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.     

基于VB6.0的供水管网震害预测方法和软件

为了提高供水管网震害预测的效率,修订了现有供水管网震害预测模型,应用Visual Basic 6.0软件平台,开发了供水管网震害预测软件。震害预测软件提供了两方面的预测功能,分别为不同地震烈度下供水管段基于三态的破坏等级预测和供水管网基于五态的破坏等级预测。软件实现了批量供水管段及整个管网的震害预测,且可以进行管网在设定地震下的震害预测,提高了预测效率。经算例分析,验证了软件的可靠性。     

Q值的简易测定与地震前兆分析

依据尾波衰减特征，采用测量尾波包络体最大双振幅方法，分别用单次散射和多次散射模式处理了苏、皖、鲁、冀四省４２个ＤＤ－１台站，５１个地震的尾波资料，求出与散射有关的地球介质Ｑ因子，并对Ｑ值随尾波推移时间窗、震中距的变化进行归一法处理，公式如文中式（１１）、（１２），用归一法求得的多次散射模式Ｑ０２值分布图象表明，高Ｑ值与中强地震的活动背景有关，这种简易测定地球介质Ｑ值的方法在地震前兆分析中有着良好的应用前景     

结构物震害预测的灰色贝叶斯方法

本文提出了一种结构物震害预测的新方法。该方法棋于贝叶斯理论和灰色系统理论，可以充分考虑到某类结构物震害所表现出的共性和某一特写结构物所具有的特殊性，能作出较全面的反映结构物实际状况的震害预测。     

DRY STREAM REACHES IN CARBONATE TERRANES: SURFACE INDICATORS OF GROUND-WATER RESERVOIRS1

ABSTRACT: The method of identifying dry stream reaches in carbonate terrane as surface indicators of potential ground-water reservoirs offers a valuable exploration technique that is more rapid and less expensive than traditional exploration methods involving random test drilling. In areas where dry stream reaches occur, subsurface drainage successfully competes with surface drainage, and sheet-like dissolution openings have developed parallel to bedding creating the ground-water reservoir. The occurrence and hydraulic characteristics of such reservoirs are highly variable, as attested to by the wide range of well yields. Union Hollow in south-central Tennessee is the setting for a case study that illustrates the application of the dry stream reach technique. In this technique, dry stream reach identification is based on two types of readily acquired information: (1) remotely sensed black and white infrared aerial photography; and (2) surface reconnaissance of stream channel characteristics. Test drilling in Union Hollow subsequent to identification of the dry reach proved that a localized ground-water reservoir was present.     

最大剪切模量对土动力参数及地震反应的影响

最大剪切模量是影响土的动剪切模量比、阻尼比和土层地震反应的最重要参数之一。通常采用室内应变法来确定最大剪切模量，给出土的动剪切模量比和阻尼比，而采用现场剪切波速法求得的结果则很少见。研究了剪切波速法和应变法所确定的最大剪切模量对土动剪切模量比、阻尼比和土层地震反应的影响，推导了两种方法所确定的动剪切模量比和阻尼比之间的关系式。结果表明：最大动剪切模量对土的动剪切模量比、阻尼比和土层地震反应的影响很显著。     

环境物探技术在岩溶勘察中的应用及其效果

将高密度电阻率法及工程地震映像法两种环境物探技术同时应用于实际的地质灾害(岩溶)勘察中,结果表明:对于岩溶这样的地质灾害,单一环境物探技术虽然能清楚反映其埋深、规模和发育情况,但各有缺陷。而多种环境物探技术的综合使用,相互补充,将能大大提高岩溶勘察的准确性,提高勘察效果和效率。     

考虑应变速率影响的混凝土重力坝非线性地震响应分析

通过引入应变速率、损伤变量以及刚度退化指标等参数,建立了应变率相关的混凝土弹塑性损伤模型。运用该模型对某重力坝厂房坝段分别就率相关及率无关两种情况进行了三维非线性地震响应时程分析。深入研究了混凝土应变速率等相关特性对结构动力响应的影响。结果表明,应变速率对混凝土的力学性能有一定的影响,随着应变速率的增加,坝体结构的变形减小,主拉应力有所提高,应变能有所减小以及开裂损伤有一定的降低。所得结论对混凝土重力坝的震害研究有一定的参考价值。     

山东及其近海小震群活动特征研究

对山东及其近海30多年来发生的39次小震群资料进行了系统的整理、分析。结果表明:这39次小震群大多分布在断裂带上,发生在2条(或2条以上)断裂交汇部位的占67%,这些容易发生小震群的断层大多为走滑性质的活动断裂,占到86.5%;其中主余型的占57%,双震型的占32%,多震型的占11%,该区震群活动与外围的中、强地震对应率为56%,其中的较显著小震群与外围的中、强地震对应率为71%。对震群与中强地震的间隔时间和间隔距离,以及与区域地震构造的关系进行了初步分析。     

建筑抗震设计地震作用折减系数的取值方法

地震作用折减系数在建筑抗震设计中是政策性、技术性和经济性的综合指标。本文以钢筋混凝土框架结构为例,从技术上介绍了地震作用折减系数的确定原则。在简要介绍我国建筑抗震设计规范设计地震作用—延性等级组合运用中存在不足的基础上,论述了地震作用折减系数三个分量的基本特点,并分四个步骤介绍了其计算取值方法。推荐方法可为建筑抗震设计确定合理的地震作用折减系数提供有益的参考。