engineering and economic aspects and less on geologic parameters, the project must be formally assessed through a comprehensive feasibility study. The feasibility study represents a detailed analysis of all the parameters contained in the intermediate economic studies, along with other pertinent factors relating to political and legal aspects affecting project viability. Specific data requirements for incorporation into feasibility studies are contained in the following segment of this paper； however, in general, the study contains analyses of the project’s geology and deposit characteristics，mineralogy, mineral processing characteristics，designs and plans for mining and processing equipment requirements, construction schedules, investment requirements and timing, estimates of revenues and costs, marketing plans, cash flow calculations, sources and methods of financing, and risk and sensitivity analyses of important project variables. As stated previously，the purpose of the feasibility study is to assess the technical and economic viability of the project and to assist the organization in making the “go/nogo” decision regarding project development.
Although there is no prescribed format for reporting the results of a project feasibility study, the final report must fulfill the following essential functions ( Taylor, 1977)
(1) Provide a comprehensive framework of established and detailed facts
concerning the mineral project.
(2) Present an appropriate scheme of exploitation complete with plans, designs,
equipment lists, etc.，in sufficient detail for accurate cost estimation and associated economic results.
(3) Indicate the most likely profitability on investment in the project，assuming the
project is equipped and operated as specified in the report.
(4) Provide an assessment of pertinent legal factors，financing alternatives，fiscal
regimes, environmental regulations, and risk and sensitivity analyses on important
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needed.
Mining properties range from very small to extremely large, and from those involving only surface operations to those involving extensive underground workings. Active mines undergo constant change，necessitating continual updating of the surveys.
The differences in the character of the deposits, the scale of mining, and the mining methods result in large differences in the surveyor’s activities and techniques, but many of the problems involved are common to most mines.
The surface work of the mine surveyor is very similar to that of the plane surveyor in that control points are established by triangulation，trilateration，and traversing.The Detail is taken by direct measurement, by stadia, and by aerial photography. The equipment used, the techniques, and the methods of processing the resulting data are likewise very similar. However, underground work is quite different ：
(1) The lines of sight frequently must be carried through constricted openings，often
involving short lines of sight and awkward setups.
(2) The lighting generally is poor, requiring illumination of the backsights and
foresights, and the crosshairs.
(3) The ambient conditions often are difficult，including falling water，high
temperatures, poor visibility, and heavy traffic through the area being surveyed. (4) The surrounding rock may be unstable, resulting in movement or loss of the
surveying stations, as well as hazard to the surveyors.
(5) The points to be measured often are difficult or impossible to reach.
(6) Steep, vertical sights often are necessary，requiring the use of special
equipment.
(7) Many working levels commonly are involved，requiring the transfer of position
and orientation to each with a high level of precision.
2. Mine Coordinate System
A system of coordinates is essential for all permanent mining operations. It is very desirable that all mining operations in a given area be tied into the same system，as this minimizes problems of boundaries and connections. Wherever possible，this system should be tied into and made part of the state or regional grid system.
Commonly the elevations will be based on sea level, as taken from established stations. In most cases, all the mine workings will be above sea level so that all the