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The aim of this paper is to determine the optimal time of coal mine liquidation given the necessity of bearing the costs of post-mining reclamation. In order to consider the volatility of parameters important for making a liquidation decision and the entrepreneur’s flexibility in the decision-making process, the real options approach was applied. Mine liquidation, which is inextricably linked to post-mining reclamation, is examined as an American put option on the market value of continuing the mine’s operation which plays the role of the underlying asset. In turn, the role of the exercise price is played by expenditures for mine liquidation and post-mining reclamation, which can be avoided if the decision to close the mine is taken before all the deposits are exhausted. The liquidation option is exercised when the value of liquidation and reclamation cost savings significantly exceeds the continuation value. Mine liquidation was additionally made conditional on the value of funds accumulated to finance post-mining reclamation.

archives of mining sciences

Coal-Mine Liquidation as a Strategic Managerial Decision: a Decision-Making Model Based on the Options Approach / Likwidacja Kopalni Jako Strategiczna Decyzja Menedżerska: Model Decyzyjny Z Wykorzystaniem Podejścia Opcyjnego