PT CIS 鉴于资源中100% 股权的公平市价评估报告.pdf

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1、 Valuation Report Considering The Fair Market Value of 100%Equity Interest In PT CIS Resources PT CIS 鉴于资源中鉴于资源中 100%股权的公平市价评估报告股权的公平市价评估报告 Contents of Valuation 评估目录评估目录:1.Scope 范围 2.Sources of Information 信息资源 3.Valuation Approach 评估方式 4.Assumptions 假定 5.Tenement and Tenure 住房及土地使用权 6.Existing Exp

2、loration and Operational Readiness 现有勘察及运行就绪 7.Discounted Cash Flow Valuation 折现流量评估 8.Opinion of Value 价值观点 9.Limiting Conditions 限定状况 Scope 1.范围范围:2.The Project is associated with a coal mining concession on a land of about 2,212 hectares in Raren Batuah,Barito Timur,Centural Kalimantan,Indonesia

3、as shown in the following Situation map.本项目涉及以下形势图中所示的印度尼西亚加里曼丹的 Barito Timur，Raren Batuah 大约 2212 公顷土地上的煤矿特许权。1.1)Licenses Status:1.1.1)IUP Exploration License:No.336A dated 9th July 2009 Area:Approximately 2,212 hectares Valid until:9th July 2015 1.1.2)IUP Production License :No.91 dated o2nd may

4、2011 Area:Approximately 2,212 hectares Valid until:2nd may 2021.1.1)许可状况:1.1.1)IUP 勘察许可:2009 年 7 月 9 日的 336A 号 面积:大约 2,212 公顷 有效期至:2015 年 7 月 9 日 1.1.2)IUP 生产许可 :2011 年 5 月 2 日 91 号 面积:大约 2,212 公顷 有效期至:2021 年 5 月 2 日.JORC Drilling Report dated 15th March 2012 reported about 3,4 million Mt(m include

5、measured resources of 1.98 million Mt and indicated resources of 1.46 million Mt respectively)within the JORC exploration area of about 160 hectares.2012 年 3 月 15 日报告的约 160 公顷 JORC 勘探面积中大约 3，400，000 Mt JORC 钻孔报告(分别包括 1,980,000 Mt 测定资源和 1,460,000 Mt 推定资源量)。Based on the mapping estimation for the appr

6、oximately 150 hectares at eastern side of the concession area,the estimated measured and indicated coal resources is about 3 million Mt with the similar coal specification.根据特权区域中余留区域的绘图评估情况，我们估算了另一处东部地区约150 公顷的采矿区域中大约 3，000，000 Mt 的煤炭资源（测定并推定）For the whole concession of about 2,212 hectares:about 6

7、.4 million Mt of coal resources(JORC compliance drilling of 3.4 million Mt and mapping estimated of 3 million Mt.整个大约 2,212 公顷的特许权区域：大约 64,000,000 Mt 的煤炭资源（3，400，000 Mt 的 JORC 顺应性钻井和 3，000，000 Mt 的绘图估算量。3.Sources of Information:资源信息资源信息 2.1)Coal quality specification 煤炭质量说明:Average results of coal q

8、uality based the samples taken from the JORC Drilling JORC 钻井中提取的基于煤炭质量样本的平均结果 program for the 160 hectares indicate the following coal quality:160 公顷项目表明了以下煤炭质量：Average Parameter 平均参数 Unit 1 Calorific Value 发热值 1.1 Gross Calorific Value(adb)总发热值(adb)Kcal/Kg 7220 1.2 Gross Calorific Value(gar)总发热值(a

9、db)Kcal/Kg 7013 1.3 Gross Calorific Value(nar)总发热值(adb)Kcal/kg 6979 2 Sulphur(adb)硫(adb)2.4 3 Ash(adb)灰(adb)7.1 4 Total Moisture(ar)总湿度(ar)6.3 5 Inherent Moisture(adb)固有湿度(adb)3.6 6 Volatile Matter(adb)挥发物(adb)43.3 7 Fixed carbon(adb)固定碳(adb)46.0 adb:air Dried Basis adb:空气干燥基 gar:gross as received g

