【摘要】 为了摆脱资源短缺的困局，我国矿企开始到海外投资矿产资源，矿业项目估值作为投资分析和决策的基础工作，可以帮助企业经营者更好地把握项目未来的预测和管理，确保矿业投资的最佳效益。基于DCF法和市场法构建了矿业项目并购估值模型，并以非洲Lion矿山项目为例进行实证研究，最后就评估结果对比分析并结合当前矿业市场进行验证，进而判断并购行为是否正确。结果表明：在基准日时点完成标的项目的并购交易是一次正确的决策，DCF法与市场法相结合的评估方法与传统评估方法相比更加科学合理，可以为矿业投资并购决策提供参考依据。更多还原

【Abstract】 In order to get rid of the dilemma of resource shortage, Chinese mining enterprises have begun to invest in mineral resources overseas. As a basic tool for investment analysis and decision-making, mining project valuation can help enterprise operators better grasp the prediction and management of the future and ensure the best benefits of mining investment. Based on the DCF-Market method, the model of mining project merger valuation was constructed, and the Lion mine project in Africa was taken as an example for empirical research. Finally, the evaluation results were compared and analyzed with the current mining market to verify whether the merger behavior was correct. The results show that it is a correct decision to complete the merger and acquisition of the target project at the benchmark date. Compared with the traditional evaluation method, the evaluation method combining DCF-Market method is more scientific and reasonable, which can provide a reference for the decision of mining investment merger and acquisition.更多还原