資源・環境政策・経済、資源開発

[3408] リアルオプションを用いたボツワナ・セリベピケ鉱山の拡張オプション価値評価

資源・環境政策・経済

^〇Dineo Sefemo¹, 安達毅¹ (1.秋田大学)

司会: 村上 進亮 (東大)

キーワード：Discounted Cash Flow, Real Options, Management Flexibility, Botswana

This paper contributes towards the known theoretical and practical applications of real option valuation to the Selibe Central Cu/Ni expansion project in Selibe Phikwe mine in Botswana. Discounted cash flow analysis alone for project evaluation is inadequate and hence an implementation of Real option valuation technique to account for both market and technical risks that exist in mining .The results present an improved management flexibility for strategic decision making under the face of uncertainty and a view of profit maximization /loss minimization that is not captured by the discounted cash flow analysis.