Victor RudennoThe Mining Valuation Handbook 4e
Mining and Energy Valuation for Investors and Management
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Victor Rudenno holds a Bachelor of Mining Engineering, a Master of Commerce and a PhD in Mining Economics. He was voted by his peers as one of the top three energy analysts in Australia in the BRW 1994 analyst survey. He is a Senior Fellow of the Financial Services Institute of Australia and a member of the Australasian Institute of Mining and Metallurgy. He is also the principal lecturer in mining economics for Kaplan Professional.
Acknowledgements ix
Introduction xi
1 The resources industry 1
2 A quick guide to financials 13
3 Feasibility studies 21
4 Commodity values and forecasting 41
5 Resource project considerations 67
6 Classification of resources and reserves 97
7 Mining and hydrocarbon recovery 113
8 Indicative capital and operating costs 151
9 Hedging commodities and exchange rates 235
10 Taxation, depreciation, royalties and accounting standards 245
11 Valuation methodologies 265
12 Takeovers and fair value allocation 299
13 Quantifying the risk 317
14 Cutoff grade theory 329
15 Share price performance and real options 337
16 Impact of exploration, development and expansion 357
17 Determining the appropriate discount rate 381
18 Dealing with inflation 391
19 Agricola Mining - a hypothetical example 397
20 Commodity profiles 417
Appendix A: Sources of information 495
Appendix B: Australian Native Title 501
Appendix C: Royalty rates 505
Appendix D: Economic geology primer 517
Appendix E: Project details 523
Appendix F: Exchange rates and CPI 541
Appendix G: Continuous discounting and annuities 545
Appendix H: Abbreviations, conversions and energy factors 547
Glossary 555
Bibliography and references 593
Index 597
