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ArticleName Integrated ranking of investment projects for development of uranium mines
DOI 10.17580/gzh.2019.09.11
ArticleAuthor Mikhailovsky A. A., Melekhin E. S., Novoselova I. Yu.

ARMZ Uranium Holding, Moscow, Russia:

A. A. Mikhailovsky, Economic Manager


Gubkin Russian State University of Oil and Gas (National Research University), Moscow, Russia:
E. S. Melekhin, Professor, Doctor of Economic Sciences


Moscow State Institute of International Relations (MGIMO University):
I. Yu. Novoselova, Doctor of Economic Sciences,


The article deals with the actual problem of developing an economic and mathematical tool for assessing the preference of investment projects, taking into account the multidirectional development goals of the uranium mining enterprise. This problem is highly relevant for uranium mines since the fall in spot prices for uranium, the rise in prices for basic materials and a change in the geological conditions lead to a decrease in investment attractiveness. To overcome this dangerous trend, it is necessary to implement investment projects for introducing new technological solutions (changing technological regimes, searching for analogous materials, etc.) that will reduce the cost of uranium products. Comprehensive assessment of such projects is carried out according to three criteria: economic efficiency of investments, production diversification, and strategic development. The authors set three logically and informationally related tasks that allow you to find the preference of investment projects: the calculation of the priority criteria; evaluation of the projects under consideration for each of the criteria; quantitative determination of project preference. Evaluation of projects by the first criterion is based on the calculation of net present value. The other two criteria are evaluated using an examination procedure. To conduct an expert assessment, a fuzzy scale has been developed, based on the T. Saati scale. Expert estimates based on fuzzy (triangular) numbers make it possible to more reliably estimate the relevance of the investment projects under consideration from the perspective of three criteria. The authors have developed algorithms for solving problems, which are illustrated by a numerical example. The numerical example reflects the integrated assessment of six projects according to three criteria, each step of the algorithm is illustrated in tables and calculation procedures.
The study was supported by the Russian Foundation for Basic Research, Project No. 18–010–00108: Economic Analysis, Forecasting and Settlement of Conflicts in Mineral Wealth Use.

keywords Economic efficiency, uranium production cost, investment project, expert estimates, pairwise comparisons, fuzzy numbers, evaluation criteria, scoring, cash flow

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