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Abstract

The presented article contains an analysis resulting from 10 years’ experience in the implementation of the POLVAL Code to mineral assets valuations carried out by Competent Valuators. It had been based on data of more than 100 performed valuations. First and foremost, challenges resulting from preferences given by various relevant regulations to the application of a market-based approach were identified. It was underlined that they prompt Valuators to compromise the quality of the database containing reference transactions. In the case of an income based approach, issues resulting from the adoption of estimates and subjective assumptions were discussed. It was indicated that this fact alone cannot create a valid argument to reject the results of such a valuation providing that they have been implemented in a coherent manner and uncertainty was reflected in the value of the applied discount rate. Separately recommended changes to the present version of the POLVAL Code were presented. In conclusion, a significant, positive role of the introduction of the POLVAL Code for the structuring processes of mineral asset valuation was indicated.

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Authors and Affiliations

Robert Uberman
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Abstract

“Mineral deposit model”, “deposit modelling” are the terms commonly used, although imprecise. This is often identified as the application of computerized methods to the elaboration and presentation of geological information, in particular for the mining design. Deposit modelling is the mode of presentation of deposit features, which in the meaning of the authors of such presentation, describes the deposit features between the points of observations as best as possible. Deposit modelling has a long history (XVI-XVII centuries), however such a term was not used. Varied methods of cartographic presentation of deposits and their features were proposed. The progress in the presentation of the deposit in space using isolines maps has led to the separation of methods of deposits geometrisation. Over time, a simple mathematical statistics method was used to describe the deposit parameters, followed by geostatistical methods. Some of them were however not commonly used as too troublesome. The computer based approach to the presentation of geological data has an unquestionable value but is accompanied by the possibility of inappropriate formalized and erroneous interpretations and a presentation as to whether the basic rules of geological knowledge were neglected. Deposits modeling is a conceptual task and cannot be fully automated.

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Authors and Affiliations

Edyta Sermet
Jerzy Górecki
Marek Nieć
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Abstract

The functioning of European economies and societies requires a stable and sustainable supply of mineral resources. For 10 years now EU has been developing raw materials initiative to secure European minerals supply. In many cases, areas with known or hypothetic mineral resources, are not sufficiently valued by society and authorities, remain unprotected and face competing land uses with the risk of becoming sterilized. MINATURA 2020 project was born out of a need to develop a harmonised framework which allow a common way of identifying “mineral deposits of public importance” (MDoPI) and their safeguarding via land use planning. The project has left a useful set of guidelines and proposals how to advance on the creation of a European network of MDoPIs to avoid sterilization of “deposits worth safeguarding”.

In Poland, the need for legal protection of mineral deposits has been discussed intensively in recent years. Various proposals aimed at better system of mineral deposits safeguarding, especially those which should be recognized as of public importance, have been proposed. However, until now only a few coal deposits were recognized as strategic. Currently, the Polish National Mineral Policy is under preparation. Its overriding objective is to provide access to the necessary minerals, also in the longterm perspective. It assumes among others activities aimed at protection of mineral deposits regarding land use planning system.

Paper presents scope and general results of MINATURA2020 project, with details on MINATURA2020 methodology implementation in Poland, Project of the Polish National Mineral Policy with its objectives and key pillars, position of MDoPIs in this Project, and – finally – expected future steps related to MDoPI safeguarding in EU and in Poland.

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Authors and Affiliations

Krzysztof Galos
ORCID: ORCID
Günter Tiess
Alicja Kot-Niewiadomska
ORCID: ORCID
Diego Murguia
Blazena Wertichová
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Abstract

Mineral deposits are such type of assets, the valuation of which can be carried out in a very diverse manner. Methods and procedures for such a valuation are most often applied to mineral deposits with mineral reserves (according to the CRIRSCO classification), much less frequently and usually only using a comparative approach for undeveloped, initially recognized mineral deposits (with mineral resources).

In Poland, a significant portion of mineral deposits, mainly of energy, metal and chemical minerals, are covered by the so-called mining property of the Treasury. At the moment, there is a lack of consistent and thoughtful management of these deposits. The appropriate methodology for valuing these deposits, which are at various stages of recognition (sometimes also of development), should be one of the key elements of such management. The State Treasury usually disposes of mining rights by “establishing” mining usufruct in the form of a contract, with the determination of remuneration for this establishment. The rules for determining remuneration for the establishment of mining usufruct are determined on the basis of an internal informal document of the Ministry of the Environment with very simplified rules for determining this remuneration, to a very limited extent related to the actual value of the deposit, which is also variable over time. This fee should be in close relation to the value of the mineral deposit valued at a given moment, taking the current conditions, including technological, environmental, formal and legal, and – in particular – market conditions into account. The valuation of mineral deposits covered by mining property, except for current needs in determining the basis for remuneration for mining usufruct establishing, should also be used to determine the value of these deposits annually as part of the State Treasury property and to present its results as part of the State Treasury Property Status Report.

