考虑碳排放成本的铜矿采矿权价值评估

分析铜矿采矿项目全生命周期的碳排放问题，并对该外部性成本进行内部化，研究碳排放成本对采矿权价值的影响。以某铜矿采矿项目为例，通过核算该项目全生命周期的碳排放总量，选定合理的碳配额价格，并设置不同的免费碳配额比例场景，利用贴现现金流量模型和期权定价模型分析碳排放成本对采矿权价值的影响。结果表明：当免费的碳配额比例为95%时，对采矿权内在价值和实物期权价值的影响分别为-0.15%和-0.01%，当降低为0时，对采矿权内在价值和实物期权价值的影响分别为-2.95%和-0.16%；当免费的碳配额比例逐渐降低时，对采矿权的内在价值和实物期权价值都会产生负面影响，且对内在价值的影响要大于对实物期权价值的影响。

The Value Assesment of Copper Mining Right from the Perpective of Carbon Emission Cost

The internalization of carbon emission cost in the whole life cycle of copper mining project is analyzed, and the impact cost of carbon emission cost on the value of mining right is studied . Taking a copper mining project as an example, the influence of carbon emission cost on the value of mining right is analyzed by using discounted cash flow model and option pricing model through calculating the total carbon emission in the whole life cycle, selecting reasonable carbon quota price and setting different proportions of free carbon quota scenarios. The results show that :when the proportion of free carbon quota is 95%, the impact on the intrinsic value of mining rights and real option value is -0.15% and -0.01%, respectively.When reduced to 0, the impact on the intrinsic value of mining right and real option value is -2.95% and -0.16%, respectively.When the proportion of free carbon quota decreases gradually, the intrinsic value of mining right and the value of real option will have a negative impact, and the impact on the intrinsic value is greater than the impact on the value of real option.