A.

An investment project will involve spending $200,000 at time zero and $350,000 at the end of year one. These investment will generate gross revenues of $333,000 at the end of year one and $556,000 at the end of years two through eight. A royalty of $33,000 in year one and $56,000 in years two through eight will be incurred along with operating costs of $200,000 in year one and $320,000 at the end of years two through eight. Calculate the project before tax cash flow.

B.

An investor has requested that you evaluate the economic potential of purchasing a gold property now (at time zero) for $1 million mineral rights acquisition cost. Mining equipment costs of $3 million will be incurred at year one. Mining development costs of $2 million will be incurred at year zero with an additional $1.5 million spent in year one. Production is projected to start in year one with the mining of 150,000 tons of gold ore, with uniform production of 250,000 tons of gold ore per year in each of years two, three and four. Gold ore reserves are estimated to be depleted at the end of year four. Reclamation costs of $0.5 million will be incurred at the end of year four when $1.0 million is projected to be realized from equipment salvage value. All gold ore is estimated to have an average grade of 0.1 ounces of gold per ton of ore with metallurgical recovery estimated to be 90%. The price of gold is estimated $300 per ounce in year one and to escalate 15% in year two, 20% in year there and 10% in year four. Operating costs are estimated to be $20 per ton of ore produced in year one, and to escalate 8% per year. Calculate the project before tax cash flow.

C.

An investor has requested that you evaluate the economic potential of purchasing an oil property now (at time zero) for $100 mineral rights acquisition cost. Mining equipment costs of $670 will be incurred at year one. Mining research & development costs of $750 will be incurred at year zero with an additional $250 spent in year one. Production is projected to start in year one with the oil 62 barrel, 53 barrel in year 2, 35 barrel in year 3, 24 barrel in year 4 and 17 barrel in year 5. The price to be $ 26 per barrel in year 1 through 3, $ 27.3 per barrel in year 4 and $ 28.7 per barrel in year 5. Operating costs are estimated to be $175 in year 1, $193 in year 2, $212 in year 3, $233 in year 4 and $256 in year 5. Royalties on the patent are 14% of gross revenue. Calculate the project if MARR 10%. Cost dollars and production units are in thousands.

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C. Seorang investor telah meminta agar Anda mengevaluasi potensi ekonomi membeli properti minyak sekarang (pada waktu nol) untuk $ 100 mineral hak perolehan. Biaya peralatan pertambangan $ 670 akan dikenakan pada satu tahun. Penelitian dan pengembangan tambang biaya sebesar $ 750 akan dikeluarkan pada tahun nol dengan tambahan $ 250 dihabiskan dalam satu tahun. Produksi diproyeksikan mulai dalam satu tahun dengan minyak 62 barel, 53 per barel pada tahun 2, 35 per barel pada tahun 3, 24 per barel pada tahun 4 dan 17 per barel pada tahun ke 5. Harga menjadi $ 26 per barel pada tahun 1 sampai 3, $ 27,3 per barel pada tahun 4 dan $ 28,7 per barel pada tahun ke 5. Biaya operasional diperkirakan menjadi $ 175 di tahun 1, $ 193 di tahun 2, $ 212 di tahun 3, $ 233 di tahun 4 dan $ 256 di tahun 5. Royalti atas paten adalah 14% dari pendapatan kotor. Hitung proyek jika MARR 10%. Dolar biaya dan unit produksi dalam ribuan.