| 李庆哲,刘大文,朱思才,曾瑞垠.开发阶段金矿项目并购14个评估指标检验：因子分析法[J].矿产勘查,2023,14(5):818-828 |
| 开发阶段金矿项目并购14个评估指标检验：因子分析法 |
| Test of 14 evaluation indexes of gold project mergers and acquisitions in development stage： Factor analysis method |
| 投稿时间：2021-11-27 修订日期：2022-02-21 |
| DOI：10.20008/j.kckc.202305014 |
| 中文关键词: 因子分析法 矿业项目并购 评估指标 开发阶段 金矿 |
| 英文关键词: factor analysis merger and acquisition of mining projects indicators selection stage of development gold mine |
| 基金项目:本文受紫金矿业集团科技立项项目“矿山综合找矿预测（专项）”（4104KY2022030001）和“紫金地勘标准编录代码研发及应用示范”（4104KY2023040001）联合资助。 |
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| 中文摘要: |
| 本文收集和整理了6大洲22个国家的38个在产金矿山样本数据的14个指标，采用因子分析法对开发阶段金矿项目并购中的14个参数指标进行显著性检验、指标分析、公因子提取及因子旋转。结果表明影响开发阶段金矿项目并购的14个指标可归为4个公共因子，4个因子的重要性依次降低。其中公共因子1：原位资源价值（资源量和储量）、金属量、初始基建成本、税后净现值、产量，是最重要影响因子；公共因子2：选矿规模、资源量和储量、净现值贴现率；公共因子3：入选品位、地质品位、回收率、内部收益率、投资回收期；公共因子4：现金成本。同时构建了开发阶段金矿项目并购指标综合评估模型，并运用武里蒂卡（Buritica）金矿和奥罗拉（Aurora）金矿进行了运算分析，结果具有明显的借鉴意义，以期为国内外金矿项目并购提供参考。 |
| 英文摘要: |
| This paper collects and organizes 14 indicators of sample data from 38 gold mines in 22 countries on six continents， using factor analysis method to conduct significance testing， indicator analysis， common factor extraction， and factor rotation on 14 parameter indicators in the development stage of gold mine project mergers and acquisitions. The results indicate that the 14 indicators that affect the mergers and acquisitions of gold mining projects in the development stage can be classified into 4 common factors， and the importance of these 4 factors decreases in sequence. Among them， common factor 1 is the In-Situ Value： reserves & resources， amount of metal， initial capital cost， post tax NPV， production capacity， which are the most important influencing factors； Common factor 2 is mill capacity， reserves & resources， NPV discount； The public factor 3 is mill head grade， geological grade， recovery rate， internal rate of return and payback period； Common factor 4 is the cash costs. Constructed a comprehensive evaluation model for the merger and acquisition indicators of gold mining projects in the development stage， and the calculation and analysis are carried out by using Buritica gold mine and Aurora gold mine. The results have obvious reference significance， to provide reference for mergers and acquisitions of domestic and foreign gold mining projects. |
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