@ARTICLE{Saługa_Piotr_The_2002,
 author={Saługa, Piotr},
 number={No 4},
 journal={Gospodarka Surowcami Mineralnymi - Mineral Resources Management},
 pages={143-148},
 howpublished={online},
 year={2002},
 publisher={Komitet Zrównoważonej Gospodarki Surowcami Mineralnymi PAN},
 publisher={Instytut Gospodarki Surowcami Mineralnymi i Energią PAN},
 abstract={Discounted cash flow analysis (DCF) is worldwide used tool of mineral projects evaluation. Practice shows, however, that these techniques systematically undervalue mining projects. This defect of DCF technique is partially compensated by popularized in last years option-pricing methods, which were adopted from financial market practice. Such methods allocate value to managerial flexibility. Option-pricing research shows that this methodology always provides with higher values than DCF technique. The primary objective of this paper is critical assessment of classic discounted methods and presenting, as an alternative, the methodology based on option theory.},
 type={article},
 title={The new instruments in mineral projects evaluation},
 URL={http://czasopisma.pan.pl/Content/132613/PDF-MASTER/13_GSM_18_4_2002_Saluga_instruments.pdf},
 keywords={Mineral projects, economic evaluation, new methods of evaluation},
}