中文摘要：

矿产资源采矿权可以被认为是一个多期多阶段的复合看涨期权，在基于期权的采矿权价值形成机理研究基础上，假定无采矿权交易成本、不考虑关闭和开启矿山时的成本和矿山的永久性废弃以及利率为无风险利率，研究了矿产资源储量价值随机波动下的基于期权的矿产资源采矿权估价单因素模型，并结合一煤炭资源实例对比了收益现值法与单因素模型，发现期权估价方法较收益现值法能提高矿产资源采矿权价值。

英文摘要：

The mining right of mineral resource can be considered as a multi-stage compound call option. Based on the mechanism research of the option-based value formation of mining right, and under the assumptions of no transaction cost of mining right, no cost of mine opening and closing, a permanent discard of mine and a no-risk interest, the authors study the single-factor model for the option-based evaluation of the mining right of mineral resource at a random variation of the reserve value of mineral resource, and compare the income current value method with the sing/e-factor model in combi- nation with a real case of coal resource. It is found that the option evaluation method can increase the value of the mining right of mineral resource when compared with the income current value method.