ECONOMIC VALUE OF MINERAL EXTRACTION AND PRODUCTION: BENCHMARKING BEST MINING PRACTICES IN AUSTRALIA, CHINA, CANADA AND NORWAY
DOI:
https://doi.org/10.35631/IJIREV.826009Keywords:
Mineral Extraction, Mining, Economic Valuation Model, Valuation Approaches, Resources ManagementAbstract
Despite the growing importance of sustainable mineral development, there is still limited integration of economic valuation, ESG considerations, governance quality and policy alignment within existing mineral valuation frameworks particularly in Malaysia. Key issues include inconsistent valuation approaches, weak integration of environmental, social and governance (ESG) factors and limited downstream industrial linkages, which constrain optimal resource monetization. This study benchmarks best mining practices in Australia, China, Canada and Norway to develop a comprehensive mineral economic valuation model applicable to Malaysia. The study employs a hybrid valuation framework that integrates resource, market, cost and policy perspectives, and is supported by a cross-country comparative analysis using PESTEL frameworks. The findings show that effective mineral value creation is dependent not only on the availability of resources but also on the quality of governance, downstream industrial development, technology capability, stakeholder engagement, environmental sustainability and supportive regulatory frameworks. The proposed Mineral Economic Valuation Model offers an integrated framework that supports evidence-based policy formulation, enhance regulatory effectiveness, optimize mineral revenue generation and promote sustainable mineral resource development in Malaysia.
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