Estudio de opciones reales para decisiones de inversión en un proyecto minero de nueva ejecución

El objetivo principal es desarrollar la metodología de opciones reales para evaluar la posible puesta en marcha de un proyecto minero. Para esto, el proyecto se divide en dos partes: En la primera parte, con carácter teórico se analizan las inversiones desde el punto de vista tradicional, comparando la problemática de estas valoraciones en ambientes de incertidumbre y flexibilidad operativa. Se analizan las opciones financieras y se comparan con las opciones reales, en cuanto a similitudes y problemáticas. Se desarrollan también los procesos estocásticos que afectan a las variables del proyecto de inversión. Se explican además, las metodologías para el cálculo de las opciones reales, incluido el cálculo de la volatilidad de las mismas. En una segunda parte, se estudia el yacimiento aurífero de Corcoesto, para el cual se realiza la simulación del plan de negocio según las características necesarias para la explotación, donde los ingresos se modelizan mediante un movimiento geométrico browniano para simular el comportamiento del precio de la onza de oro. Se elige un desarrollo de árboles binomiales para estimar el valor futuro del proyecto, a la vez que se establece un intervalo de precios de la opción para adquirir el proyecto minero. Este intervalo estará determinado por las incertidumbres del proyecto calculadas según las metodologías de Copeland y Antikarov, y Heraht y Park. Abstract This project is aimed mainly to develop real options theory to assess a mining project start-up. The project is divided in two documents: The first document with theorical content, investments are analyzed from the clasical point of view, comparing the advantages and disadvantages of this appraisal in high uncertainity and operational flexibility conditions. Financial options are analyzed and compared to real options, in both similarities and problematics. Stochastical process that affect the project variables are also developed. Methods for estimating real options value, including the methods for volatility estimation are commented. In the second document, the Corcoesto gold deposit has been studied. A bussines plan simulation has been maked according to the characteristics of the extraction, where incomes have been simulated with a geometrical Brownian movement to estimate the gold onze behaviour. The binomial tree method has been generated to study the future project value, as well as a range of option prices, for adquiring the mine project. This interval is determined by the project uncertainity calculated with the theories from Copeland and Antikarov and Herath and Park

Lithogeochemistry and fluid flow in the epithermal Veta Rublo base metal-silver deposit, Chonta Mine (Huancavelica, Perú)

The Chonta Mine (75º00’30” W & 13º04’30”S, 4495 to 5000 m absl), owned by Compañía Minera Caudalosa, operates a polymetallic Zn-Pb-Cu-Ag vein system of the low sulphidation epithermal type, hosted by cenozoic volcanics of dacitic to andesitic composition (Domos de Lava Formation). Veta Rublo, one of the main veins of the system, is worked underground to nearly 300 m. It strikes 60-80º NE and dips 60-70º SE; its width varies between 0.30 and 2.20m, and it crops out along 1 km, but is continued along strike by other veins, as Veta Caudalosa, for some 5 km. Typical metal contents are 7% Zn, 5% Pb, 0.4% Cu and 3 oz/t Ag, with quartz, sericite, sphalerite, galena, pyrite, chalcopyrite, fahlore as main minerals, and minor carbonate and sulphosalts.

Gold Ores Related to Shear Zones, West Santa Comba Fervenza Area (Galicia, NW Spain): A Mineralogical Study

Recent research has discovered high-grade Au ores in NNE-SSW trending shear zones in metamorphic proterozoic and palaeozoic terranes, some 40 km NW of Santiago de Compostela (NW Spain). The orebodies are bound to late-stage Hercynian structures, mainly due to brittle deformation, which are superimposed on earlier ductile shear zones, cutting through various catazonal lithologies, including ortho- and paragneisses, amphibolites, eclogites, and granites. Ore mineralogy, alteration, and ore textures define a frame whose main features are common to all prospects in the area. Main minerals are arsenopyrite and pyrite - accompanied by quartz, adularia, sericite, + (tourmaline, chlorite, carbonates, graphite), as main gangue minerals - with subordinate amounts of boulangerite, bismuthinite, kobellite, jamesonite, chalcopyrite, marcasite, galena, sphalerite, rutile, titanite, scheelite, beryl, fluorite, and minor native gold, electrum, native bismuth, fahlore, pyrrhotite, mackinawite, etc., defining a meso-catathermal paragenesis. Detailed microscopic study allows the author to propose a general descriptive scheme of textural classification for this type of ore. Most of the ores fill open spaces or veins, seal cracks or cement breccias; disseminated ores with replacement features related to alteration (mainly silicification, sericitization, and adularization) are also observed. Intensive and repeated cataclasis is a common feature of many ores, suggesting successive events of brittle deformation, hydrothermal flow, and ore precipitation. Gold may be transported and accumulated in any of these events, but tends to be concentrated in later ones. The origin of the gold ores is explained in terms of hydrotherreal discharge, associated with mainly brittle deformation and possibly related to granitic magmas, in the global tectonic frame of crustal evolution of West Galicia. The mineralogical and textural study suggests some criteria which will be of practical value for exploration and for ore processing. Ore grades can be improved by flotation of arsenopyrite. Non-conventional methods, such as pressure or bacterial leaching, may subsequently obtain a residue enriched in gold.