About the author: Yuan, former director, researcher and mineral reserve appraiser of the Technical and Economic Center of the State Reserve Committee.

According to the Classification Standard of Solid Mineral Resources/Reserves (GB/T 17766— 1999), when compiling the mineral reserves report, feasibility evaluation is the key to the implementation of the new standard, and the submitted mineral resources reserves need to be evaluated. Therefore, the normative text of operation feasibility evaluation should be compiled as soon as possible, so that the personnel who compile geological exploration reports and review reports can have evidence to follow.

1 Purpose and task of feasibility evaluation

The purpose of feasibility evaluation is: on the basis of geological exploration, through feasibility evaluation, to make technical and economic demonstration of solid mineral resources reserves, so as to obtain the utilization value of its industrial development and reduce the investment risk of geological exploration and mining development to the lowest degree.

The task of feasibility evaluation is to analyze and study the geological exploration results in different stages from the aspects of technology, economy and policy, further verify the feasibility of its development and utilization, rationally divide the mineral resources reserves of the deposit and demonstrate the economic effect of its development.

2. Stage division of feasibility evaluation of solid mineral resources reserves

The exploration and evaluation of mineral deposits is a comprehensive practical activity, and the whole process of exploration is absolutely restricted by the laws of cognition and economy. The cognitive law requires that the exploration process must follow the principle of "step by step", and the economic law requires that the mineral resources reserves submitted should strive to adopt the most reasonable method, invest the least manpower, material resources and financial resources, obtain the most and best geological achievements and the greatest economic and social benefits in the shortest time, and minimize the exploration cost.

According to the requirements of the new classification standard, the feasibility evaluation of mineral resources reserves is divided into the following stages:

2. 1 Outline research and evaluation stage

The general research and evaluation stage refers to the general evaluation of the economic significance of mineral deposit development. Through the general survey of mineral deposits, the scale of mineral deposits, ore quality, technical performance of ore processing, mining geological conditions and natural and economic conditions of mining areas have been roughly found out. The problems related to the future mine construction, such as mine scale, mining method, mineral processing and smelting technology, product model and product direction, are only rough ideas, and it is difficult to determine the technical and economic indicators of the future mine development, so we can only use extended indicators for economic analysis and evaluation. Because rough research usually lacks accurate parameters and detailed information needed for evaluation, the estimated resources only have intrinsic economic significance. Its resources can be 33 1, 332, 333. Whether the evaluation conclusion is correct is very important for mining investors to make investment decisions.

2.2 Pre-feasibility study evaluation stage

The pre-feasibility study evaluation stage refers to the preliminary evaluation of the economic significance of deposit development. The research results can provide decision-making basis for exploration or feasibility study of this deposit. After a detailed investigation of the deposit, rich geological data and basic data have been obtained, and the geological structural conditions, spatial distribution of ore bodies, shape, occurrence and scale of ore bodies, content of material components and their occurrence and changes, technological processing performance of ore, hydrogeology and engineering geology of the deposit, mining technical conditions and mine construction conditions have been basically found out. The reserves of mineral resources calculated after the pre-feasibility study are 122, 122b, 2M22 and 2S22. After pre-feasibility study and evaluation, it is confirmed that the deposit has great economic value and good economic and social benefits, and can be included in the recent development and utilization before it can be transferred to exploration. After that, although some evaluation parameters may change, the evaluation conclusion will not change fundamentally.

2.3 Feasibility study evaluation stage

The feasibility study evaluation stage refers to the detailed evaluation of the economic significance of deposit development. The results can evaluate the technical and economic reliability of the proposed project in detail and can be used as the basis for investment decision. After exploration, a large number of systematic and reliable geological data have been obtained, and the spatial distribution, ore quality, technological processing characteristics and mining technical conditions of the deposit have been deeply studied. After fully considering the influence of geology, mining, mineral processing (metallurgy), environment, laws, government economic policies and other factors, the mineral resources reserves submitted according to the classification standard can be 1 165438. Feasibility study and evaluation should have strong timeliness, reliability of mineral resources reserves and operability of mining development.

3. Conditions for feasibility assessment

3. 1 Brief research and evaluation

(1) The geological survey of the deposit has been completed;

(2) Mineral processing data should be available for mature and easy-to-select minerals and immature general minerals in industrial utilization, and optional (metallurgical) tests or laboratory process tests should be conducted for minerals with complex composition, fine mineral particle size and immature domestic industrial utilization experience;

(3) Preliminary investigation on the external construction conditions of the mining area;

(4) Preliminary investigation on the supply and demand of mineral resources in China and the region, and relevant regional economic statistics.

(5) Collect technical and economic parameters or expansion indicators related to analogy mines.

3.2 Pre-feasibility study evaluation

(1) The detailed geological survey of the mining area has ended;

(2) Optional (metallurgical) test reports and even laboratory process test reports have been submitted for the processing performance of general mineral ores; Refractory minerals should be submitted to the laboratory to expand the continuous test report; Easy-to-beneficiate minerals with analogy conditions should be evaluated with analogy data;

(3) The hydrological and engineering geological conditions in the mining area have been basically ascertained;

(4) There should be detailed investigation data on traffic, power supply and water supply in the mining area;

(5) basically grasp the relationship between market supply and demand, sales prospects and basic product flow;

(6) Information on the site and mine environment;

(7) Mining engineering and mineral processing technical data;

(8) Project implementation investment estimation, product price, cost composition and relevant tax information.

