References
- Aharon, D. Y., Kroll, Y., & Riff, S. (2019). Degree of free cash flow leverage. Review of Accounting and Finance, 18(3), 346–365. https://doi.org/10.1108/RAF-03-2018-0061
- Ajak, A. D., & Topal, E. (2015). Real option in action: An example of flexible decision making at a mine operational level. Resources Policy, 45, 109–120. https://doi.org/10.1016/j.resourpol.2015.04.001
- Aminrostamkolaee, B., Scroggs, J. S., Borghei, M. S., Safdari-Vaighani, A., Mohammadi, T., & Hossein Pourkazemi, M. (2017). Valuation of a hypothetical mining project under commodity price and exchange rate uncertainties by using numerical methods. Resources Policy, 52, 296–307. https://doi.org/10.1016/j.resourpol.2017.04.004
- Amram, M., & Kulatilaka, N. (1998). Real Options: Managing Strategic Investment in an Uncertain World (Financial Management Association Survey and Synthesis). Harvard Business School Press.
- Barton, K., & Lawryshyn, Y. (2011). Integrating Real Options with Managerial Cash Flow Estimates. The Engineering Economist, 56(3), 254–273. https://doi.org/10.1080/0013791X.2011.601403
- Berk, A. S., & Podhraski, D. (2018). Superiority of Monte Carlo simulation in valuing real options within public–private partnerships. Risk Management, 20(1), 1–28. https://doi.org/10.1057/s41283-017-0025-9
- Brennan, M. J., & Schwartz, E. S. (1985). Evaluating natural resource investments. The Journal of Business, 58(2), 135. https://doi.org/10.1086/296288
- Damodaradan, A. (2006). Security Analysis for Investment And Corporate Finance. Wiley Finance.
- Damodaradan, A. (2012). Investment Valuation: Tools and Techniques for Determining the Value of Any. Wiley Finance.
- Dehghani, H., & Bogdanovic, D. (2018). Copper price estimation using bat algorithm. Resources Policy, 55, 55–61. https://doi.org/10.1016/j.resourpol.2017.10.015
- Delbeke, K., & Rodriguez, P. H. (2014). Copper Concentrates Environmental and Human Health Hazard Classification (Issue October). https://copperalliance.eu/resources/copper-concentrates/?download=please
- Díaz-Borrego, F. J., Escobar-Peréz, B., & Miras-Rodríguez, M. d M. (2021). Estimating copper concentrates benchmark prices under dynamic market conditions. Resources Policy, 70, 101959. https://doi.org/10.1016/j.resourpol.2020.101959
- Díaz-Borrego, F. J., Miras-Rodríguez, M. d M., & Escobar-Pérez, B. (2019). Looking for Accurate Forecasting of Copper TC/RC Benchmark Levels. Complexity, 2019, 1–16. https://doi.org/10.1155/2019/8523748
- Fernandez, P., & Carabias, J. M. (2007). The Danger of Using Calculated Betas. SSRN Electronic Journal, DI 685, 1–18. https://doi.org/10.2139/ssrn.897700
- Gajek, L., & Kuciński, Ł. (2017). Complete discounted cash flow valuation. Insurance: Mathematics and Economics, 73, 1–19. https://doi.org/10.1016/j.insmatheco.2016.12.004
- Guj, P., & Chandra, A. (2019). Comparing different real option valuation approaches as applied to a copper mine. Resources Policy, 61, 180–189. https://doi.org/10.1016/j.resourpol.2019.01.020
- Hazra, T., Samanta, B., & Dey, K. (2019). Real option valuation of an Indian iron ore deposit through system dynamics model. Resources Policy, 60, 288–299. https://doi.org/10.1016/j.resourpol.2019.01.002
- International Copper Study Group. (2020). The World Copper Factbook. International Copper Study Group, 63. http://www.icsg.org/
- International Copper Study Group. (2022). The World Copper Factbook 2022. http://www.icsg.org/
- Inthavongsa, I., Drebenstedt, C., Bongaerts, J., & Sontamino, P. (2016). Real options decision framework: Strategic operating policies for open pit mine planning. Resources Policy, 47, 142–153. https://doi.org/10.1016/j.resourpol.2016.01.009
- Jia, J., & Kang, S. B. (2022). Do the basis and other predictors of futures return also predict spot return with the same signs and magnitudes? Evidence from the LME. Journal of Commodity Markets, 25, 100187. https://doi.org/10.1016/j.jcomm.2021.100187
