Escuela de Finanzas, Economía y Gobierno

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Valoración de la opción de abandono en un proyecto minero
(Universidad EAFIT, 2019) Botero Botero, Glómer; Gomez Sierra, Valentina; Sánchez Gómez, Eduardo
The attractiveness of real options as a valuation methodology is the flexibility that managers have to make decisions in order to mitigate the losses in adverse situations or to increase the value in favorable ones. This technique is very useful to evaluate projects with a high degree of uncertainty. This work analyzes the financial viability of opening a surface coal mine under an uncertain demand and price scenario, in addition to the operational risks of the mine activity itself. Starting from a discounted cash flow (DCF) valuation, a binomial lattice approach is used to value the possibility of abandoning the project. In the end, the result showed that the project´s value is maximized and increased by 33 % when managers included under their alternatives the possibility of abandoning the project.