A practical real option methodology for the evaluation of farm-in/out joint venture agreements in mineral exploration

Although the “real option valuation” (ROV) methodology offers extremely valuable insights in optimising investment decisions in the face of uncertainty, its practical acceptance in the mining industry has until recently been slow because of its perceived computational complexity. Recent conceptual advances in the use of binomial lattices and software developments in the areas of decision trees and dynamic programming, have significantly simplified ROV analysis and made it of practical application in day-to-day financial evaluations and decisions involving uncertainty. This paper provides general background on the ROV methodology and an example of how a typical farm-in/out agreement, as a preliminary to the establishment of a joint venture (JV), can be valued as a series of sequential and compound real options. For illustrative and quality assurance purposes, a simple farm-in/out agreement is valued from the point of view of the party acquiring equity in the project (the farm-inee) using two distinct methods, i.e. (a) a binomial lattice and (b) a decision tree in combination with binomial stochastic processes, in both cases neutralising risk using the user-friendly “risk-neutral probability”. The fact that exactly the same ROV is obtained by both methods provides confidence in the modified decision tree approach, which opens up the capacity to value the more complex sequential/compound real options inherent in real-life farm-in/out agreements. The model is then modified to incorporate a number of realistic contractual conditions often encountered in typical exploration and mining farm-in/out deals. The paper demonstrates how the increased complexity of the model can be relatively easily addressed using a decision tree with dynamic programming capability.     

含硫油气井井控技术及管理方法

伴随着石油工业的发展,井喷、井控不可避免。为防止溢流、井喷,企业、政府投入了大量的人力、物力、财力,成果显著。但同时也产生了一些副作用,过量投资,资源浪费,地层严重污染,含硫油气井更是如此。基于含硫油气井钻完井的特点,制定了含硫油气井井控工作原则,研究了包含防爆、保证防喷器可靠、保证节流放喷相关装置可靠、保证压井相关装置可靠及保证井眼力学完整在内的含硫油气井严格防止井喷失控技术,选用合适的压井方法避免发生井喷技术,简化关井操作程序及修改钻井液密度附加值来全面限制防溢流的技术及其相应的管理方法。对含硫油气井科学、安全、高效的进行井控工作提供了理论指导,对于含硫油气井的开发具有重要的意义。     

Waste management issues for the UK ready-mixed concrete industry

The UK government has recognised the vital contribution that the construction industry has to play in contributing towards sustainable development. While the issue of hardened concrete waste has received considerable attention, process waste arising from the manufacture of ready-mixed concrete is relatively unexplored. It is apparent that initiatives such as the landfill tax have encouraged UK ready-mixed concrete manufacturers to reduce substantially the amount of waste they produce. Environmental pressures continue to increase and ready-mixed concrete producers are being forced towards a closed loop production system.     

城区地表径流面源污染和河道水环境治理的研究

河流为人类提供了多样的生态服务功能,然而城市化对河流生态系统健康状况造成严重的影响。随着点源污染的有效管理控制,非点源污染降雨径流己成为造成城市地表水环境污染的主要原因。为了改善河道水质,引调清水激活城市内河水体,提高河道的水环境自净能力,有效改善城市水环境。文章以南京河西水系为例,利用Saint-Venant方程组对水系建立一维水动力模型,并通过汇流结点水位法对方程组进行数值求解;对WASP5水质模型进行二次开发用于水质模拟;建立水质模型和一维河网水动力模型的耦合模型,将水动力模型计算所得到的水动力参数耦合到WSAP5水质模型中,模拟降雨过程以及引调清水过程的河网各河段的水质变量浓度,得出降雨径流对河流的污染程度以及引清冲污措施对河流水质改善的效果并优化调水过程。     

信息干预是否影响食物浪费?——基于餐饮业随机干预试验

食物浪费既造成了严重的资源环境压力,也威胁着粮食安全,更导致了全球居民的福利损失。食物浪费是消费者行为选择的结果,且消费者的行为在很大程度上是受描述性规范影响的,那么消费者对干预信息的吸取（描述性规范）是否会影响消费者的食物浪费行为有待进行研究。因此,论文运用随机干预试验的方法,探讨不同干预方案对消费者在外就餐食物浪费行为的影响。结果表明：消费者在信息干预过程中存在对干预信息接收度的问题,当我们试图去干预消费者时,被干预的消费者有多达41.38%的消费者没有注意到干预信息;在餐馆有相关信息提示的就餐环境下,信息干预对消费者的食物浪费行为是有效用的,具体表现为消费者的食物浪费行为因干预信息内容的不同而不同。     

农村劳动力区域流动基本特点研究

给出了农村劳动力流出、流入率的定义,计算了全国各省（市、区）的劳动力流出、流入率,分析了农村劳动力流出、流入率分布的三大特征,论证了农村劳动力流动的３个基本条件,即经济、文化和旅行能力。进一步阐述了农村劳动力流出率分布的基本特征,基于这些分析给出了政策性建议     

论有效实施船舶污染应急计划的关键问题

根据《ＯＰＲＣ公约》的要求，船舶、码头、港口、地区、区域、国家都应制订相应的船舶污染应急计划，通过分析各层次应急计划的核心和应急反应体系的组成，指出了有效实施污染应急计划的关键问题。     

浅论加强劳动合同管理对国企建立能进能出用人机制的作用

劳动合同制度是企业在市场经济条件下建立员工能进能出用人机制的本质体现。而在国有企业中，受长期计划经济的影响，存在着劳动合同制度流于形式，劳动合同内容及形式不完备，程序不规范，企业对劳动合同制度重视不够、员工进出没有制度保障的问题。加强劳动合同管理，能够规范人员进入企业的入口，打通企业的人员出口。     

可持续发展和公平效率的统一性

本文主要论述了把效率与公平的统一纳入可持续发展之中的新观念。首先阐述了可持续发展的深刻内涵及思想本质,然后论述了可持续发展的公平观(当代人之间的公平及代际公平),以及可持续发展的效率现。用可持续发展及“三个效益”统一的指导思想和观点,综合论述了可持续发展和公平、效率的统一性。     

棉浆粕蒸煮黑液处理工程实践

棉浆行业碱法蒸煮黑液是当前废水治理中的难题之一。本文介绍采用酸析气浮 +A O法 +混凝工艺处理棉浆黑液的工程实例。工程运行结果表明 :该工艺对CODCr和色度的去除率可达 98%以上 ,出水水质达到排放标准 ,并且处理效果稳定