- Kaiser, M. J. (2013). Oil and Gas Company Production, Reserves, and Valuation. Journal of Sustainable Energy Engineering, 1(3), 220–235. https://doi.org/10.7569/JSEE.2013.629527
- Kaiser, M. J. (2015). Coal Production and Processing Technology. Int. J. Oil, Gas and Coal Technology, 6(4), 503–517. https://doi.org/10.1201/b19352
- Li, K., & Mohanram, P. (2019). Fundamental Analysis: Combining the Search for Quality with the Search for Value. Contemporary Accounting Research, 36(3), 1263–1298. https://doi.org/10.1111/1911-3846.12466
- Liu, C., Hu, Z., Li, Y., & Liu, S. (2017). Forecasting copper prices by decision tree learning. Resources Policy, 52, 427–434. https://doi.org/10.1016/j.resourpol.2017.05.007
- Makwasha, T., Wright, J., & Silvapulle, P. (2019). Panel data analysis of multi-factor capital asset pricing models. Applied Economics, 51(60), 6459–6475. https://doi.org/10.1080/00036846.2019.1619019
- Markowitz, H. (1952). Portfolio Selection. The Journal of Finance, 7(1), 77–91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
- Markowitz, H. M. (1959). Portfolio Selection: Efficient Diversification of Investments. Yale University Press. http://www.jstor.org/stable/j.ctt1bh4c8h
- Misund, B., Osmundsen, P., & Sikveland, M. (2015). International Oil Company Valuation: The Effect of Accounting Method and Vertical Integration. Petroleum Accounting and Financial Management Journal, 34(1), 1–20.
- Rozenbaum, O. (2019). EBITDA and Managers’ Investment and Leverage Choices. Contemporary Accounting Research, 36(1), 513–546. https://doi.org/10.1111/1911-3846.12387
- Sabet, A. H., & Heaney, R. (2017). Real options and the value of oil and gas firms: An empirical analysis. Journal of Commodity Markets, 6, 50–65. https://doi.org/10.1016/j.jcomm.2017.05.001
- Sarkis, J., & Tamarkin, M. (2005). Real Options Analysis for “Green Trading”: The Case of Greenhouse Gases. The Engineering Economist, 50(3), 273–294. https://doi.org/10.1080/00137910500227208
- Savolainen, J. (2016). Real options in metal mining project valuation: Review of literature. Resources Policy, 50, 49–65. https://doi.org/10.1016/j.resourpol.2016.08.007
- Schwartz, E., & Smith, J. E. (2000). Short-Term Variations and Long-Term Dynamics in Commodity Prices. Management Science, 46(7), 893–911. https://doi.org/10.1287/mnsc.46.7.893.12034
- Sharpe, W. F. (1964). Capital Asset Prices: A Theory of Market Equilibriym Under Conditions of Risk. The Journal of Finance, 19(3), 425–442. https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
- Siña, M., & Guzmán, J. I. (2019). Real option valuation of open pit mines with two processing methods. Journal of Commodity Markets, 13, 30–39. https://doi.org/10.1016/j.jcomm.2018.05.003
- Smith, D. D., & Pennathur, A. K. (2019). Signaling Versus Free Cash Flow Theory: What Does Earnings Management Reveal About Dividend Initiation? Journal of Accounting, Auditing & Finance, 34(2), 284–308. https://doi.org/10.1177/0148558X17724051
- Trafigura Beheer B.V. (2021). Trafigura Metals and Minerals. https://www.trafigura.com/products-and-services/metals-and-minerals/
- Yaari, U., Nikiforov, A., Kahya, E., & Shachmurove, Y. (2016). Finance methodology of Free Cash Flow. Global Finance Journal, 29, 1–11. https://doi.org/10.1016/j.gfj.2015.05.003
- Yeh, I.-C., & Lien, C.-H. (2020). Evaluating real estate development project with Monte Carlo based binomial options pricing model. Applied Economics Letters, 27(4), 307–324. https://doi.org/10.1080/13504851.2019.1616049
- Zhang, K., Nieto, A., & Kleit, A. N. (2015). The real option value of mining operations using mean-reverting commodity prices. Mineral Economics, 28(1-2), 11–22. https://doi.org/10.1007/s13563-014-0048-6