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Conference Proceedings

Mineral Valuation Methodologies Conference - VALMIN 94

Conference Proceedings

Mineral Valuation Methodologies Conference - VALMIN 94

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Joint Venture Terms as a Basis for Valuation

The Joint Venture Method is a procedure for
assessing the value of exploration properties,
particularly those for which resources have yet to be
delineated. It aims to convert the terms of an actual or
synthetic joint venture into the equivalence of an arms- lengths cash transaction between a willing seller and a
willing buyer. This paper sets out one approach to achieving that
conversion. It discusses both simple and complex cases
and gives some examples from both public and private
documents. It also includes some case studies in which
the Joint Venture Method of valuation can be compared
with values derived for the same project using other
methodologies including actual cash deals. The Method has failings in both mathematics and
logic. However because it does reflect or simulate an
arms-length deal which takes into account past
exploration effort and expenditure and an assessment
of prospectivity at a particular point in time, it is felt
that it can provide a reasonable approximation of trade
value or asset value of a prospect, particularly if used in
conjunction with other methods.
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  • Published: 1993
  • PDF Size: 0.182 Mb.
  • Unique ID: P199410016

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