Home  Journals  Financial Analytics: Science and Experience  4(374) - 2025 October-December

Methodological tools for assessing the investment attractiveness of new mining projects at the early stages of geological exploration

Received: 9 July 2025

Accepted: 12 August 2025

Available online: 27 November 2025

Subject Heading: RISK, ANALYSIS AND EVALUATION

JEL Classification: A11, В41, С02, О22

Pages: 4-12

https://doi.org/10.24891/utrmnc

Subject. The article deals with development and substantiation of a comprehensive methodological toolkit to assess the investment attractiveness of new mining projects at the early stages of their implementation with insufficiently explored deposits.
Objectives. The study aims to develop methodological tools for assessing the investment attractiveness of new mining projects at the early stages of geological exploration, characterized by a high degree of data uncertainty.
Methods. The study draws on the multi-level approach, including a preparatory stage, quantitative and qualitative analysis, hierarchy analysis method, scenario modeling, and integrated assessment.
Results. We developed methodological tools to assess the investment attractiveness of new mining projects at the early stages of their implementation, characterized by a high degree of data uncertainty; offered a combined model integrating quantitative (NPV, IRR, sensitivity analysis, Monte Carlo method) and qualitative methods (expert assessments, AHP). We also introduced the KIP integral indicator enabling to consider profitability, geological uncertainty, market conditions, and environmental risks.
Conclusions. The developed methodological tools help increase the reliability of forecasts of investment attractiveness at the early stages of mining project implementation. The proposed KIP coefficient can be used as a criterion for comparative evaluation and ranking of projects when making pre-investment decisions.

Keywords: investment attractiveness, mining project, uncertainty

References:

1. Bychenko I.A. [Methods of evaluation of investment projects for the extraction of solid minerals at the exploration stage]. Vestnik Evraziiskoi nauki, 2024, vol. 16, no. s3. (In Russ.) URL: Link
2. Whittle D., Brazil M., Grossman P.A. et al. Combined optimisation of an open-pit mine outline and the transition depth to underground mining. European Journal of Operational Research, 2018, vol. 268, iss. 2, pp. 624–634. DOI: 10.1016/j.ejor.2018.02.005
3. Lebedev I.A., Prasolov V.I. [Methods for evaluating the effectiveness of investment projects]. Vestnik Evraziiskoi nauki, 2022, vol. 14, no. 6. (In Russ.) EDN: VKPWTW
4. Sheptukhin M.V. [System analysis of tools and software products for evaluating the effectiveness of investment projects]. Programmnye sistemy i vychislitel'nye metody, 2023, no. 4, pp. 17–29. (In Russ.) DOI: 10.7256/2454-0714.2023.4.68973 EDN: BLOZQY
5. Zhegrov M.A. [Overview of the main methods for evaluating the effectiveness of investment projects]. Zhurnal monetarnoi ekonomiki i menedzhmenta, 2024, no. 11, pp. 283–287. (In Russ.) DOI: 10.26118/2782-4586.2024.62.88.153 EDN: MWALDI
6. Bykova E.N., Khaikin M.M., Shabaeva Yu.I., Beloborodova M.D. [Development of methodology for economic evaluation of land plots for the extraction and processing of solid minerals]. Zapiski Gornogo instituta, 2023, vol. 259, pp. 52–67. (In Russ.) DOI: 10.31897/PMI.2023.6 EDN: JXYAJN
7. Kazakova N.A., Martynova D.Yu. [Assessment of the investment attractiveness of metallurgical enterprises in an unstable macroeconomic situation]. Chernye metally, 2023, no. 4, pp. 81–88. (In Russ.) DOI: 10.17580/chm.2023.04.13 EDN: KVOJGX
8. Kalinina O.N. [Raising truthfulness of investment project estimation in conditions of risk and uncertainty]. Vestnik Rossiiskogo ekonomicheskogo universiteta imeni G.V. Plekhanova, 2020, no. 1, pp. 186–198. (In Russ.) DOI: 10.21686/2413-2829-2020-1-186-198 EDN: FZKEWQ
9. Samis M., Davis G.A., Laughton D., Poulin R. Valuing uncertain asset cash flows when there are no options: A real options approach. Resources Policy, 2005, vol. 30, iss. 4, pp. 285–298. DOI: 10.1016/j.resourpol.2006.03.003
10. Findlay L., Dimitrakopoulos R. Stochastic Optimization for Long-Term Planning of a Mining Complex with In-Pit Crushing and Conveying Systems. Mining, Metallurgy & Exploration, 2024, vol. 41, pp. 1677–1691. DOI: 10.1007/s42461-024-01005-2
11. Mai N.L., Topal E., Erten O., Sommerville B. A new risk-based optimisation method for the iron ore production scheduling using stochastic integer programming. Resources Policy, 2019, vol. 62, pp. 571–579. DOI: 10.1016/j.resourpol.2018.11.004
12. Kuz'mina O.Yu., Konovalova M.E., Safiullin L.N. et al. [Investment attractiveness of companies in the mining sector in conditions of the sanctions pressure]. Ugol', 2024, no. 2, pp. 34–38. (In Russ.) DOI: 10.18796/0041-5790-2024-2-34-38 EDN: BOXFZN
13. Solov'ev M.V., Savchenko N.A., Sokolov D.A. [Evaluation of the effectiveness of investment projects with an emphasis on ESG factors]. Vestnik Akademii znanii, 2024, no. 4, pp. 345–349. (In Russ.) EDN: UAHMCS
14. Shnyukov S.V., Shnyukova E.A. [Matrix approach to substantiating the selection of projects at mining enterprises]. Rossiiskii ekonomicheskii internet-zhurnal, 2021, no. 4, pp. 45–54. (In Russ.) EDN: XSQIOU

View all articles of issue

ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

ISSUE 4 DECEMBER 2025

Archive