The results of studies in the framework of a new scientific direction - complex-economy. Built predictive model in the form of the power production functions of complex variables with real coefficients, describing the dependence of the "Erdenet" result of the production activity of the enterprise (income and expenses) of factor (labor and capital). The dynamics of complex-elasticities model and given the economic interpretation of the results. To build a predictive model used statistical data on the activities of the company from 1991 to 2012.
This article describes the substance of forms, tools and principals of functioning of the technical-and-economic audit. It's innovation theoretical and practical activity for modern global economics. There are peculiarities and examples of organization of the internal audit for mining industry for the previous stage of this system establishment in Russia. Fundamental tendencies of the improvement and development for this system are proposed.
The present paper substantiates the demand for a unified grid of risk premiums in appraisal of mineral reserves and resources. An algorithm of construction of such a grid is proposed. This algorithm is based on correlation between the value of risk premium, the category of geological information about reserves (resources) and the class of geological complexity of mineral reserves (resources). Recurrent formulae are proposed for accurate calculation of risk premiums. As against the existing grids of risk premiums, the proposed model is based on mathematical calculation rather than on expert estimation of risk premiums. It helps reduce the impact of subjectivity. It also helps easily modify the grid if necessary. In addition, the proposed model takes into account the nonlinear growth of risk premiums with decrease of amount of information available about mineral reserves (resources). This nonlinearity is almost absent in the existing grids of risk premiums. The proposed grid of risk premiums is used as a basis for the evaluation method for economic effectiveness of geological exploration. This method takes into account not only the increase of mineral reserves (resources), but also the decrease of risk of the reserves appraisal and the decrease of risk premium. This method helps calculate additional economic effect that is neglected in the existing methods. The main inconvenience of the proposed unified grid of risk premiums is that it disregards specific features of mineral reserves that may have a great impact on risk evaluation. That is why the proposed method should be used at earlier stages of geological exploration when it is necessary to make decision about the use of mineral reserves (resources). A more precise evaluation of risk should include expert estimations
Russian gold mining industry is one of the world’s top gold producers. Under conditions of globalization, gold mining has stepped out of the country limits. The Russian market of gold follows the global trends. This article completes a quantitative assessment of risks in the gold mining industry, and proposes a risk management system capable to minimize after-effects of the key risks.
The theoretical relevance of this study is governed by the fact that risk assessment in mining and, in particular, in gold mining is carried out through the analysis of individual risks while this article suggest an integrated risk management system. The study has revealed that the major influence on the finance result of gold mining companies in Russia is exerted by the U.S. dollar to Russian ruble rates (major risk), market spot price per ounce of gold in terms of the U.S. dollar and the refinance rate set by the Central Bank.
The research finds that the gold price development has greatly and proportionally influences earnings before interests and taxes and amortization. The rise of the average annual dollar rate has positive effect on the earnings of a god mining company before interests and taxes and amortization. The calculations show that the currency risk is the basis risk of gold mining companies, even outrunning risk of fall in gold prices.
The analysis of the risk management philosophy in the gold mining industry yields a conclusion on the required currency risk hedging. It is proved that the effect of gold price hedging by means of forward contracts is overestimated; this strategy has the inverse effect on risks of a gold mining company by increasing influence of gold price fluctuations on profit return. The most effective risk management strategy is assumed to use gold options and to set limit prices for asset sales. Sometimes, it is possible to reduce risks by using cross currency and interest rate option. The latter financial instrument can mitigate adverse effect of the interest rate risk but can increase the currency risk at the same time.