Valuación Proyecto Nuevo

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Documento en Excel, sobre cálculos que se realizan para evaluar económicamente un proyecto minero nuevo

Transcript of Valuación Proyecto Nuevo

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CUADRO N 1DATOS BSICOSReservas [TM]75000CALCULO DEL VALOR UNITARIO DEL MINERAL [$/TM]Leyes Mineral [gr/TM]10Recuperacin Metalrgica [%]75LeyPrecioRecupFactorValorPrecio [$/Onza]320gr/TM$/Onza(%)$/TMCapacidad de Produccin [TMD]50Valor Mineral Unitario$/TM10320750.0321507277.2Das Operacin / ao3000.0352739619Produccin Primer Ao [TMD]30CALCULO DE VIDA DE LA MINA (HORIZONTE DE LA MINA)Costos y GastosCostos de Operacin [$/TM]30Producc/DiaDs. Opr/aoProduc/aoProd. Acum.VentasGastos Administrativos y Ventas20%VentasVida de la MinaAos5030015000Depreciacin Activos Fijos20%ActualPrimerao3030090009000694456Impuestos35% de la utilidad antes impuestosSegundoao5030015000240001157426Tercerao5030015000390001157426Cuartoao5030015000540001157426InversionesQuintoao5030015000690001157426Activo Fijo [US$]500000Sextoao50120600075000462970Capital Trabajo [US$]200000Inversin total [US$]700000TABLA DE DEPRECIACIN20%anual0.20por aoAos de Depreciacin5aosDepreciacin AnualEstructura de Inversin [US$]Valor del Activo Fijo500000Prstamo60%420000Valor de rescate0Aporte Propio40%280000Depreciacin/ao100000Depreciacin Ao 1100000Condiciones Financieras PrestamosDepreciacin Ao 2100000Tasa Inters efectiva trimestral3.75%0.0375Depreciacin Ao 3100000Plazo [aos]3Depreciacin Ao 4100000Periodo de Gracia [aos]1Depreciacin Ao 5100000Forma de PagoTrim. vencido
AMP: AMP:trimestasl vencidoDepreciacin Ao 60

CUADRO 2CRONOGRAMA DE PAGO (Calendario de Pagos o cuadro de servicio de la deuda)[US$]

PRINCIPALAMORTIZACININTERESTOTALSALDOAo 1
AMP: AMP:PERIODO DE GRACIA1er Trimestre420000015750157504200002do Trimestre420000015750157504200003er Trimestre420000015750157504200004to Trimestre4200000157501575042000006300063000420000

Ao 21er Trimestre4200005250015750682503675002do Trimestre3675005250013781662813150003er Trimestre3150005250011813643132625004to Trimestre2625005250098446234421000021000051188261188210000

Ao 31er Trimestre210000525007875603751575002do Trimestre157500525005906584061050003er Trimestre10500052500393856438525004to Trimestre5250052500196954469021000019688229688315000

CUADRO 3ESTADO DE PERDIDAS Y GANANCIAS[US$]

123456Produccin9000150001500015000150006000Ventas6944561157426115742611574261157426462970Costos de Operacin270000450000450000450000450000180000Depreciacin1000001000001000001000001000000UTILIDAD BRUTA324456607426607426607426607426282970Gasto administrativos y ventas13889123148523148523148523148592594Gastos financieros6300051187.519687.5UTILIDAD OPERATIVA122564324753356253375941375941190376Impuestos4289811366412468913157913157966632UTILIDAD NETA79667211090231565244361244361123745

CUADRO 4FLUJO DE CAJA[US$]

0123456INGRESOSPrstamos420000Aportes Propios280000Ventas6944561157426115742611574261157426462970Total Ingresos7000006944561157426115742611574261157426462970EGRESOSInversiones700000Costos de operacin270000450000450000450000450000180000Gastos Administrativos y ventas13889123148523148523148523148592594Amortizacin de prstamo0210000210000Inters Prstamo630005118819688Impuestos4289811366412468913157913157966632Total Egresos70000051478910563361035861813064813064339226Saldo Caja0179667101090121565344361344361123745

