mine sources valuation

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1、LG/11/14th11MeetingoftheLondonGrouponEnvironmentalAccountingJohannesburg,26-30March2007ValuationMethodsofMineralResourcesEstrellaV.DomingoandEdwardEugenioP.Lopez-DeeValuationMethodsofMineralResources1of13IssuePaper:ValuationMethodsofMineralResourcesPaperPreparedfortheLondonGroupMeeting,Pretoria,Sout

2、hAfrica,26-30March2007*EstrellaV.DomingoandEdwardEugenioP.Lopez-DeeNationalStatisticalCoordinationBoardPhilippinesIntroduction1.Movingfromthephysicaltomonetaryaccounts,inthecaseofenvironmentalassets,requireapplyingappropriateandconsistentvaluestoeachtypeofasset.Thisallowsaggregationofdifferenttypeso

3、fenvironmentalassets,integrationinwidersetsofaccountsandcomparisonwithnon-environmentalassetsintermsoftheircontributionstothewealthofacountry.2.IntheSystemofNationalAccounts(SNA),assetsarevaluedatmarketpriceswhichoftenarenotavailableforenvironmentalassetssincethesearerarelytradedinthemarket.Intheabs

4、enceofmarketprices,thebestavailablemethodofvaluationisresortedtoasproxytomarketvalue.3.Thelevelofavailablevaluesdataandidentificationofbenefitsandusesoftheseassetsrestrictfindinganappropriatevalueforenvironmentalassets.Mostoften,availablevaluespertaintoacombinationofassetswhicharenotatthesamelevelof

5、detailasthatinthephysicalaccounts.4.Whilebenefitsaretheprimaryconsiderationindeterminingthemarketpriceofanasset,environmentalassetsprovidebenefitsotherthantotheownersoftheassetsaswellasqualitativebenefitswhicharenotpartofthemarketprices.5.SEEA2003recommendstheuseofthenetpresentvaluemethodforvaluinge

6、nvironmentalassetswheretherearenodirectmarketprices.However,questionshavebeenraisedontheapplicationandoperationalizationofthenetpresentvalue.6.Thisissuepaperismeanttoprovidethebasisfordiscussingtheseissuestowardstheadoptionofthenetpresentvaluemethodinvaluingenvironmentalassets,specificallymineralass

7、ets.Coverage7.Forpurposesofdiscussingtheissuespertainingtothevaluationofenvironmentalassetsandtherecommendeduseofthenetpresentvaluemethod,thispaperwillfocusitsdiscussiononlyonthevaluationofnaturalreso