10、ar:接收总量 nar:net as received nar:接收净含量 2.2)Coal Price:The coal price for this valuation report is evaluated based on the Indonesian Coal Reference Price(HBA)November 2012.The coal price for spot contact for the period of November 2012 is approximately US$88.64 per Mt based on November 2012 HBA/HPB In

11、dex.However,the unit coal price of US$86 per Mt will be considered for this valuation report 煤炭价格煤炭价格：根据印度尼西亚 2012 年 11 月的煤炭参考价，对本评估报告中的煤炭价格进行评估。2012 年 11 月期间，根据 11 月 2012 HBA/HPB 指数，抽查的煤炭价格大约是 US$88.64/Mt.然而，本估值报告中考虑的单位煤炭价格为 US$86/Mt。2.3)Production Plan:生产计划生产计划:The production plan for the 6.4 mill

12、ion Mt of coal resources are as follow:6,400,000 煤炭资源的生产计划如下：Production Year 生产年度 2013 1,200,000 2014 2,100,000 2015 2,400,000 2016 700,000 2017 2018 Total 合计 6,400,000 2.4)Unit Production Cost per Metric Ton 单位生产成本单位生产成本/公吨公吨 The estimated total operating cost per Mt is as follow:估算的总运行成本/公吨如下：No.编

13、号 Descriptions 名称 Cost USD per Mt 1 Royalties 特许使用权费 12.65 2 Production Cost 生产成本 21.08 3 Transportation and Logistic Cost 运输及物流成本 32.31 4 Export Documentation Cost 出口文件材料成本 0.24 5 Community Development 地区开发 0.53 6 Administration and Management Fee 行政管理费用 1.60 Total Cost per Mt(FOB Mother Vessel)总成本

14、总成本/公吨（主线船离岸价）公吨（主线船离岸价）68.41 4.Valuation Approach 评估方式评估方式 This report is using“Income Approach“for valuation method.本报告采用“收益法”为评估方法。Income Approach:an estimation of the net present value(“NPV”)of the free cash flow by the project.收益法：项目净现金流量的净现值估算。Income Approach is usually to estimate the net pre

15、sent value of the project an approach known as the Discounted Cash Flow(“DCF”)method.收益法通常是估算项目的净现值众所周知的净现金流法 The discount rate for this project is in the range from 16%to 18%.本项目的折扣率范围是 16%-18%。5.Assumptions 假定假定 One USD is taken to equal 9,300 Indonesian Rupiah(IDR).1 美元=9,300 印尼盾 Corporate tax ra

16、te:25%公司税率：25%We have assumed that there will be no material changes in the existing political,legal,technological,fiscal or economic environment of the Company which may adversely affect the business of the Company.我们已经假定在公司现有的会负面影响公司业务的政治、法律、科技、财务或经济环境中将不存在材料变化。6.Tenement and Tenure 住户和土地使用权住户和土地使

17、用权 The coal production license was issued by the Regent of East Balito under the Decree Number 91 dated 02nd May 2011 with duration of 10 years until 02nd May 2021.The project in now in the progress of processing the mining design and mining plan.东部 Balito 的摄政王于 2011 年 5 月 2 日按照 91 号令颁发煤炭开采许可证，持续开采时

18、间为 10 年，直至 2021 年 5 月 2 日。本项目的开采计划和设计方案正在进行中。7.Existing Exploration and Operational Readiness 现有勘察和作业就绪现有勘察和作业就绪 6.1)Area 160 hectares:JORC Exploration details:面积：面积：160 公顷：公顷：JORC 勘测详细资料勘测详细资料 6.1.1)Area covered exploration :160 Hectare 勘探覆盖区域：160 公顷 6.1.2)Maximum depth :120 Meter 最大深度：120m 6.1.3)N

19、umber of holes :9 Hole 钻孔数目：9 孔 6.1.4)Number of seams interested:5 意向勘缝数量：5 6.1.5)Seam thickness :0.3 to 1.04 Meter 勘缝厚度：0.3-1.04 米 6.1.6)Gross Calorific value(adb):6800 7200 总发热值 (adb)：6800 7200 6.1.7)Measured and Indicated Resources :Minimum 3,400,000 Metric Tone 测定和指定资源：最少 3,400,000 公吨 The projec

