资本注入能使加纳面临挑战的黄金项目在经济上可行吗?-个案研究

D. Mireku-Gyimah, R. Gyebuni
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摘要

加纳达曼金矿(DGM)采用露天开采技术开采金矿。据估计,它的可开采黄金储量约为3200万吨,可开采8年。由于金价自2013年以来持续下跌,运营成本不断上升,该矿缩减了业务规模。但由于老化的采矿设备和加工厂性能不佳,以及需要新的尾矿坝,作业变得具有挑战性。随着黄金价格企稳,投资资本来解决这些挑战并增加产量可能是有益的。本研究旨在调查假设金价跌至每克32.15美元,如果进行预期投资,DGM在经济上是否可行。该研究估计所需的资本和年度运营成本分别为8949万美元和10084万美元。假设没有价格上涨,贴现率为20%,并应用加纳的以下投资法律进行现金流量分析:特许权使用费为总收入的5%;五年内资本支出直线折旧(每年20%);首年投资免税额仅为5%;亏损结转;公司税35%。结果显示净现值为82 723 720.28美元,内部收益率为41.13%,表明盈利能力。敏感性分析表明,假设所有其他经济参数保持不变,该项目将继续盈利,直到收入低于24%。假设所有其他经济参数保持不变,该项目也将继续盈利,直到运营成本增加超过30%。对项目的风险分析表明,项目有70%的成功机会。DGM可以将资金用于开采其黄金储备,因为只要控制成本并保持生产水平以产生所需的收入,该矿就会盈利。关键词:净现值,内部收益率,敏感性分析,风险分析
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Can Capital Injection Make Challenged Gold Projects in Ghana Economically Viable? – A Case Study
Damang Gold Mine (DGM) in Ghana uses open pit mining technology to mine its gold deposit. It has an estimated mineable gold reserve of about 32 Mt exploitable for 8 years. As the gold price kept falling from 2013 and operating cost kept rising, the mine down sized its operations. But the operations became challenging due to poor performance of ageing mining equipment and processing plant, and the need for a new tailings dam. As the gold price stabilises, it could be gainful to invest capital to resolve the challenges and increase production. This study aims at investigating whether DGM would be economically viable if the intended investment is made assuming the gold price falls to US$ 32.15/g. The study estimates the required capital and annual operating cost to be US$89.49 M and US$100.84 M respectively.  A cash flow analysis is carried out assuming no price escalation, discount rate of 20%, and applying the following investment laws of Ghana: royalty of 5% of gross revenue; straight line depreciation of capital expenditure over five years (20% per year); investment allowance of 5% in the first year only; loss carry forward; and corporate tax of 35%. The results give Net Present Value of US$82 723 720.28 and Internal Rate of Return of 41.13%, indicating profitability. Sensitivity analysis reveals that the project will continue to be profitable until the revenue falls below 24%, assuming all other economic parameters remain constant. The project will also continue to be profitable until the operating cost increases beyond 30%, assuming all other economic parameters remain constant. Risk analysis on the project indicates the project has 70% chances of success. DGM could invest the capital to mine its gold reserves because the mine will make profit provided cost is controlled and production level maintained to generate needed revenue. Keywords: Net Present Value, Internal Rate of Return, Sensitivity Analysis, Risk Analysis
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