CUADRO 5RENTABILIDAD ECONMICA DEL PROYECTO

0123456Inversiones700000Saldo de Caja0179667101090121565344361344361123745Amortizacin Prstamo0210000210000Inters Prstamo630005118819688Saldo Caja Econmico-700000242667362277351252344361344361123745Valor Presente(Px), 20%-70000020222225158120327116606913839141442Valor Presente(Px), 15%-700000173333184835128007896406402916435TIR37%VAN (%)$302,97720%-4372140%

a-1733488b649675

y = 00.3747788283

CUADRO 6RENTABILIDAD FINANCIERA DEL PROYECTO0123456saldo de Caja0179667101090121565344361344361123745Inversiones700000Prestamos420000Saldo de Caja Financiero-280000179667101090121565344361344361123745-280000149722702017035016606913839141442-280000112291.804439488.12632812529678.858251953152545.391601562532840.86975097657375.7524108887TIR58.70%VAN (%)$356,17620%-577960%

a-904887b537153

y = 00.593613352

Modelo GeolgicoModelo MetalrgicoMercado de MetalesPlaneamiento MinaPlaneamiento MinaPlaneamiento MinaLeyes GubernamentalesPlaneamiento Mina y Gerencia FinancieraPlaneamiento Mina y Gerencia Financiera

TambograndeINVERSIONESHasta ahoraCALCULO DEL VALOR UNITARIO DEL MINERAL [$/TM]Compra de derechos mineros y estudios preliminares [$]24,000,000OXIDOSLeyPrecioRecup%FactorValorTrabajos de Exploracin [$]30,000,000gr/TM$/Onza
AMP: AMP:dlar por onza troy(%)Pagable$/TMPrximamenteOro [$/TM]3.630090%80%0.032150722625.00EIA [$]5,000,000Plata [$/TM]624.580%80%0.03215072265.74Estudio de factibilidad [$]25,000,00030.74Preparacin del tajo abierto, plata, equipos, entrenamiento300,000,000deposito de relaves, equipos, mantenimiento y otros [$]SULFUROSLeyPrecioRecup%FactorValorDepende a qu 'tonelada' se refiera 1 tonelada larga (o bruta) = 2240 libras (RU)1 tonelada corta (o neta) = 2000 libras (EEUU) 1 tona mtrica (es decir, tonelada mtrica) = 2204.6 libras En los Estados Unidos,cuando la gente dice 'una tonelada,' se refieren a una tonelada corta, 2000 libras.Re-Ubicacin de familias [$]10,000,000 Pagable$/TMTOTAL [$]394,000,000Cobre [$/TM]1.60%0.75 $/lb90%70%2204.616.67Zinc [$/TM]1.00%0.45 $/lb80%50%2204.63.97MINERALES PRECIOSOSOro [$/TM]0.50 gr/TM300.00 $/oz
AMP: AMP:Dlar por onza troy90%80%0.03215072263.47Reservas [TM]10,080,000Plata [$/TM]26.00 gr/TM4.50 $/oz80%80%0.03215072262.41Leyes Minerales26.51Oro [gr/TM]3.6CALCULO DE VIDA DE LA MINA (HORIZONTE DE LA MINA)Plata [gr/TM]62Capacidad de Produccin [TMD]7,000Vida de la MinaProducc/DiaDs. Opr/aoProduc/aoProd. Acum.Ventas [$]OXIDOSSULFUROSPrimerao7,0003602,520,0002,520,00077,467,912Reservas Sulfuros [TM]57,600,000Segundoao7,0003602,520,0005,040,00077,467,912Leyes MineralesTercerao7,0003602,520,0007,560,00077,467,912Cobre [%]1.60%Cuartoao7,0003602,520,00010,080,00077,467,912Zinc [%]1%SULFUROSOro [gr/TM]0.5Quintoao20,0003607,200,00017,280,000190,906,417Plata [gr/TM]26Sextoao20,0003607,200,00024,480,000190,906,417Capacidad de Produccin [TMD]20,000Stimoao20,0003607,200,00031,680,000190,906,417Octavoao20,0003607,200,00038,880,000190,906,417Dias / ao360Novenoao20,0003607,200,00046,080,000190,906,417Dsimoao20,0003607,200,00053,280,000190,906,417Costos y GastosDsimo primerao20,0003607,200,00060,480,000190,906,417Costos de Operacin [$/TM]10Dsimo segundoao20,0003607,200,00067,680,000190,906,417Costos o Gastos Fijos [$]/Ao12,500,000Impuestos1-4 ao8,000,0004-fin15,000,000Costo de Oportunidad8%Tasa inters libre de riesgo3%Nivel de riesgo del proyecto1%Nivel de riesgo pas4%RM [%]% PagablesCotizacionesCobre90%70%0.75[$/lb]Zinc80%50%0.45[$/lb]Oro90%80%300[$/oz]Palta80%80%4.5[$/oz]