3.3 Feasibility study evaluation

(1) The exploration and geological work in the mining area has ended;

(2) Laboratory flow test report or even extended continuous laboratory test report should be submitted for the processing performance of general minerals and ores, optional (smelting) test report or even laboratory flow test report should be submitted for easily-selected minerals with similar conditions near production mines, and semi-industrial test report should be submitted for refractory minerals. When it is necessary to build a large mine, an industrial test report shall be submitted;

(3) Find out the exploitable technical conditions such as hydrogeology and engineering geology in detail;

(4) Detailed investigation and understanding of traffic, power supply, water supply and other information in the mining area;

(5) fully understand and master the relationship between market supply and demand, sales prospects and the flow direction of basic products;

(6) Grasp the investment, production and operation costs, prices, tax rates, rates, cash inflows and outflows and other parameters related to economic evaluation in detail;

(seven) the location of mine production, the determined reasonable production capacity and environmental data;

(8) technically feasible and economically reasonable mining engineering and mineral processing technical data.

4. Principles and contents of feasibility evaluation and economic analysis

4. 1 Principles to be followed in economic analysis

The economic analysis of feasibility economic evaluation should follow the following principles: combining macro-benefit analysis with micro-benefit analysis; Qualitative analysis is combined with quantitative analysis, with quantitative analysis as the main one; Dynamic economic analysis is combined with static economic analysis, with dynamic economic analysis as the main one; Combination of forecasting analysis and statistical analysis, with forecasting analysis as the main factor; The stage economic benefit analysis is combined with the whole process economic benefit analysis, and the whole process economic benefit analysis is the main one.

4.2 The content of feasibility evaluation and economic analysis

4.2. 1 Brief research and evaluation

Because the rough research and evaluation stage is after the general survey of mineral deposits, there is generally a lack of accurate parameters and detailed information necessary for evaluation, so the static financial evaluation method can be used to determine investment opportunities for related issues in future mine construction, such as mine production scale, mining method, mineral processing (smelting) technology and product economic analysis. The specific evaluation indicators can be reflected by calculating static total profit, static investment payback period, static investment profit rate and static investment profit and tax rate.

4.2.2 Pre-feasibility study evaluation

The economic analysis of pre-feasibility study and evaluation refers to the process of economic analysis of the economic significance of mineral resources reserves calculated by delineating ore bodies after detailed investigation of the deposit, and it is also a preliminary evaluation of the economic significance of deposit development. The basic goal of economic analysis at this stage is to evaluate the profitability of the deposit after development and the profitability that may be obtained during normal production; The length of the investment repayment period; Return on investment of mining investors.

(1) produced mines: the evaluation of enterprise performance should be based on the actual operating indicators and financial ledger of mines. The evaluation indicators can be analyzed and evaluated with reference to the enterprise performance evaluation indicators issued by the Ministry of Finance, such as return on net assets, return on total assets, sales (operating) profit rate and financial internal rate of return, so as to judge the economic significance of mineral resources reserves.

(2) For the proposed mine: estimate the source of funds, financing methods and mine construction investment of the proposed mine; The financial operation and economic effect of the mine are preliminarily analyzed and evaluated, and the financial profitability and solvency of the proposed mine are calculated. The main evaluation indicators should be based on the Economic Calm Method and Parameter Data of Construction Projects issued by the State Planning Commission and the Ministry of Construction, and mainly adopt the financial dynamic evaluation method. The financial profitability evaluation indicators are the financial internal rate of return, investment payback period, financial net present value, investment profit rate and investment profit rate calculated by using the financial cash flow statement; The evaluation indexes of project solvency are asset-liability ratio, current ratio and quick ratio, so as to judge the economic significance of mineral resources reserves.

feasibility study

The economic analysis of feasibility study evaluation refers to the process of economic analysis and determination of the economic significance of mineral resources reserves calculated by delineating ore bodies after exploration, and it is also a detailed evaluation of the economic rationality of deposit development. For the produced mine and the proposed mine, the economic evaluation method and index are the same as those of the pre-feasibility study, but the evaluation depth is higher than the former. If the development of the target deposit can have a significant impact on the demand of the national economy, the benefits and expenses of the project should be investigated from a national perspective according to the principle of rational allocation of resources, and the net contribution of the project to the national economy should be analyzed and calculated by using economic parameters such as shadow price, shadow wage, shadow exchange rate and social discount rate of mineral products, so as to evaluate the economy of deposit development. The main economic evaluation indicators are: using economic cash flow statement, foreign exchange flow, international competitiveness and other forms to calculate the economic internal rate of return, economic net present value and international competitiveness. Because most of the evaluation parameters in economic analysis of feasibility study evaluation come from prediction and estimation, there is a certain degree of uncertainty. In order to analyze the influence of uncertain factors on economic evaluation indexes, it is necessary to carry out uncertainty analysis to estimate the possible risks of deposit development and obtain the economic reliability of deposit development. Uncertainty analysis needs sensitivity analysis and break-even analysis, among which the uncertain factors in sensitivity analysis should include mineral resources reserves, ore grade, investment, mineral product price, production cost and output.

5 Qualification requirements for preparing feasibility assessment report

(1) The general research and evaluation work is completed by the geological prospecting units undertaking the general survey of evaluation deposits. After the conclusion of the summative research evaluation, the summative research evaluation opinions or summative research evaluation reports shall be submitted.

(2) Pre-feasibility study evaluation and feasibility study evaluation are completed by design institutes, research institutes and intermediaries with design qualifications. After the feasibility assessment is completed, the corresponding assessment report shall be submitted.