20、t will proceed for mining design and mining for the first 160 hectares of concession and concurrently continuous JORC(Joint Ore Resources/Reserves Committee)Code compliant drilling program for the remaining area of coal concession.该项目将进行首个 160 公顷特许权的采矿设计和采矿，同时 根据 JORC（接缝矿资源/储量委员会）准则的顺应钻井项目，进行其余煤炭特许权

21、区域的采矿。8.Discounted Cash Flow Valuation:折现现金流量评估：折现现金流量评估：the coal price is USD 86 per Mt for coal within theJORC exploration of about 160 hectares Area ;大约 160 公顷面积的 JORC 勘探区域内，煤炭价格是 86 美元/M t;the annual production cost and production are reflected in paragraph of this report;本报告中的段落反映了年开采成本和生产量。the

22、 annual discount rate is in the range from 16%to 18%.年折扣范围是 16%-18%.Net Present Value of 6.4 million Mt of coal in the whole concession area of about 2,212 hectares.:整个大约整个大约 2,212 公顷的特许权区域中公顷的特许权区域中 6，400，000 Mt 煤炭的净现值。煤炭的净现值。Assessment of the net present value of the 100%equity interest.100%股权的净现值

23、评估股权的净现值评估 Assumed on 6.4 Million Mt Resources finding:6，400，000 Mt 假定资源，发现：假定资源，发现：PT.CIS Resources 资源资源 Assessment of the net present value of the 100%equity interest.100%股权的净现值评估股权的净现值评估 Production Plan 生产计划生产计划 Year 年份年份 MT 0 1,200,000 1 2,100,000 2 2,400,000 3 700,000 4 5 6 7 8 Total 6,400,000

24、合计合计 Profit per MT 利润利润/MT$13.19 Total Before Total After Year 年份年份 68007200Kcal/kg CAPEX 资本支资本支出前合出前合计计 CAPEX CAPEX 0$15,828,158$15,828,158 -$7,023,145 1$27,699,276$27,699,276 -$14,046,290 2$31,656,316$31,656,316 -$21,069,435 3$9,233,092$9,233,092 -$28,092,581 4$-$-$35,115,726 5$35,1$-$-15,726 6$-$

25、-$-7$-$-$-8$-$-$-Total$84,416,842$84,416,842$140,462,903 合计合计 PT.CIS Resources 资源资源 NPV-Table 净现值净现值表表 Interest 利息利息 8%9%Country Risk 国家国家风险风险 8%9%Total Discount 总折扣总折扣 16%18%No of NPV NPV Year年份 Year 年份 Factor 指数 Factor 指数 编号 2013 0 1.000 1.000 2014 1 0.862 0.847 2015 2 0.743 0.718 2016 3 0.641 0.6

26、09 2017 4 0.552 0.516 2018 5 0.476 0.437 2019 6 0.410 0.370 2020 7 0.354 0.314 2021 8 0.305 0.266 Year NPV of the Net Profit at the following discount factor 以下折现系数的净利润净现值以下折现系数的净利润净现值 年份 16%20%2013$15,828,158$15,828,158 2014$23,878,686$23,473,963 2015$23,525,799$22,735,073 2016$5,915,251$5,619,545

27、2017$-$-2018$-$-2019$-$-2020$-$-2021$-$-Cumulative Net Present Value 累积累积净现净现值值$69,147,895$67,656,739 9.Opinion of Value:Subject to the results of the further JORC Code drilling programme,we have of the opinion that the resources(measured resources and indicated resources)for the concession area of

28、approximately 2,212 hectares will strike in total about 6.4 Million Mt of coal resources.价值观点：价值观点：进一步根据 JORC 准则钻井项目的结果，我们持有大约 2,212 公顷特许权区域的资源（测定资源和推定资源）将达到大约 6，400，000 Mt 的煤炭资源的观点 We are of the opinion that the Fair Market Value of 100%equity interest in the Company as 01st November 2012 is in the

29、 range ofUSD67 million to USD69 million with the preferred value being USD 68 million.我们持有 2012 年 11 月 1 日公司中 100%股权的公平市场值在 USD67，000，000-USD69，000，0000 范围内，优先价值是范围内，优先价值是 USD68，000，000。10.Limiting Conditions 限定状况限定状况 This report and opinion of value are merely for general reference purpose.本报告和价值观点只用作一般参考。