CUADRO 3ESTADO DE PERDIDAS Y GANANCIAS[US$]

123456789101112Produccin2,520,0002,520,0002,520,0002,520,0007,200,0007,200,0007,200,0007,200,0007,200,0007,200,0007,200,0007,200,000+Ventas77,467,91277,467,91277,467,91277,467,912190,906,417190,906,417190,906,417190,906,417190,906,417190,906,417190,906,417190,906,417-Costos de Operacin25,200,00025,200,00025,200,00025,200,00072,000,00072,000,00072,000,00072,000,00072,000,00072,000,00072,000,00072,000,000Costos Fijos12,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,000-Depreciacin000000000000UTILIDAD BRUTA39,767,91239,767,91239,767,91239,767,912106,406,417106,406,417106,406,417106,406,417106,406,417106,406,417106,406,417106,406,417-Gasto administrativos y ventas000000000000-Gastos financieros000000000000UTILIDAD OPERATIVA39,767,91239,767,91239,767,91239,767,912106,406,417106,406,417106,406,417106,406,417106,406,417106,406,417106,406,417106,406,417-Impuestos8,000,0008,000,0008,000,0008,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,000UTILIDAD NETA31,767,91231,767,91231,767,91231,767,91291,406,41791,406,41791,406,41791,406,41791,406,41791,406,41791,406,41791,406,417

CUADRO 4FLUJO DE CAJA[US$]

0123456789101112INGRESOSPrstamos0Aportes Propios394,000,000Ventas77,467,91277,467,91277,467,91277,467,912190,906,417190,906,417190,906,417190,906,417190,906,417190,906,417190,906,417190,906,417Total Ingresos394,000,00077,467,91277,467,91277,467,91277,467,912190,906,417190,906,417190,906,417190,906,417190,906,417190,906,417190,906,417190,906,417EGRESOSInversiones394,000,000Costos de operacin25,200,00025,200,00025,200,00025,200,00072,000,00072,000,00072,000,00072,000,00072,000,00072,000,00072,000,00072,000,000Costos Fijos12,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,00012,500,000Amortizacin de prstamo000000000000Inters Prstamo000000000000Impuestos8,000,0008,000,0008,000,0008,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,00015,000,000Total Egresos394,000,00045,700,00045,700,00045,700,00045,700,00099,500,00099,500,00099,500,00099,500,00099,500,00099,500,00099,500,00099,500,000Saldo Caja031,767,91231,767,91231,767,91231,767,91291,406,41791,406,41791,406,41791,406,41791,406,41791,406,41791,406,41791,406,417

CUADRO 5RENTABILIDAD ECONMICA DEL PROYECTO

0123456789101112Inversiones394,000,000Saldo de Caja0317679123176791231767912317679129140641791406417914064179140641791406417914064179140641791406417Amortizacin000000000000Inters000000000000Saldo Caja Econmico-394000000317679123176791231767912317679129140641791406417914064179140641791406417914064179140641791406417Valor Presente(Px), 20%-394000000294147332723586425218393233503646220967257601548533347664938404345725966423388573920264636298746Valor Presente(Px), 15%-394000000276242712402110520887918181634074544514439517517343630582988092025983409225942681964719017084513TIR12%VAN (%)$97,315,5978%-6878728115%

a-2372898250b287147457

y = 00.121011281

CUADRO 6
AMP: AMP:NO SE CONSIDERA PORQUE NO HAY FINANCIAMIENTO.RENTABILIDAD