It is an open matter whether the methodology of valuation of the discussed mineral deposits should be based on accepted and widely used solutions for the valuation of mineral deposits for the purposes of business transactions or based on methodology of valuation of deposits as part of the planned system of Integrated Environmental and Economic National Account (up to date poorly developed). The paper presents the most important elements of both methodological approaches. It seems that the use of selected elements of each of these approaches would be advisable in this case.

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Authors and Affiliations

Krzysztof Galos
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Abstract

The article discusses problems related to rules and regulations determining compensations for the mining usufruct of mineral deposits covered by the so called “state mining ownership”. Specific acts of law framing agreements on mining usufruct between government and mining enterprises were analyzed. Rules and algorithms applied to calculate an appropriate compensation are evaluated leading to several conclusions, including the one about lack of a direct legal grounding for them. Such a situation creates disputes and may be risky for all involved. It was also indicated that, in parallel, the State lets another class of mineral deposits, namely the ones owned as a result of real estate ownership and the related Civil Code regulations confirmed by the mining law. In such cases, a mining entrepreneur gets usufruct of a real estate, but only the one with mineral rights. Subsequently a comparison of the rules and algorithms established for determining compensation for mining usufruct and for usufruct of real-estates comprising rights for mineral assets was performed. Arguments for a far going harmonization between these two were put forward. This implies that a starting point for determining any compensation has to be a valuation of a relevant mineral deposit market value as opposed to any universal, however complicated, prescribed algebraic formula. Such a process is complicated and demands competences in geology, mining and finance. Consequently, regulations set in the Polish Mineral Asset Valuation Code shall be applied to both a running a valuation process and indicating competent persons. As a result, recommendations leading to correlate rules applied in both cases are put forward including the adoption of mineral asset valuation as a fundament to determine the level of compensation for the mining usufruct. The closing section contains recommendations regarding necessary changes in the legal framework.

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Authors and Affiliations

Ryszard Uberman
Robert Uberman
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Abstract

The Act of July 5, 2018 on Facilitating of Preparation and Implementation of Housing and Accompanying Investments allows such investments irrespective of the existence of a local development plan or determination of use of land in the local development plan. In other words, the abovementioned investments may be implemented on land with a completely different designation according to the local development plan, as for example the mining of minerals. The location of the investment is decided by a resolution of the municipal council. If the planned location is to be situated within the boundaries of documented mineral deposits and the so-called „mining areas”, it needs, among others, to be agreed with the appropriate geological administration authority. Not taking a position within 21 days is considered as a consent. With reference to the deposits not covered by mining licenses, the Act does not indicate the premises that should be taken into consideration while providing such consent. There is a concern that this may lead to the development of the land in a way that will cause the subsequent extraction of the mineral impossible.

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Authors and Affiliations

Aleksander Lipiński
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Abstract

The article presents probable consequences for the protection of deposits and other mining needs, related to the entry into force of the Act of July 5, 2018 on the Facilitation of the Preparation and Implementation of Housing Investments and Accompanying Investments. This act introduces facilities for the preparation and implementation of housing as well as related projects, including the possibility of introducing investments incompatible with the existing local plans. In addition, it does so in a situation where land reserves for housing development, both in local plans and in studies of conditions and directions of spatial development, many times exceed the future needs of our country.

The article presents the fundamental changes introduced by the Act to the existing planning and spatial planning system, as well as the risks associated with the mining industry. Among the latter, the following can be mentioned: lower stability of local law regulations, the possibility of resolving changes in spatial development at a very fast pace, without providing an effective way to inform subjects that may be threatened by these changes and increase the probability of the appearance of investments in the area of mining, the neighborhood of which may lead to limit or even liquidate these installations, due to even their disadvantages to housing. Some remedies have been proposed to mitigate some of the threats in the article.

The Act in question was prepared and passed at an express pace, with a large opposition from many environments. At the same time, a number of legal solutions were applied in it, which were not applied in the Polish law. As a result, there are many doubts about the effects of its introduction.

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Authors and Affiliations

Marek Wiland

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